Last Updated: March 16, 2022
Everyone dreams of earning a decent income and many of us might have heard that a six-figure income is ideal for that. If you’ve ever wondered how much is 6 figures, you’re at the right place.
In this article, we will not only discuss how much that is but also provide you with several ways you can start earning that amount.
How Much Is 6 Figures?
As the name suggests, making 6 figures implies earning an amount anywhere between $100,000-$999,999 per year. If we apply basic math, it amounts to earning anywhere between $8,333 to $83,333 per month.
And assuming you work 8 hours a day for 5 days a week, this means earning $48-$480 per hour.
Is a 6 Figure Salary Enough?
Earning a salary of six figures may feel like you’ve conquered it all and achieved financial success to become financially stable. While it may be true for some, it is not always the case. People often confuse a high income with being wealthy. Whether a salary of six figures is enough or not depends on a variety of factors, such as:
- Student loans: Many people who earn six figures have a student loan to repay. Getting a high-paying job usually requires advanced education. Many high-earning professionals struggle to repay their student debt and if you don’t manage your money, it is possible that most of your six-figure salary will go towards paying your student loan.
- Place you live: If you live in a city with a high cost of living, a significant amount of your salary will go into paying your rent. Such cities include New York, Washington, DC, and many cities in California, where the rent can go as high as $3,500 per month! The cost adds up in the long run. However, places with lower rent can help you save a lot of money.
- Your spendings: It often happens that as your income increases, your spending also increases. We’ve already seen how much is six figures worth and it is indeed a lot of money! While spending varies significantly from one person to another, it is important not to try not to spend your savings on luxury items that you don’t really need and focus on building your wealth when you have the time and money to do so.
- Financial goals: Everyone has a different set of financial goals. For many, it could be saving for a house, while for others it could be planning their retirement. It is important that you understand how much is 6 figures in dollars, achieve the goal of earning it and make a budget to reach your financial goals.
- Taxes: Let’s not forget taxes. While you may think that you can take all of your salary homes, this is not the case. In fact, if you earn $100,000, your salary after taxes would be around $68,000.
These are just a few things people spend their income on. At the end of the day, the question of whether a salary is enough or not depends on each person. Some remain satisfied with their current income and job while others feel that even earning six figures is not enough for covering their expenses.
|DID YOU KNOW: The average American credit card debt is $5,525. This means that for many Americans, a significant portion of their salary goes into paying off credit card debt!|
How to Make 6 Figures
Now let’s discuss the most important question of how to earn such a salary each month:
- Advanced education: Choosing a career path that is financially rewarding is one of the easiest ways to get paid well. Getting a bachelor’s degree may not be enough and you might need to get a master’s degree or complete professional courses.
- Certain career paths: We’re all aware that choosing career paths like medicine or engineering pay more. Other lucrative career paths include law or joining the corporate world.
- Business: A successful business can even pay more than 6 figures. Since we’ve already discussed what is 6 figures in a salary, you are aware that it is a lot of money and a successful business can pay even more. However, you must first invest your money, time, and energy for your business plan to work. It may take years before your business even reaches the break-even point.
- Passive income: Not everyone can start their own successful business, but almost everyone can start earning passive income. You can start your YouTube channel, write a book, or invest your money to generate income for you in the future. This will be an additional income and can take you closer to the 6 figure mark.
|DID YOU KNOW: 1 out of 10 full-time workers in the US earn 6 figures making at least $100,000 a year.|
Jobs That Make 6 Figures
Here are a few jobs that pay a salary of 6 figures. Bear in mind that, in most cases, the employers will conduct a background check before hiring you.
- Financial manager with MBA: Job candidates with an MBA degree who are employed in the financial department of a company usually earn in 6 figures. The average salary starts at $127,000 and can go further up with experience. The job profile includes maintaining the financial health of the company by managing its investments and spendings.
- Medical professional: Medical professionals of any field of medicine earn in 6 figures. This includes dentists, anesthesiologists, gynecologists, neurologists, surgeons, etc. The job profile includes taking care of and diagnosing the patient correctly. This job requires years of study and practice. If you’re wondering how much is 6 figures a month when it comes to the salaries of medical professionals, a standard salary for this sphere is around $18,700 per month.
- Engineer: Did you know that the CEOs of two of the world’s largest information technology companies, Google and Microsoft, are both engineers? You can choose from a variety of engineering industries like mechanical, electrical, programming, etc. An engineer’s job includes managing the project to improve its functionality and performance.
Here are a few jobs that don’t require an advanced degree but pay in 6 figures. You can also browse through various job search engines to look for high-paying jobs suitable for you.
- Real estate broker: A real estate broker acts as an intermediary between the seller and the buyer of a property. They earn a sales commission. A successful real estate broker easily earns 6 figures.
- Web developer: Web developers can also earn a six-figure salary. Employers don’t ask for a degree for this job but only look at your website-building skills. The job candidate must have excellent website building and designing skills to earn 6 figures.
- Content creator: Content creators and social media influencers often earn in 6 figures. They get paid to promote products as part of social media marketing. Many may also collaborate with brands. Their job includes creating engaging content for the audiences to increase their reach.
|DID YOU KNOW: One of the most popular 6 figure jobs in the US is that of an Operations Manager.|
Many people wonder what is a 6 figure salary as it is often glamorized in the media. All it means, however, is earning anywhere between $100,000 and $999,999 annually. Some jobs with a salary like that are financial manager, medical professional, engineer, web developer, etc. You can also start your own business or earn passive income to reach this figure.
This figure is around $50 an hour assuming you work 8 hours a day for 5 days a week.
Yes, 100k is $100,000 which is 6 figures. Any salary between $100,000 and $999,999 a year is considered 6 figures.
It refers to the number of digits in a number. That’s why it’s easy to calculate how much is 6 figures; it simply implies an income anywhere between $100,000 and $999,999.