What Is A 5 Figure Income? 3 Easy Ways To Make It

What Is A 5 Figure Income 

What is a 5 figure income? We all want what we can’t have, and what we can’t have is what attracts us the most. For years, the five-figure income has been a mystery to most populations; what is it like? How do you get one? What does your day look like? What kind of car do you drive?

So here’s what the internet doesn’t tell you, what it’s like to have a 5 figure income.

What Is A 5 Figure Income? What Does It Allow You To Purchase? 

First of all, what does it mean? Generally speaking, your annual salary must be at least $100,000 to qualify for this status. You might already know what it means to be “rich” or what it means in terms of how much money you make or the change it brings to your lifestyle.

The real question is, what does 5 Figure Income allow you to purchase? This includes what or how much things cost and how much time they take. What would it be like to go on vacation every month, the kind of car will you drive, and what will your day be like? But, generally, If you make a 5 figure income, you can purchase anything from a car, house, or a vacation to your favorite destination. Things will take an upward trend for you. No wonder why everyone is chasing this status. 

What Difference Does A 5 figure Income Make?

The #1 thing that separates just about everyone who makes $5k/month from those making $10k+/month is what I call the “time break.” It boils down to how much time you have left in your day.

Time to spend with your family, enjoy what you like doing, time for sleep and relaxation.

Most people work 40+ hours/week, which leaves them 8-12 hours a week of free time if they’re going balls out. That’s what I call your “discretionary time” or what you have left to spend after working, eating, commuting, paying bills… 

But, if you achieve the feat, what difference does it make for you?

  • What will you be able to purchase?
  • How would it feel about going on vacation twice a year?
  • What kind of car will you drive?
  • How will you spend all the extra time with your family?
  • What will your day be like?

Now that you are curious about how you can make 5 figure income and do everything you dream of. Let’s look into some of the easy ways to achieve the feat!

What is a 5 figure income & what do you need to do to make it?

If you are looking for a way to make more money, here are some tips on what you can do. It would help if you started by writing out your goals. What is the amount of money that you need? After this, you’ll have to develop a plan of action, which will consist of time management and increasing your revenue streams. The final step will be finding alternatives for what your earning opportunity doesn’t offer. If one avenue isn’t profitable enough, then explore more! There are many different ways to earn money that might work better for you or fit into your schedule even more conveniently.

3 Easy Ways To Start Making 5 Figure Income 

The easiest way to make what you desire is by having an online business. The internet has made it easier for anyone to work what they enjoy without requiring additional skills. There is no longer a need for what was once called getting a “real job,” what you can do now is start something online, and what you earn will be dependent on what it yields. If what you do isn’t what people want, they won’t pay you what you’re worth. If what you offer is what they want and need, then the sky’s the limit!

When we talk about doing business online, there are many ways to do that. This includes what is commonly called dropshipping, affiliate marketing, and freelancing. To be successful in what you want to do online, you must know your strengths and what the people already in the market want. If what’s currently available isn’t what they desire, but there’s a need for it, then this would be an excellent opportunity for you.

Dropshipping 

What Is A 5 Figure Income

Dropshipping is a ‘build it, and they will come’ concept. You find what’s already being sold online, what the demand is, and what kind of items would sell quickly. As a business owner, you don’t have to buy any inventory because you advertise what you want to sell and what someone else has already made for sale. You don’t have to worry about what happens if what you’re selling doesn’t sell. Just be active on your social media and other business forums to see what other people are interested in buying. Offer them the right products, and you are almost there!

Dropshipping is risk-free, and if you do it right, there is potential to make what you desire.

Join Shopify and start a career in dropshipping!

Affiliate marketing

Affiliate marketing is an online money-making model that enables anyone with a website or social media following to send traffic to another business and earn a cut of what they make selling what they have. Although affiliate marketing sounds simple, what’s more, interesting is what you can do with this opportunity. Unlike what you might think of affiliate marketing, there are many ways of earning money. The possibilities include blogs, social media postings, webinars, videos, article writing, and even simple tasks like sending out emails for what you’re promoting.

What Is A 5 Figure Income

Like dropshipping, Affiliate marketing is also risk-free. You do not need to buy products yourself or the storage costs. These points alone make Affiliate Marketing one of the best options online to start making a 5 Figure Income for you or even more! The best and the most common path of Affiliate Marketing is Amazon Affiliates, its the biggest e-commerce site in the world, and you will have an audience from all over. 

Freelancing 

What Is A 5 Figure Income

Freelancing is an online money-making opportunity that allows you to work wherever you are and with whatever skill set you to have. The beauty of freelancing is in the fact that there’s always something you can learn and start making money, whether it’s IT jobs, web designing, content writing, video editing, website or app building, or data science. This method can make you earn limitless. You have to find what other people are looking for and offer your services accordingly with the best quotes.

This makes freelancing very flexible for what you want to achieve because all you have to do is find a buyer for your service and get paid. The top Five Websites to sell your freelance services are: 

  1. Fiverr
  2. Toptal
  3. Upwork
  4. Freelancer.com
  5. Flexjobs

Do what others won’t do! Do what others won’t!

Freelancing is a fantastic way to start making money online because there’s a lot of room for every skill set. You can learn whatever skill you want, and there will be someone sitting somewhere in the world who would like to pay you for your craft.

Conclusion

Earning a 5-figure income allows you to purchase what you want and have the lifestyle you desire. It’s what enables you to go on vacation every month, drive the car of your dreams, and have the freedom to do what you want with your time. However, earning this type of income isn’t easy. It takes a lot of work initially to build a reputation online. But if you’re willing to put in the effort, there are many ways to make 5 figure income online. We’ve outlined some of these methods for you; choose what sounds best for you and get started! Keep coming over to find more ways to make money online!

Keep following businesstoolreviews because we will be back with plenty of more posts.

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