[pyrrhotech]

what if you desire 7 figure income? very few full time jobs in this field would cut it. Only options are to either give up dreams and accept mediocrity, start a successful side business, or possibly work 100 hour weeks stacking multiple full time jobs

[harryquach]

I don't think this is a fair take. Anyone making less than seven figures is not necessarily "Accepting Mediocrity" but may have other priorities. Different priorities are not necessarily worse just different.

[reactordev]

If you want 7 figures you need to learn how to grow it from 5. Either start your own business (which would come from this side hustle) or invest every penny you earn across a diverse portfolio and do that for a couple years. You may get lucky and end up with 7 figures. If you just saved your money, over time, you will absolutely have 7 figures.

[pyrrhotech]

yes but making 7 figures annually is quite a bit different than simply having a 7 figure total net worth. The latter is achievable by most frugal middle class Americans over the course of a career, often much shorter. The former is usually not possible through a day job over a normal career length

[reactordev]

With enough income sources it is. All while being a SWE. Passive income is the way to 7 figures annually.

You are right that 7 figures annually is different than just 7 figure net worth. However, if you have a 7 figure net worth, you could probably get to 7 figures annually relatively easily.

[shoo]

> However, if you have a 7 figure net worth, you could probably get to 7 figures annually relatively easily.

something to reasonably expect, might be be a 4% real return (i.e. net of inflation). that's achievable with discipline and no skill through low fee passive index investment. luck of avoiding catastrophes would also help.

at 4% real return, assuming you paid zero tax, your wealth doubles roughly once every 19 years. To throw off a 7 figure income at 4% real return you need $25m invested. That's 4.6 doublings of your initial $1m, so after 80-something years you're across the line. better start early.

Another way to accelerate the journey is to cheat and convert your money into a currency that is extremely devalued, then your income can have many additional figures even if your wealth is unchanged.

[pyrrhotech]

yea if you want to go it the investing route, you need much better returns than 4% real. Personally I've been beating the market with algorithmic trading (https://grizzlybulls.com/models/vix-ta-macro-mp-extreme) but it's still a long game unless you start with millions

[reactordev]

“How to make $1M, start with $10M” is something I would hear vineyards say.

[cocoa19]

Very few side businesses would cut it as well.

I wonder if growing a successful 7 figure income is easier than becoming a 7 figure exec.

[jokethrowaway]

I think there are more 1M per year small businesses than execs making 1M in salary

Besides, by being a 1M small business you're solving problems for society, by being a 1M per year top exec you're probably at the level you're bribing politicians, brainwashing people with ads and woke marketing and generally making the world a worse place.

[isbvhodnvemrwvn]

Looking at the startup world, I would not be as confident about "solving problems for society", lol.

[VirusNewbie]

>7 figure income?

Any director at FAANG will make that much.

[Cheezmeister]

> what if you desire 7 figure income?

Then your priorities are probably fucked. Assuming this isn't just a devil's advocate hypothetical.