If you dream of making 8 figures a year, you’ll need to think strategically about how to increase your income. This will require more than just asking for a raise or finding another job. Here, we’ll discuss strategies that you can implement to put you on your way to millions.
Mentorship and Leadership Training
The first step to making 8 figures is to set the groundwork for success. You’ll need to surround yourself with the right mentors and invest in leadership training geared for C-suite-level executives. Many top-level university business schools offer leadership programs that would fit your needs.
Continue Your Education
Many executive positions benefit from the skills learned in an MBA Program. According to a Harvard Business Review study shared in 2021, close to 1 in 3 CEOs surveyed have earned an MBA. Always consider the return on investment before getting more education. However, if you have your sights set on 8 figures, you probably will need an advanced degree.
Invest in The Stock Market
Regardless of your financial goals, investing in the stock market is a smart decision. On average, the stock market increases 8% per year. While there are opportunities to make large sums of money by betting on the right stocks, diversifying your investments is always a good money decision.
Start a Company
It’s often said that if you want to increase your income, you have to get a side hustle. If you’re looking to earn 8 figures, you need to either start a successful company or have a multi-million idea. Everyone has at least one skill that is monetizable. Finding your niche and building a business around it is the best way to increase your income to 8 figures. At first, you may need to start your business of small while you continue your full-time job. As your business grows, you can look for investors or join a small business incubator to find the right people to help propel your company forward. With some hard work and determination, you can make your dream of 8 figures a reality.
Network
If you travel in the right circles, there will be more opportunities to reach an 8 figure income. Networking, getting involved in charities, and living in a business-friendly city are all creative ways to meet people who can help you find success. Building your network won’t happen overnight but will pay off in the end.
Invest in Real Estate
Investing in the commercial and residential real estate market can have big returns and help you on your way to 8 figures. However, selecting the right properties is crucial. Properties need to have the right rental price and warrant high returns if you are going to have a healthy real estate portfolio. If you are unfamiliar with managing properties, make sure to surround yourself with people who have industry experience so that you don’t make costly mistakes. It’s always best to start small and then build on your real estate investments.
How to Make 8 Figures
The road to making 8 figures is not an easy one. Hopefully, these strategies will help you on your journey to skyrocketing your income. With planning and perseverance, you can make more money than you dreamed possible.
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Teri Monroe
Teri Monroe started her career in communications working for local government and nonprofits. Today, she is a freelance finance and lifestyle writer and small business owner. In her spare time, she loves golfing with her husband, taking her dog Milo on long walks, and playing pickleball with friends.
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