(ARTICLE) 6 None Bullshit Ways To Make £100,000 A Year *LEGALLY*
Added 2021-09-16 15:19:24 +0000 UTCyou want to earn £100,000 a year, then you’ll need to earn a bit more than £8,000 a month, and that’s a decent amount of income for one person to generate.
But, this isn’t to say that it can’t be done.
In fact, millions of people have attained and surpassed that annual income figure.
IF YOU LIVE IN A FIRST WORLD COUNTRY THEN THIS IS MORE THAN POSSIBLE.
1. Good Education and A High Paying Job
If you’re not up for the entrepreneurial side of life, then the only way you can earn £100,000 a year is by securing a high-paying job.
There is a wide variety of high-paying jobs for graduates, regardless of the degree you hold.
However, you must choose your career wisely and pursue the required degrees.
Usually careers within
- Finance
- Science
- Politics & Law
- Engineering
- Technology
Are what have £100,000 earning potential
There are even careers within finance which pay students straight out of university with a £70,000-£100,000 first year starting salary
Not, unsurprisingly, the highest paying jobs you will find require at least some sort of degree and a decent amount of experience.
Let me share with you a few examples, with the first being the role of a Chief Executive Officer, Vice President, managing directors or CEO.
CEOs have a duty to oversee all departments in a company. Their job is to set strategic goals, make tough business decisions, monitor business budgets, and report to the board of directors.
Becoming the CEO of a company is not easy.
You will have to work your way up to the top, which will take years.
There is an exception to this rule though, you can attain the title of CEO instantly, but that is only if you start your own company.
Top paying industries for CEOs include manufacturing, telecoms, science, & medicine, and a CEO’s salary within the first 5 years of that position can range from £120,000 to £150,000. After 10 years, it can go as high as £200,000 per year or more.
One final example is the role of a pilot. — It doesn’t matter if it’s military, charter planes, helicopters, or commercial jets.
University isn’t NEEDED for this in the uk
a pilot’s job is of a very delicate nature, as they are trusted with the safe transportation of people and cargo across the sky from one country/city to another.
You’d have to be at a decent level at science, maths and physics to step foot into this field of work.
If you are interested in this then check out this pilot scholarship opportunity.
As part of a pilots job description, they are responsible for observing flight conditions, checking the safety of the plane, communicating with air traffic control as well as co-pilots.
To become a professional pilot, you must train for and hold an Airline Transport Pilot (ATP) certificate.
These were just a few I can think of from the top of my head but there are plenty of jobs that you can obtain that will have you earning £100,000 or more strictly through your salary alone.
However, these jobs often take a lot of time climbing the corporate ladder and can be exclusionary if you cannot afford to obtain the education and training required to hold these roles.
It’s for this reason that I will now share the second method of earning six figures a year……
2. A Job and running your own (profitable) side hustle
Another way to hit the £100,000 per year mark is to start a business while still employed at your 9 to 5 job.
You can use some of the money saved from your salary to start your small business.
The amount you need as cash will depend on the kind of business, and if this idea appeals to you but you have no money saved to fund your new venture, I recommend you form a savings plan TODAY.
Now, depending on your skill or passion, there are various businesses you can start while still retaining your day job.
What are you good at doing?
What do people always come to you for help?
What do you enjoy doing?
You can turn it into a business.
For example.
If you enjoy fitness and working out.
1. You can take an evening or online personal trainer qualification course (funded by your 9-5)
2. Get qualified as a trainer
3. Take a part time / weekend job as a personal trainer
4. Whilst working, slowly build up a clientele of people who are willing to train with you privately
5. Within 2 years you’ll have a decent amount of people who are willing to train with you privately for a certain amount of £ € $
That income + your 9-5 income could be 6 figures
The key to marrying a job and a business is to make sure that you are passionate about the business you create.
Chances are you will have 8 hours a day fixated on your job, and you will need your passion to energise your efforts when it comes time to build your business.
You’ll most likely have to work on the passion after work or on the weekends.
3. A Good Job And Asset Management
Having long-term investments is the true key to financial freedom and wealth.
Long-term investments include real estate and dividend paying stocks.
Getting into the real estate or stock business will require some money, of course, and this is where your salary comes in.
If you’re interested in real estate investing, then you would need to provide a 20% minimum down-payment of the value of the property, as most banks require.
Usually banks recommend that if you are looking to buy a property worth £100,000, you will need to make a £20,000 upfront payment.
However I personally recommend 40 - 50% because then your repayments to the bank won’t be as much or as long.
With proper planning and good savings habits, you will raise the upfront payment by saving a percentage of your salary every month.
Then, once you own the home, it is time to make it earn you some income.
If you are living in the home, this will include renting out a room.
On the contrary, this property could be used as a rental unit, and every time you collect rent, you are moving one step closer to earning that £100,000 you desire.
When this rental income is combined with a decent salary, there is no reason that you can be earning at least £100,000 a year.
The same goes for dividend investing.
By building up a large enough holding, your quarterly dividend cheques, when combined with your salary, should be able to help you achieve the six-figure mark.
4. Running A Business
While the above-listed combinations of getting a good education and a high-paying job, there is another viable method to make £100,000, and that is by running a business.
Think about it, the richest people in the world all run businesses.
You can begin your journey to such wealth, but you have to realise that it’s a gradual process.
To be a successful entrepreneur, your business must solve a problem (or problems).
Also, you must provide quality goods or services at very competitive prices. If your business can do this, you will be on your way to earning up to and even more than £100,000 per year.
5. Commission Based Work
Since you’re responsible for hitting your numbers monthly or quarterly, your success is literally in your own hands.
The cool thing about some commission-only jobs is that they might not have an earnings ceiling.
This means that you can, theoretically, make as much as you want without a limit.
And even if the company does have a commission earnings threshold of, say, £100,000, you might be able to exceed that amount in the form of other benefits, such as prizes, awards, bonuses, or the ability to pad next year’s earnings with the average from what you’re earning this year.
However there are cons to commission based work:
- Your income can fluctuate greatly
For someone looking for a steady income week to week, month to month, year to year, a commission-only job might not be a good fit.
Since your sales can skyrocket (or sink) depending on your overall success and the state of the market, you might become stressed out over being able to consistently earn an income to live on.
– You need to be self-disciplined
Some commission-only jobs pay their employees after every few weeks—or months.
If you don’t set up daily or weekly goals for yourself, you might find that you work harder when you know that deadline (and your potential paycheck) are impending.
That’s why those who choose commission-only jobs have to think of the bigger picture and work diligently, even on days when they aren’t about to get paid.
6. A Good Job and Freelancing
The final way, and the one I recommend for most people, to earn £100,000 per year is by combining your day job with a freelancing job.
If you do not know what freelancing or a freelance worker is…..
A freelancer is someone who has a
specialised
skill but does not work for one employer or company.
A freelancer offers their services to multiple clients allowing them to choose their projects and diversify their income.
The good thing about freelancing is that you have no set work times, typically demonised in the 9 to 5 work structure.
This means that you can go about your freelancing work after you are done with your regular job.
The reality is that many individuals live off freelancing income alone, but for those who already work a 9 to 5 job, this extra income can be the key that unlocks their six-figure salary.
Summary
As you can see, there are many ways to earn £100,000 a year, and any of the options I’ve shared will get you there, if you put in the time, dedication and patience.
I’m sure there are plenty of more ways to LEGALLY earn that but those are just the ways that are in my mind.
Till next time.
