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The top 1% of American income earners make around $400,000 a year, so those who rake in salaries of $1 million or more are quite rare — particularly those in their early 30s.
Business Insider tracked down one of these superhigh-earning people, Michael Coghlan, the owner and CEO of SimpleTerra, to learn how exactly he got there and how others could follow in his footsteps.
Coghlan, who’s 31 and married with four kids, said 2019 was his first year clearing the $1 million mark. The majority of his income is generated from the e-commerce store SimpleTerra, which sells alternative-living solutions such as container homes and yurts and launched earlier this year. He additionally runs a few smaller e-commerce stores that are growing in sales each month, including Rec Room Hideout, which offers game-room tables, boards, and accessories.
When it comes to finances, Coghlan takes 30% of the profits from SimpleTerra as owner compensation and funnels 70% of it back into the business. He banked $400,000 to $550,000 as his salary in 2019, leaving around $700,000 to $850,000 to continue expanding SimpleTerra.
Coghlan said a “decent chunk” of his profits went into what he called his “project” account. “I make …read more
Source:: Businessinsider – Strategy