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FutureStarrHow Much is 6 Figures in Money? (And 7,8, and 9 Figures Explained)
We all have dreams and aspirations about earning ‘good money’. And there's a particular kudos around someone declaring an income of six figures.
But what do these figures mean in real terms? And what quiet lifestyle does that size of income afford?
Today we’re visiting look at:
We will take a look at what's meant by 4-, 5-, 6-, 7-, 8-, and 9-figure incomes during this article.
One single number may be a figure.
The number 7931 is created from four figures: 7, 9, 3, and 1.
The number 10 is formed from two figures: 1 and 0.
When somebody says they need a six-figure income, they mean that they earn between $100,000 and $999,999 p.a..
The per-year part is vital. that's the quantity (before tax and other deductibles) that a private earns in a very single year.
As a side note, we don’t include the quantity of cents within the figures.
So if someone’s income was $1,500.52, that may count as a four-figure income, because the figures after the amount don’t count.
Let’s dive right in to seek out out what quantity is 6 figures in money.
So what proportion is 6 figures in money? over $100,000 but $1,000,000 (one million dollars).
And yes, it’s lots of money!
Some people divide it even further, as six figures remains a large range of income. While there’s no real consensus on what constitutes low, mid, or high six-figure incomes, common mathematical sense would suggest:
However, when I become a six-figure earner, I won’t be arguing with anyone about how much money is 6 figures!
For most people, crossing the brink to a six-figure income could be a milestone, a life goal, a dream. However, this doesn’t always mean someone is bringing home almost 1,000,000 dollars.
A six-figure income may be anything from $100,000 to $999,999. this is often an incredibly wide selection of income, which only gets wider the more wealthy you become.
Most people can live comfortably on a way lower income, so this is often more of a ‘bragging rights’ income level that several people will never achieve.
Six figures broken into a monthly income would determine from the whole income divided by 12 (the number of months per year).
So, if you brought home an annual income of $200,000, your monthly salary would be $16,667.
If you earned $900,000 each year, your monthly remuneration would be a whopping $75,000 a month!
So even within the six-figure bracket, two individuals can have wildly differing earnings.
A six-figure annual salary is obviously a significant income. How far it stretches and the lifestyle it can afford you will depend on several things, including:
Living in London or the big apple would force significantly more income than somewhere less iconic.
what quantity is 6 figures in money will be relative to how costly your lifestyle is on daily to day basis.
For example, a salary of $100,000 would be considered an occasional income in geographical region, California!
Many people expect a six-figure income to form for us the life-style of our dreams – the flamboyant car, luxury holidays, expansive and palatial homes.
It should be noted though that even those with a six-figure income can find themselves living paycheck-to-paycheck without sound financial advice and investment.
However, taking a world view, having $100,000 in cash or investments would put you into the highest 10% of made individuals within the world.
Only around 9% of usa citizens make six figures or more. Despite all the media target celebrities and their extravagant lifestyles, this level of income continues to be very rare anywhere within the world.
Many traditional six-figure-income jobs are in senior management or business ownership and need multiple years of faculty study.
These qualifications will earn you excellent money, but will cause you a big amount of student debt:
Remember our earlier question: what proportion is six figures? not a soul who earns six figures has spent years and years at school at great cost to their future selves.
Some people are born into money. Some people inherit money. Some people win money. others work effortlessly.
Bringing $900,000 in from your work isn't the identical as inheriting $100,000.
Many higher earners exerting to safeguard their income by diversifying their income streams, creating passive income, yet as making use of long-term, high-yield investments.
According to USA Today in 2018, there have been 77 occupations within the US that commanded salaries averaging six figures.
Some of those are listed below. Many require college degrees, but those with an entrepreneurial personality will find they'll grow a six-figure business without visiting college:
By including these roles in my list, i'm not saying that you just can’t do these roles with a degree, or that nobody making money on YouTube encompasses a degree!
Obviously many are graduates. i'm merely stating that, unlike medicine as an example, you'll make excellent money in these roles without having graduated from college.
As many of those roles are more towards the entrepreneurial end of the spectrum, it's also vital that you simply explore the danger versus reward of every career.
More established, traditional jobs often include reduced risk as you're becoming an employee or working in a longtime setting or company.
Looking at people during this bracket, it might be quite easy to search out individuals within the corporate world, or education executives, or medical specialists and find those consistently commanding six-figure incomes.
Looking at the entrepreneurial sector, bloggers and YouTubers are within the two obvious spheres within which you'll be able to easily find six-figure earners.
People like blogger Edwin Contreras and YouTubers like Rich Ferguson:
Edwin Contreras started off with a network of small websites within the late 1990s and learned a way to work the software systems of Google.
He then progressed through stages, honing his craft as he began to form small amounts of cash from his first blog and products he sold through it.
Seven-figure incomes are anything over $1,000,000.
Again, there is clearly a huge disparity between someone earning $1million and another at the top end of the income bracket earning $9million!
You’ll notice that several of the 6-figure jobs are repeated during this section. this can be due to the massive overlap at these income levels.
The jobs that may see you bringing in an exceedingly 7-figure salary include:
All individuals during this bracket are considered to be millionaires and plenty of during this bracket are first-generation rich.
The reality is that those during this bracket with traditional careers won’t always be there. the character of their income is that when it's coming from their career, it's time-limited earning potential.
However, many others are entrepreneurs, setting themselves up for keeps, with both active and passive incomes. People such as:
The figures are becoming beyond most people’s imaginations now!
But an eight-figure income would see someone become a multi-millionaire. These are people with an annual income of between $10,000,000 (ten million dollars) to $99,999,999.
Nine figures is any income number with nine digits in it: $100,000,000 and up.
This is written in words jointly hundred million dollars. for many people, a very unbelievable amount of cash.
When you reach this level of income, you're talking about an incredibly select group of people across the globe. Often they need wealthiness, or have built on a closed corporation that has exploded. Usually, they're within the tech sector or industry.
However, this level of income (9 and 10 figures) becomes more cloudy when it involves trying to spot the particular remuneration of a personal.
For example, Jeff Bezos, founder, president, and CEO of Amazon ( a 10-figure earner) is usually reported as making billions of dollars in an exceedingly single day. That income is sometimes tied into the company’s stocks and not his actual salary.
Now we have moved into the realm of the few! Ten figures is $1,000,000,000 which is more commonly known as one billion dollars (but occasionally still referred to as one thousand million dollars).
Most of the individuals residing in this section will be worth ten figures and up as ten figures would see them remaining at an income level of one to nine billion.
Many in the list below are worth far in excess of that.
It isn’t really possible to list the jobs that would bring you a ten figure income, beyond describing the jobs and roles that the people below are doing right now: tech giants, philanthropists, heirs and heiresses, and media magnates.
As with a 9-figure income, looking at the annual income of an individual would not give you clear insight into their actual take-home pay.
For example, Mark Zuckerberg of Facebook pays himself just $1 a year, a legal requirement to ensure he remains registered as a legal employee, but he draws no other salary.
This would see him tumble into the category of poverty, with a single digit income!
However, at this level of earnings, that is obviously not the case. Check out this list of other top CEOs who do the same.