How I Became One of the Top 1% of Female Earners
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Chapter 1: Discovering Income Statistics
Recently, while on a flight back to Austin, Texas, I found myself scrolling through my friends’ social media stories to distract myself from some turbulence. During this mindless browsing, I stumbled upon a fascinating post regarding the highest earners in Texas.
Intrigued, I turned to Google to explore the latest statistics on household incomes across America, particularly focusing on the top income brackets. I was eager to understand how the pandemic and labor shortages might have influenced earnings.
In my search, I came across data from 2021 and a handy calculator that allowed me to input my information (gender and income) to see how I ranked among others. Here's a breakdown of the findings for individuals working over 30 hours a week in 2021:
- Median income for men: $59,810
- Median income for women: $47,000
- Average income for the top 10% of males: $151,425
- Average income for the top 10% of females: $103,005
- Average income for the top 1% of males: $428,500
- Average income for the top 1% of females: $263,601
The data does not specify whether these earnings stemmed solely from active employment or included passive income from investments, equity, or other ventures. I suspect it includes various income sources since executives often earn a substantial portion of their compensation through equity.
When factoring in all my income streams outside my primary sales job, I find myself within the top 1% of female earners. For much of my 20s, I was in the top 10%. Transitioning from the 10% to the 1% required significant changes in my life.
If you aspire to elevate your financial status, this post is tailored for you.
Section 1.1: The Importance of Mindset
Many overlook the fact that mindset is pivotal to success, but this cannot be emphasized enough.
You may be tired of hearing business leaders and coaches stress the significance of a growth mindset, yet I urge you not to dismiss this concept. If you don't believe you can achieve your goals, you won't even make an effort.
Most individuals falter due to lack of action rather than lack of skill. I’ve had numerous friends express their intentions to start a blog or podcast, yet days, weeks, and even years pass without them taking any steps.
Here are two affirmations you can adopt today—both are indisputable truths:
- Others have successfully launched blogs and podcasts; if they can do it, why can’t you?
- The worst-case scenario is that nothing happens—but that’s unlikely. With consistent effort and patience, progress will come.
In general, the more effort you put forth, the better your chances of success. Can you find an Instagram account with 500 posts and zero followers? Probably not.
Ultimately, it begins with the conviction that you can alter your situation and that you are not confined to a low-paying, stagnant job.
Section 1.2: Embracing Risk and Rejection
I spent over half of my 20s working in supply chain at Cisco Systems in San Jose, California.
“You’re fortunate to have a stable job,” people would say. While I appreciated my employment, I realized I didn’t want to continue in supply chain and had no desire to remain in the Bay Area.
I distinctly remember sharing my aspirations to transition into sales, motivated by the desire to work with clients, be rewarded for my efforts, and have the freedom to operate outside California.
“Sales is unpredictable; it’s always fluctuating.” “Salespeople are the first to be let go during downturns.” “The Bay Area is where all the opportunities are.”
These were just a few of the responses to my ambitions. Ultimately, these remarks reflected the fears of those around me rather than objective truths.
I decided to disregard their opinions and reached out directly to a director in the sales department. Fast forward a few months, and I found myself in a junior sales role, having also relocated to Austin, Texas—two significant life changes occurring within weeks.
The outcome? My income in my first year in sales increased by 50%, and my cost of living decreased by 50%. I discovered a newfound appreciation for Austin.
Had I allowed fear to dictate my choices, I would have remained in a place I despised, stuck in a role unsuited for my talents.
Working in sales also taught me to embrace rejection. I quickly learned that you can't satisfy everyone, which boosted my confidence to begin blogging about personal finance and business.
I may not enjoy negative comments, but I don't take them personally. I'm grateful for the community, opportunities, and additional income this platform has afforded me.
In summary: To increase your income, you must stop making fear-based decisions and trust your instincts while caring less about others' opinions.
Chapter 2: Evaluating Your Circle
To elevate your income, consider who you spend your time with.
If you associate with individuals who operate from a standpoint of fear and scarcity, it’s crucial to evaluate whether they are propelling you toward a positive direction or keeping you stagnant.
One of my favorite talks on this subject comes from Dan Pena, which I find both insightful and entertaining. Here is the video:
I'm not suggesting you cut ties with all your friends and family. Instead, conduct an honest assessment of their contributions to your life and how much time you should devote to them.
For instance, if you have a college friend who spends weekends lounging on the couch with no ambitions, perhaps seeing them once a month is sufficient.
Furthermore, not everyone in your inner circle needs to be a millionaire or an executive. Focus less on their financial status and more on their behaviors—how they treat you, their mindset (abundance vs. scarcity), and whether they are goal-oriented.
Final Thoughts
I firmly believe that wealth is attainable for anyone who believes in its possibility and takes action.
If you wish to boost your income and enter a higher tax bracket, you must courageously pursue self-development. This journey includes overcoming mental barriers, trusting your intuition, and limiting time spent with those who lack an abundance mindset.
I may not be the most intelligent person in the room, but if I can achieve a spot in the top percentage of female earners, so can anyone.
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