9 secrets to earning $100,000
Workers who have crossed that threshold give advice on Reddit about how to get there.
One user on the Reddit website put out a request for anyone making at least $100,000 a year. "What was the smartest decision you ever made?" asked someone going by the name of RicsFlair.
The question generated a wide-ranging discussion about what it takes to climb the career ladder. Some of the predictable responses were in there -- work hard, do a good job and the like -- but users did have some decent advice for anyone trying to make it in the world.
From the discussion, here are nine secrets to making $100,000:
1. Don't burn bridges. One person didn't tell the boss what he or she really thought when leaving an old job. "Doing so opened a door for me several years later and got me to where I am now."
2. Learn how to negotiate a salary. Many websites and other resources will tell you what you should be earning for specific jobs and skills. "Salaries in any job market are highly variable, and who gets at the top end and who gets at the bottom end often comes down to good negotiation," wrote one commenter.
3. Be prepared to work a lot. Several commenters said the key to earning that much money is putting in many, many hours. One person said his father has an executive job at a hospital, but it has come at a cost. "I admire. . . him for what he does and how well liked and respected he is by his peers and patients but I wish he would have been around more because I barely have a relationship with him."
4. Invest early to get the long-term payout. Pay for an education, even though it's pricey, one commenter wrote. Save longer to buy tools and clothes of better quality. Spend the extra time learning everything about your job, not just what it takes to get by.
5. Study something practical in college. "My issue is with the kids who go to college without a clear goal they wish to achieve with their education," wrote one commenter. "They major in something silly (liberal arts? seriously?) and don't specialize, seek experience, or train for a career, and then expect their degree to entitle them to 50k a year and a two bedroom house."
6. Build your reputation early. When you get your first job, you usually have the time to put in more effort outside of normal work hours. "I typically worked 50+ hours a week for the first four years or so and got great ratings over people who had been there longer but only put in exactly 40 hours and were out the door," wrote one commenter. "Better ratings at an early age meant bigger salary bumps. It works just like compounding interest."
7. Always push to climb the career ladder. "Keep pushing management and (human resources) to find out how you can move up and progress within the company," wrote one commenter. "Ask them what you can do to make yourself the ideal candidate for any positions up the ladder that may become available in a few years."
8. Be likeable. "Don't just go in and do your job and leave," wrote one. "Chat with people, be friendly, ask how your boss's weekend was, volunteer for charities through work, participate in a softball league or golf outing. . .etc. Building a network of people within your company who like you will pay off later because those people might just be in a hiring position someday."
9. Have the right luck. Even when you do everything right, sometimes it just comes down to luck. "Hard work and all that is very important, but being in the right place at the right time is also important," added one user. "Almost all extremely wealthy people were blessed with the right idea at the right time with the right motivation."
I make over a $100K a year and know several people that do also. We were discussing this a few months ago and here is a summary of what we came up with.
1. Have a college degree in something that is employable
2. Work in a career that require specialized skills
3. Focus on developing your management skills, but keep up on what is happen with technology in your field. If you want to make more money, then you need to be in management. There are a lot of people with the technical skills, but few that can manage complex projects and multiple people.
4. Able to understand and determine what is important what isn't, and keep your focus on what is important. See the big picture.
5. Be a problem solver.
The two secrets to success are;
1. Don't share everything you know
I work in the banking industry. I having been working my current job for over sixteen years and have another twelve years financial experience with one of the bigger banks where I worked as a tax accountant before I was downsized. I have close to thirty years banking experience.
Through hard work and effort I worked up the corporate ladder at my mid-sized bank and I am currently a Vice President. My salary is under the $100,000 this article refers to. What frustrates me and other people I work with who have some time with our institution is knowing new hires at our level will come in for over $100,000.00. Most of the new hires have less banking experience and that just makes more resentment with some of the people who have spent a lot of years helping our bank to grow.
Although, I would like to see my salary grow to a $100,000.00 or more, the chance with that happening are slim. I would more likely be able to obtain that salary by going to another bank. I enjoy working for my institution and I am at a point in my life where I do not want to start over again, even though I may make a lot more money.
What makes me happy is knowing I have invested the money I have made very well. I am on track to meet all of my financial and retirement goals. I plan on having a long and comfortable retirement.
I know a lot of people who make a lot more money than I do that are deep in debt and have no savings what so ever. Making $100,000.00 is nice and can make life easier; but I have peace of mind knowing I am debt free, have a sound investment and retirement plan, and have friends and family who I love and love me.
Making a $100,000.00 a year is not going to make me happier or more satisfied with my life that I am now.
Be careful of number 2. I’ve seen guys negotiate themselves into what is probably the top 10% in the profession thus increasing managements expectations, turning a spotlight onto themselves, and their performance. Turns out management figured they weren’t worth it after 6 months.
CHANGE JOBS (but not too frequently)! I have had my greatest $ increases by changing companies as I have climbed my own career ladder. 5 years seems to be the proper timeframe at any one company for me. It's long enough to demonstrate dedication and reliability on my resume, and short enough that I don't get to a point where I feel like I am being taken advantage of or burned out on the company.
Here's a very basic example of why it works for me:
Let's say a company hires you at a certain salary. You do a good job over the years and get promotions and raises. Most employees are satisfied to get a 10 or 15% raise with their promotion(those have been real numbers in my own experience). After a few internal promotions like this, you might now be below the average salary for your current job. The thing is, companies don't give raises based on average industry salaries. They HIRE based on average industry salaries. This makes it possible to be in a situation where you have worked your way up in a company and might actually make less than someone performing the same job who was just recently hired. Since nobody talks about paychecks, companies can easily do this.
I personally have experienced these minor "feel good" raises with promotions early on in my working life, and also very substantial income increases simply by changing companies once I realized how I could make that work for myself. Obviously every industry and career path is different with regard to how much more you might make by going somewhere else, but assuming you have a valued skill set, getting past 100K is much easier by putting your skills out on the open market.
I'm on my 4th actually 3rd career. First was USAF in the late 60's early 70's. Back then the training I received in Electronics was so superior to any other program in the US at any level. After my discharge I got my MBA and fought the corporate life achieving the holy grail of wages for the time for 10 years, I then started my own business and again great wages. But, no time for myself or family. About 25 years ago I started back in electronics at a much lower wage but I was happy, I specialized in the field and became one of the top techs in the world in the specific field. I've been at the HG wage for the last 15 years and will retire in a couple of years with little or no change in lifestyle.
The trick is not a degree, a corporation or luck, It's picking a job that you enjoy and becoming the best in class. Once you do that you can name your price. It takes work, study and self worth but it can be done easily. I've done it 3 times in 3 fields.
I make over 200k and have so for the past 8 years, without a college degree. Successful people share numerous common traits and the ones I come across most often are listed below;
1. They have a great work ethic, often putting in extra hours in order to complete assignments ahead of schedule.
2. The are results driven, rather than task driven. Meaning they are more interested in the results achieved than the task that allowed them to get there, but understand both are important.
3. They are competitive. They are always looking forward and never stop to see where they have been.
4. They are rugged individualist, rarely relying on other people to accomplish their mission. They find solutions where others will just see a problem.
Apply these 4 things into everything you do and your will accomplish much more than you ever thought possible.
I didn't have a lot of "luck" in my jobs. I saw everyone but white males favored over me. I worked for the government for a while and discovered that they valued mediocrity more than talent.
So, I quit my last job 34 years ago and have been self-employed ever since. The harder and smarter I worked, the better I did. It was about that simple (or hard, depending upon how you look at it), and I've done very well. I retired long ago and have time to waste reading money.msn.com.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
More Market News
The idea of US crude being a shelter from turmoil abroad may not be as far fetched as it seems.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'