Best Paying Jobs For Over 6 Figures A Year
“It’s not about how much money you make but how much of it you can keep”.
This is much easier said than done as we saw in our Reader Case Study where John made £10k net per month but barely saved £1k a month.
How much you make does matter though no matter what anyone says.
And I’m yet to meet anyone who has turned down a pay rise or who doesn’t want to make more money.
We’d all love to make more money, although culturally we get shy and don’t talk about it.
I actually believe that the more we talk about money, the more likely we are to be conscious of such things as:
- The fact that most of us make an income from only one source.
- Staying with the same employer even though we know we’re worth more.
- Most of us have no idea where a lot of our money goes each month.
- The reality that some of us coast aimlessly from one month to another with no goals.
- Money won’t necessarily make us happy but it solves a multitude of problems.
That list continues.
In today’s culture, many (if not most) of us hate our jobs and see it as a chore.
There are many hidden upsides of having a job, one of which is wealth creation.
One thing I talk about now and again is the idea of getting to a point where you can have the option of early retirement from the day to day grind… and then invest some time into a passion project or sail into the wind if that’s what you prefer.
Rather than just hate your job, why not focus on the benefits that come with working?
And while you’re at it, discriminate against employers… after all, they too get to choose who they hire?
Many people have gotten seriously well off from their jobs from share options or even pensions.
A few years ago, I was chatting with a very good friend and he casually mentioned he had hit £100k in his work pension.
His employer was paying him 8% per year and if he contributed more, they’d match it up to 15%.
So he did this every year, as someone who already made 6-figures, he hit 100k in pensions in no time.
Plus, contributing to his pension is good for tax purposes upfront.
I’m highlighting my friend here to make 2 specific points:
- The type of employer you choose to work for matters – Most of us spend at least 3 – 5 years with the same employer and potentially at a huge cost.
- Your income is not capped – The guy I referred to above used to do a cleaning job at one point years ago.
Picking up on the first point – Have you considered what type of employer you have?
I know I’m stating the obvious here, but I think it’s important to stop and seriously consider what type of employer you have and why you’re working for them.
To make this memorable, I created the different types of employers as I see them and how they link to your potential wealth creation:
The point here is that who you work for is a choice.
Just as they’re offering you some employment, you’re also bringing skills to the table.
So you ought to really make sure you’re looking after number one after considering the array of employers that you can take your skills to.
Note that with whatever you’re paid in your current job, chances are, you’re underpaid.
No employer pays an employee what they’re worth. That’s just how the game works since they’re usually calling the shots.
Knowing this, the question I’d be asking myself is –
Is what I’m being paid acceptable to me for what I offer?
If the answer is no, you should think about negotiating your package upwards having done some homework.
Failing that, it might be time for a beauty parade.
I have no idea what income you consider to be satisfactory…
One that certainly wets most people’s appetites is the goal of a six-figure income.
For many, hitting that number seems totally impossible.
I was in this camp years ago and never imagined getting there.
One thing I would say is that it requires a huge mindset shift to break your money blocks.
You have to believe it’s possible in order for it to happen, and this takes some time.
Obviously, not everyone will earn a six-figure income.
However, everyone has the choice of aiming for it and exploring the various options for how to do it.
With that in mind, let’s explore the best paying jobs for over 6 figures a year.
I’m gonna start with what I know here. Becoming a Chartered Accountant is an easy way to make 6 figures simply because there is a clear path from trainee to CEO.
This qualification typically starts paying circa £45k on qualifying.
You coast through the ranks to Finance Manager → Financial Controller → Finance Director → CFO/COO → CEO, you’ll most certainly be hitting 6 figures even at the Financial Controller level in some companies.
The beauty of this qualification is deep and wide:
- You can use it to work in any industry from fashion to oil and gas.
- It’s business training in case you want to start your own thing.
- You know a heck of a lot about money, risk, systems, controls etc.
- The CFO, COO and CEO positions in any business are options for you one day.
Venture Capital/Private Equity
The folks here that make money are the Senior Investment Managers and Investment Directors.
This job involves using money to make money through investments into unquoted companies.
Typically, these roles attract at least a 6 figure basic.
However, it gets more interesting as such employees also share in what’s called a ‘Carry pool’.
Essentially, a pot of money sometime in the future for successfully selling companies they invest in.
If these guys get it right, they potentially become millionaires in time. They’re essentially the perfect middlemen with aligned incentives.
Another way to look at them is as intrapreneurs within companies.
They have ownership through some equity ownership but usually, don’t have control.
You know them when you hear names such as Bain, BCG, PWC, Deloitte, McKinsey etc.
These guys don’t start off earning 6 figures, but it is definitely in the projection for anyone down this stressful and often soulless career path.
They mostly shove papers around and talk smooth, but they get paid bucket loads for their advice.
Consulting is also one of the highest margin businesses in the world.
Added to this group are people who are self-employed but offer their expertise as contractors for a high daily rate.
To keep things simple, I’d also include IT consultants in this group.
Moons ago, I used to work with a bunch of guys who would take home at least £25k a month from their efforts driving business.
These were not your typical struggling salesmen going door to door.
I’m talking smart young guys in their 30s who understood that they could create a business within a business.
The idea here is that you essentially agree on a recurring revenue (not profit) share for every business you bring in.
Provided the business you bring in has recurring revenues, you get to stack up each month.
In fact, one guy was making more than the owners of the business and was taking home circa £200k a month. Yes, you read that right!
The numbers are scary but the principle is the same.
Create a business within a business or market place and become the perfect middle man.
From Chemical to Electrical to Software engineers, these guys rake it in.
You have to be super smart to land one of these jobs, and it’s a clear example of high salaries for a highly specialised skill.
A good example is someone working with one of the big oil giants like Shell, and possibly as an expat.
Someone I came across recently at an event who fitted the above example above quietly told me that on a bad month, his savings rate is 75%!
Specialised skills in remote parts of the world pay a ton!
Note though that these guys usually aren’t front of the queue to be leaders of an organisation, unless it’s for a business requiring a leader with such specialised skills.
You’d have to get away from your technical skills and focus on softer people skills before top leadership roles become an option.
This is the path a lot of people get funnelled into at university and most of them have no idea usually where this job leads.
They sell their souls for a few years, and with little sleep, make a killing if well positioned.
Not all of them make a lot of money, although most do primarily through bonuses that are a high percentage of basic salaries.
I never ever thought I’d include this in the list if I was writing this years ago.
Times have changed, my friend. The internet now makes it possible for even bloggers to make multiple 6 figures per annum.
Such a blogger is usually doing it full time and understands a few important things:
- Psychology – They understand people and how the mind works. Humans are irrational etc.
- Marketing and Sales – Both these skills are pretty special.
- Collaboration – They understand that to have influence and success, you need others working with you.
- Automation – They think in systems and processes and embrace technology.
- Layers – They think in layers and leverage the power of intelligent funnels to do the heavy lifting.
- Assets – They create assets with present and potentially forever value.
- Traffic – They know how to control and own traffic, and understand how to manage warm and cold traffic.
- Compounding – They understand that compounding is a beautiful thing and that the internet makes this possible at low cost over time.
- ROI – They only see Return On Investments (ROI). Nothing less.
Note that not every blogger can do this.
It takes considerable commitment to knowledge acquisition and massive action to hit six figures and above.
But once you do, it snowballs.
It is possible. I know it and have seen it many times.
This highly intelligent group follow the same specialisation formula for major pay.
I have friends who are surgeons or even General Practitioners and the best of them make multiple six figures depending on the area of practice.
The thing about this group though is that they are usually the ones caught up in the rat race more than most.
Big houses and cars that they never enjoy because they are forever moving from one shift to another.
They also usually face a major conflict. Shall I do medicine for money or for humankind?
Although good lawyers make a lot of money, they are caught in a flawed business model.
These guys basically sell hours at a charge out rate, with a partner easily charging £500 – £1000 per hour.
Although this sounds great, to me, it is an unnecessarily difficult way to make money (if that’s what you really want).
And it’s a trap most of the time. I don’t think I know a single happy lawyer!
I hope to be proven wrong.
This group out of all the above have the greatest potential. This isn’t really a job per se but a position for potentially significant wealth creation.
They are top of the money making tree primarily because they:
- Take the most risks,
- Are owners and they usually have control,
- Solve problems and therefore create value,
- They have no maximum upside if they’ve created a business with a strong business model.
In my work life so far, I’ve seen some fairly mediocre people become stupidly rich as entrepreneurs.
And I’m talking £1m+ per year in income.
I know this because I’ve made those payments and seen them go off to buy their wives white Range Rovers or Porsches as gifts.
This for me says it all, you don’t really need to be smart to make money.
You just need guts to do what it takes to zig when others zag! Work hard and be at the right place at the right time.
The list of best paying jobs for over 6 figures could continue but you get the gist.
Spotting a trend? Education, specialised skills, selling and risk-taking to name a few.
What It Takes To Hit 6 Figures
Let’s be real, no one will pay you six figures unless they absolutely have to.
And those jobs don’t come round too often.
When they exist, there is usually a great battle for them and the person who has more charm or connections usually wins.
Now here’s the thing, there is the assumption naturally that your six figure income has to come from one employer.
I can see why you might think that as most of us naturally do a 9 to 5 and that’s it.
If you badly want six figures, you can absolutely do what it takes to get it.
This could include having another job or exploring a business you can run from home.
Or even becoming a perfect middle man if you can find a marketplace.
Let’s now consider what it takes to make six figures:
One’s know-how, often through qualifications, is the natural path to a six figure income.
When I trained as a Chartered Accountant, one of the motivations was that I knew I’d command a certain minimum salary no matter what.
That minimum salary would also increase by experience over time.
Funny thing is, I know boys and girls who have done this another way via experience only and still making six figures.
Although I have to stress that these guys usually are at a slight disadvantage when moving jobs as they’re competing with those with qualifications that tick all the boxes.
We are usually happier when we feel that we are growing personally.
Interestingly, we also make more money as a result because we grow not only in ability but also in confidence.
What have you done recently to grow in your personal development?
Related post: The One Way to Fast Track Your Financial Independence
If you don’t understand that this six figure thing can be done in different ways and that creativity is really what makes you money, then you may as well not bother.
Your creativity comes as part of who you are and can be improved over time.
The more you use it across different spheres of your life, the better off you’ll be.
If you can’t imagine it, you’ll never believe it.
This one really gets to me.
What is the point of waking up each day on autopilot without a clear destination for where you’re going?
I have coached quite a number of people and it remains a recurring theme.
Many say things like… “I want a good life”. Or even “I want to retire early”.
But then, that’s where it ends.
These fluffy words don’t mean jack!
That goal is never converted to numbers and never leads to massive action.
As such, nothing happens.
If you want a 6 figure income or more, it must first become an actual goal that’s as visible as noonday!
Related post: How To Set Goals For Your Best Year Ever
This one is very personal as we all have money blocks that we mostly struggle to admit to.
I’ll tell you right now – I struggled for years to believe I could earn a 6 figure income.
Maybe it was something about accepting that I was good enough and had skills worth that much.
Do you know what helped? I took £100,000 and divided it by 365 days. That’s ~£274 per day.
Then I asked myself if an employer doesn’t offer me £100k, how else can I find £274 a day using my skills?
And if I took tax into account, the amount I needed to make daily is even smaller. I immediately set about coming with ideas.
From part-time work to negotiating a conditional bonus, to start a side hustle.
Breaking the numbers down like that made it real and possible.
Gradually, I hit that number from various incomes, and then one day by asking for it as I moved from job to job, I hit it in my basic salary.
Then the goal changed to, how can I hit 6 figures in passive income?
See my thought process there?
It pretty much evolved, and as I tried and tested more ideas, I grew in confidence.
Then I focused more on assets and investing.
How can I create more assets to get me closer to my goal of 6 figures in passive income? And so it evolves.
The best paying jobs are ultimately not what you want.
They should only be a stepping stone for a greater personal plan that you have for money to work for you.
Imagination, belief, creativity and massive action play a huge role in that journey in growing your confidence and changing your mindset.
You have to start small on your journey to believing you can do it. If you can’t believe it, you’ll never see it.
Raise your game, let your thoughts evolve, and test your ideas practically.
Set goals and repeat. You’ll be onto a winner.
What other best paying jobs have you come across?
Do please share this post if you found it useful, and remember, in all things be thankful and Seek Joy.