The $100K Question: What Will You Do for Money in 2024? (2024)

FAQs

The $100K Question: What Will You Do for Money in 2024? ›

Develop skills in fields like software engineering, digital marketing, healthcare, and finance. Experts in these areas can command over $100K salaries. Are you ready to take advantage of these opportunities? The future is unwritten, but with the right plan, 2024 could be your year to thrive.

But you could also purchase a property, renovate and resell it. Or if you're looking to invest $100,000 for passive income, you might buy real estate and rent it out. While rental income is considered passive income, being a landlord often requires considerable work, which can make it feel like a more active endeavor.

“A salary range of $80,001 to $95,000 is more reasonable for living comfortably, this aligns more closely with the reality in high-cost living areas.”

There are two approaches you could take. The first is increasing the amount you invest monthly. Bumping up your monthly contributions to $200 would put you over the $1 million mark. The other option would be to try to exceed a 7% annual return with your investments.

To potentially turn $10k into $100k, consider investments in established businesses, real estate, index funds, mutual funds, dividend stocks, or cryptocurrencies. High-risk, high-reward options like cryptocurrencies and peer-to-peer lending could accelerate returns but also carry greater risks.

How much money do I need to invest to make $4000 a month? ›

Making $4,000 a month based on your investments alone is not a small feat. For example, if you have an investment or combination of investments with a 9.5% yield, you would have to invest $500,000 or more potentially. This is a high amount, but could almost guarantee you a $4,000 monthly dividend income.

To potentially turn $10k into $100k, consider investments in established businesses, real estate, index funds, mutual funds, dividend stocks, or cryptocurrencies. High-risk, high-reward options like cryptocurrencies and peer-to-peer lending could accelerate returns but also carry greater risks.

For example, suppose you invest in a money market account offering a 5% annual interest rate. In that case, you can expect your 100k to generate around $5,000 in passive income annually, or approximately $416.67 per month.

Jobs that pay $100K a year typically require a bachelor's degree or higher. For example, according to the Occupational Outlook Handbook (OOH), physicians, surgeons, chief executives, lawyers, pharmacists, and dentists in the U.S. all earn more than $100,000 per year, on average.

Earning more than $100,000 per year would put you well ahead of the median American household, which brings in $74,784 as of 2021. Assuming you're an individual without dependents, that salary would qualify you as upper class, according to three different definitions (Brookings, Urban Institute and Pew Research).