There are several strategies to achieve the desired six-figure salary mark. You can actually make $100,000 doing almost anything if you put in enough effort and perseverance.
For example, it is feasible to earn $100,000 per year by buying and selling old products. You could even walk about collecting cans and recycling them all year and generate enough to reach the $100,000 threshold. The best Fiverr earners earn millions of dollars every year by offering their skills for as little as $5 at a time.
The point is that there are more opportunities to earn $100,000 a year than most people realise. Some approaches just need more time and effort than others.
In this post, we’ll go through ways to make $100,000 each year WITHOUT doing ridiculous 100-hour work weeks. Let’s go into the most efficient techniques for achieving our objective of earning $100,000 per year as quickly as feasible.
Say it along with me…
The several routes to $100,000 each year
There are three major ways to earn $100,000.
- Side Business
- Salary plus a side hustle
Different people interpret side hustles differently. I use the term “side hustle” to refer to any company that may be launched on the side.
Sure, you can make $100,000 by launching an accountancy business, a steakhouse, or a self-storage facility. But they aren’t really side jobs. These are full-fledged enterprises that take your whole dedication and hundreds of thousands of dollars to get started.
We are not discussing companies in this post. We’re discussing side hustle ideas that can be started on the side but have the potential to evolve into full-fledged enterprises over time.
Let’s go through each one in further depth.
Earn an extra $1000 to $2000 each week by working part-time with DoorDash.
Driving for delivery apps will be the most prevalent way to make six figures in 2022. DoorDash is the most popular and finest paid app. We spoke with over 100 DoorDash part-time drivers, and the typical weekly wage ranged from $1000 to $2000. The nicest thing about working for DoorDash is that you can work whenever you want. If you work later in the day, you can work in the mornings, or in the evenings and on weekends.
If you can work 30-40 hours per week, you may earn $1000 to $2000 each week. You can even make more if you reside in a more populous, higher-cost-of-living location. Yes, working 30-40 hours on top of your day job might be demanding. However, for those with the time, it may be highly lucrative.
Part-time work may earn you $1000 per week, which equates to $4000 per month and roughly $50,000 per year before taxes. For many people, when paired with their income from their day work, this is generally enough to push their total annual income beyond $100,000.
DoorDash is a rapidly expanding side business. People are increasingly utilising the app to order meals and goods. It’s a long-term, sustainable side hustle that pays handsomely.
If you don’t want to work for DoorDash, you can try Uber or Lyft.
You can blog your way to $100,000.
In my opinion, one of the finest side hustles is blogging.
Because it meets three of the most sought requirements:
- It provides passive income
- It enables you to create an audience.
- You create a marketable asset.
Since 2012, I’ve started blogging. That makes me a dinosaur in internet years. I enjoy writing because I enjoy sharing my thoughts and educating what I know. Blogging began as an escape for me. It began as a pastime since I like writing.
Those blogs that I used to develop have now turned into a full-fledged media enterprise. In other words, my side venture has evolved into my primary source of income.
Blogging is an excellent side hustle since it offers the same (or equivalent) revenue possibilities as a software product or business without the requirement of learning to code. In other words, anyone can do it, and the rewards are considerable.
There are bloggers who earn millions of dollars.
It takes a long time to get started with blogging. You are unlikely to earn $100,000 in your first year (though many people have). However, it is a compounding asset. Everything you accomplish and construct for your site adds up over time, and your revenue climbs steadily.
The nicest aspect about blogging is that you are creating a valuable asset. Blogs and websites are online real estate. Typically, they are sold for 30x to 40x monthly revenue.
That is, assuming your site earns $100,000 each year… let’s do the arithmetic.
$100,000 divided by 12 months equals $8,333 every month.
$8,333 x 40x Equals $333,333.
So you get to keep all of the money you make while operating the site. And if you decide to sell it, you’ll make a tidy $300,000 profit.
The freelancer earning six figures
Freelancing is the next greatest method to make $100,000 each year. I enjoy freelancing and continue to do so even while maintaining my blogs.
Because, like blogging, freelancing accumulates. At this time, I have years of writing experience. That implies I may charge a larger cost for my services than I did previously.
As a result, it’s become a very profitable source of revenue for me, and it would be a pity to abandon it now.
The disadvantage of freelancing is that you do not create an asset like you would with blogging.
The advantage of freelancing is that you can earn $100,000 per year MUCH FASTER than you could by blogging. On Day 1, you may literally contact your friends and relatives and pick up a few clients.
If you charge $5000 per customer each month, you just need two clients to make $100,000.
If you charge $10,000 per month per customer, you just need one client!
If your services are on the lower end of the pricing range and you charge $500 per month, you just need 20 clients.
The math for freelancing is basic and obvious.
Charge whatever you want and work hard to attract the amount of clients you need to reach your goal of $100,000 per year.
Earn an additional $1000 every month by performing easy chores.
Did you know you can generate money on the internet by performing basic chores like filling out surveys and viewing videos?
Survey sites like Inbox Dollars are an excellent source of extra cash each month if you’re seeking for easier methods to create supplemental income online without launching a significant enterprise of your own.
You won’t make $100,000 a year doing this full-time, but it’s a simple method to supplement your income. You can, for example, perform activities while watching TV or listening to an audio book.
It’s hardly the most enjoyable job in the world, but it’s certainly one of the simplest.
Swagbucks, Survey Junkie, and Inbox Dollars are the most popular firms.
They all work in the same way and pay you per task completed. Companies pay consumers for surveys and user research data on their site.
You can get a comprehensive list of the finest survey websites to make money from right here.
Earn an extra $20,000 by delivering meals.
Food delivery applications like Doordash are fast expanding. Quick expansion means a rapid infusion of cash into the delivery driver economy. Drivers may now make thousands of dollars per month using food delivery apps, while before they could only make a few hundred dollars per month.
If you want to make $100,000 per year, working full-time as a Doordash driver will not get you there.. The top earners on food delivery apps earn between $50,000 and $60,000 a year.
Doordash might be a better fit as a side hustle.
You may deliver on your days off or evenings when you want to go out and get some extra money because the app lets you to choose your own hours.
Part-time doordash drivers may earn anywhere from $500 to $2000 per month, depending on where you live. Friends have made over $500 in a single night.
However, we do not advocate abandoning your day job to pursue this full-time. Sign up for their platform, try it out for a month or two, and then decide whether this is a viable full-time business concept.
The nice part about employment like Doordash delivery is that you can work whenever you want. You can work nights and weekends in addition to your day employment.
We encourage joining up now even if you don’t expect to start right away because it takes a few days to approve your account and get you up and running. If you’re bored on a Saturday night, simply open your Doordash app, go out there, and make a few hundred dollars.
Earn $100,000 each year in a high-paying job.
Some jobs clearly pay far more than others. Lawyers and physicians both earn considerably over $150,000 per year on average. Of course, these jobs also have the greatest education expenditures and need at least a decade of schooling after high school.
If that’s not for you, have a look at this list of the highest-paying jobs that don’t require a degree.
Actuaries, curators (for anything from museums to botanical gardens), economists, geologists, and marketing managers are just a few examples. Mathematicians (particularly those working for government organisations and those with higher degrees) and nurses are two surprise well-paid professions. Keep in mind that while most of these jobs do not require advanced degrees, they do place a premium on experience and industry development, so it may take a few years until you earn at least $100,000.
Other professions, such as finance, are more likely to bring you to that magic number much sooner after graduation. Investment banking, strategic consulting, IT services, and high-tech industries are all likely to pay approximately $100,000 with only a few of years of expertise.
If you’re searching for something a little more distinctive and “odd,” check out our list of the world’s weirdest occupations. They are not for everyone, but some of them pay handsomely.
Obtain a Second Degree
If you select the job/salary option to earn your $100,000 per year, it may be helpful to continue your education depending on your career and sector.
Graduate degree holders make $17,000 more per year on average than persons with “just” a Bachelor’s degree.
The gap is particularly obvious in some occupational domains, where master’s degrees are more likely to lead to advancement, better positions, and greater pay.
For example, the typical annual pay for someone with a bachelor’s degree working in finance is $73,000, but for someone with an advanced degree, that figure rises to $101,000 (a $28k gain). Another sector where an advanced degree pays off large is education, where people with a Master’s degree may make up to $89,500 per year, or almost 19% more than those with only a Bachelor’s.
A master’s degree, on the other hand, only increases earnings in the food science sector by roughly $10,000.
Those considering returning to school should sit down and perform some math. Weighing the price of a degree plus your time commitment against long-term profits is an effective technique to determine whether the investment is worthwhile.
Apply for a Job as a Social Media Manager
Managers of social media are in great demand.
As a social media manager, you may make a good income with perks and bonuses. If you’re searching for a new career, seek for a firm that provides competitive compensation and benefits.
It’s also a good idea to look for companies that will allow you to learn new skills, work on your own projects, and be a part of a startup team. For example, if you work at one of Glassdoor’s top 10 firms (such as LinkedIn), you’ll be able to take advantage of chances such as leadership roles or entry into the company’s accelerator programme.
However, if you want to make $100,000 per year as a social media manager without going back to school or getting another degree, you must ensure that your employment provides outstanding perks (such as medical insurance) and some form of training programme. There are numerous firms that provide training programmes, but finding them on your own might be difficult. It may be preferable to check for these programmes directly through the firm where you work. They may also offer paid internships to educate you how their firm operates.
If you have a degree in communications, you may work as a social media manager. Most organisations will hire you if you have prior experience in the sector and have earned your college degree. For example, a buddy of mine who worked at Yelp (an online review website) had her degree in advertising and marketing and was recruited by Yelp without having to return to school.
Many people pursue a second degree by taking programmes online, such as through Skillshare, Udemy, or Coursera. There are also other universities, such as The University of New South Wales and Australian National University, that offer an online Master’s programme in social media management. Many people opt to return to school on their own, but that is a subject for another post.
Try Your Hand at Being an Amazon Seller
Many individuals opt to start selling on Amazon since it is a simple method to generate money without the burden of selling on eBay or your own website.
You may sell anything that is currently available on Amazon. All you need to know is how to sell, package, and ship it. For example, if you own a small jewellery store and want to start selling jewellery online, you may utilise Amazon as your sales marketplace. You will have greater control over your sales process and bigger profit margins than if you used eBay or other online marketplaces.
The benefits of becoming an Amazon seller include inexpensive costs and the ability to set up your own store with a few mouse clicks.This means there are no additional expenses for having a website like Shopify or Squarespace, which may cost hundreds of dollars every month. The disadvantage is that most sellers are inexperienced and don’t know how to appropriately price their items, thus they end up losing money by failing to pay their prices and delivery charges. That is why there are so many recommendations on how to do things correctly (and to avoid common mistakes).
Participate in Affiliate Marketing
You may establish your own affiliate marketing business if you don’t have your own goods to offer.
Many people prefer to supplement their income by marketing the products of others on their websites or blogs. It’s an excellent method to start a side business and earn money without having to invest in inventory or merchandise. You only need to identify firms that provide things that interest you and advertise them on your website. The best aspect is that you don’t have to bother about shipping or order processing because the firm will do it for you. You simply need to worry about promoting the product and driving traffic to it using search engines, social media, and email marketing campaigns.
For example, while I was in college and looking for methods to generate money, I employed this strategy and was able to earn enough additional income to cover my bills (and maybe even save some money to pay student loans).
This strategy is not for everyone since you will need to understand how to advertise other people’s products as well as how much commission they pay you when they buy your own. However, if you understand how affiliate marketing works, it might be a terrific method for newcomers like myself to get started in this sort of company.
Starting a dropshipping business is another possibility.
Become Etsy Sellers and Entrepreneurs
Etsy is a website where creative people may sell their wares. It’s comparable to eBay, except it’s much more professional and has more positive feedback. If you have a terrific product that you can sell online (such as T-shirts or stickers), Etsy is a great location to sell it.
However, you may become an Etsy company owner and utilise the platform to advertise your own business, store your inventory, and interact with consumers in addition to selling things.
Etsy is a great place to start if you want to generate money as a side hustler.You may get paid quickly (particularly if you have a wonderful product that people want to purchase), and you don’t have to bother about shipping or managing orders since the firm will do it for you. You simply need to be concerned with promoting your items and obtaining visitors via search engines, social media, and email marketing campaigns.
Create and Market Online Courses
Online courses are popular these days.
If you have prior knowledge in the industry, you can begin developing online courses. If you have a degree in computer science or programming, for example, you may build an online course and sell it to individuals who want to learn more about that specific field.
You may sell your course on a portal like Udemy or Skillshare. If you are ready to put more time and money into your course, you will have greater control over your profits and a bigger profit margin.
To begin selling online courses, you do not need any unique skills or expertise. All you need is a course concept that people would want to buy and the willingness to generate money while also teaching others something new.
Provide Virtual Assistant Services
If you have a skill set that other people require, you can work as a virtual assistant. Clients may be simply found on Upwork or Craigslist.
Virtual assistants often work from home and have complete control over their schedule. They can handle everything from data entry to bookkeeping, editing and reviewing papers, and preparing reports.
They are also in responsibility of ensuring that their clients’ projects are finished on schedule, and they are free to do anything they like in their spare time.
Some businesses choose virtual assistants since they don’t have to pay as much as if they employed someone in person.
Turn Yourself Into An Airbnb Host
Airbnb is a website where you can rent out rooms and apartments. You may earn additional money by renting out your own home or apartment. This is a terrific method to supplement your income without having to spend a lot of time marketing or advertising other people’s products.
If you want to start renting out your house on a regular basis, you may also utilise AirBnB as a business platform. If you currently have a full-time work, this may be the greatest option for you to begin earning a lot of money since you will be able to easily keep track of all of your payments and commissions without having to deal with the headaches of operating your own business (and running it by yourself).
You may even become an Airbnb host and utilise the platform to help you create an online company. For example, if you have a lot of free time, you may rent out rooms in your house on Airbnb to earn some additional money while also enjoying some free time.
The main point is that you must understand how Airbnb operates in order to develop a successful company on it (without having any bad experiences). Also, make sure you accept a variety of payment options, such as debit and credit cards, mobile wallets, PayPal, and so on.
Offer a Freelance Writing Service
You may start a freelance writing business if you have a unique expertise that others wish to employ. This is a simple method to supplement your income without having to work for someone else.
For example, if you have experience in psychology, business, or SEO writing, you can be employed by businesses and people that require assistance with their marketing initiatives. You will simply need to supply your knowledge, and they will compensate you for it.
It’s also a good idea to hunt for clients on your own rather than depending on recommendations from others because you’ll know precisely what they need and they won’t be able to locate another freelance writer who can provide it (like the kind of article that they are looking for).
Consider the Graphic Design Industry.
Graphic designers are in high demand and make a good living. If you are talented, you can work as a freelance graphic designer or for a firm that provides graphic design employment.
Graphic designers are required not only by corporations, but also by small firms and e-commerce sites. The nicest aspect is that you don’t necessarily have to go back to school to work as a graphic designer.
If you are searching for anything part-time, you can discover lots of firms on the internet that will offer you work and you won’t have to worry about being paid. It is also not required to spend years studying graphic design because there are several universities that provide degree programmes in this subject. Georgia Tech, for example, offers an online Master’s programme in graphic design that costs around $15,000 per year (for all of the classes).
In reality, several online schools and institutions, such as the University of Texas at Austin and Syracuse University, offer online degree programmes in graphic design (with some requirements like taking college classes on campus). You may also enrol in classes through Skillshare or Udemy.
Register for Online Surveys
You may make money online by doing online surveys if you have a strong internet connection and an internet-enabled gadget.
Companies who want to know what their consumers think about their products or services will often pay for online surveys. It’s an excellent method to make additional money without having to buy anything or invest any time.
There are also numerous firms that will give you free money if you sign up as a new member and give them your feedback on what they should do. They will send you surveys and other inquiries about your personal information in order to qualify you for paid surveys.
This is a fantastic side business that you can conduct for free while making additional money.
Start Your Own Podcast
Podcasts are an excellent method to begin a side business and earn money.
If you have a special passion, you may create your own podcast and earn money by asking people to subscribe to your podcast. Podcasting is a simple method to start a side hustle and earn money.
You don’t have to invest any money on equipment or other necessities to get started. You only need a computer with internet connection and the ambition to launch your own podcast to get started.You may produce a podcast on your own website or utilise software such as Libsyn, which allows you to publish your content straight to their website.
Many sites also have premium plans in which they will host your podcast for free so that it is available online 24/7 without the need for you to set up your own website or use software such as Libsyn.
Move to a state with higher pay and lower taxes.
No matter what career path you choose, certain jurisdictions will pay you more for the same work.
According to Census ACS survey data, the District of Columbia has the highest median household income in the country, at $82,604. This is an intriguing figure given that Washington, DC has a poverty rate of 15.5%. Nonetheless, significant income from specific locations raises the average, with the top end median reaching an astonishing $134,358.
Maryland is a close second, with a median family income of $81,868, and the state with the second-highest percentage of degree holders (right behind New Hampshire). Connecticut, New Jersey, Hawaii, Massachusetts, Alaska, New Hampshire, Virginia, and California round out the top ten highest-paying states.
Of course, the cost of living also plays a factor. California has high salaries, but it is also the second most costly state to live in, with an average house price of more than $1.2 million and a monthly energy bill of $237. (more than in NY and barely less than in Alaska). Indeed, California, Hawaii, and Massachusetts are the three most expensive places to live in, so even a high salary will not go you very far.
Other states, such as Alaska, may be more expensive, but also provide tax breaks (like no taxes on personal income –which means that you get to keep a lot more of what you earn). Plus, you’ll make far more in Alaska than in other states.
Have Multiple Sources of Income
Bestselling author and motivational speaker Thomas C. Corley determined after researching billionaires for five years that “self-made millionaires do not rely on one unique source of income.” They create several streams.”
Even if your objective is to make “just” $100,000 each year, this advice still applies. According to Corley’s research, “65% of self-made billionaires have at least three streams of income,” with some having up to five. These are often a combination of a primary source of income (generally a salaried employment) and secondary sources of income such as gains from selling and buying, rents, stock dividends, and residual income (such as selling subscriptions or receiving royalties).
A side hustle is a simple method to get started for folks who do not have extra sources of income. According to personal-finance business Bankrate study, about 45 million Americans had a side hustle in 2019, with the average hustle revenue above $1100 per month.
While many employees use the additional money to cover basic living needs, others save or invest. Furthermore, many are pursuing a side hustle that is tied to a pastime or a love of their own. More than a quarter (27%) say their side hustle is more important to them than their primary job/career.
The secret to turning that tiny side business into a constant source of income? According to Entrepreneur, it’s all about treating it like a business and having a financial strategy in place. This might imply postponing holiday plans for a while in order to use your leisure time to earn more and build your business.
Which is better for making $100,000: a salary or a side hustle?
The standard wage is the most typical way to make $100,000. This is the simplest method since it is the most prevalent, and it is what we have been trained to do since we were young.
Make good grades, attend a decent school, graduate with a good degree, and work your way up to a six-figure salary.
The issue is (or should I say, the good news is…) that this approach is out of date. It is no longer the greatest way to earn $100,000 each year.
Trading time for money is no longer the final aim. The ultimate aim (for most people) is to have control over your own schedule, which is why side hustles are a more appealing way to make six figures.
A wage is also limited. You may make $100,000 per year as a pharmacist, but not $5 million per year – at least not traditionally.
You may earn a limitless amount of money with a side business. And you don’t have to exchange time for money. Yes, you’ll have to work exceptionally hard, and side hustles and companies have more hazards than standard employment, but your profits aren’t exactly proportional to the hours you put in.
You can work from home and still generate sales. You may go on vacation while your firm continues to run and create revenue.
This is why, in my opinion, side hustles are far superior to chasing a six-figure paycheck.
wrapping up: Earning $100,000 feels more attainable now.
The 2020s are one of the finest epochs in history for launching a side business. With the growth of new applications, technology, and more individuals working remotely from home, you’re presented with a flood of new side hustle alternatives that people didn’t even have a decade ago. Not only that, but if your employment permits you to work from home, you’ll have even more time to work on a side project.
You may use your two-hour commuting time to start an income-generating side hustle.
If you want to learn more about side hustles, you can find a comprehensive list of the greatest side hustles here.
Best wishes, whether you want to pursue a six-figure income or establish a side venture. Failure leads to success. Never give up. Continue to pursue. It is more accessible than you would expect.