How Much is 6 figures? 6,7,8 Figure Salaries Explained
When discussing salary or income, we often talk in ‘figures.’ If you’re not familiar with this expression, you might be wondering how much is six figures? Firstly, it’s essential to understand what the term ‘figure’ actually means.
How Much Is One Figure?
In maths, the numbers between zero and nine are examples of ‘one figure’. So what is a figure in money? Simply put, you use figures to describe the value; they are often used to talk about net worth or salary.
To understand ‘how much is a figure salary’, you need to know how many figures are in the number. The value depends on whether the individual has a five-figure salary, a six-figure salary, or more.
How Much Is Six Figures?
So, exactly how much money is six figures? A six-figure salary means that you’d earn anywhere between $100,000 and $999,999 annually. If your annual income is a six-figure number, you earn a six-figure salary.
People often ask: how much is six figures in a month? The answer depends on your exact salary. For instance, if you earned $100,000 per year, the monthly figure would be $8,333 (before taxes). The after-tax figure depends on which state you live in. The average monthly figure (after tax) for an individual earning $100k is $5,995 per month (DPS, 2021).
As you can see, the question ‘how much is six figures monthly?’ has a different answer depending on your annual earnings. According to Income After Tax, $250,000 after tax breaks down into $20,833 monthly.
How Do You Earn Six Figures?
To earn a six-figure salary, you need to know which jobs offer six figures. Next, you can start to research the set qualifications and requirements. One example of a six-figure job is a software developer; the average salary is $107,510 per year (US News, 2021).
Software developers assess user needs and then design and build software. To pursue this role, you’d need to obtain a degree in computer science or a similar field.
Six-Figure Jobs That Need a College Degree
Many six-figure jobs require you to have a college degree; here are a few interesting options:
Lawyer: Obtaining a law degree is the first step to pursuing a role as a lawyer. Once you’ve earned your degree, you’ll need to attend law school to take your BAR exam. How much you’ll take home will depend on which state you live in. In New York, the average yearly salary for a lawyer is $167,110 (Forbes 2019).
Anesthesiologist: An anesthesiologist is a specialist doctor; they provide anesthesia for patients undergoing operations. The approximate yearly salary for an anesthesiologist is $261,730.
Big Data Engineer: Companies rely on data to make business decisions, and this is where big data engineers come in. These professionals work with data processing systems to analyze data sets and establish trends. As a big data engineer, you’ll stand to make an average of $119,246 annually (Simplilearn 2021).
Six-Figure Jobs That Don’t Need a College Degree
Going to college can be expensive and time-consuming, and not all six-figure jobs require you to have a college degree. You can pursue these six-figure roles whether you’ve been to college or not:
Real Estate Broker: If you have a keen interest in property, you might think about a career in real estate. As a real estate broker, you could stand to earn up to $180,000 annually.
Plumber: Perhaps you’re more suited to a hands-on job? According to Building Talk, plumbers in the USA can earn up to $101,810 per year.
IT Managers: As an IT manager, your role would involve planning and leading IT activities within a business. IT managers can earn between $146,360 and $185,610 per year (US News, 2021).
How to Be Successful With a Six-Figure Salary?
If you want to earn a six-figure salary, you’ll need a clear understanding of the industry you’d like to work in and the role you’re aiming for. The first step is to research as much as possible. When you’re conducting your research, the following questions may come in handy:
- What qualifications do I need to pursue this career?
- What knowledge and work experience do I need?
- Which are the best companies/brands to work for?
- What soft/hard skills do I need?
- Is my personality suited to this role?
- Could I benefit from working with a careers coach?
What Happens When You Make Six Figures?
To fully answer the question: how much is six figures, you need to understand what a six-figure salary represents. Earning a six-figure salary is associated with the idea of having ‘made it’. It’s considered a big achievement and the indication of a more luxurious life.
So when people dream of earning six figures, they aren’t only thinking about ‘how much is six figures in money.’ Reaching six figures is considered to be a significant life milestone.
However, you should be careful; once you grow accustomed to a certain salary, it’s easy to spend all of your monthly earnings! Therefore, to improve your financial health, it’s better to be in a position where you can save money. If you’re concerned about your finances, working with a financial advisor can be helpful.
Six Figures and Taxes
Earning a six-figure salary is considered an achievement; however, just because you make $100,000 doesn’t mean that you’ll take home this amount. You’ll need to pay taxes, and the tax deduction varies depending on where you live. According to CNBC, to take home $100,000, you’d need to be earning $152,810 per year. However, these calculations are based on living in the state of Oregon (CNBC 2018).
You’ll need to check the tax regulations for your state to work out exactly how much tax you’d pay. For example, if a single person with no dependents earned $100,0000, they can expect to pay an average of $15,103.50 in taxes (Motley Fool, 2020).
Are Six Figures Enough for a Comfortable Life?
A six-figure salary is certainly enough for a comfortable life. You’ll be able to cover your monthly expenses and plenty of extras. But of course, spending lots of money on luxury items can quickly eat into your salary. As long as you set a budget, you’ll live comfortably on six figures and avoid overspending.
What Do Seven Figures Mean in Money?
Once you’ve reached the six-figure milestone, you might want to aim even higher? People often ask: how much are seven figures in dollars? If you earn seven figures, you earn between $1,000,000 and $9,999,999.
So then, how much is seven figures in a year? Again, it depends on how much you earn, but it would be a minimum of $1,000,0000 annually. A salary of $1,000,000 per year works out as $83,333.33 per month (Talent.com, 2021).
Is Seven Figures a Millionaire?
Yes! Reaching a seven-figure income means that you’re technically a millionaire. The only exception would be if you had a massive amount of debt to pay off.
How Much Is a Seven-Figure Check?
A seven-figure check is at least $1,000,000, and it could be anything up to the amount of $9,999,999.
How Do You Earn Seven Figures?
If you want to make seven figures, you’ll need to focus on the right career path. There are several jobs which can earn you seven figures so let’s take a look.
What Jobs Earn Seven Figures a Year?
Entrepreneurs: Starting a successful business could earn you a seven-figure salary. Once you’ve figured out a business idea, you’ll need to build a unique and memorable brand to maintain your success.
Investment Banking: If you’re keen to land yourself a seven-figure salary, consider the world of investment baking. Though these professionals can earn seven figures, investment bankers often work incredibly long hours. So if you value a work-life balance, you’ll need to think about this first.
Influencers: Working as an influencer can make you an insanely high salary. There are plenty of platforms to try your luck, from Instagram to YouTube. The highest-paid YouTuber is Ryan-Kaji, (a nine-year-old who reviews toys online); he makes an estimated $26 million from his YouTube Channel (Go Banking Rates, 2021).
CEOS: Landing a role as a CEO can easily earn you a seven-figure salary or more. There’s much debate about the excessive salaries that CEOs earn. According to CNBC, in 2020, CEOs of the top 350 firms in the U.S. made $24.2 million, on average — 351 times more than a typical worker.
How Do You Earn Eight Figures?
First things first, what is eight figures? Just like six or seven figures, the term refers to salary. If you earn an eight-figure salary, this means that you make at least $10,000,000 and under $99,999,999. If you’re earning an eight figure salary, you’d be considered a multi-millionaire!
What Jobs Pay Eight Figures?
As you can imagine, it’s challenging to get an eight-figure job. However, they do exist! Examples of people earning eight figures include famous athletes, celebrities, and hedge fund managers.
According to Fortune, ‘the typical pay package for CEOs at the biggest U.S companies topped $12.3 million last year.’ Here are a few examples of CEOs who are currently earning eight-figure salaries (AFL-CIO, 2021):
T Mobile CEO G.Sievert: $54,914,015
NIKE CEO John Donahoe II: $53,499,980
Adobe CEO Shantanu Narayen: $45,889,954
Ebay CEO Jamie Iannone: $34,835,839
What Is a Nine-Figure Salary?
If your salary per year is a nine-digit number, this means you’re earning a nine-figure salary. So how much is nine figures exactly? It’s a minimum of $100,000,000 and a maximum of $999,999,999. A nine-figure salary is rare, and it’s incredibly difficult to reach nine-figures unless you’re a top CEO. The following CEOs make nine-figure salaries per year:
Paycom Software CEO Chad Richison: $211,131,206
Playtika Holding Corp CEO Robert Antokol: $372,008,176
Guardant Health CEO Helmy Eltoukhy: $113,870,986 (AlF-CIO, 2021)
How Do You Earn Nine figures?
To make nine figures a year, you’ll need to become the CEO of a hugely successful company. Alternatively, you’ll need to build a career as a top athlete, actor, or actress. Such roles are hard to achieve, but of course, not impossible!
Conclusion
When you’re looking to advance in your career, you’ll be thinking about your salary and the kind of lifestyle you want. So how much is six figures? Essentially, six figures means achieving the $100,000 milestone. Bear in mind that you’ll need to earn significantly more to take home exactly six figures (due to taxes).
Additionally, if you want to get yourself a six-figure salary, you’ll need to get into the right industry. One of the best ways to maximize your earning potential is to start your own business. When you start a company, there’s no limit on how much you can earn; you can aim high and grow the business every year.
Although earning six figures will certainly get you a comfortable lifestyle, it’s still important to budget. Once you get used to a set monthly income, it’s easy to end up living paycheck to paycheck. Accumulating wealth is about saving money and making wise investment decisions.
