7 Jobs That Pay Seven-Figures Without a Degree (2026)
Trying to make the most of jobs that pay seven? You are in the right place. Below we break it down in plain English, with practical tips you can actually use.
Key Takeaways
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- If you have ambitious financial goals and you’re not afraid of a challenge, achieving a seven-figure income may be something you aspire to d...
If you have ambitious financial goals and you’re not afraid of a challenge, achieving a seven-figure income may be something you aspire to do.
Of course, everyone would love to have a job or career that provides a fantastic income. But the reality is that very few people will reach the heights that we’re talking about here.
However, that doesn’t mean it’s impossible. If you set high goals and pursue them aggressively, chances are you’ll be well ahead of your peers , even if you end up falling a little bit short of the absolute best-case scenario.
Table of Contents
ToggleWhat Is a Seven Figure Job?
When we’re talking about income, the six figure mark is a milestone that’s commonly used to measure success.
Anyone earning between $100,000 and $999,999 per year has a six figure income.
Those who earn between $1,000,000 and $9,999,999 bring in a seven figure income.
How Numerous People Earn Seven Figures?
According to the most recent data available from the IRS, nearly 154 million tax returns were filed in 2018. Of those, 539,207 reported an adjusted gross income of $1 million or more.
That means that 0.35% of Americans earn seven figures or more, based on their tax returns. In other words, out of every 1,000 Americans, only 3.5 reach this level.
Being in the top 1% isn’t even good enough to ensure a spot in this exclusive club.
Looking at it from a different perspective, 39,494 non-employer firms (businesses with no employees aside from the owner) earned between $1 million and $2.49 million in revenue in 2018, according to census data.
The truth is that if you set out to reach this level of income, the odds are against you. But some people are able to accomplish it, so why not you?
While it’s certainly not simple to earn a seven figure income, the first step is to evaluate the options and career paths that would give you the best possibility of reaching this lofty goal.
Career Paths for Earning Seven Figures
Entrepreneur
The most common way to make a lot of money is to start your own business.
Of course, we’re all familiar with famous entrepreneurs like Jeff Bezos, Elon Musk and Richard Branson. But you don’t need to get anywhere close to their level to make seven figures with your business.
There are endless possibilities and numerous different types of businesses that you can pursue, and the barriers to entry are typically very low. At the same time, online businesses are extremely popular, which means competition can be stiff.
Measuring the success of business owners can be a little more complicated than looking at the salary of an employee, for a few different reasons. For example, some business owners don’t show a lot of income on their personal taxes. As a result, it’s not always simple to identify a seven-figure income.
Elaine Pofeldt wrote The Million-Dollar, One-Person Business to determine the types of people and solo businesses that were capable of generating a significant income. In her book, Pofeldt focused on businesses that generated revenue (not profit) of at least $1 million per year.
Regardless of how you define a seven-figure income, we’re talking about an income that is way above average.
Interesting Facts: In her research for The Million-Dollar, One-Person Business, Pofeldt looked at businesses that earned between $1 million and $2.5 million, and found these to be the top five categories, based on NAICS codes:
- Professional, scientific, and technical services
- Construction
- Finance
- Real estate + rental and leasing
- Retail (which included e-commerce)
A Realistic Path: The path for each entrepreneur will be different, but here’s an example of what it might look like:
- An idea or concept is drafted.
- A product or service is defined.
- The website is created.
- Investors come on board (optional).
- Marketing leads to business growth and higher revenue/profit.
Shopify has a excellent resource that can help you validate the potential of your business ideas.
Early-Stage Startup Employee
If the entrepreneurial path isn’t for you, another option is to work as an employee in the early stages of a startup.
Numerous startups offer an equity component in the compensation package, which means you would have an ownership interest (i.e., stock) in the company.
Part of the reason why startup employees tend to get equity is because the base salary may be lower than what would be offered by other businesses for an equal level of skill. If the startup reaches massive success, you’ll do well, too. But it’s a bit of a risk because you could probably earn a higher base salary somewhere else.
It’s extremely key to note that the vast majority of startups eventually fail. In fact, the failure rate of startups is about 90%, according to the Small Business Administration. That includes more than 20% that fail within the first year.
Typically, those who are among the first 10 employees hired will have the best chance for career and income advancement, as well as the most to gain if the company goes public.
Interesting Facts: According to the Financial Times, Facebook employees shared in more than $23 billion as a result of the Facebook IPO.
The 3,000 employees collected an average of $7 million each, although the earnings per employee varied drastically, with the most tenured team members coming away with considerably more than the average.
A Realistic Path: If you want to get hired by a startup, it’s helpful to know the types of roles that will give you the best shot.
The positions hired by numerous startups include:
- Final Thoughts
The bottom line: a little research on jobs that pay seven goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.
Originally published at thewaystowealth.com.
Marc Andre
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