Tips on How to Make $200k or More a Year in 2023

200k or more! That is $200,000 you know. Making this figure, that is, $200k and above in a year seems like an unachievable dream to some people. You need to accept now that it is possible but not effortless. It requires you knowing the right ingredients to include in your recipe of making this a reality.

If you want to make six figures, know that you can if you want to. Nothing and nobody in the world should stop you from making your desired annual income. All you need is the right mindset for making your money. It is a general believe that $200,000 annual income is the income level that brings most happiness. Know that $150,000 a year will get you your happiness. But you need to know that you still have more happiness in store for you. So, know that putting more effort to make $200,000 or even more means you are unlocking the door to more happiness. Making $200,000 a year may or may not accumulate to richness. You need to ensure you put your expenses in check as you journey to make your big six digit income. Either you have family expenses or not, you can achieve this aim. Though, it may vary based on different circumstances.

These are the ways you can follow to make your $200,000 or more a year1. Getting a Job That Pays $200,000 or more in a year

2. Setting up a business or company and building it up to make $200,000 bottom line a year.

3. Making a total income of $200,000 and above from a job and a side hustle/ business

Getting a Job That Pays $200,000 or more in a year

Salaries/wages vary from $11,900 as the lowest average to $388,000 as the highest average per annum. This average annual wage covers transport, accommodation and other allowances. Salaries differ significantly amongst professions and industries. The average income is $85,500 per annum. This means that half, that is, 50 percent of the workforce makes less than $85,800 and the other 50% makes more than $85,800. In general, you'd like to be a member of the right side of the line in the class receiving more than the average salary. For more information here

There are some factors that affects the salary level of workers. Though this may vary in different industries and career. The following are the general factors that can determine your salary level.

1. Experience

The level of experience is one of the most important determinant of the level of your salary. Generally the longer the years of experience and expertise, the higher the pay. In most situations, workers with two to five years of experience receive an average of 30 per cent more than new and inexperienced workers. This is the situation in almost all sectors and professions in the nation. Experts with more than five years of experience tend to earn 36 per cent more on average than employees with five years of job experience or less. Salary increment based on experience differ significantly from one place to another. Salary increment also often depend on the job sector.

2. Education - Link

Higher education is well known to be often related to a higher paycheck, but how much increase will a degree bring to your salary? We measured the wages of workers at the same point but our results are below for different college degrees over several occupations.

Increase in pay based on the improvement in the level of education significantly varies from one place to another. It is often heavily contingent on the job sector. On average, employees with a diploma certificate receive 17 points more than their colleagues who only have high school certificate. Employees who have achieved a Bachelor's degree receive about 25 per cent more than people who have obtained a diploma or certificate. Professionals that have earned a Master's degree earn salaries which are about 30 per cent higher than those with a Bachelor's degree. Also, on average people who have been awarded PhD receive about 25 per cent more than holders of Master's degree when doing similar jobs.

Among many other considerations the decision really depends on your circumstance and experience. Setting aside all factors, if you have the capacity to pay the higher education costs, the return on this investment is entirely worth it. In just a year or so you will be able to recoup the expenses. So, you need a lot of years of experience and/ or a higher educational degree to earn $200,000 and beyond in most jobs and sectors of the nation.

Setting up a Business or Company and Building It up to make $200,000 or more Bottom Line a Year

As mentioned here, one other good way to make your income of $100,000 or more a year is to set up a business or company. Bottom line is the total profit a company earns after deducting all costs, interests and tax. This company will be diligently built, monitored, and scaled. Build the company with your target in mind and work dutifully to ensure you meet your target. You will need some fund to start up your investment. Your business will need your effort to grow to reach your target and above. This is most important especially during the start-up years. Growing your business to earn $200,000 or more in a year is not impossible. Although, it is not likely to be an easy task. Putting out a personal project that will earn you six figures per year is going to take patience. It will need some sacrifices, hard work, commitment and financial investment.

You will need to derive a profitable and marketable business idea. It will also need you to make investments enough to earn you a profit of your target in the long run. Start-up may require you going into loans or debts. All you need to do is to get a good loan with an affordable interest rate. You may need to get a finance advisor at a low cost to help you out. You may also need to put in your savings to reduce the debt. Borrowing from families and friends may help reduce the risk on the debt.

You will also need to invest yourself, money, time and effort to ensure the business grows and gets its root still. It will need you to track the activities. Your business idea can be built on your passion.

Some businesses that can be set up to earn your six digit a year are:

1. Online Marketing: Selling of digital products online can earn you a lot than you can imagine. All you need to do is to ensure that you have a presentable product. This can include Ebooks on different topics, various training materials. You can self-publish your book and sell on various websites.

2. Real Estate Agent

3. Open a thrift shop

4. Invest in high yield dividend stocks

5. Invest in high APY CDs

6. Build a website or blog that solves important day to day problems

7. Setting up a firm for IT, Consulting, Engineering and training services

8. Serving as middlemen for many companies and organization.

9. Setting up businesses that performs home arrangement and moving services.

Making a total income of $200,000 and above from the combination of a job and a side hustle/ business

This is the best possible way to make your $200,000 a year faster. This suits every class of people irrespective of age, education and experience. It involves you having a job that pays you a reasonable amount and also setting up your own side hustle that earns a reasonable amount of profit. The combination of salary and profit should in the end accumulate your $200,000 annual income. This is a good way because you get to invest your savings from your after tax salary into your business. This will not only reduce or eliminate loans.

Sitting your business in a city known for good salary level will help grow your business. This will help in ensuring that your goal a reality. All you need to do is ensure you get a good job in a good pay location. Then choose a good business that you deem right. You can base your choice on your habit or passion. To achieve your target, you will need to plan your expenses and time. This is to ensure that you are giving both your job and business the time, effort and attention required.

Even so, it will not be so easy combining work with a business. Setting up a side business that will make you about some six figures annually will need your time. It will need hard work, commitment, capital investment, patience, concession, and dedication.

Some other businesses that may be good for you are:

1. Walk dogs

2. Babysitting. You can check on Care.com

3. Become a Real Estate Agent

4. Invest your savings in high yield dividend stocks

5. Invest your savings in high APY CDs

6. Tutor students

7. Take on housecleaning jobs

8. Create a website or blog

9. Sell on CafePress or Etsy

10. Grab gigs on Fiverr

11. Become a personal training

12. Become a home organizer

13. Online Marketing: You can self-publish books and sell on various websites and blogs. Selling of online digital products can earn you a lot of funds than you can imagine. This is known as Passive Income Stream. Ensure that you have a product that is presentable and worth its value. This can include various training materials, eBooks on different topics like recipe and many more.

There are many other side jobs you can do to earn more. Look round you, think and decide. Think of what you like to do! Think about problems you can solve for many people to make your extra money. You may even pick up two ways. For example you can invest your money in a high yield CDS and still deal in online marketing services.

Making your $200,000 and more in a year may be a big task. You need to put some efforts and time to strategize how you want to go about making your money. Planning will help you define your direction. It will also ensure you have everything in place. Always ensure to dedicate time to check out if your plan is still in place and re-strategize when needed. Always remember that you need yourself the most to achieve your aim.

Then you are on the road to making your $200,000 and more. Congratulations in advance of making your $200,000.