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Learn more about what an 8 figure income really means.
Having a remarkable career is far and few between these days. Let alone a path with a desirable yearly income on top of it!
What if you could find not only a better career choice but also one with an 8 figure salary?
Look no further because I have compiled everything you need to know about an 8 figure salary.
I also list the top job choices and the qualifications needed to advance yourself to a multi-million-dollar success as well.
How much is an 8 figure salary?
So, just how much income exactly is considered to be an 8 figure income? This is a very important first question to be answered!
The definition of an 8 figure income is any annual income amount between $10,000,000 and $99,999,999.
In other words, as long as your income is at least ten-million dollars, but under a hundred million dollars, you are in the 8 figure salary range.
What are the best career options to get an 8 figure salary?
Now it is time to discuss what your best career options may be in order to achieve an 8 figure salary.
The jobs on this list are the choices that I felt were the most realistically attainable and conceivable 8 figure salary jobs.
Here are the top six career choices that has the best potential to become 8 figure income jobs.
1| Real Estate Agent
As a real estate agent, you not only understand the real estate market better than most, but you will also have access to all properties before anyone else does.
With a combination of impeccable real estate knowledge and this ability to have first dibs in the housing market, these agents have one of the best opportunities to make millions by investing their time and resources wisely.
They can do this by either selling the homes they have snagged for a much higher profit margin. Or, by even turning them into a rental unit or units, making it a continuous income source.
2| Investment Banker
Being an investment banker is an excellent way of understanding how to invest wisely for others while making a commission.
Still, it is also a viable opportunity to grow your wealth through personal investments by using the opportunity to connect with various clients to learn the ropes.
This opportunity often leads to most investment bankers being more than capable of easily making an 8 figure salary.
More often than not, many of these investment bankers even end up establishing and then running their firms for an even more expediential salary increase.
Becoming a lawyer allows many social doors to open for you. With a vast range of fields and job opportunities available in this field, your connection possibilities are almost endless.
By advancing yourself socially, you can start becoming a part of big firms with increased paying clients. As a result, you will have the potential to be on the path to being a high-demand lawyer.
Almost all lawyers typically charge their clients on an hourly basis, so it makes sense if you are in high-demand and works enough hours.
Therefore, making this job have an 8 figure salary is very much conceivable.
As an engineer, your job consists of designing products and solving technical issues with the said product.
This job means you would be spending your time identifying the issues, researching the solutions, and designing and testing the products and their processes.
As an engineer, if you will specialize and then work in various fields such as petroleum, chemical, electrical, nuclear, biomedical, and aerospace, your possibilities are infinite.
As a result, you could most definitely make an 8 figure income.
As an entrepreneur, you take ideas for a product or a new business. You develop and then manage the product with the final intention of selling them or for a profit.
If you can take your time and try to have fresh new ideas, you will create a successful, booming, and highly profitable business or product. You can that then be sell for millions of dollars in profit.
You will then turn around and reinvest your profit margin into even more new and innovative ideas for products or businesses to continue your 8 figure income cycle.
An anesthesiologist gives the patients the required medications for pain management control before and during, and after a surgical procedure.
As an anesthesiologist, it would be a part of your job duties to monitor a patient’s physical, vital signs, and pain levels, not only diligently but around the clock.
You will also adjust the doses of medications given to the patient accordingly.
This medical career path has the potential to be an 8 figure income job due to you having the option to work more very long hours on top of getting paid very high salaries.
Additionally, your essential responsibilities to the patient’s well-being and comfort level during their treatment and the success level of the surgery being performed for them justifies your 8 figure income.
What does it take to make an 8 figure salary?
Now that we have some job choices narrowed down, the next step is to pick one and move forward.
The best way to guarantee you have made the correct decision on your 8 figure salary jobs is to research each career path’s required qualifications. Then, see which of them you are willing to commit to the most.
Here are some examples of what is needed to become successful in the provided top six 8 figure salary jobs.
Real Estate Agent
There are a few things required to become a real estate agent. To be a real estate agent, you must first acquire a license to practice in the state(s) where you are planning to work.
Each state has its own set of laws and different types of documents needed to complete a real estate sale.
Therefore, it would be your responsibility as a real estate agent to become familiar with each state’s laws and requirements before practicing.
To become an investment banker, you must do some schooling first.
A true professional investment banker should obtain a bachelor’s. Although a master’s is even more appealing, with a degree in finance or business administration.
You should also have an advanced and thorough understanding of wise investment choices and a set of superb sales skills.
A lawyer is another one of the 8 figure salary jobs that requires a bachelor’s degree.
You must not only obtain your degree in law but are also required to pass your bar exam in the state you plan to practice in.
To get to an 8 figure income status, you need to have a lot of hours’ worth of commitments.
Becoming an engineer only requires having a basic engineering degree. However, the most professional of engineers features a complete graduate-level engineering degree. And therefore have a vast amount of higher-paid opportunities.
To boost this job to an 8 figure salary, you should also have some math and science background.
An entrepreneur does not necessarily require any educational background. However, basic business skills and marketing experience will help get you on the right track.
Many entrepreneurs outsource to have their tasks completed, which makes it easier for those without any experience.
In the end, your amount of education and experience needed depends on the product or business being created to be then sold.
The anesthesiologist career path can take nearly a decade to achieve your medical degree and complete training.
This does not even include the time needed for any extra schooling in specialty areas, such as pediatric or orthopedic anesthesia, a much-needed boost to help achieve an 8 figure salary in this field.
An anesthesiologist also needs an expert level of understanding of how the diverse catalog of pain relief medications can interact with the patient’s body and other drugs that the patients are currently taking.
They also have to be an expert in measuring each treatment’s effective amount to provide to that patient.
Final Thoughts On 8 Figure Salary
All in all, being able to acquire an 8 figure income is not going to happen overnight.
Most of these 8 figure salary jobs take time and effort to achieve expert level understanding. Do not let this fact discourage you, though!
However, there are other options that you may want to start with, like a 5-figure salary, then work your way up to 8 figures.