Are you familiar with the saying, “money can’t buy happiness”? Perhaps the people who said that were millionaires or billionaires because money can buy things to make you happy. It can also buy something for a better, more comfortable life. Money is an essential determinant of the quality of life and how long you can live comfortably. Depending on how much money you earn, your comfortable life can last for generations.
How much is enough? The amount of money is determined by numbers, which make up more figures. The more figures there are, the greater your money is. But, answering the question “how much” can still be puzzling for some. Have you ever wondered how much is 6 figures? Or how much is 7 figures? Money matters are usually accompanied by questions, especially if you’re a meticulous and detailed person. And that’s okay! Knowing how large a sum of something is, how it can be invested, and what it means can help you manage your money more effectively.
Figures often have a story behind them. It can be stories of hardships, luck, hard work, or generational pressures. No matter how it came to be or how these figures are maintained or increased, one thing is for sure—it is something that you shouldn’t take for granted. If you have experienced asking yourself questions such as how much is six figures in money or even how much is 8 figures, then this article is for you. Questions like how much is 6 figures a month or how much is 6 figures in dollars will be put to light so read on!
How Much Is A Figure?
A figure can mean many things, depending on the context and in what aspect it is used. Simply put, a figure is described as a single digit, or most commonly called a number. This refers to the numbers that you were taught in school starting from 0,1,2,3, and so on. However, when talking about income or savings, a figure relates to how many digits there are. It is also used to describe one’s net worth or salary.
With that said, a figure can either be a number or a digit or a combination of both. For a clearer understanding of figures and numbers, here is an example. There are six numbers in a given amount of $ 253 790, which makes it a 6-figure amount of salary. When given an amount of $ 15, 632. 65, although it contains seven numbers, it is still considered a five-figure amount.
If you’re still wondering how to earn 10k a month, then knowing how much is 6 figures a month will be a shocker for you.
How Much Is 6-Figures?
It may seem confusing for some, but 6-figures are amounts that fall between $100,000 – $999,999, basically amounts that have six digits, excluding the decimal numbers. For an easier understanding, think about this phrase. So, 6 figures is how much?
A 6-figure salary describes earning $100,000 or more but less than $1 million. Contrary to the popular notion that people making six figures have a comfortable life, this is not always the case. Even among wealthy, setbacks such as debt, bankruptcy, and loss of capital also exist, only in far more significant numbers than what an average person’s experiences.
When it comes to talking about whether six figures are a good salary and can ensure a good life, it is not always the case. But it doesn’t mean that it will remain that way! Money matters don’t stay the same, especially if you constantly and diligently work on it. So, how much is six figures? How much is 6 figures a year? That depends on you and your situation, and that is for you to answer. After all, no two incomes and financial conditions are the same.
Is A 6-Figure Salary Good?
Everyone wants to earn enough, or more than enough, to give space for your wants and needs. Depending on your situation, a 6-figure salary can be good or insufficient. If you belong to the percentage of the population who has inherited generational wealth, earning an amount such as this is more than enough. A 6-figure salary or savings can be hard to reach for other people with unstable incomes and jobs, so encountering a career that pays that much is a wonder for them.
Some of the factors that hinder people from having a 6-figure salary include poor financial decisions, choosing career paths that aren’t in demand or underpaid, and the increasing living costs. If you’re aiming for a position that guarantees a 6-figure salary, here are a few high-paying jobs that can help you achieve it.
- Actuary– Actuaries assess financial risks and help people decide which options are better. They are essential workers especially in insurance companies.
- Anesthesiologist– As one of the most in demand fields of medicine, becoming an anesthesiologist will surely be well-compensated considering that hospitals are lacking in personnel with this expertise.
- Computer Scientist– Modern technology requires updated and advanced knowledge, and this is where the importance of being a computer scientist comes in. Aside from dealing with codes, a computer scientist is also crucial in advancements and breakthroughs in technology.
- Dentist– As long as there are people, a dentist will always be needed. Anything that concerns a person’s health requires people who are experts in a specific field, so you might want to consider being a dentist.
- Financial Manager– Financial managers usually handle insurance, investments, and other assets of a person. There are also times when they are sought for financial advice.
Now that you know how much a 6-figure salary is worth, then the answer on whether or not it is a good amount will always depend on you and your situation. It might be a wonder and a miracle for some, and inadequate for others.
How Much Is 7-Figures?
Witht the same explanation as how much a 6-figure salary is, seven-figure incomes pertain to amounts which are over $1,000,000. This staggering amount is a normal salary for the world’s richest 1%, and almost impossible to reach for the average person. Again, almost impossible. But the possibility is there, especially if you’re actively working towards reaching this goal. To give you an idea on what career paths you can pursue to have a 7-figure salary, here are a few jobs you might want to consider.
- Lawyer: As you work your way towards a higher ranks and progress onto bigger and successful firms, being a lawyer can grant you a 7-figure salary.
- Entertainer: While the world of music and recording is already filled with artists and entertainers who want to try their luck towards success, being an entertainer can surely land you a high net worth.
- Athlete: It is a known fact that athletes have many sponsors, and receive a lot of benefits from partnering with corporations or influential people. Especially if you are known to be unbeatable in your sport, you are bound to receive a big amount of money.
- Real estate developer: Land will always be important to people, which is why pursuing a career in real estate has a lot of advantages. As your clients increase and your sales and income go up, then earning more than 7 figures will become normal for you.
How Much is 8-Figures?
If you think earning 7 figures are a wonder, wait until you read all about how much 8-figures are. 8-figures refer to an income between $10,000,000 (ten million dollars) to $99,999,999. Incomes as large as these are enough for you to be considered as a multi-millionaire. Earning a fortune like this is likely to last you generations, especially if you invest it and use it well. Similar to jobs which earn 6 to 7- Figures, these are the jobs which can lead you towards becoming a multi-millionaire.
- Business Owners
- Website Creators/Owners
If you’re still finding it hard to grasp how an 8-figure salary exists, don’t you wonder if 9 figures is how much?
How Much is 9-Figures?
If figuring out how to earn 1000 dollars fast is a riddle for a lot of people, how does the thought of earning 9-figures sound? An income or salary of nine figures refers to any amount or number between 100,000,000 and 999,999,999, given that each has nine digits. This means that you are earning an amount ranging anywhere between $100 million and under $1 billion. For someone to accumulate this much wealth, investments, stock options, and other properties are included and given value. By now, you probably know that this automatically means that you have more than enough to provide yourself with a luxurious life.
If you are a dreamer and you are dedicated to reaching this point in your life, these are the jobs which can lead you towards the riches that can last for more than a lifetime.
- CEO/Owner of a Technological Company
- Business Owner
- Hedge Fund Manager
Imagine how many people still wonder how to earn 200 dollars fast while people who earn 9-figures exist. As unbelievable as it sounds, it’s the truth.
Increasing Your Income “Figures”
As mentioned earlier, everyone wants to earn high figures because this way, you will be able to afford the necessities of life and more. In this one life, it would be a dream to spend it in comfort and luxury. However, you often have to work hard and smart for it. While the path towards success and riches seem impossible, there are a lot of tips which can help you make it possible. Here are a few tips you might want to keep in mind.
- Plan your career ahead of time. Doing this can help you gauge which has the highest probability to be in-demand, while still considered as an area of your interest at the same time.
- Ask for incentives or bonuses especially if you worked hard for it. Some extra pays are necessary especially if you did more than what is expected from your job. By doing this, you will have more motivation to do better and recognize when you are not being well-compensated.
- Never be afraid to work for a company that offers better and greater compensation. Earning what you deserve to have is crucial especially when it comes to making your savings flourish. Recognize when your work is no longer being paid properly.
- Consider starting your own business. When you start your own business, you are your own boss. You will be in charge of decision-making and everything else related to your business.
- Invest in assets which you can count on long-term.
You don’t have to wait until you’re in your mid 30s to start because there are many ways to make money as 13 year old. All you have to do is keep an open mind and have determination.
Frequently Asked Questions
Do I need to have a degree to earn six figures?
No, you don’t. Some jobs only require knowledge, skills, and sometimes, a certification of training or proof of expertise. Here are a few examples of jobs that don’t need a degree:
- Air Traffic Controller
Median annual salary: $124,540
- Dental Hygienist
Median annual salary: $101,330
- Elevator Installer/Repairer
Median annual salary: $115,880
- Commercial Pilot
Median annual salary: $111,930
- Web developer
Median annual salary: $122,320
Is entrepreneurship still a good career choice to pursue?
Yes, it is. Entrepreneurship is always an excellent career choice because business will always be needed.
Does tax increase as the income increases?
Yes, it does. It is one of your duties and responsibilities as a law-abiding citizen to pay your taxes according to how much you are earning.
Can I earn more than 6-figures in a year?
Yes, you can. There are a lot of ways to make that happen, including balancing more than one job or business.
Will investing in something always bring back positive results?
Not always. It always depends on whether you have weighed your options well, and if the market changes. Investing always has it risks, but you can always be guided with the right knowledge in order to arrive with a calculated decision.
Going back to the first line if this article, has your thoughts about the phrase “money can’t buy happiness” changed? It is a wonder how a piece of paper can determine how comfortable your life can be or and what kind of person you can be. But more than that, it is more bittersweet to arrive with the realization that money makes the world go round. Not because every single thing can be bought, but because money has the power to change the world in many ways.
Dreaming of earning big figures is common, but not everyone lives to see their dreams come true. Some spend their whole life not being able to have a fortune as big as that, but still manage to live life with satisfaction and content. But if you are a dreamer and you want to live to see those dream of yours become a reality, then work hard for it. Nothing is impossible, even that multimillionaire dream of yours.