I remember when I started working at the bank at 22, I was an administrative clerk in the back office of a brokerage company. I was balancing trades on stock options and futures, making $30,000. Back then, I was already thinking about making a 6 figure income. I really wanted to hit the magic $100,000 salary as fast as I could.
Well 6 years later, I can finally say that I have hit my goal in 2009! It is funny how most people would not even disclose their salary to their spouse and I announce it publicly on my blog ;-). I actually don’t really care about how much my neighbour or friends make, it seems that the subject of one’s salary (and money in general) is taboo. I am not writing the article to brag (trust me, a lot of people are making much more than me!), but more to explain how I did it and prove that there is nothing magical or unnatural about reaching a 6 figure income.
Work hard until you get your promotions
For several years, I worked very hard and always did more than what I was asked. Most people won’t do it because they think they are not paid to do extra. While they are right in a way, climbing up the company ladder require sacrifices and extra work. How can you shine if you do exactly what your co-worker does? You do your job right and you are good at it? Congratulations… but you are already paid for doing your job right and for that they let you come to work tomorrow. If you want a promotion, you have to step up and go the extra mile.
Another important point is to avoid complaints. You can argue, you can debate your point of view (this is another good way to shine) but not in a negative, whining fashion, (want some cheese with that). People don’t like whiners in general, they like winners 😉
Get your employer to pay for your tuition
My employer paid for my mutual funds licence, my CFP (Certified Financial Planner) designation and my MBA. While I can’t quit my job for the next 3 years without leaving them a big check to reimburse those fees, I have now hold a whack of diplomas to improve my employability and salary (companies tend to pay more money for someone with a lot of paper to put on the wall 😉 ).
Consider fringe benefits
My employer gives me the opportunity to pay less on my mortgage and line of credit along with a share participation program (they add 25% of my deposit amount). Those are calculated in my annual income in order to get to the 6 figures as I would not get a rebate on my mortgage if I worked elsewhere than for this bank ;-). A buck saved, is worth more than a buck earned (due to the tax man) 😉
Get a sideline
While my company did not earn much income last year (it did pay for my internet bill 😉 ), it is getting bigger and bigger as part of my overall income. This year, I am able to have a few expenses paid (like internet and my laptop) and I am also able to withdraw a small amount out from it.
So I won’t see the 6 figures on my notice of assessment yet, but when I calculate all of my income sources, I am slightly over the mark of $100,000…. Thx to my year end bonus! As you can see, there was nothing extraordinary to be done in order to achieve it. If I did it, I am sure that you can!
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