How Much is 6 Figures?
I’m pretty sure you’ve heard people talking about 6 figures salary, income, or projects.
It could also be a company with a 6 figure portfolio, six-figure salary jobs, etc.
Well in this article we are going to elaborate on exactly how much is 6 figures.
So, when a person says he’s earning a six-figure salary how much is 6 figures really?
It simply means the number of digits in their income.
In this case, it contains 6 digits in any form, A 6 figure income has a range attached to it.
The range is 100,000 to and including 999,999
The ambiguity factor has been purposely designed into this method of measuring one’s income.
By defining it that way, it leaves that person the decision or option as to whether he wishes to fully divulge it or not.
A person earning $100,500 and another earning $890,600 are both earning a 6 figure salary.
Get the drift?
This could be yearly or monthly income and it could also be in various currencies such as US Dollars ($), United Kingdom Pounds ( £), Euros (€), Japanese Yens (¥), etc.
- £100,000 and £999,999,
- €100,000 and €999,999
- ¥100,000 and ¥999,999.
Let’s talk about different variations of 6 Figure
- A person could be earning six figures a month.
- An income of 6 Figures a year.
- 6 digit salary jobs.
There are Careers that pay six figures.
How much of the American population is making 6 figures?
According to the 2010 US census, 7% of persons and 17% of “households” earned over $100k in 2010. (See Wikipedia’s article on Household income in the United States)
How much is 6 figures in the united kingdom?
6 Figures means in the UK is any number between 100,000£ and 999,999 £
How much is government tax if you are making 6 figures?
Well this again depends on the country that you’re eligible to Pay Taxes
What is it like to make six figures and Is A 6 Figure Salary Good?
Making a 6 figure income is a dream for many, however, the cost of living varies dramatically in different countries and cities.
Let’s talk about the USA.
A person earning $100,000 in manhattan(Newyork) is equivalent to a person earning $45,000 in Mississippi (Louisiana)
You take home 78% of your $45,000 in Louisiana and only 67% of your $100,000 pay in Newyork.
So a “Newyorker” will pay 50% more in taxes than the person in Mississippi.
Additionally, 6 figures span a wide range of salaries: $100k to $999k.
If you are earning $100,000 and living in a moderate cost location, then you can afford to own a modest home and be saving for retirement.
Generally, $100 expenses aren’t a big deal and $5000 annual expenses can be worked into the budget.
If you’re earning $100,000 in an expensive cost of living location, you are living in a “not so nice” apartment, probably sharing it with someone.
You may have a little bit of savings but definitely aren’t making progress towards buying a home.
If you have children, you’re really struggling, and are likely close to living paycheck-to-paycheck. Generally spending $20 to $50 isn’t a big deal and you can budget $2500 annual expenses.
How much is 7 figures?
- 7 Figures means more from 1,000,000 to 9,999,999 per year is a seven-figure salary
A 7 figure salary or income ranges anywhere between 1 Million dollars and under 10 Million dollars per year (7 Digits)
Jobs that pay 7 figure salaries:
For one to earn a 7 figure in salary you have to be on top-level Executive positions of a profitable business or company such as CEO, CFO, COO, Chairman of the Board of Directors, etc.
People who make 7 figure income
- Medical professionals who have a thriving practice
- High profile Lawyers with their own law firms
- Shareholder of highly successful stocks
- Top investment bankers and brokers
- Professional Athletes
- Top Entertainers in industries such as music and Movies
Don’t be fooled though, it takes many years of hard work and experience to reach those positions. The “Get rich quick” narrative is a scam and false for 99.999% of cases.
A positive note is that you can make seven figures without getting a college degree.
Instead of studying for your undergrad degree or doing full-time internships in the summer, why not work on your own business?
How much is 8 figures in money?
- 8 Figure income means more than 10,000,000 – 99,999,999
An 8 figure salary or income ranges anywhere between 10 Million dollars and under 100 million dollars per year (8 Digits)
So what are some examples of 8 figure salary jobs?
An 8 figure salary means that the salary has eight digits in the value, using whole dollars or whatever currency is used.
So the range of salaries would be (using dollars as the example) $10,000,000 (count ‘em, 8 digits) to $99,999,999 (still 8 digits).
The numbers would be the same if the salary were in Euros or yuan but the value of the salary would be different, of course.
Think people like Jeff Bezos, Warren Buffet, Bill Gates, Mark Zuckerberg, and Steve Jobs, They are more in 8-9 figures
How much is 9 figures in money?
- 9 Figure Means over anything above 100,000,000
A 9 figure salary or income is anything above 100 Million dollars (9 Digits)
Our Conclusion on 6, 7, 8, and 9 figure income
If you are earning $999,000 per year in income, regardless of where you live, you are doing great although not as great as your successful friends who have immense wealth.
You are accruing wealth in investments. You own a nice home. You’re able to take regular vacations but you are flying mostly commercial (not private).
You don’t think twice about spending $1000 and $50,000. Your kids are in Private school and you’re thinking about the financial future of your children and retirement.
Unless you’re earning that money off of passive investments, you’re probably working pretty hard.
You’re paying a lot in taxes and feel like you’d be getting towards your financial goals faster without them.
So the next time you hear someone is making 6 figures a year income It means that they are doing good at whatever it is that they are doing!