Do you know what your salary figure means? How does your salary affect your lifestyle? This article will figure out how much is 6-figures in money or 7, 8, and 9.
They say that money makes the world go round. This does not mean money is at the heart of the earth that makes it spin on its axis. Nope. This just means that people need money in this world.
We live in a world where money is needed for almost everything. Inside or outside your home, you will need these pieces of paper for sure.
And the more you have it, the more that you can do with your life. That is why people look for all means possible to earn and make money. Since this can dictate the way you live your life, people live their lives accordingly.
But how do you measure money? How do you know that the money you get is sufficient for the life that you want to live? How do you do this? Can this be learned?
And how do you know how much money is enough to make your world go round?
Do you want to know? Come on, and let’s find out!
What Is A Figure?
A figure, in plain terms, is simply a number, e.g., 1, 2, 3, 4, 5, etc. And, when you have more than one number, it’s called figures, like 16, 20, 500, 1000, etc. These numbers are made up of more than one number or figure, so they’re called figures. It’s only logical to say that the more figures you have, the higher its value would be, especially in terms of money. The more figures you see, the higher the monetary amount.
Okay, so we’ve got that covered, so let’s move on to what figures mean as someone’s income.
Usually, figures describe someone’s income because it gives a better idea of how much they earn without outright stating their exact earning. So, suppose someone makes a 5-figure income, that means they earn between $10,000 and $99,999 per year.
Count the figures in both salaries, and you’ll see that there is 5 digits total in both of them. 5-figure salary, so five digits total. Since you know the range for 5 digits, you would be able to guess the actual amount when you would hear the term a 5-digit salary.
An important thing to note is that this is their income per year. Usually, when people talk about what figure salary someone has, they mean on an annual basis (before subtracting taxes). Knowing the yearly salary is important as it gives you the bigger picture of what you make for your job. Knowing this helps a person understand the limits a person can do in their life.
Wouldn’t it be cool if we could earn 6-figure pay monthly? Now that’s the dream!
Now that we know what figures mean in terms of money let’s see how much is 6 figures.
How Much Is 6-Figures In Money?
6-figures is any amount which is more than $100,000 but less than $1,000,000, or any amount between $100,000 and $900,000.
This is a lot of money and, usually, people earning a 6-figure income are considered wealthy. Less than 9% of Americans earn a 6-figure salary.
But, two people who earn a 6-figure salary can’t necessarily afford the same lifestyle. You have to consider the range of the figures since every dollar counts!
So, let’s say one person, who’s working from home, earns a salary of $340,000. If you divide it by 12, this person would have a monthly pay of $28,333.
Seems like a lot, right? This amount can already provide a good lifestyle for you.
So, even if both people are within the 6-figure bracket, their lifestyles are vastly different!
What Does It Mean To Make 6-Figures?
It’s probably clear by now that making 6-figures is no joke, and despite how celebrities or influencers display their lavish lifestyle, most of them aren’t as rich as you think.
How long this income lasts and the lifestyle you can lead with depends on several things:
- Where you live
- Whether you have a family, and how big it is
- How lavishly are you spending the money
- And whether you’re earning a low, mid, or high 6-figure income.
A low, mid, or high 6-figure income is an informal way of dividing the income into three brackets to analyze further how wealthy someone is. This would look like this;
Low six-figures = $100,000 – $399,999
Mid six-figures = $400,000 – $699,999
High six-figures = $700,000 – $999,999
There are plenty of unique ways you can earn a 6-figure salary, such as becoming a Shopify expert through affiliate programs, having a YouTube channel, an online business, or becoming a blogger. It’s no secret that many bloggers and influencers actually do make 6-figures.
However, while it does seem like people earning 6-figures have the best life, you need to invest and have proper financial guidance in place to continue living like that. Otherwise, you can end up in dire conditions!
But if you invest, save, and spend wisely, you can live a sweet life; fancy cars, extravagant vacations, a big house, and all the blings good money can buy!
6-Figure Jobs: Is a 6-Figure Salary Good?
The short answer is yes. The long answer is it’s only a good salary, depending on you managing your money well. People earning a low 6-figure wage are earning above the average American, and those earning a high 6-figure wage can definitely live very comfortably.
But, it’s not uncommon for people to be living paycheck-to-paycheck even while earning a 6-fire salary solely because they didn’t have sound financial planning. To earn a 6-figure and enjoy a lavish life, you’ll need to take care of any debts you may have, invest and save your money, and be careful not to give into bad spending habits.
How Much Is 7-Figures In Money?
Any figures over $1,000,000 would be classified as a 7-figure salary. Like the different income brackets in a 6-figure salary, someone earning $9 million would have a wildly different lifestyle than someone earning $1 million.
However, whether you’re earning a low 7-figure or a high 7-figure salary, this is when you’ll officially be a millionaire!
The most intelligent way to make money and become a millionaire requires patience and dedication. You’ll need to either work in an up-and-coming niche or build high-income skills in an already saturated market. The work is cut out for you, but if you break a leg and make it big? The rewards will surely be worth every blood and sweat you may have shed.
Create a side hustle to earn passive income, have a sound financial plan, and make smart investments for extra income.
What Does It Mean To Make 7-Figures?
7-figures is a lot of money, and according to the IRS 2018 report, 539,207 Americans reported an income of $1 million or more before adjusting for taxes. So, that means only 0.35% of Americans earn seven figures or more.
Can you believe it? Less than 1% of the people are earning 7-figures or more.
If you want to stand alongside the people making this much, you’ll need a job befitting such an income. A few examples of jobs that could lead with such wealth are:
- Famous YouTuber like Demolition Ranch
- Business owner like Grant Cardone
- Investment banker
- Movie star like Mila Kunis
- Athlete like Eddie Hall
- Fashion designer
7-Figure Jobs: Is a 7-Figure Salary Good?
For most people, this is the dream salary to have. Earning a 7-figure salary means you’re earning 1 million dollars per year. This much money should have you living a comfortable life alongside having quite a decent sum left over for saving or investing. So, yes, a 7-figure salary is for sure good!
But, don’t forget. It’s much easier to lose money than to gain it, so manage your money carefully and seek the best financial advice possible. If you want to have your money-making money and start a money-making machine, it would be wise to read about investing in low-cost index funds and perhaps even start building up passive income through peer-to-peer lending.
How Much Is 8-Figures In Money?
Now, this is the income that even the rich dream of having! Earning any figures above $10,000,000 would be an 8-figure salary. Can you imagine that? People making this much are referred to as multi-millionaires!
8-figures is the yearly income between $10,000,000 and $90,000,000 before the deduction of taxes.
What Does It Mean To Make 8-Figures?
Earning an 8-figure salary is no joke. Only the top 0.01% can do that. It’s nearly impossible to earn this kind of salary, and the people that do have this much money usually earn it through side businesses, multiple investments, endorsements, bonds, and shares.
When people or the media talk about having 8-figures, they usually mean net worth. Net worth is the value of your total assets minus the liabilities. In simple terms, net worth is what you owned minus what you owed.
Like singing sensation, Taylor Swift has a net worth of $365 million. This isn’t the salary she earns per year but the total amount of all her assets, investments, and cash minus any liabilities.
However, to earn an 8-figure salary, these are the best careers to consider:
- Professional athlete
8-Figure Jobs: Is an 8-Figure Salary Good?
With an 8-figure salary, we’re very confident you won’t find yourself struggling anytime soon. Given that this is far above the average salary of an American and that you’ll be earning more than $10 million, this is definitely a great salary.
However, it’s important to remember that the greater the salary, the greater the debt can be, too, so always spend wisely and take care of necessities and savings first.
How Much Is 9-Figures In Money?
9-figures is any number between $100,000,000 and $999,999,999. Since both of these have 9 digits each, these would be listed under 9-figures. Anyone earning this much money would have an annual income of over $100 million but just under $1 billion.
This income, again like 8-figures, is nearly impossible to achieve, and usually, people can have a net worth of 9-figures, but having a salary of this stature is stretching it too far.
What Does It Mean To Make 9-Figures?
Usually, A-list celebrities, jet-flying socialites and business owners, and famed entrepreneurs or prominent athletes have a net worth of 9-figures. These are the best of the best of the best, who can monetize every appearance and every action. Earning millions of bucks from a single shoot, now that’s life!
With a net worth of this level, you could buy the most expensive house in America, a yacht, your very own private island, a private jet, and still have money left over!
9-Figure Jobs: Is a 9-Figure Salary Good?
Those earning 9-figure salaries are the most exclusive people, who can buy nearly whatever their heart desires. So, this is possibly the best salary anyone could dream of achieving!
This much wealth is usually in the form of total net worth rather than something these people make on an annual basis. Since this such a high figure, this usually refers to the entirety of what a person made since only a handful of times can a person earn this annually.
But, some celebrities have earned this much at some point in their lives, like Oprah Winfrey nearly took $300 million from her show. Kylie Jenner made $590 million when she sold 51% of her beauty company to Coty. These examples are a dime a dozen today, so these are just exceptions to the norm. But that doesn’t mean we can’t do it, right?
Famous sports personalities like Lionel Messi and Cristiano Ronaldo have reportedly earned $127 million and $109 million from their array of sponsorship deals.
How To Boost Your Income?
When you’re not yet making a 6 figure income, don’t worry about it. There are plenty of ways to make money.
Today, making money online is easier than ever before. Do you want to start a profitable side hustle? Here are some suggestions:
- Make money from home by selling items you don’t need anymore.
- Get paid to do gigs, like food delivery with DoorDash or Postmates.
- Make extra cash with websites like Craigslist, where you can do a different gig every day. Examples include freelance writing, data entry, video editing, etc.
- Earn some extra cash through babysitting, pet-sitting, and online tutoring.
- Signing up with Swagbucks to make money with survey sites. Check out our full Swagbucks review here.
Adding an extra amount of money to your income can add up to your savings. Aside from your full-time job, you can do some side hustles to make money on the side. This can achieve the financial freedom everyone should hope for in their lives.
Conclusion – How Much Is 6-Figures In Money
The more figures you have, the better off you can be. It is as simple as that. Everyone dreams of making enough money for the rest of their lives.
This should motivate you because if you want to achieve the number of figures in your salary, you need to push yourself further in your life. Be part of the statistic of your desired number figure salary and make your world move rounder and rounder. This article could be your first step and guide in fulfilling your dreams.