What are you willing to do for $100K a year?

Published by: Dana J Lange, IAAMG Director, Real Estate Mentor on 2nd Jun 2010 | View all blogs by Dana J Lange, IAAMG Director, Real Estate Mentor

Everybody seems to aspire to the big $100K per year payday. Look at all the different "make money now" schemes and they all talk of the big "six figure income". So what are you willing to do to hit the big time?

The traditional method to make a six-figure income requires:

Live in a 12 x 15 dorm room with a couple of other people for 4 years.
Work for at least 4 years while you pay for the experience. This work will require late nights and weekends.
Live like a pauper and go into debt for 4 years while you learn.
Once that experience is over, you start in a job that requires at least 40 hours a week. On average the six-figure earner works over 60 hours per week. Do this for at least 10 years and maybe you'll hit that glorious target.

Of course unless you go back to get a master's degree you probably don't have a chance. Even then, only 5% of wager earners have an anual income in excess of $100,000. Keep in mind that doctors, lawyers and wall street traders are a part of that 5%. Do you think you have a shot at it?

There are other methods to attaining the six-figure income. Almost all of them revolve around owning and running a successful business. Real estate investing is one such method. You owe it to yourself to put in the time to learn and develop your business so you can hit the goal. BUT PLEASE don't fool yourself and think you can get there in 5 hours a week and it will all come together in a few months. If it were that easy, wouldn't everyone be doing it? There has never in our lifetime been so many opportunities to make money in real estate. Now is the time to go to work.

Dana J. Lange
Millionaire in Training

Comments

5 Comments

by Danny Welsh, CMO of HIS, Greatest Real Estate Giveaway Director 2 years ago

I often wonder why more salespeople for instance don't 1. decide the annual salary they'd like to get 2. decide the number of hours they'd like to work 3. devise marketing systems to bring them their ideal client (pre-qualified) so that pitching them is most of the "work" they do, and 4. (perhaps most importantly) apply their skillset to a product (their own or for a company they CHOOSE to work for for that reason) that sells for a VERY high amount of money such that their commission on just 5-20 units per year pays them all they want or need.

Great post Dana!

Danny Welsh
by John Coryell, Millionaire in Training, MMMChallenge.com 1 year ago

Danny those are great tips! I am going to do that - decide my salary, my hours, and come up with a really good qualification tips

and thanks for the post Danny!
by John Coryell, Millionaire in Training, MMMChallenge.com 1 year ago

*and thanks for the post Dana!*
by John Coryell, Millionaire in Training, MMMChallenge.com 1 year ago

Ok I decided
$500,000 in the next 12 months
50-80 hours per week
I am not so certain on the qualification system. As of right now I probably put in 3 good hours per week so if I could get myself to increase that I would definitely do some deals!
by Dara Celestin - Millionaire in Training, MMMChallenge.com 1 year ago

Hi Dana, I agree with what you said. Thinking one can put in 5 work hours per week in real estate investing and create 200k annually. LOL! Not going to happen. One has to have the passion, desire, determination and motivation to learn this business and do what it takes, like you said to get their business off the ground. It also has to be followed by action. That's the key. One can learn all they want but if no action is taken, what's the point? GREAT blog!!

Dara C

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