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How I Went From $19K to a Six Figure Income a Year By the Age of 30

Guest post by: Guy Luminato

Article Overview: This is a true story. My intention is to inspire anyone who has always wanted to make a significant income to take a stand and not be stopped by their circumstances. This is about drive, determination, and exactly what I did to achieve my six figure income.

How I Went From $19K to a Six Figure Income a Year By the Age of 30

This is a true story. My intention is to inspire anyone who has always wanted to make a significant income to take a stand and not be stopped by their circumstances. This is about drive, determination, and exactly what I did to achieve my six figure income.

I confess that I was a late bloomer. I did not get focused on my career or income possibilities until I was in my mid-twenties. Some people might not say that is late, but for this story, it will show you how fast it can happen.

I graduated college in my mid-twenties, and followed the path of a low paying internship. It was a door open, and a great opportunity that I could not pass up. The job was only part-time, and eventually ended.

Then by a result of that exposure, another door opened, and this opportunity was a good full time job that paid me $19K a year. At the time, I was thrilled. It was a step up from being a completely broke college student.

I plugged away at that job for a few years, increasing my salary each year. I went up to $24K and feeling like it was an extremely slow climb. I was restless, and decided it was a time for change. I went in to quit my job, and tell them I wanted more. I had not considered that I might just ask them for more.

That conversation change the path forever. I learned that if I asked for what I wanted, and I worked hard for them, I would be provided with my next steps. I took such a great stand at that meeting, that I was offered a new position in the same company being paid $45K a year. Wow, now I was really making progress.

Again, like before I worked hard, thought outside of the box, made contributions to the better corporate process, and started doing things that were not in my job description. I wanted to improve the process, and the environment I worked in.

What happened next surprised me even more. While I was presenting my ideas to top management, and plans for the company, I was put into a position of leadership without me even noticing what I was doing.

At that point, I was asked to formalize my ideas and put into place the exact process that I wanted to work in. I was even given a raise to reflect my efforts without even asking for it. I was now in the $65K a year bracket. I was on top of the world.

Once the formal plans that I had worked so hard at developing were in place, then came a new job description (that I had written), and a new title. I was officially into management, and had achieved a $100K income.

It was amazing. I was so young and had achieved so much so quickly. You can see that what I did to get that income was hard work, determination, and doing things most people won't do. I did a job before I was paid for it. I made sacrifices and put effort in areas that needed help.

At the time, it was great. I worked hard, got paid what I always wanted. But here is the interesting part. Once I achieved that six figure income, it wasn't enough. I wanted more time freedom, and I wanted to give myself the opportunity to control my financial future. The only way to do that was as a business owner, and work for myself.

I left the six figure income, and corporate world I had risen to, to start my own business. As a business owner, I learned thousands of valuable lessons that I could never foresee. I made a lot of mistakes that temporarily cost me my six figure income I had desired. Luckily, those lessons taught me everything I needed to know to make a seven figure income.

Owning a business is only part of making it a six figure income success. You have to make sure you can personally profit. I owned a traditional brick and mortar business, and it had a huge price to pay, and the profits were not there.

I learned that with the right business model, I would be able to put 80% profits into my pocket, with low overhead, no employees, or head-aches of a traditional business.

This new business model allowed me to work from anywhere in the world, at anytime I wanted. It leverage the most powerful market in the world, the internet.

More importantly, it had a integrated marketing system in place that I could leverage. Without proper marketing, all businesses will fail.

This system came with support, tools, and an elite community of big thinkers who share exactly how they achieve their seven figure incomes.

Before you can decide how you want to achieve your six and seven figure income, you have to decide how you want to live your life. Do you want freedom? Do you want to have control of your financial destiny? What are you willing to do for yourself, and others? Do you want your six figure income in the hands of your boss, or do you want to decide what you are worth.

Ultimately, I have learned that there is a price to pay to make a successful six figure income. You will invest into another company as an employee and make sacrifices for them, or you will invest into yourself and make sacrifices that will set you free. You have to decide what is best for you.

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Article Tags: Entrepreneur, Guy Luminato, Michele Luminato, Six Figure Income, Six Figure Jobs, Six Figure Salary, Work From Home
Referred by: http://jaykubassek.com



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How to valuate a business - Hi Garth - here is how we did it at Northern Crown Capital when I was helping them raise venture capital for Toronto-based entrepreneurs. Assume the start date is 2003 so 2008 projections are 5 years out: How Northern Crown Capital Valuates a Business 2008 Financial Projections Earnings Before Tax $5,865,000 Tax Rate 42% Taxes $2,463,300 Net Earnings $3,401,700 Amount Seeking to Raise Today $3,500,000 Discounted Value of Future Opportunity, 5 Years Out 2008 P/E Ratio 15 Value of Company in 2008 $51,025,500 Discount Rate Applied 30% Year 2008 $51,025,500 Year 2007 $35,717,850 Year 2006 $25,002,495 Year 2005 $17,501,747 Year 2004 $12,251,223 Value of Company at Investment in 2003 $12,251,223 Less: Investment Amount $3,500,000 Present Value $8,751,223 Discount for Risk & Private Company 40% Less: Discount for Risk & Private Company $3,500,489 Private Company Value $5,250,734 Present Value (What the Owner Keeps) $5,250,734 60.00% Financing (What the Investor Gets) $3,500,000 40.00% Total $8,750,734 100.00% I hope this helps!
Re: What are your success criteria? - [quote="DwayneGarrett":1igrdgib]Out of curiousity, what has to be present for you to know that your business is a success? The top three things for me are: 1. Maintaining a 6 figure income year in and year out. 2. Creating and promoting my own products. 3. Income not solely dependent upon my personal effort. How about yours?[/quote:1igrdgib] I would have to say mine were: 1. Monthly Residual Income that exceeds all expenses by 110% 2. Free time to create and promote my own products (relies on #1) 3. 5% of all revenues generated by my team going to feed starving kids Now that is "feel good work".
What are your success criteria? - Out of curiousity, what has to be present for you to know that your business is a success? The top three things for me are: 1. Maintaining a 6 figure income year in and year out. 2. Creating and promoting my own products. 3. Income not solely dependent upon my personal effort. How about yours?
Re: HAPPY NEW YEAR! - Happy New Year!
New Year - New Resolutions? - Anybody got any goals they'd like to share for the New Year?


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