How Much is 6 Figures (Plus 7 Figures, 8 Figures, and 9 Figures)?
It’s not as hard as you think to make a six figure income. It sounds unreachable and like a salary only celebrities and business owners earn, but you may be surprised to learn just how many people make at least $100,000 per year.
Check out what 6 figures looks like and how you can get there with your income or net worth too.
What Is 6 Figures?
6 figures – it’s a number we all strive for when we’re looking for a job or planning our career, but what does it really mean? How much do you have to earn to say that you make six figures?
In short, it’s a salary between $100,000 and $999,999.
Some people get more specific, breaking it down to low six figures, mid six figures, and high six figures, which looks like:
- Low – $100,000 – $399,999
- Mid – $400,000 – $699,999
- High – $700,000 – $999,999
Most people, though, would happily say they earn a 6 figure income no matter where they fall in those categories, and quite honestly, even a low six figure income is something to be happy about.
Even if you don’t earn 6 figures, anyone could grow their net worth to 6 figures. If you own a home, invest in the market, and regularly save, you too can say you have a 6 figure net worth. It comes down to paying off your debt, owning your assets, and investing in your future.
What Does 6 Figures Mean?
Six figures means exactly what it sounds like. You make a salary that is made up of 6 figures. It could be $100,000, $200,000, or $999,000.
For many people, it’s more than a number, though – it’s a status. Maybe it’s a goal they’ve set for themselves back in their younger years or a status they wanted to achieve. It seems different to most people to say, ‘I make 6 figures’ rather than, ‘I made $75,000 a year,’ or even, ‘I made $100,000 a year.’
Remember, though, it’s not just about your income. Having a 6 figure net worth is impressive too. If you have a $999,999 net worth, you are just shy of a $1 million net worth, something most people try to achieve.
How Much Is 6 Figures?
A six figure income means you make anywhere between $100,000 – $999,999. If you make $100,001 or $500,010 per year, you make six figures. But there’s a keyword there – year.
You only make a 6 figure income if you make between $100,000 – $999,999 per year before taxes or any other deductions.
You can break a six figure income down into a monthly income by dividing it by 12. Let’s say you make $150,000 a year, which is a 6 figure salary. Per month, you’d make $12,500. But, if you made $850,000 per year, your monthly income would be $70,833 per month.
While anyone who makes $100,000 – $999,999 can say they have a six figure salary, there’s a tremendous difference between making $100,000 per year and $999,999 per year.
6 Jobs that Pay 6 Figures
If you’re just starting out in your career or even if you’re mid-career and looking for something new, you probably wonder what jobs pay 6 figures since most job ads you see pay much less.
Here are the top 6 jobs that pay 6 figures.
1. Actuary
It’s a job for numbers and statistics lovers, but it pays well. Actuaries make an average of $108,350 per year, giving you a nice head start on that six figure income.
2. Dentist
All that time spent in dental school pays off with the six figure salary dentists earn. On average, dentists make $159,200 per year.
3. Surgeon
Medical school is expensive, but it pays off for surgeons in any specialty. On average, surgeons make $208,000 per year.
4. Computer and Information Research Scientists
Computer and Information Research Scientists solve problems in many industries using computer programs. They work in many fields, including business and medicine, and make an average of $122,840 per year.
5. Software Developer
Software developers work on software applications and create apps. They make an average of $107,510 per year.
6. Physician Assistant
A physician assistant works alongside doctors, surgeons, and other medical professionals. They need at least a master’s degree but less schooling than a doctor. Physician Assistants make an average of $112,260 per year.
Finances and Lifestyle On a Six Figure Salary
A six-figure income is a great income. There’s no doubt about it, but how far it gets you depends on your lifestyle and where you live. If you live in San Francisco or Honolulu, for example, the cost of living is much higher than it is in Mississippi or North Dakota.
Beyond your location, how you handle your finances also matters. You could have a six figure annual salary, but if you live beyond your means, taking on a mortgage that takes up most of your income, or you are in credit card debt, you may not have as much money saved as someone who lives a frugal lifestyle or at least within their means.
For example, in San Francisco, a ‘low income’ is considered $117,000 for a family of 4, but in Denver, CO, it would be considered a good living as the average 4-person family makes $68,000.
Just because you have a 6 figure income doesn’t mean you must spend that much. No one has to know how much you make, so don’t think you have to have the fanciest car or biggest house your money can buy. The money you make today should support you in the future too, and the more money you can save today, the more it will be worth tomorrow.
What Is 7 Figures?
A seven figure income isn’t as common as a 6 figure income, but plenty of careers pay this higher salary. Like the six figure income, 7 figures can vary widely, but if you fall within the 7 figure category, you’re likely doing pretty well for yourself.
What Does 7 Figures Mean?
7 figures means a salary that’s above $999,999 per year at least $1 million. People who make 7 figures have income in the millions.
How Much Is 7 Figures?
A 7 figure income is any income from $1,000,0000 to $9,999,999. There aren’t as many jobs that pay this high of an annual salary, but there are some. Most people who earn 7 figures have an advanced college degree, but some business owners also earn as much.
You can have a 7 figure net worth without having a 7 figure income, though. If you know how to invest, start early, and stay consistent, you can learn how to earn 7 figures on your own, too, because any portfolio can reach this number. Many people aspire to achieve a 7 figure net worth by the time they retire. $1 million is often the ‘targeted number’ for retirement, even though the number you need varies based on your lifestyle, debts, and medical needs.
5 Jobs that Pay 7 Figures
1. Enterprise Sales
Enterprise salespeople sell high-value products to businesses. They don’t typically start off making a 7 or even 6 figure salary, but hard-working individuals may work their way up to making $1 million or more.
2. Investment Banker
Investment bankers work on a salary, which is usually a six figure income, but their potential for bonuses is sky-high, allowing them to earn 7-figure incomes.
3. Consultant
Consultants are often experts in their industry and can sell their services at much higher prices. Consultants usually either worked in the industry for a company for a long time or had success owning their own business and now want to share their expertise with others. In addition, consultants with an excellent track record often make a 7 figure income.
4. Influencer
It sounds crazy, but social media influencers who partner with large brands can easily have a 7 figure salary. One viral post can bring in six figures, leading influencers to earn a 7 figure income quickly.
5. CEO
CEOs of large companies (well-known corporations) have a large job on their shoulders and are paid well to do it. Many CEOs of the most prominent organizations earn over $1 million per year.
Finances and Lifestyle On a Seven Figure Salary
A seven figure salary is great – you are doing well in life if you’ve reached this point, but like any amount of money, you must handle it properly.
People who have a 7 figure income can live a 7 figure lifestyle if they spend their money mindfully. It’s still easy to live outside your means to ‘show off’ that you are a millionaire.
Instead, it’s better to live a decent lifestyle and invest/save money just like everyone else, because as we all know, life can change in an instant.
If you have a seven figure salary, consider an aggressive investment portfolio, so you can continue to grow your wealth and maybe even retire early, enjoying your golden years long before age 65.
What Is 8 Figures?
Eight figure incomes are much less common than six or seven figure incomes. Most people have never seen 8 figures, but there are some jobs out there paying this much money. Most people earning an 8 figure income work at the highest position in their company or own the company.
What Does 8 Figures Mean?
8 figures means you make over $9,999,999 per year. Most people in this category either own their own company, play a professional sport, or are celebrities.
How Much Is 8 Figures?
An 8 figure income starts at $10,000,000 and goes up to $99,999,999. Anyone who earns 8 figures or has an 8 figure net worth is considered a multi-millionaire.
3 Jobs that Pay 8 Figures
When we talk about 8 figure salaries, we’re mostly talking about celebrities, but not just the celebrities you see on TV or the big screen. Particular Instagram and YouTube stars have reached this level too. Here are a few jobs that pay 8 figures.
1. CEO
Even though CEO was in our 7-figure salary category, some CEOs make as much as an 8 figure salary. For example, Bog Iger, CEO of Disney, had a $47.5 million payment package in 2019.
2. Actors
Johnny Dep and Dwayne Johnson are among the highest paid actors, each earning an 8 figure salary.
3. Professional Athletes
Some professional athletes (the best of the best) earn an 8 figure income. Roger Federer and Russel Wilson are at the top of this list.
Finances and Lifestyle On an Eight Figure Salary
Just like any other salary, when living on an eight figure salary, you need to live within your means. Granted, anyone with a salary over $9,999,999 can have a luxurious lifestyle.
It’s not as common for someone with an 8 figure income to struggle financially. Most live a lavish lifestyle and consider themselves to be doing well in life.
What Is 9 Figures?
If you get into the $100 million salary mark, chances are you’re doing really well in life, as less than 1% of the population gets to this point.
What Does 9 Figures Mean?
Most people will never see a 9 figure salary. It’s above even what the top paid actors and professional athletes earn, but there’s always a possibility.
How Much Is 9 Figures?
A 9 figure salary is any salary between $100 million and $999 million, or any salary over $100 million and under $1 billion.
2 Jobs that Pay 9 Figures
It’s hard to think of any job that would earn 9 figures, but several well-known celebrities and even company owners have managed to do so. Here are some jobs that pay 9 figures.
1. CEOs or Business Owners
Business owners like Jeff Bezos, founder of Amazon, make 9 figures. Although some argue that Jeff Bezos makes billions of dollars, that figure usually includes the company stock, not his actual income.
2. Athletes
Some professional athletes, like Cristiano Ronaldo, hit the 9 figure income.
Finances and Lifestyle On a Nine Figure Salary
People who have a nine figure salary truly live the most lavish lifestyle. However, they must watch their spending, or they could end up bankrupt just like anyone else.
How to Build Wealth Without 6 Figures, 7 Figures, 8 Figures, or 9 Figures
Wealth and income don’t go hand-in-hand. You can have a 5-figure income and build wealth just as much as someone with 6, 7, 8, or 9 figure income.
The key is to start early. Whether you make 5 or 9 figures, if you don’t invest or save early on, your money doesn’t have time to grow or compound. The more time you give your investments to earn money, the more likely you are to build wealth.
That being said, someone with a 9 figure income would be able to catch up much faster than someone with a 5-figure income, even if they started late. But, the key is to invest early and let your earnings grow.
Here are a few top ways to build wealth, no matter your income:
- Lower your living expenses – We’re all programmed to live up to our salary, but you won’t build wealth that way. You don’t need the fanciest car your money can buy or the biggest house. Buy what will meet your family’s needs, but don’t go overboard.
- Don’t use credit cards – Getting into credit card debt only eats at your ability to save and invest. Living within your means should avoid the need to use credit cards. If you get into credit card debt, create a plan to get out of it (and stay out) quickly.
- Invest early – Invest as soon as you become an adult and start working full-time. Work your way up to saving at least 20% of your income.
- Diversify your portfolio – Don’t put all your eggs in one basket. Invest in stocks, bonds, real estate, and other commodities. Don’t forget to invest in yourself too. Always level up, whether with education, training, or learning how to climb the corporate ladder.
- Start your own business – Invest in yourself and create a business that removes any income ceiling and allows you to achieve 6, 7, or 8 figure income levels.
Is a 6 Figure Salary Good?
If you’ve hit the 6 figure income, consider yourself in a great position. You’re doing well and are on the right path to building enough wealth for you and your family.
Only 9% of Americans achieve a 6 figure or higher salary, but it’s possible to achieve. Whether you work for someone or start your own business, there are plenty of ways to earn a six figure income and feel as if you’ve succeeded in life.
