Are You a 7 Figure Earner? Want to Be One? Do This!

Ready to Turn Your Annual Income into 7 Figures and Retire from Your Work? Be Financially Free and Enjoy the Freedoms You and Your Family Work For Every Day! 

Average General Contractor Salary

The estimated total pay for a Contractor is $98,175 per year in the United States area, with an average salary of $71,679 per year. According to Glassdoor, the average salary of a general contractor in the United States is $71,825 per year. Broken down further, this translates to an hourly wage of roughly $36. The total pay for a general contractor per year ranges from $45k to $134k.

Average Architect Salary

Top-level architect earnings begin at: $ 62.49 per hour $ 129,980 per year. Architects made a median salary of $82,840. The best-paid 25% made $105,190 that year, while the lowest-paid 25% made $65,220. Average Americans work well into their 60s, so workers might as well have a job that’s enjoyable and a career that’s fulfilling

Average Engineer Salary

While ZipRecruiter is seeing annual salaries as high as $137,500 and as low as $25,000, the majority of Construction Engineer salaries currently range between $72,000 (25th percentile) to $103,500 (75th percentile) with top earners (90th percentile) making $122,000 annually across the United States. The average salary for an engineer in the United States is around $98,710 per year. Engineers earn an average yearly salary of $98,710. Wages typically start from $59,998 and go up to $152,696. 55% above national average

Average Subcontractor Salary

The average Subcontractor salary in the United States is $88,527 as of April 24, 2024, but the salary range typically falls between $78,599 and $100,114. Salary ranges can vary widely. The average hourly wage for a Subcontractor in the United States is $35 as of February 27, 2024, but the salary range typically falls between $32 and $40. Hourly rate can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. Review: Hourly wage for Subcontractor | Salary.com

Comparing a General Contractor Salary to Other Construction Careers

Specialized roles in construction services typically have lower average salaries, but they also have fewer management responsibilities. Here’s how the average general contractor salary compares to other roles.

Plumber vs. General contractor salary

Plumbers repair and install pipes responsible for water and gas delivery in residential and commercial buildings. To become a plumber, you need a high school diploma or GED, a state plumbing license, and usually an apprenticeship under a master plumber. According to the Bureau of Labor Statistics (BLS), the median salary for plumbers is $53,910 annually or $25.92 hourly. On the higher end of the scale, the top 10% of plumbers make over $90,000 per year.

Electrician vs. General contractor salary

Electricians design, install, and maintain electrical systems for all types of buildings. Similar to plumbers, electricians with more experience and certifications can earn higher salaries. To pursue a career as an electrician, you’ll need a high school diploma or GED and an apprenticeship to earn your journeyman license. The BLS reports the median electrician salary as $56,180 per year or $27.01 per hour. The top-earning electricians can make over $96,580 per year or $46.43 per hour.

Construction project manager vs. General contractor salary

Construction project managers, or construction managers, collaborate with project owners from the beginning of a project. Typically, they are brought in for large commercial projects. Unlike general contractors, construction managers have a collaborative relationship with the project owner, and they partake in the pre-construction design phase of projects. When the project begins, construction managers oversee the work done by subcontractors.

In addition to relevant work experience, most employers require construction managers to have a bachelor’s degree. Common degrees include engineering, construction management, and construction science. Certification is not required to work as a construction manager, but it’s generally helpful. According to the BLS, construction managers earn $93,370 per year or $44.89 per hour on average. The highest-earning construction managers earn upwards of $161,510 per year or $77.65 per hour.

Average High-End Home Builder Annual Earnings

Net profit is the money you get to keep, though, and after paying all of the taxes and other associated costs, the average high-end home builder ends up with around $1 million in net profit a year. These figures will vary drastically, but on average, a 2800 ft² three-bedroom new construction home costs roughly $498,700 to build. Review; How Much Do Homebuilders Make? (Profit Margin By State) – COSTHA…

Follow These Easy and Simple Steps and You’ll Be on the Road to Becoming a 7 Figure Millionaire Earner!

A 7 figure salary may feel like an impossible feat, especially if you’re just getting started in your career. One million dollars may sound like a far cry away from what you’re capable of earning, but it might be closer to reach than you think.

Anything is possible when you put your mind to it, including making a 7 figure salary.

There are many 7 figure salary jobs you can consider, plus there are other ways like investing you can do to make a 7 Figure income!

What is a 7 Figure Salary? A salary where you earn 1 million dollars.

Is a 7 figure salary realistic for you?

It can be realistic, but it takes work to achieve this goal. According to the IRS’s latest data, there are 538,651 households with high incomes of $1 million or more out of the 153,774,296 tax returns filed.

How Many People Earn Seven Figures?

According to the most recent data available from the IRS, nearly 154 million tax returns were filed in 2018. Of those, 539,207 reported an adjusted gross income of $1 million or more. 

That means that 0.35% of Americans earn seven figures or more, based on their tax returns. In other words, out of every 1,000 Americans, only 3.5 reach this level.  Being in the top 1% isn’t even good enough to ensure a spot in this exclusive club.

Looking at it from a different perspective, 39,494 non-employer firms (businesses with no employees aside from the owner) earned between $1 million and $2.49 million in revenue in 2018, according to census data.

Career Paths For Earning Seven Figures

Entrepreneur

The most common way to make a lot of money is to start your own business.  Of course, we’re all familiar with famous entrepreneurs like Jeff Bezos, Elon Musk and Richard Branson. But you don’t need to get anywhere close to their level to make seven figures with your business.

There are endless possibilities and many different types of businesses that you can pursue, and the barriers to entry are usually very low. At the same time, online businesses are extremely popular, which means competition can be stiff.

Measuring the success of business owners can be a little more complicated than looking at the salary of an employee, for a few different reasons. For example, some business owners don’t show a lot of income on their personal taxes. As a result, it’s not always simple to identify a seven-figure income.

Elaine Pofeldt wrote The Million-Dollar, One-Person Business to determine the types of people and solo businesses that were capable of generating a significant income. In her book, Pofeldt focused on businesses that generated revenue (not profit) of at least $1 million per year.  Regardless of how you define a seven-figure income, we’re talking about an income that is way above average. 

Interesting Facts: In her research for The Million-Dollar, One-Person Business, Pofeldt looked at businesses that earned between $1 million and $2.5 million, and found these to be the top five categories, based on NAICS codes:

• Professional, scientific, and technical services
• Construction
• Finance
• Real estate + rental and leasing
• Retail (which included e-commerce)

THE PLAN: 

A Realistic Path: The path for each entrepreneur will be different, but here’s an example of what it might look like:

• An idea or concept is drafted.
• A product or service is defined.
• The website is created.
• Investors come on board (optional).
• Marketing leads to business growth and higher revenue/profit.
• Shopify has a great resource that can help you validate the potential of your business ideas.

Early-Stage Startup Employee

If the entrepreneurial path isn’t for you, another option is to work as an employee in the early stages of a startup.  Many startups offer an equity component in the compensation package, which means you would have an ownership interest (i.e., stock) in the company.

Part of the reason why startup employees tend to get equity is because the base salary may be lower than what would be offered by other businesses for an equal level of skill. If the startup reaches massive success, you’ll do well, too. But it’s a bit of a risk because you could probably earn a higher base salary somewhere else.

It’s extremely important to note that the vast majority of startups eventually fail. In fact, the failure rate of startups is about 90%, according to the Small Business Administration. That includes more than 20% that fail within the first year.  Typically, those who are among the first 10 employees hired will have the best chance for career and income advancement, as well as the most to gain if the company goes public.

Interesting Facts: According to the Financial Times, Facebook employees shared in more than $23 billion as a result of the Facebook IPO.  The 3,000 employees collected an average of $7 million each, although the earnings per employee varied drastically, with the most tenured team members coming away with considerably more than the average.

THE PLAN

A Realistic Path: If you want to get hired by a startup, it’s helpful to know the types of roles that will give you the best shot.  The positions hired by many startups include:

• Chief Financial Officer
• Chief Operations Officer
• Chief Technical Officer
• Chief Marketing Officer
• Business Development Manager
• Developer/Engineer

Since today’s startups are heavily reliant on technology, having high-income skills like coding and development makes you extremely valuable. Developers are often among the first employees hired, and if you’ve got strong experience and a track record of success, you could be hired as Chief Technical Officer.

Many startups also hire for a lead customer service position, with the goal of finding someone who can not only interact with customers but also develop the firm’s overall customer service approach. 

Enterprise Sales

While there are many sales reps in different industries that earn six figure incomes, enterprise sales is the best sales-related career path if you’re aiming for seven figures.  This job typically involves a lengthy sales process with multiple stakeholders and very large contracts. 

A successful enterprise sales account executive may close a small number of deals every year, but those complex agreements involve huge sums of money and can earn a hefty paycheck.  Although there are many different industries represented, many enterprise sales jobs involve technology and software.

Interesting Facts: According to ZipRecruiter, the average salary of an enterprise sales rep is $82,055.  While that’s very high for an average salary, it shows that you’ll have to be much, much better than average to hit $1 million.  At the same time, if you’re looking for a career with big potential, this could be a great option. This 10-step guide to making $1 million per year in software sales was written by someone who has managed multiple reps who’ve hit this level.

THE PLAN

A Realistic Path: According to research from Zippia, 43.3% of enterprise sales reps have a bachelor’s degree. So while a degree may be helpful, it’s not mandatory for the job.  Since enterprise sales reps deal with very large contracts, a proven track record of success in sales is typically a requirement for the job. 

Some enterprise sales jobs require sales management experience. As a result, you’ll want to develop your sales skills and get some sales management experience, if possible, before trying to land an enterprise sales role.

Investment Banking

When you think of high-paying jobs, a career in finance may come to mind. Investment banking is one of the opportunities that offers sky-high potential. Investment bankers are responsible for the creation of capital for companies and other entities, and they also frequently manage mergers and acquisitions.

According to PayScale, the average salary for an investment banker is $100,556. However, that is just the base salary. Investment bankers typically earn a significant amount of their total compensation through bonuses, which vary depending on many factors (but primarily performance).

However, it’s important to understand that this is a very stressful industry and investment bankers typically work long hours (sometimes 80+ hours per week). If you want to make your fortune as an investment banker, you’ll have to be willing to put in the necessary work.

Interesting Facts: According to the Corporate Finance Institute, total compensation for an Investment Banking Managing Director could range from $500,000 to $10 million per year.

THE PLAN

A Realistic Path: Because of the enormous income potential, investment banking is a very popular line of work and there is a lot of competition for these jobs.  The website Corporate Finance Institute has a very helpful article that covers the process of getting a job in investment banking, featuring the four steps below.

• Network and resume (get the interview).
• Understand the interview process.
• Know how to answer the interview questions.
• Master technical skills.

Construction Consultant

Consultants exist in many industries, and it’s no secret that this can be a very high-paying line of work.  Typically, people who are working as consultants have a proven track record of being able to produce results — either for their own business or for clients (or both). There are also entry-level consulting positions at big firms, but if you’re going the solo route, clients will want to see that you know how to improve their bottom line.

There are several different approaches when it comes to compensation for consultants. Some charge an hourly, daily or per-project rate — and those rates can be quite high.  However, you’re still unlikely to earn a seven figure income with this approach.  The approach with the higher ceiling is to charge based on results. 

One of the go-to-experts when it comes to seven-figure consulting is Alan Weiss, who offers the formula below in his book Value Based Fees.

• Tangible Outcomes X Annualization
• Intangible Outcomes X Emotional Impact
• Peripheral Benefits + Improved Variables

Interesting Facts: According to a 2018 study conducted by ConsultingSuccess.com, only 17% of consultants use value-based pricing.  While this is not the most common approach, it does provide the highest income potential.  With value-based pricing, at least a portion of the consultant’s compensation is based on the results generated for the client. 

THE PLAN

A Realistic Path: In order to become a highly-paid consultant, you’ll need to become a master in your line of work. Because if companies are going to pay you large sums of money for your insight, you’ll need to be able to produce results. 

C-Level Exec

When you think of high-paying roles, executives are likely to come to mind quickly.  Chief Executive Offers, Chief Financial Offers, Chief Marketing Officers and other C-level (or C-suite) executives are responsible for an entire department or business unit.  Of course, the salary for these jobs will vary — but many executives are able to earn very high salaries and impressive bonuses. 

Interesting Facts: According to a report from Equilar, the average salary among Fortune 500 CEOs with at least two years in the role is $11.5 million. Salaries for CEOs and other executives can be misleading at times. 

For example, Facebook Founder and CEO Mark Zuckerberg has been collecting a salary of just $1 for several years. However, because he owns such a large portion of the company, his net worth is reportedly close to $100 billion, according to Forbes.  Many executives collect relatively modest salaries and earn the majority of their wealth through equity in the company (and bonuses).

THE PLAN

 A Realistic Path: The path to a role as a C-level executive will vary depending on the specific job (i.e., the path is different for a Chief Technology Officer compared to a Chief Marketing Officer). However, the basics will remain the same. You’ll need to have outstanding experience and proven success in your line of work, and you’ll also need skills related to:

• Leadership
• Communication

• Decision-making
• Influencer

Influencer

In recent years, there’s been an increase in the number of people earning massive incomes as influencers.  An influencer is someone who has an established reputation and is able to influence others (including their buying habits) as a result of their high profile.

The rise in popularity of platforms like Instagram, YouTube, SnapChat, and TikTok has led to many influencers achieving million-dollar incomes. Influencers may earn money through sponsorships, advertisements and/or the development and sale of their own products. Of course, not everyone with a blog or YouTube channel will earn a great income. But the sky’s the limit for those who are able to achieve success.

Interesting Facts: In 2020, 9-year-old Ryan Kaji was the highest-earning YouTube star, raking in $29.5 million, according to Forbes.  Kaji has been at the top of the list for three years in a row (or ⅓ of his life), with more than $20 million in earnings each of those years. According to Influencer Marketing Hub, the 20 highest-paid Instagram stars bring in an estimated $180,000 to $700,000+ per post.

A Realistic Path: As you can see from the numbers above, the most successful influencers earn well over $1 million per year.  You’ll need to have a lot of success to reach the seven-figure mark, but it is possible. In fact, the second-highest earning YouTube star, Jimmy Donaldson (aka Mr. Beast), didn’t start his YouTube channel until 2017.

THE PLAN

Influencer Marketing Hub lays out these seven steps to becoming a successful influencer:

• Select your niche.
• Optimize your profiles.
• Understand your audience.
• Create and post relevant content.
• Be regular and consistent.
• Engage with your audience.
• Let brands know you’re open to collaboration.

Jobs that Pay a 7-figure Salary

There are several high-paying jobs where you can potentially earn a seven-figure salary. However, it’s worth noting that these jobs typically require a lot of hard work, dedication, and often a significant amount of education or specialized skills. 

Here are some examples:

Corporate executive: Top-level executives in large corporations can earn seven-figure salaries, especially those in finance or technology sectors.

Lawyer: Lawyers who work at prestigious law firms or specialize in complex legal areas can earn substantial salaries.

Entrepreneur: Successful entrepreneurs can build companies that generate significant revenue, resulting in a high salary and potentially a lucrative exit through IPO or acquisition.

Software engineer: Software engineers with in-demand skills and experience can command high salaries at top tech companies.

Management consultant: Management consultants work with companies to improve their efficiency and profitability. Consultants at top firms can earn high salaries and bonuses.

Real estate developer: Real estate developers buy, build, and sell properties, often in high-demand locations. Successful developers can earn substantial profits, resulting in a high salary.

Engineers, Architects or Contractors Make 7 Figures

Absolutely! Engineers, Architects, or Contractors are highly skilled professionals who work in a variety of fields, from aerospace and civil engineering to software development and beyond. And depending on their level of experience and expertise, some engineers can definitely earn a 7-figure salary.

For example, senior executives in the engineering industry can earn high salaries and bonuses, as can top performers in engineering consulting firms. Additionally, engineers who specialize in high-demand areas like artificial intelligence or cybersecurity can command higher salaries due to the scarcity of their skills. That being said, it’s worth noting that earning a 7-figure salary typically requires a lot of hard work, dedication, and specialized knowledge.

Engineers, Architects, or Contractors often need to earn advanced degrees, pursue specialized certifications, and continually learn and grow in their field to stay competitive. But if you’re passionate about these professions and willing to put in the effort, there’s definitely potential to earn a 7-figure salary in these fields. 

So, whether you’re just starting out in your career or you’re a seasoned pro, keep working hard, keep learning, and keep pursuing your goals. Who knows, maybe you’ll be the next Engineer, Architect, or Contractor to earn a million-dollar salary!

Skills You Need to Reach a 7 Figure Salary

Reaching a 7-figure salary is an ambitious goal, but it’s definitely achievable with the right set of skills and mindset. Here are some of the key skills you’ll need to develop if you want to reach that level of financial success:

KEY SKILLS REQUIRED

Specialized knowledge: 

Many high-paying jobs require a high level of specialized knowledge and expertise. Whether you’re an expert in finance, engineering, medicine, or another field, having specialized knowledge and staying up-to-date with the latest trends and developments can help you stand out from the competition.

Leadership skills: 

Many high-paying jobs also require strong leadership skills, whether you’re managing a team of employees or running your own business. Being able to motivate and inspire others, delegate tasks effectively, and make tough decisions can help you move up the ranks and earn a higher salary.

Business acumen: 

If you’re an entrepreneur or a business executive, having strong business acumen is key to earning a 7-figure salary. This means understanding market trends, financial forecasting, risk management, and other important aspects of running a successful business.

Networking skills: 

In many industries, networking is key to advancing your career and earning a higher salary. Building relationships with others in your field, attending industry events, and staying connected on social media can help you expand your network and open up new opportunities.

Negotiation skills: 

Finally, having strong negotiation skills is important if you want to earn a 7-figure salary. Whether you’re negotiating a salary, a business deal, or a contract, being able to effectively communicate your value and advocate for yourself can help you earn more money and achieve greater success.

Of course, these are just a few of the skills that can help you earn a 7-figure salary or financial freedom. Ultimately, the key is to continually learn and grow in your profession, be willing to take calculated risks, and always keep your eye on the prize.

Plan for a 7 Figure Salary

So, you’re aiming for a 7-figure salary? That’s an ambitious goal, but it’s definitely achievable with hard work, dedication, and a bit of luck. Here are some tips to help you along the way:

Choose the right career path:

 If earning a 7-figure salary is your goal, it’s important to choose a career path that has that kind of earning potential. Think about the professions we mentioned earlier, like surgeons, corporate executives, lawyers, investment bankers, and successful entrepreneurs.

Invest in your education and skills: 

Many high-paying jobs require a significant investment in education and training. Whether that means getting a degree, attending conferences and workshops, or pursuing professional certifications, investing in your education and skills can help you stand out in a competitive job market.

Build your network: 

Networking is key in many industries, so it’s important to build relationships with people who can help you advance your career. Attend industry events, join professional associations, and connect with others in your field on LinkedIn and other social media platforms.

Be willing to work hard: 

Earning a 7-figure salary usually requires a lot of hard work and dedication. Be prepared to put in long hours, take on challenging projects, and continually learn and grow in your profession.

Take calculated risks: 

Many high earners have achieved their success by taking calculated risks, whether that means starting their own business, investing in stocks or real estate, or pursuing a new career path. Be willing to take calculated risks that can pay off in the long run.

Don’t forget about work-life balance: 

While earning a 7-figure salary can be a great goal to strive for, it’s important to maintain a healthy work-life balance along the way. Don’t sacrifice your health, relationships, or personal well-being in pursuit of financial success.

Action Steps To a 7 Figure Salary

1. Attaining higher education?

2. Networking with 7 figure salary earner

3. Creating products, services, or courses?

4. Creating multiple streams of income?

5. Using social media to gain exposure?

6. Following Proven Financial Planning Principles?

Are You Following Financial Planning Principles to Create a 7 Figure salary?

You probably assume a 7 figure salary is amazing, but even someone making $1 million or more a year can be broke. If you overspend and don’t save enough, you could find yourself in the same situation as someone with a much lower salary.

It’s not about how much you earn but about how you learn to save, invest, and make that money grow. So be sure to have a plan for your money no matter how much you make!

Review Below for Understanding Your Personal Finance

How Many People Earn 7 Figures?

Ah, the million-dollar question: how many people actually earn seven figures? Well, the answer is that it’s a relatively small percentage of the population. According to the US Census Bureau, the median household income in the United States is around $68,000 per year. In other words, half of all households earn more than $68,000 per year, and half earn less.

According to Forbes, there are currently around 2,755 billionaires in the world, many of whom have incomes in the seven- or eight-figure range. But keep in mind, that’s a tiny fraction of the global population. As of 2023, there are a mere 735 billionaires in the U.S. The US millionaires are more plentiful—almost 22 million.

What Does it Mean to Have a 7-Figure Net Worth?

Essentially, your net worth is the value of everything you own (your assets) minus everything you owe (your liabilities).So, if you have a 7-figure net worth, that means the total value of your assets is at least $1,000,000 more than the total value of your liabilities.  In other words, you’re worth at least a million dollars!

It’s worth noting that your net worth can fluctuate over time. For example, if you own a home that’s worth $1 million and you owe $500,000 on your mortgage, your net worth would be $500,000.  But if the value of your home increases to $1.5 million and you pay off your mortgage, your net worth would increase to $1.5 million as well.

Assets that might contribute to a 7-figure net worth?

• Real estate: If you own multiple properties or a particularly valuable piece of real estate, that could be a significant part of your net worth.
• Investments: If you have a diverse portfolio of investments that have performed well over time, that could add up to a lot of money.
• Business ownership: If you own a successful business that generates a lot of revenue, that could be a major asset.
• Retirement savings: If you’ve been diligent about saving for retirement and have a significant amount of money in your retirement accounts, that could also contribute to your net worth.

Many people on even “normal” salaries have managed to hit 7 figures in their net worth, so it’s definitely a reasonable goal. In fact, for many people, this is the number that they aim to reach in order to retire. By investing consistently over time and starting as early as possible combined with making other smart money decisions along the way, there’s no reason why you couldn’t reach this lofty goal as well!

Goal to Earn a 7 Figure Income

1. Make a plan and set goals.

2. Look at the big picture and visualize where you see yourself in five to ten years.

3. Determine if the path you’re on can lead you to make 7 figures.

4. Determine if you need to adjust your approach to achieve 7 figures?

5. Know even if you make 7 figures, you must know how to use it, save it, and invest it and to maintain the 7 figures.

6. Ready to be a 7 Figure Earner and Achieve Financial Freedom? Contact us.

The Two Truths You Need to Understand to Reach and Be a 7 Figure Earner and Millionaire Wealth Builder

FORMULA: 7 Figure Earnings vs. Unlimited Investments

7 Figures Earnings + Personal Financial Wealth Building = Wealth

You can have an enormous income and still not be a millionaire or wealthy.

Investments are a much more potent generator of money than work income.

The Power of Investments vs. Earnings

As an earner, you might be able to generate $300,000 per year. Some even earn more than $500,000. Again, these are exceptionally good incomes. However, they pale in comparison to what investments can achieve to increase your wealth.

Let’s say, for instance, that you sell a business for $10,000,000 and have that money sitting in the bank. Then suppose that you use it to buy assets, such as stocks, private equity and property that returns 10 percent per year.

All of a sudden, you have an income of $1,000,000 per year, which is many times what you could earn working a regular professional job. What’s more, you didn’t even have to work for it. Instead, it came to you in the form of profits and rent from your investments.

Compare that to relying on your income alone. If you never invest, you will never generate more money than what you can earn. Instead, you will always have to sell your time for cash.

Become a 7 Figure Esarner and Millionaire by Understanding and Applying the Power Of Compound Interest Through Business Ownership and Investments

What’s interesting about this is how interest affects returns. Let’s say that you are regular earner earning $50,000 per year. You sets aside $30,000 per year — much less than the $100,000 per year frugal earner who puts it away.

That frugal regular worker winds up with $478,000 after ten years under the same arrangement as the $100,000 per year frugal earner, only slightly less than what the earner gets after five years. But why?

It has to do with the power of compounding wealth through investments. Even though the regular earner only invested 30% of the amount, interest payments added to their principle over time, helping them build their wealth faster.

Become a 7 Figure Earner and Millionaire by Understanding and Applying the Power of Personal Finance and Planning

Create a Budget –

When learning how to save money, the first order of business should be to create a budget – one that is realistic and manageable. You wouldn’t manage a full course load in law school without some sort of calendar/schedule as a student. The same is true for a budget, which is simply a financial plan that is reduced to writing.

Adjust the Budget as Needed –

As an earner, you are likely to face many financial firsts. As such, it is critical to learn how to manage money, as this is an excellent habit that will benefit you for a lifetime. After you have had a chance to work with your budget (give it six months, at least), take some time to determine if the first budget you have created is realistic and practical.

Be Mindful of Spending Habits –

One of the most straightforward financial tips for earners is simply to be aware of how you spend money by tracking it using a personal financial management application or Excel.

Search for Available Financial Help –

There are many scholarships (and other types of financial help for earners and students available) for which they only have to submit an online application if they qualify.

Begin to Establish a Credit History –

It is important to begin to establish a credit history, which can be done by applying for a credit card.

Boost Your Credit Score –

There are several ways to improve your credit score that requires little effort and expense. Maintaining a solid and robust credit score is some of the best financial help for earners as they move towards an independent financial future.  

Start an IRA –

Yeah, retirement seems like it’s a long way off, but trust your elders – it’s not. If you have any earned income, even from a part-time job, you can open an IRA account and start putting money away. The benefit of an IRA is simple – since it’s taxed up-front, you can always remove money when you need it, or you can keep it in to grow with the stock market. Even an investment of a thousand dollars a year will grow enormously by the time you retire. 

Open a Savings Account –

If a Roth seems like a big investment, please, seriously, at least open up a savings account or a Money Market at your bank. It will provide a marginal amount of interest, but it will also help keep you mindful of saving. 

Avoid ATM Fees & Other Bank Junk Fees –

One of the easiest ways to learn how to save money is by avoiding bank junk fees – like ATM charges unnecessarily. Steering clear of avoidable ATM fees offers some of the simplest financial tips for lawyers.

If you must take out cash at an ATM that charges a fee, be sure to take out a large enough amount, so you do not have to use the ATM often. In the years ahead, you will come to see the value of this financial advice.

Get Paid for Giving Your Opinion by Taking Surveys Online –

If you are searching for how to make money without a job, you can get paid for giving your opinion in many places on the Internet. It is easy to understand how to make money as an earner online by completing surveys, with many offering rewards in the form of cash, gift cards, or points from companies like Target, Walmart, and Office Depot, among others.

Personal Financial Tips to Become a 7 Figure Earner and Millionaire

• Learn how to double your income.
• Learn the 50-30-20 Rule and the Concept of Compound Interest
• Invest in your skills that will double or triple your income
• Have a budget for expenses and investments or saving
• Try leasing the home instead of rent
• Don’t spend of liabilities like phones, clothes, phones, Footwear, TV etc..
• First save before you spend, at least save 10% of your income monthly read the book: The Richest Man in Babylon.
• Invest in passive income. Refer to Rich Dad Poor Dad Books.
• Build Passive income by blogging, YouTuber etc..
• Create a secondary active income. Start to build it with no capital or a minimal cap. Buy assets
• Buy a property to rent. You stay in lease.
• Triple your knowledge to double your income
• Take proven actions to succeed
• Always concentrate on dividends
• Become rich and marry middle class mate or partner. You can fulfill his or her rich dreams.
• Build multiple income sources
• Love yourself
• Bargain everything and get for cheap
• Love is expensive. Be rich before you fall for the liability
• Be healthy it’s saves lots money on healthcare
• Be busy
• Don’t showoff anyone
• Pretend poor until you have great Wealth
• Have a Mentor and MKS Master Key Self Made Millionaire Coach help you.

Business Tips for Earners to Achieve a 7-Figure Income and Millionaire Worth

1. Run Your Small Business Like a Business.

You studied your career as a noble profession, but to break the seven-figure barrier, you must run your small business like a business. As a solo practitioner or the owner of a small business, your primary focus – after gaining competency as a professional or small business owner – is to understand and apply the key principles of business development, operations, management and law firm marketing every single day.  Watch These 100 Minutes If You Want To Get Rich:: https://www.youtube.com/watch?v=rI621b5QVdk

There are 10 major parts every successful small business owner must focus on – in this order:

Marketing:

The purpose of marketing is to generate leads. There are a wide variety of ways to do this. Review: Jay Abraham Marketing Masterclasse Jay Abraham: 1 / 10

Review: Business Mastery | 2 Hour Marketing Masterclass with Jay Abraham:  https://www.youtube.com/watch?v=zOMa_lNpWCYAll of them work, but they are not always suited for all situations, practice areas or attorneys. 

Review: Money Making Secrets of Marketing Genius Jay Abraham and Other Marketing Wizards by Mr X: https://www.youtube.com/watch?v=xBHLt5NNUWc

Find three-five different ways that work for you and use them frequently. Not every small business owner will be a top Rainmaker, but everyone can do something to grow and market his or her practice. Review: Getting Everything You Can Out Of All You’ve Got by Jay Abraham: https://www.youtube.com/watch?v=qZLgf0JtEQs

Sales:

The purpose of sales is to close the deal or sign up the client. 

Review: Jay Abraham on Selling: Jay Abraham 1 / 24

Review: Jay Abraham and Consultative Selling: https://www.youtube.com/watch?v=nFCDLNEdpEg&list=PLMJVvqaVaDse2eIgGh34fd4G75H4fcjBQ

Once you start generating leads, you must become better at getting prospects to become paying clients. 

Review: The Only Sales Training You Need! [1 Hour Sales Masterclass] | Jay Abraham: https://www.youtube.com/watch?v=eY3ZgW0hvRw

Services:

Once you have become proficient at generating leads and closing the deal, you must perform the services for the client. When you fix your marketing, then you have a sales problem. When you fix your sales problem, then you have a services problem. See how this works? 

Review: The Strategy of Preeminence Understanding the Needs of Your Clients: https://www.youtube.com/watch?v=SI6Rm07Hfls

Staff:

When you become successful at marketing and sales, eventually you will also need more staff to do the work. You cannot hire just any staff; they must be the right staff for you. What kind of culture do you want your firm to have? Who will best fit that culture? Develop a list of qualities and characteristics you need your team members to have.

Systems:

Policies, procedures and systems allow you to scale to the next level. Without written systems you cannot scale your business. You will hit a breaking point. It may be at half a million or more, but eventually you will experience a lot of unnecessary pain and suffering because you didn’t invest in creating written policies, procedures and systems for your law firm. You need written systems for every major part of your business. From marketing and intake to money and metrics, it all must be logically written down so even a brand new team member who knows nothing about your business can follow it.

Space:

After you start hiring the right staff because you have more clients to serve, eventually you will need more office space to house them. Far too many attorneys get caught up in renting a much bigger or nicer space than they can afford in an attempt to “keep up with the Joneses” or give off the appearance of being more successful than they are. The pleasure you may gain from a fancy office is nothing compared with the worry of making those big payments every month. Don’t strap yourself with too many financial obligations and be careful about signing long term agreements, especially when you’re just starting off.

Money:

Very few earners or small business owners went to school to become a bookkeeper or an accountant, but to manage a growing business you must know how to manage your money. You need to know the basics of finances for small business, from reading a profit and loss statement to analyzing your cash flow. Being an owner means other people are depending on you to manage the money wisely. 

Review: 7 Steps to Put Significant Money in your Business: https://www.youtube.com/watch?v=1uypYwj1ll4

Metrics:

To consistently break a million dollars per year in revenues, there are over a dozen numbers you must be monitoring and measuring consistently. Here are a few of them – unique website visitors each month, leads per month, average cost per lead by marketing channel (PPC, SEO, TV, radio, print, etc), appointments your team sets per month, show up rate to your appointments, conversion rate for initial consultation, average cost per client acquisition by marketing channel, cost of goods sold (COGS) per practice area and profit margin per practice area. This is not a comprehensive list, but if you know, measure and track each of those metrics every month, you’re on your way to comprehensively monitoring your business.

Strategy:

While having a great strategy is necessary, most earners or small business owners spend too much time developing a strategy and too little time implementing the strategy! Get some leads in the door. Make the sale. Collect the money. Do great work. Obtain some referrals. Wash, rinse and repeat! Then work on your next level strategy. 

Review: You Will Get Rich When You Understand THIS! | Jay Abraham: https://www.youtube.com/watch?v=pPn-Q-QAfok

Self:

Upgrading yourself is the last, but most important step. You need to read business growth books or take classes or seminars if that fits your style of learning better. Hang around other successful business owners. Join a mastermind group of successful business owners. Push yourself outside of your comfort zone. You will never build a multimillion-dollar law firm by staying inside your comfort zone.

2. Focus on a Niche.

When you’re in the startup phase (from $0 to about $250,000), you face a never ending challenge of taking whatever business comes in through the door in order to pay the bills or concentrating on one area to build a niche practice. It becomes a question of short-term focus versus long term survival – and we realize that most solos need to balance both in order to make it.

However, the faster you can start focusing on one to two business area niches, the faster you will go from having a job ($0 to $500,000) to creating a small business ($500,000 to $1M). When people see you as a jack of all trades (the generalist approach), they also perceive you as the master of none.

People will pay more for a specialist because they see you as an expert. People will refer more to a specialist because they aren’t afraid of you stealing their clients or competing with them. Contrary to popular belief, this approach does not limit you. It helps to focus your marketing and business development efforts.

There are many ways to select a niche, but it must be small enough to be realistic, yet big enough to have enough potential clients in it. For example, being No. 1 small business owner in all of the Phoenix metro area is not realistic. There are far too many entrenched and successful competitors to ever achieve this. However, you could be the No. 1 consultant for entrepreneurs and small business owners in the East Valley.

Here are a few other ways to select a niche:

Service Niche: Coach for licensed health care professionals; estate planning and asset protection for doctors and dentists; tax attorney for the self-employed; business transactional consultant for real estate investors; business immigration law for the hi-tech industry; business coach for health care providers; and IP and trademark consultant for small business owners.

Industry Niche: Technology, agriculture, doctors, transportation, restaurant owners, manufacturing, construction, energy, or real estate development.

Geographic Niche: Phoenix, Gilbert, Tempe, Chandler, Scottsdale, or the East Valley.

Specialty Market Niche: Privately held companies, Fortune 500, physicians, white collar executives, blue collar construction workers, franchise owners, bicycle accidents, fitness centers, Spanish-speaking clients, developers, or commercial lenders.

Review your top 10 client list (either by amount of revenue/fees generated or in terms of how much you enjoy working with them). Then, look for any similarities. It may not be apparent at first, but keep asking questions and you will find it. Building a niche around a solid client base is one of the fastest ways to differentiate yourself.

Another way to help determine your niche is to track the inquiries from prospective clients to determine what’s drawing them to you and your law firm. See if they don’t begin to naturally fall into one or more groups. Becoming aware of these commonalities is a way to let your niche find you, helping you develop your law firm marketing. Once you niche your practice, you will find that referrals come more readily to you, since it will become clear in referral source’s mind just exactly what it is you do.

3. Identify Your Ideal Target Market.

Your ideal target market (ITM) is the person or company who is most likely to retain you initially, repeatedly and at the highest profit margin. No matter what area of business you are in, you can use these eight questions to help you determine your ideal client. We recommend you answer these questions with as much specificity as you can:

• What does your perfect client look like? (Think in terms of age, profession, gender, education, interests, work, marital status, family size, hobbies and lifestyle.)

• Who can afford your fees? How much can they afford? What’s your value to them?
• Who could be a good long-term, repeat client for your firm?
• What qualities, characteristics and values do they have?
• What are you helping them accomplish?
• What are their issues, challenges or pain?
• Who could be a good source of referrals for these ideal clients?
• Who is NOT your ideal client?

Identifying and targeting the right market is absolutely critical to the success of your marketing plan. If you don’t target the right market, nothing else you do will matter. To be successful in your marketing, you must start with a clear picture of your perfect client.

4. Pay Attention to Your Firm’s Finances.

A LexisNexis survey of 309 U.S.- based firms – 75 percent of which were firms with less than 10 associates – reports that 39 percent of a typical practice’s client accounts are past due. And of these past due accounts, only half are likely to be paid.

That’s a lot of cash flow down the toilet. Seventy-three percent of small firms in that survey said they have past due accounts and 53 percent of firms have client accounts that are past due. So why aren’t lawyers getting paid?

The number one reason cited by small business owners in the survey (82.5 percent) was “client financial hardship.”

Here are the other reasons in order of prevalence:

• Client challenged value of charges.
• Miscommunication.
• Bill was for services performed too far in the past.
• Client disputed services.
• Bill format unclear to client.
• In the “Other” category were these reasons for past due bills: invoices sent irregularly; poor tracking of fees and services; bills sent too infrequently and bill larger than client expected; inconsistent billing; corporate client with slow internal bureaucracy; and not a priority for client to pay.

It’s really hard to believe that four out of 10 clients are financial hardship cases. However, if these survey results are accurate, then small business firms have a huge disconnect in one or more of these critical functions:

Marketing:

You are clearly marketing to and attracting the wrong type of client. 

Review: How to Get ANY Business to Grow FASTER! | Jay Abraham on Business Strategy: https://www.youtube.com/watch?v=Wc3t6Ki-Je8

Sales: You are not managing client expectations or educating them on the value of your services or your retainer fee is not high enough to weed these types of clients out on the front end

Business Processes: You have a broken billing model (i.e., hourly billing) or you do not have the proper systems in place to handle your billing and collections? 

Review: How to STAND OUT and DOMINATE Your Market! | Jay Abraham on Preemptive Marketing: https://www.youtube.com/watch?v=kwnNSCkSz6E

Review: Business Wealth Without Risk: https://www.youtube.com/watch?v=YMBYN5Qu8zI

In the survey, business owners admitted to something we all know is true (and is a lot more believable than client financial hardship), small business owners hate asking clients for money. They find it embarrassing, distasteful, even greedy, but we don’t know any small business owners who finds money itself embarrassing, distasteful or greedy!

The problem is if you don’t expect to be paid; your receivables will probably reflect that. If you pursue your work on your client’s behalf with passion, you should pursue payment for that work with the same passion.

So you likely need to (1) change your attitude; (2) put better systems in place; and/or (3) task this out to someone who is not afraid to bulldog clients about their bills. Your survival depends on it! 

What Does All this Mean For Your 7 Figure Income and Millionaire Status?

Essentially, it means you can become a 7 Figure Earner and join the ranks of the super-wealthy Millionaires (particularly if you keep saving and investing for decades). But you need to understand how savings and investments work — and many earners don’t.

When it comes to wealth, it’s not about how much money you make, it’s about how much you keep. If you have no wealth, earning a salary of $120,000 feels like a lot of money. However, it ceases to matter as much when you earn the same amount or more in interest from your savings and investment. In fact, if you knew you could reliably earn $120,000 per year from your savings and investments, you might decide to retire.

Ready to Become a 7 Figure Earner and Millionaire Today?

Contact us for Business Without Risk. We’re offering you the chance to generate $1 MILLION for yourself and your family by joining us in MKS Master Key Self-Made Millionaire Coaching.

We are offering to help you earn a $1 MILLION for yourself and your family by joining us in MKS Master Key Self-Made Millionaire Coaching.

Live Long and Prosperously,

Reitenbach-Kissinger Institute

The Self-Made Millionaire Factory

By: Michael Kissinger a Universal Law-Business Results Expert-Offering Proven Business Profit Optimization Results, Cash Flow Maximization, Funding, Marketing, Sales, Management, Leadership Coaching. Helped 10K+ Owners Earn/Save $1 Billion+

Text: 650-515-7545

Email: mjkkissinger@yahoo.com

PS. A million dollars is a lot of money, so you may be able to use it to get out of debt, set up an emergency fund, invest a lot of it for your future, and then… perhaps make a down payment on a new home, buy a new car, and take a big trip!

The Andrew Carnegie Financial Success Formula by Napoleon Hill

The method by which DESIRE for riches can be transmuted into its financial equivalent, consists of six definite, practical steps, viz:

If you truly DESIRE money so keenly that your desire is an obsession, you will have no difficulty in convincing yourself that you will acquire it.

1. First. Fix in your mind the exact amount of money you desire. It is not sufficient merely to say “I want plenty of money.”Be definite as to the amount. (There is a psychological reason for definiteness which will be described in a subsequent chapter).
2. Second. Determine exactly what you intend to give in return for the money you desire. (There is no such reality as “something for nothing.)
3. Third. Establish a definite date when you intend to possess the money you desire.
4. Fourth. Create a definite plan for carrying out your desire, and begin at once, whether you are ready or not, to put this plan into action.
5. Fifth. Write out a clear, concise statement of the amount of money you intend to acquire, name the time limit for its acquisition, state what you intend to give in return for the money, and describe clearly the plan through which you intend to accumulate it.
6. Sixth. Read your written statement aloud, twice daily, once just before retiring at night, and once after arising in the morning.

AS YOU READ-SEE AND FEEL THE MONEY BELIEVE YOURSELF ALREADY IN POSSESSION OF THE MONEY.

It is important that you follow the instructions described in these six steps and the programs below.

It is especially important that you observe, and follow the instructions in the sixth paragraph. You may complain that it is impossible for you to “see yourself in possession of money” before you actually have it.

Here is where a BURNING DESIRE will come to your aid. If you truly DESIRE money so keenly that your desire is an obsession, you will have no difficulty in convincing yourself that you will acquire it.

The object is to want money, and to become so determined to have it that you CONVINCE yourself you will have it.

To the uninitiated, who has not been schooled in the working principles of the human mind, these instructions may appear impractical. It may be helpful, to all who fail to recognize the soundness of the six steps, to know that the information they convey, was received from Andrew Carnegie, who began as an ordinary laborer in the steel mills, but managed, despite his humble beginning, to make these principles yield him a fortune of considerably more than one hundred million dollars. Napoleon Hill

10 Rules Of Financial Success Andrew Carnegie Used To Become Incredibly Rich

Andrew Carnegie arrived in the U.S. in 1848 with barely a dollar to his name. By 1901, he was the richest man in the world. Carnegie gave him his “10 Rules of Success”.

1. Define your purpose.

Create a plan of action and start working toward it immediately.

2. Create a “master-mind alliance.”

Contact and work with people “who have what you haven’t.”

3. Go the extra mile.

“Doing more than you have to do is the only thing that justifies raises or promotions, and puts people under an obligation to you.”

4. Practice “applied faith.”

Believe in yourself and your purpose so fully that you act with complete confidence.

5. Have personal initiative.

Do what you have to without being told.

6. Indulge your imagination.

Dare to think beyond what’s already been done.

7. Exert enthusiasm.

A positive attitude sets you up for success and wins the respect of others.

8. Think accurately.

Accurate thinking is “the ability to separate facts from fiction and to use those pertinent to your own concerns or problems.”

9. Concentrate your effort.

Don’t become distracted from the most important task you are currently facing.

10. Profit from adversity.

Remember that “there is an equivalent benefit for every setback.”

Review: Think and Grow Rich Full Audiobook by Napoleon Hill 16 videos Now playing PLAY ALL

FINAL THOUGHTS

There’s no doubt that reaching seven figures in income would be a monumental accomplishment.  Many people aspire to reach this level of success, but only a small percentage will be able to make it all the way there.  But if you set ambitious goals, take the right approach, and have the patience and persistence to stick with it, who knows what can happen.

Review for Money Success

1. A Poor Person Who Does This Gets Rich Quick – Secret Revealed: https://www.youtube.com/watch?v=Cuvz9yJbGHk&t=24s
2. Any Poor Person Who Does This Will Become RICH Almost Immediately: https://www.youtube.com/watch?v=z3RKnFACprE
3. Any POOR person who does this becomes RICH in 6 Months | Warren Buffett
4. Any POOR person who does this becomes RICH in 6 Months
5. Any POOR Young Adult Who Does this Becomes RICH Regardless Of Your Current Situation: https://www.youtube.com/watch?v=nex1wDycjj8&t=68s

Review for Understanding Your Personal Finance

Are You Enjoying the Financial Life You Were Meant to Live? Ready to Discover How to Access Your Hidden Financial Power Within to Transform Your Wealth and Net Worth Results? Listen to This.

Personal Finance for Beginners (Literacy & Education) Managing Your Money Audiobook – Full Length

Money Management for Beginners Education (Manage Your Finance and Wealth) Audiobook – Full Length

Passive Income Ideas for Beginners & Dummies (Business & Entrepreneurs) Audiobook – Full Length

Financial Literacy for Beginners & Dummies – Personal Finance Education Money Audiobook Full Length

Financial Literacy 101 | Life Changing Financial Education Revealed – Audiobook

Achieve Personal Finance Success (Investing & Passive Income) | Audiobook

How to Invest Your First $1000 | Stock Market Trading | Audiobook for Beginners

Money Affirmations – Attract Wealth and Riches (Everyday Motivation!) |

Starting a Business for Beginners & Dummies (Entrepreneur & Wealth Motivation) Audiobook Full Length

How to Succeed | Motivation & Self Improvement | Full Length Inspirational Audiobook English

 Stock Market Investing (with subtitles) | Beginners & Dummies Full Audiobook Relaunch

Secrets of Self Improvement Revealed – Self help 101

How to Focus on Self Development and Accomplish Growth | Audiobook

Review 11 Common Types of Investments

Investing can intimidate a lot of people because there are many options and it can be hard to figure out which investments are right for your portfolio. This walks you through ten of the most common types of investments, from stocks to commodities and explains why you may want to consider including each in your portfolio.

What Are the 3 Main Investment Categories?

While the types of investments are numerous, it is possible to group them into one of three categories, equity, fixed-income and cash or cash equivalents.

The term “equity” covers any kind of investment that gives the investor an ownership stake in an enterprise. The most common example is common stocks. Other examples are preferred shares, funds that hold stocks, such as exchange-traded funds and mutual funds, private equity and American depositary receipts.

The term fixed-income covers any kind of investment that entails the investors essentially loaning money to an enterprise. The most common example is bonds, which come in various forms, including corporate and government, whether local, state or federal. Some fixed-income securities have equity-like characteristics, such as convertible bonds.

Cash and cash equivalents comprise a third type of investments. Besides bills such as you might keep in a wallet, this type includes checking accounts, savings accounts, certificates of deposit and money market accounts. Money market funds are sometimes considered cash equivalents because it’s easy to withdraw from such accounts, but they are technically fixed-income securities – albeit extremely secure securities.

11 Types of Securities

While it is possible to put investments into one of three categories, as described above, there are many types within these categories. Here are 11 key examples.

1. Stocks

2. Bonds

3. Mutual Funds

4. Exchange-Traded Funds (ETFs)

5. Certificates of Deposit (CDs)

6. Retirement Plans

7. Options

8. Annuities

9. Derivatives

The three most common types of derivatives are: Options Contracts:  — Futures Contracts:  –Swaps: 

10. Commodities

• Here’s a breakdown of the four main types of commodities:
• Metals: precious metals (gold and silver) and industrial metals (copper)
• Agricultural: Wheat, corn and soybeans
• Livestock: Pork bellies and feeder cattle
• Energy: Crude oil, petroleum products and natural gas

11. Hybrid Investments

Hybrid investments incorporate elements of equities and fixed-income securities. One such example is preferred shares, which is an equity security with a bond-like feature. 

Another type of hybrid is a convertible bond. It is a corporate bond that can be “converted” into shares of the company.

Review for Gaining BIBLICAL PROSPERITY

How to Thrive and Attract Abundance According to the Bible: https://www.youtube.com/watch?v=5qMEXow52U0&list=PLYyn-UVutcNAWathZ88vebl6ndhG9EHev&index=1

Skill Invest1 / 9

Review to Discover How to Get Rich

A Poor College Person Who Do This Gets Rich Quick – Secrets Revealed: https://www.youtube.com/watch?v=Cuvz9yJbGHk&list=PLYyn-UVutcNCHfd8sSv0lmCax3sNdka2c&index=1

Skill Invest1 / 79

Secrets of 7 Figure Rain Makers

Recommended Secrets of 7 Figure Rain Makers: https://my.lawyerbookbuilder.com/lbb-secret-techniques-of-7-figure-rainmakers

Recommended Law Firm Marketing Tips: https://davidfreemanconsulting.com/videos/

Recommended Law Firm Leadership Tips: https://davidfreemanconsulting.com/videos/

Review to Know The Self-Made Millionaire Coaches and Team

1. MKSmasterkeycoaching.com
2. MKS Master Key Self-Made Millionaire Coaching will Teach You How to be a Self-Made MILLIONAIRE: https://lnkd.in/gnKkxZqG
3. MKS Master Key Self Made Millionaire Challenge mksmasterkeycoaching.com
4. MKS Master Key Testimonials https://lnkd.in/gMS7XUg8
5. The MKS Master Key Four Year Career Plan: https://www.youtube.com/watch?v=Cm0e4uaBezg&list=PLoGByZSY8c87Jg01rwf2MYjCnQlm9XF3a