If your New Year’s resolution is to break the elusive six-figure salary barrier once and for all, you’ll have to work hard and work smart to get there, But, if you play your cards right, 2024 could be your year.
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There are several paths to six figures. Some wind through your current career, some veer outside of it, and some count on cash coming in from more than one place. Here are the tips that money, career, and side hustle experts say offer the best chance to elevate you from an average income to a six-figure lifestyle in 2024.
If you already have a good job with a decent income at a company that promotes internally and offers room to grow, make moves now that will put you at the front of the line when rumors of promotions start swirling around the office.
“Set yourself up internally by becoming your own career advocate,” said Boston-based career coach and author Amy Feind Reeves, founder of Hire a Hiring Manager. “Let your manager know that this is the year you want to be front and center for coaching. Identify what skills you will need to add to your tool kit to be considered for advancement and what specific metrics you will use to measure your progress.”
Reeves said to start by asking for regular communication sessions as you work toward a higher salary. “Be sure to offer to set the agenda and be accountable for follow-up,” she said. “Otherwise, you are unlikely to get them.”
No Room To Rise Where You Are? Sidestep You Way to $100K
If you’ve topped out with your current employer, you’re probably looking to grab a higher rung on another company’s ladder. However, a parallel move might be easier to make and could be more beneficial in the long run.
“Instead of always aiming for promotions, make lateral moves within your industry,” said Rory Donadio, CEO of the legal financing firm Tribeca Capital Group. “Sideways career changes, particularly in growing industries, can provide diverse experiences, broaden your skill set, and position you for higher-paying roles in the future. Look for roles that will expose you to new trends or technologies, allowing you to adapt and become a sought-after candidate in an ever-changing job market. This proactive approach to job changes increases your long-term earning potential while also ensuring your resilience in the face of industry shifts.”
Sell Your Specialized Knowledge and Expertise
If you work or have worked in a niche field that gave you highly specific or technical knowledge, the secret to six figures could be locked inside your brain — so unlock it.
“If your professional or academic experience gives you specialized knowledge in a high-paying field, you can capitalize on it as a consultant or educator,” said Laura Adams, MBA, an award-winning personal finance author and expert with Finder. “Decide what in-demand knowledge you possess and deliver it through seminars, speaking, writing, educational courses, live or virtual events, mentoring, consultations or coaching.”
Adams mentioned coaching, which offers opportunities for people who have knowledge or experience that isn’t necessarily highly technical.
“A great side hustle is becoming a coach,” said Dielle Charon, a business coach for side hustlers. “Think about what you are good at. What do people already come to you for help with? For example, maybe people come and ask you how to organize your home, make sales, or learn about your finances. I was a side hustler working as a social worker and grew this side hustle to $300,000.”
Protect Your Current Income Source and Add Another
If you make a decent living but are mired in the five-figure income range, a side hustle could put you over the top. Just don’t pursue a side gig at the expense of your current paycheck.
“Protecting your existing income and creating additional sources of income is critical,” said Adams. “That allows you to pay the bills, reduce debt and stay safe if one income stream dries up.”
Hatch a Plan Based on Your Passions
If there’s a demand for something you love, no side hustle is too outlandish to succeed.
“I bought my daughters some hens and a rooster a few years ago,” said Jeff Neal, founder of Critter Depot. “And when they started laying eggs, I was able to get those eggs to hatch into chicks. Then, I started selling them at local farmers’ markets. Now I sell baby chicks online for supplemental income, but most of my sales are still through local farmer markets.”
Choose Something Flexible and Scalable
Even if it’s not your passion, anything flexible enough to fit into your work and family life could provide a reliable secondary income source that can grow as you learn.
“If you are looking for a lucrative yet flexible side hustle to supplement your existing income, becoming a notary loan signing agent is a perfect choice because it is extremely flexible, as you can choose your hours around your schedule and even do signings at night if needed,” said Mark Wills, founder of Loan Signing System.
“Every home sale requires a loan signing agent, and with interest rates going down as we speak, the demand for signing agents will continue to increase,” he said. “The best part is that you don’t need any formal education. Depending on your location, you can get certified as a notary in as little as two weeks and obtain your signing agent certification in one day with a qualified course. Many new signing agents can average a minimum of $500 to $1,000 per month and many scale their business to six figures per year.”
