When I was a kid, one of my goals in life was to make $100K. I thought that by earning a low 6 figure income, I would have more than enough to live a great life and not lack for anything. For me, it’s more important to enjoy life than working like a mule for a high pay check. In order to achieve that balance, I noticed that by reaching the 100K mark, I was able to earn enough money to have fun and didn’t have to burn myself out.
After completing my bachelor degree in finance-marketing at the age of 22, it took me six years to reach a six figure income. I was the first one to be surprised when I saw my year-end pay slip showing such a high amount. I didn’t think it was possible, not that fast. I have never considered luck as being a factor in one’s career success. But I did get lucky; I like finance and this is a well-paid sector. Nonetheless, working in a high paying field wasn’t the most important key to this achievement. There are a few things I did during these six years that had helped me a lot. Most of these tips can be applied to any type of career.
Search for the Motion
The first thing I did once I completed my bachelor degree was to look for a job. But not any kind of job; I wanted to find a place where there was a lot of movement. I thought that by finding a company or department that is growing rapidly would increase my chances of getting a promotion. And this is exactly the case.
It doesn’t mean that you have to work for a startup. I actually started in a big firm… but in a brand new department. This is how I was able to get a great raise within my first year and a promotion not so long afterwards. The department was growing fast and they needed people with experience in that field to take on more responsibilities. It was much easier to apply on new positions opening in my department than waiting for a boss to finally retire after 35 years of service!
It’s true that working for a new department is not always easy. You often have to cope of the lack of resources and you never know if this sector will be successful or not. But if it works out great, you can get the opportunity of your life.
Search for the Money
Another factor to be considered while job hunting is to find a company or a department that makes money. Most companies are divided in 2: cost centers (admin center, compliance, accounting, HR, etc) and money making centers (sales, service, production). If you are part of a cost center, it’s twice as difficult to get a substantial raise or a promotion. These departments are as important as the money making centers for a company but when it’s time to cut the fat, they are on the first in line too. You never want to increase your costs, right?
On the other hand, if you are working for a money making center, companies are more likely to invest around you. This means more promotions and better raises. A big part of my income is now directly linked to my own performance regardless of the firm. This means that if I have a good year, I’ll earn a good bonus. It is only in money making centers that you will find bonuses linked to performance. This is often the best way to improve your income quickly. If you don’t like sales, it’s okay too. You are better off being an admin clerk in a sales team than and admin clerk in a cost center!
Go Back To School
When I finished my bachelor degree, I knew it wasn’t enough to reach a high pay check. This is why I kept taking classes while working full time. There are plenty of courses related to your current job. This is why I convinced my boss to pay for them in order to become a better employee!
Since I was working in a money making center, they were kind on the idea of investing in my knowledge. With more accreditation, you can justify more income raises. Then, it also becomes easier to get promoted. If you can combine experience with diplomas, you just hit the perfect recipe that employers are looking for!
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Financial professional and online entrepreneur, I'm best known as The Financial Blogger. I want to make money because I like enjoying life the way it should be; with a lot of great food and wine! I also love to spend time with my lovely wife and 3 kids!
I’m hoping to hit the six-figure mark next year. I’ll be 27. If I don’t get it I’m sure I’ll get close ($80,000-$90,000) which I feel pretty good about too. I’m not sure what the “right” amount is for me — I really bought into the six-figure dream but it’s like after I got to the other side of $50K, one-hundred thousand just didn’t look so big anymore.
Great advice TFB!
Thx! Where u were 20yrs ago when I needed this advice! My school counsellors never told us this 🙂