A few months ago, ns was at the bar through a friend. (Remember those days?) soon after, a friend-of-a-friend to walk in, clearly in a terrific mood.

You are watching: Who pays the most 7 figure earners

Right away, this friend-of-a-friend, who’d I’d constantly heard with the grapevine to be a loaded genuine estate developer, began an pure bender that a spending-spree. We’re talking the highest shelf alcohol. Drink for the entire bar! Art best off the walls!

It was a vision to see.

That’s as soon as he leaned in and let us understand why he was so happy.

Apparently, he’d to be sitting top top a piece of undeveloped real estate because that the past couple of years. His partner was regulating the lot for him, and also he’d intended it to offer for a couple hundred thousands dollars.

Except his many didn’t market for a pair hundred thousands dollars. ~ above this day, that learned his floor had marketed for $1.5 million.

The epiphany struggle me like an ice cream bath. As we spoke about this guy’s $1.5 million dollar payday, cubicle employees at my job were stabbing each various other in the ago for the hopes of a 1% yearly raise that totaled… a couple hundred bucks.

This is what the well-off do far better than anyone else. They pick to beat the right game.

So, what game is that, exactly?

Welcome come the rare and exclusive human being of 7 figures…

First off, what does a 7 figure income mean?

The slang describes the number of digits.

So, a seven figure salary means earning over $1,000,000 per year. To get specific, anything from $1,000,000 per year come $9,999,999 is a seven number income.

(Eight figures way over $10,000,000, and also six figures method $100,000 come 999,999.)

How likely Are You to Earn 7 Figures?

I dislike to be the shatterer of dreams, but… not really likely.

The 1% in America starts in ~ an annual income of $328,551.

Yeah, also earning much more than 99% that the population still isn’t enough. And to acquire extra depressing, you’re not even 1/3 that the method to 7 figures!

*

This isn’t gonna be easy..

#FirstWorldProblems.

To do things even tougher, Reuters researched the topic and found that of the select couple of who do earn a 1% income, over fifty percent of those one percenters earn less than $500,000 a year.

In fact, 5 the end of 6 one percenters earned much less than a million dollars.

What’s the mean? out of a full U.S. Population of 327 million people, only 545K will crack the seven figure mark in any kind of given year. That’s simply 0.17% the the population!

For those following along with the mathematics (I’m not… my puny 99 percenter mind busted the end a calculator lengthy ago) that method less than 1 the end of every 600 people in the entire nation will earn $1 million in a year.

*

I won’t lie to you. Those are some tough odds!

But let’s assume us were playing those odds. What would certainly be the most likely way to earn seven digits in a year?

The 5 Most common Seven number Jobs with a Degree

Truth be told, there’s not numerous degrees that earn seven figures. And also even those couple of that do are much more likely come occasionally eclipse seven figures, quite than the fairly steady power you check out in many six figure positions.

And most importantly, for sure zero levels earn 7 figures out that the gate. In every case, you’ll have actually work your method up to this salaries.

But if you’re gonna swing for the fences, right here are your best bets.

1. Companies Sales Account executive, management (Earning potential: $1 million come $5 million+)

*

Enterprise sales reps do their living offering high dollar assets to huge businesses. Many commonly, these products are some sort of big scale service software or high expense medical devices. The greatest employers in this field are Microsoft, Oracle, IBM, AWS, Google Cloud, and also a totality bunch of biotech carriers you’ve more than likely never heard of before.

The crucial here is the the assets being offered are for this reason expensive the even small commissions add up to huge seven figure totals. If a sales rep deserve to close a huge deal that brings his employer countless dollars in extra revenue every year, it’s absolutely precious it for that employer to pay him or her handsomely for it. Again and again.

Add to the reality that your revenue as an companies Sales rep deserve to be affected by your basic grit and hustle, and also you’ve acquired a recipe because that making major bank.

How lot bank? Well, organization Insider released a perform of some of the height performing enterprise Sales Reps, all earning $5 million come $6 million per year.

Enterprise Sales course to 7 Figures:

You’ll typically start together a Sales advance Rep because that 6 months to 2 years. At this point, you’re working entirely for the salesmen higher up the chain. You’ll be making 100+ call a day, every day, reading from a manuscript in really hopes of setting up meetings for your salespeople. (Average salary: $45K come $100K)If you prove a solid salesperson, the following progression in this career route is to start selling directly to small and mid-sized businesses as a small Business Account executive, management (1-2+ years) or a Mid sector Account executive, management (another 1-2+ years). Here, you’ll do much less cold calling and more demos/customer management. (Average Salary: $100-300K)If you proceed to present success in this stepping stones, you’re finally ready because that the huge leagues and also may get advocated to companies Account Executive. Here, you’ll be dealing solely with the optimal 100-1,000 largest companies in the world and also paid accordingly. Complete compensation that $1 million a year in this place is possible.

(If you’re curious around the medical sales field, here’s an exciting guest write-up on ThinkSaveRetire.com from a male who started down the timeless enterprise sales path prior to venturing right into his very own medical machine sales career. Critical year, the earned $4 million together a 27 year old.)

2. Investment Banking or exclusive Equity regulating Director (Earning potential: $1 million+)

*

Working on wall surface Street is most likely the very first job most human being imagine as soon as they think around seven number careers. And also while the advent of passive investing strategies and also Artificial Intelligence have definitely lugged down salaries in this industry, wall surface Street is still among the most rewarding careers because that those who can make it.

Investment bankers who deserve to survive the borderline hazing society of this career course (which usually includes extreme 80 hour workweeks, ruthlessly throat competition, and a “produce or gain fired” expectation) are likely to come the end the other side with some of the greatest earning potential of any career path.

Managing directors of major investment financial institutions (Goldman Sachs, JPMorgan Chase, credit Suisse, Deutche Bank, etc.) or huge Private same Firms commonly earn a basic salary everywhere from $400-600K, with year end bonuses that can range from nearly nothing come multiple millions of dollars, depending upon their division’s performance.

Investment Banking path to seven Figures

Investment banks are notorious for recruiting nearly exclusively native prestigious Ivy organization Universities. Indigenous there, you’ll should prove yourself as an combine ($150-300K salary) because that a 2-4 years prior to either getting laid off or supported to evil President. (Approximately $500K salary)

The next moves from VP would certainly be to Director, which could get you close to seven figures but not rather there, followed by the divine grail of invest banking – managing Director.

Typically, also the most rockstar that rockstars shouldn’t intend to hit controlling director till they’ve been in the market for at least a decade.

3. CEO or various other C-Level executive, management of a big Company (Earning Potential: $1 million to $50 million+)

*

The “CEO” typically evokes visions the power, closing big deals, and… a huge salary.

For many CEOs of major companies, the stereotype is completely accurate. Follow to a research from Harvard, The typical CEO salary among the 3,000 largest companies is about $2.7 million per year,

The greatest salaried CEOs in recent history?

The discovery Channel’s CEO David M. Zaslav ($129.4 million)Linde’s (a German industrial gas company) CEO Stephen F. Point of view ($66.1 million)The Walt Disney Company’s CEO Robert Iger ($65.6 million)

Among the 500 largest companies, just 23 CEOs earned much less than $5 million.

When you element in “nonsalary” compensation such as stock options tied to performance goals, numerous CEOs earn even more. By that metric, Elon Musk’s infamous $2.2 exchange rate compensation led the pack. Not bad for a firm that hasn’t made any money!

And if CEOs obviously make the most, reaching any type of of the C-Levels in ~ a large company must do the seven figure trick. This study uncovered that even the fourth highest paid executive at the average billion dollar firm earns $1.01 million a year.

C-Level Executive course to seven Figures

No beating about the bush here. The climb to C-Level executive, management is as stereotypical “climbing the this firm ladder” as it gets.

Typically, you’re looking at a 20+ year career gutting it out v your other coworkers, play the politics game, and also hopefully, convincing the existing management to favor you enough to identify you in their succession plan.

It’s incredibly rare to uncover a CEO, CFO, or similar role under the period of 40. And also the rungs the middle monitoring are lined through executive hopefuls who got passed increase on the large promo, for one reason or another.

4. This firm Lawyer, big Law Partner, or High file Trial lawyer (Earnings Potential: $1 million to $10 million+)

*

While a disturbing variety of lawyers don’t use their levels at all, and also many who perform earn an average salary that’s dwarfed by many undergrads, lawyers who make it to the peak of their fields can earn a ton the money.

At the pure highest end of the spectrum room big-time psychological attorneys. These space lawyers choose Richard Scruggs or Joe Jamail, that each have an estimated net precious $1.7 exchange rate dollars many thanks to part high file victories in court. (Richard Scruggs won a $246 billion negotiation against big Tobacco in 1998, and also he’s likewise won cases versus seedy asbestos companies, insurance money companies, and pharmaceutical companies. Joe Jamail has actually tried over 500 cases, through his his greatest being a $10 billion dollar win over Pennzoil.)

Next ~ above the attorney earnings hierarchy would be equity partners of huge law firms. Here’s an amazing list that mirrors some the the best law this firm profit $4-6 million per partner, every year, so it makes sense partners at these firms knife salaries near that range.

And last (but definitely not the very least when we’re handling seven number salaries!) space the head lawyers for major corporations. According to company Insider, becoming the basic counsel in ~ a major company deserve to pay anywhere from $1-10 million per year.

Lawyer path to 7 Figures

Unfortunately, the odds are definitely not on her side because that this job field.

You’ll mostly likely have to make it right into a top legislation school, and then graduate at the height of her class. Indigenous there, as many as 40% of legislation school graduates can’t find a job related to law, i m sorry is a real difficulty if you’re likewise carrying the average legislation grad’s debt fill of $120,000+.

5. Medical professional owning a exclusive practice. Or working insane hours. (Earning potential: $1 million)

*

While most doctors knife low 6 figures, part select couple of owning their own organization can earn approximately seven numbers a year.

This is pretty rare in the clinical field, and is mostly restricted to surgeons and also proceduralists who do much more expensive, elective procedures. (Think plastic surgeons, orthopedic surgeons, spine surgeons, etc.)

Some other fields can with these earnings IF castle dedicate nearly all their waking hrs to overtime and twin shifts.

One interesting point around the statistics: Unlike practically every other career ~ above this list, you won’t see many, if any, doctors getting over the short seven number mark ($1.0 come $1.2 million).

Doctor path to seven Figures

To end up being a doctor, you’re looking in ~ a minimum the 11 to 18 year of post-high institution education prior to you have the right to even record a whiff of the big bucks. Native there, you’ll have to carefully select (and be embraced into) among the greatest paying specialties.

Then, if your goal is 7 figures, you’re looking at added risk and investment by to buy or starting your own business.

All told, you’re looking at a practically 20-year course filled with extremely long hours (and several chopping block filters) before you make it to seven figures.

A noble profession, yet if it’s simply the money you’re after, you’re probably much better off devoting your time and effort to countless of the various other careers in this article.

The 4 Most typical Seven number Jobs there is no a Degree

Of course, girlfriend don’t necessarily have to attend a $100,000/year service school or invest a decade researching to make 7 figures. Here are the most common million dollar salaries that can be earned without a degree:

1. Skilled Athlete

For those gifted through world-class genetics, do it come the advantages is a surefire method to knife a seven number salary.

Here’s a look in ~ the mean salaries for various professional sports:

Average NBA Salary: $6.39 millionLeague Minimum: $898,310Average MLB Salary: $4.36 millionLeague Minimum: $560,000Average NHL Salary: $4 millionLeague Minimum: $700,000Average NFL Salary: $2.7 million (with a typical of “only” $860K) league Minimum: $480,000

2. Entertainer

Keeping the masses entertained is huge business. If you do it come the optimal of this field, some severe coin awaits.

Actor:

The “movie star” is tho a heavy seven figure earner. This report indigenous the Hollywood Reporter had actually The absent coming in in ~ #1, through $52 million of income in one year.

*
Source – Hollywood Reporter

In the people of movie though, there’s a huge discreprency in between the stars and the average. The average display screen Actors Guild member earned just $52,000 a year, and also the earnings of many co-stars room dwarfed by your star’s counterparts. (In one too much example, Leonardo DiCaprio earn $25 million in wolf of wall Street, when Jonah Hill obtained paid just $60,000 to co-star.)

That said, actors have an ext options than simply movies. TV actors can make financial institution too – all three main cast members that The big Bang theory famously earn $1 million one episode, which were the highest salaries of any actors ~ above TV at the time.

Musician:

With musician able to offer out basketball arenas at end $60 a seat, is it any kind of surprise the highest possible paid musician can conveniently clear $100 million a year?

The mean performer on The Street’s list of greatest paid musicians earned end $50 million a year. (Taylor Swift topped the list at $185 million in one year.)

Radio Host:

Radio could be labeled a “dying medium” however that hasn’t quit these five greatest paid radio hosts native earning a fortune on the way out:

Howard Stern: $90 million a yearRush Limbaugh: $85 million a yearRyan Seacrest: $74 million a yearSean Hannity: $36 million a yearGlenn Beck: $9 million a year

3. Youtuber, Influencer, or Blogger

Unlike traditional entertainers who need to be hand selected into stardom by movie producers, talent agents, and other gatekeepers, the internet has actually opened increase a civilization of possibilities to anyone with a laptop, an web connection, and a little bit that hustle.

Youtubers space the ideal example the this. Through a take self stick or a webcam, Youtube stars like Jenna Marbles (a former tanning salon employee that now write-ups comedy videos) Ryan Kaji (an 8 year old who opens up toys) and also PewDiePie (a video clip gamer) now earn millions of dollars a year.

I first realized the insane earning power these youtubers had when i heard that Shay Carl, a youtuber with countless subscribers, had actually bought whole ski resort. Apparently, he and also other youtubers had actually just marketed their production agency to Disney because that $500 million.

See more: Can You Use Enamel Paint On Wood ? How To Paint With Enamel Paint

And then there’s the bloggers. When 99% of blogs make virtually nothing, those in ~ the top echelon have the right to make newspaper or newspaper style revenue, without the expenses.

In my edge of the internet, more than likely the many famous example of this is Michelle native MakingSenseOfCents.com. She famously earns $100,000 a month from she blog. (Unfortunately, smashville247.net isn’t everywhere near the same ballpark. Yet?