Okay, so you are probably wondering what six figures is and why we are talking about it.
Depending on where you are in your career or financial journey, you might not know how much money six figures is, let alone fathom making that much money.
Today I want to break down exactly how much 6 figures, 7 figures, 8 figures, and nine figures is. As well as include some tips on how you can get there.
How Much Is 6 Figures?
Have you ever overheard others talking about making 6 figures and wondered exactly how much that is?
Let alone how the heck does anyone make that kind of money. I know, in my early 20’s I did.
So how much is six figures exactly?
Having six figures means that you have at least 100,000 of something but less than 1,000,000.
So if someone asks you what 6 figures mean, it means you have at least 100,000 or 100k.
Now, if someone says they have six figures, it could mean a handful of things. They could have $100,000 or they could have $900,000.
How much is a six figure salary?
So you want to make six figures, huh? Well, first, you need to figure out how much is 6 figures a year is.
Meaning if you work for 12 months, how much will you need to make in order to reach that six-figure mark?
How much is 6 figures in money?
A six-figure salary is a salary that has six figures like in the example above.
What does six figures mean? If you want to make a 6 figure salary, you need to make at least $100,000 in one year.
Do you want to make more? Making six figures also means that you could make $200,000, $300,000, or more.
A six-figure salary is basically the term given to an amount of money with 6 digits.
Do you want to know how much you need to make per month in order to make 6 figures a year? If so, keep reading below.
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How much is six figures a month?
Now that we have figured out how much is a 6 figure income, we will figure out how much you need to make every month to make 6 figures in one year.
6 figures a month is how much?
What do you think? Does that number look doable? While I believe anything is possible, this is quite a bit of money for most.
Well, most of us don’t need 6 figures to be wealthy; some of us do enjoy chasing that 6 figure number over the lifetime of our career.
How to earn a six figure income?
There are many ways to earn a six-figure income besides landing a lavish high-paying job. Heck, most high-paying jobs aren’t lavishing at all.
The way to earn a consistent six figures is by setting yourself up to have multiple income streams.
Making six figures isn’t going to happen overnight. However, making that amount of money, if you put in the work, is possible in 5-10 years.
Here are a few ideas of multiple income streams you could start:
- Start a small business– Do you have a hobby you enjoy? If so, try turning it into a small business.
- Invest in the stock market– Don’t let your money sit in a savings account at your bank. Invest it and reap the rewards of compounding interest.
- Purchase a rental property- If your finances are in a good position, consider buying a rental property and slowly pay it off over time.
- Start a side hustle or two- Yea, a side hustle might not make you 6 figures, but it will get you closer to that special number.
Some of our favorite side hustles include:
- Blogging– check out how we made $22,000 in one month
- Flipping furniture and other goodies you find
- Teaching English from home
- Dog walking
- Virtual assistant- check out this course to get started
Those are just a handful of different income streams you could have on top of an average 9-5. Remember reaching the six-figure mark isn’t going to come overnight.
You want to find income streams that will pay you while you are sleeping. Meaning, eventually, you’ll get to a point where they make you money when you are not working.
Related article: 13 Virtual Assistant Jobs for Beginners That Won’t Disappoint
Jobs That Pay 6 Figures
Are you looking for a career change and want to make big bucks, so you don’t have to rely on multiple streams of income to reach the six-figure mark? If so, here are several 6 figure jobs you might enjoy.
These six-figure jobs might be for you:
- Financial Manager
- Air Traffic Controller
Keep in mind that these jobs require some extensive schooling or training.
Six-figure jobs that don’t require a degree
Aren’t interested in returning to school. Me either; here are six-figure jobs that don’t require a degree.
- Commercial Pilot
- Business owners
Elements that will greatly affect your 6 figure salary
So you make six figures, great. Does that make you rich?
No, not exactly.
Turns out that the more money you make, the more money you spend. Just because you make six figures and are a high earner doesn’t necessarily mean you take home a lot of money.
We all have expenses; the more money you make, the more expenses you usually have. If you aren’t careful, eventually, your expenses will start to outweigh your income.
As your income starts to increase, so does the size of your home. Or maybe you buy a brand-new vehicle, camper, boat, or all of the above.
Without a budget, anyone can easily fall into this trap of spending more than they make, even with a high income.
Components that affect your six-figure salary:
Debt- Are you buried neck-deep in debt? Chances are, if you have a six-figure income, you probably have multiple student loans and not small ones. Student loans and other loans you have accumulated along the way will stick with you even once you land that six-figure job.
Location- When landing a six-figure job, location matters. If you live in a big city and make a six-figure income, it might not go very far. Your money will go much further if you live where the cost of living is much smaller.
Time- Your time matters! Time is the one thing that you won’t ever get back. Six-figure jobs come with a time commitment. More than likely, you’ll be spending less time at home and more hours at work. Is it worth it?
How Much Is 7 Figures?
Every dream of making 7 figures? I think most of us have from time to time. But how much really is seven figures?
7 figures is a number that has 7 figures, such as 2,000,000.
How much is a seven-figure salary?
Having 7 figures means you have somewhere between $1,000,000 and $9,999,999.
Yes, this means you have 1 million dollars but less than 10 million, which is a whole lot of money.
Many of us set our hearts on having this much saved by retirement. However, having a 7 figure salary seems far-fetched for most.
How Much Is 8 Figures?
Eight figures is any number anywhere between 10,000,000 and 99,999,999.
Having this amount of money is quite significant. Many of us, myself included, couldn’t imagine what it would be like to have eight figures.
How much is an eight figure salary?
If you were to make an eight-figure salary, you would make somewhere between $10,000,000 and $99,000,000 a year.
To me, that number seems unfathomable, but to a very small part of the population, they make it happen.
How Much Is 9 Figures?
Nine figures is any number anywhere between 100,000,000 and 999,000,000.
In terms of money, is nine figures a lot. YES!!!
Most people will never make this amount of money in their entire working life, which’s more than okay.
Final thoughts- Do you need a six-figure salary to build wealth?
You most definitely, do not need a six-figure income to be happy and build wealth if you are intentional with how you spend your money.
Always live below your means, and be mindful with your money, and it will go a long way.
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