How much is 6-figures? How much money is a 6-figure salary? This is a question common with all job-seekers, both side hustlers and 9-5 workers. The reason being that we all aspire to earn “good cash” from our jobs and get to live the comfortable lifestyle brought about by high pay rates.
You might have come across a person or even heard a friend mention that they know a person who has a six-figure paycheck. It is also possible to come across a successful investor who owns an eight-figure portfolio.
But exactly how much is a six-figure or how much is 7 figures or even 8 figures or 9 figures in reality? Which jobs pay what figures and where can you get such opportunities? First off, I can assure you that if you put your mind to it, high-figure incomes are within reach- even for freelancers.
In this article we will be looking at the following:
- What a figure is
- What we mean when we say a six-figure income
- The kind of people making such an income
- The jobs likely to give such incomes
- Lifestyles afforded by different pays
We will also have the chance to look at 3, 5, 6, 7, and 8-figure remunerations in this article.
Let’s start by understanding some terminology.
What is a Figure?
In order for you to understand what the article is about, allow me to take you back to school where you were taught about figures.
A figure is simply a single digit in a given number.
Example 1: In the number 234567 every single digit is a figure i.e., 2 is a figure on its own just like 3, 4, 5, 6, and 7.
Example 2: In the number 10 (a 2-figure number), 1, and 0 are figures. Similarly, 245 has 3 figures, so it’s a three-figure number. When talking about three-figure numbers, we mean everything between 100 and 999.
25690 has 5 figures, so it’s a five-figure number. From what we have above, every number between 10,000 and 99,999 is a five-figure number.
It follows that if you are earning a seven-figure salary, your pay falls between $1,000,000 and $9,999,999.
Salaries are further categorized according to how close they are to the maximum figure possible in a given range. This classification is important for you to understand what kind of life to expect with your pay. Let’s use the six-figure pay to illustrate:
How Much Money is 6 Figures?
So how much is 6 figures in money really? It’s more than $100,000 but less than $1,000,000. That’s definitely a lot of money!
Since six figures is still a vast range, some people tend to divide it. Common mathematical sense suggests that:
- Low six-figures = $100,000 – $399,999
- Median six-figures = $400,000 – $699,999
- Top six-figures = $700,000 – $999,999
How Much Money is a Six Figure Salary?
A six-figure salary is an earning that is more than $99,999 but does not exceed $1,000,000.
If a person says that he/she gets a six-figure salary, they’re simply talking about the amount they earn per year before taxes or any other deductions were made.
When talking about a six-figure pay, we are talking purely in terms of dollars and not cents. Have a look at the example below to understand what I am talking about.
Let’s take the number 18967.6, is it a six-figure? Based on our reasoning from the above explanation, then the answer is no!
What Does it Mean to Have 6 Figures?
When someone says that they have a “6 figure salary” they don’t generally talk about their monthly salary but instead, they are referring to their net worth.
Furthermore, having a six-figure income is predominantly seen as an achievement, a milestone, and even a dream come true by most people.
How much is six figures a year?
Annually, this is any amount between $100,000 to $999,999 which is basically a lot of money.
It is hard for most people to attain such an income level every year and instead find frugal ways of living comfortably on a smaller salary.
In the US, according to Statista, only a small percentage of people comprising about 30% of households earn above $100,000. This implies that 70% of the population live below $100,000 annually.
How Much is 6 Figures Monthly?
Typically, permanent work opportunities pay you on a monthly basis. So, if you ushered home an annual income of $300,000 your monthly income would be $300,000 divided by 12 (the number of months in a year). For this example, the answer is a $25,000 monthly income.
And if you brought home a net income of $900,000, that is after taxes, your monthly salary would be $75,000.
So based on the two examples, even though both incomes are in the six-figure bracket, the two individuals would be earning very different monthly incomes.
How Much is 6 Figure an Hour?
Most casual and freelance workers are paid on an hourly basis. Here the question is how much you need to paid per hour to hit a 6-figure.
The normal working hours for an employee is 8 hrs a day (assuming workdays are from Monday to Friday) – that is from 8:00 am in the morning to 5:00 pm in the evening making it 40 hrs a week. In four weeks’ time, the total hrs would be 160 hrs.
The person that earns a monthly salary of $25000, which is $300,000 per year, will actually be making $156.25 per hour.
In the other example, the person earning $75, 000 p.m will be making a total of $468.75 an hour.
What Jobs Make 6 Figures a Year?
As noted earlier, a six-figure income is a millstone many people desire to achieve. It is however difficult to achieve since many of the jobs paying such figures require formal university education and many years of working experience. Also, these are management-level jobs in top-tier companies.
As such, making a six-figure income as a freelancer will require you to think outside the box. You might even consider learning new skills and also taking advantage of the growth of new tech-driven job sectors.
With that in mind, let’s highlight what you need to earn six figures.
Skills Needed to Achieve a Six-Figure Income
When it comes to evaluating skills needed for you to hit the six-figure income range, education is key.
In most cases, you will need more than just a high school education because most of the industries paying such figures value discrete technical expertise and training.
You can find out more about what education you might need for you to qualify in a certain field through career exploration.
Six figures can also be achieved by leveraging courses that allow you to work from home at an expert level.
Six-Figure Salary Jobs
Wondering which jobs pay six figures? Below is a list of jobs that require a degree and pay a six-figure income.
- Petroleum engineer
- Financial manager
- Software engineer
1. Petroleum Engineer
Median salary: $137,330 yearly.
Oil fieldwork is one of the accepted high-paying jobs. You should however keep in mind that this job requires investing lots of time and also tends to be dangerous. You’ll be deployed to an off-shore and remote oil rig with the harshest weather imaginable.
The Bureau of Labor Statistics notes that a petroleum engineer must have attained a degree in Petroleum Engineering although degrees in Civil, Mechanical, and even Chemical Engineering can also be accepted.
Median salary: $102,880 a year.
An actuary is someone who deals with compiling and assessing statistics and uses the data in calculating insurance premiums and risks.
You will need to major in Actuarial Science or related fields like Statistics. You will also be needed to take extra courses in Mathematics and Computer Programming.
In order for you to be fully a qualified and certified actuary, you will need to sit for a total of about ten very challenging exams and aim for more than just a pass.
Median salary: $156,240 per year.
This is a job that doesn’t require many definitions. Although dentists make us scared, they help put a smile on our faces.
An aspiring candidate must sit for a dental admission test before being admitted to a dental school where they will have to earn their DMD or DDS, pass both the National Board and State Clinical Examination. All these measures are required for you to secure a license and practice.
Median salary: $208,000 yearly.
Surgeons are medical practitioners that are qualified and licensed to treat injuries and deformities through an operation using a variety of surgical instruments. That’s quite a mouthful job description but so are their qualifications.
Ideally, it takes about 5 years of schooling and up to 7 years of residency and internships before you become a surgeon.
5: Financial Manager
Median salary: $127,990 annually.
A financial manager monitors the finances of an organization/company, along with producing financial reports and developing strategies that will affect the overall financial goals of the organization in the long run.
Financial managers must comply with the laws and regulations set by the federal and state governments.
Since this is a competitive field, the least qualification is that you must have attained Bachelor’s Degree in Finance, Business Administration, or Accounting.
However, in the mega-companies that offer huge salaries ($400,000+), a master’s degree is needed alongside a minimum of 5 years of working experience in different finance roles.
6: Software Engineer
Median salary: $107,904 per year.
A Software Engineer’s job is to design, develop, maintain, test, and evaluate computer software. There’s a high demand for software engineers since companies need innovative, custom-built, and up-to-date software. This is one of the go-to 6-figure work-at-home jobs since the tasks can be done from anywhere at any time.
Six-Figure Jobs That do not Really Require a Bachelor’s Degree
According to US News, just one year of college can cost you an average of $41,411, in tuition fees alone! That’s quite a lot of money. So, it’s understandable that you could be on the lookout for 6-figure job opportunities that don’t require experience of a degree.
Here are the top picks:
- Commercial pilot
- Air traffic controller
- Social media influencers & Digital Marketers
7. Commercial Pilot
Medium salary: $121,430 yearly.
One of the major advantages of being a commercial pilot is earning huge paychecks that increase with your experience. That’s to say, the more you fly the more your pay increases. Also, you will get to fly gigantic airplanes and be able to visit many places on mother earth.
According to the Bureau of Labour Statistics, you will have to complete flight training with the Federal Aviation Association who is the certified instructor. You are required to have acquired a license before flying.
8. Air Traffic Controller
Median salary: $122,990 annually.
An air traffic controller is tasked with the duties of controlling air traffic. This involves making sure that planes can land and take off smoothly without colliding with each other.
9. Influencers & Digital Marketers
It’s really hard to have an estimate of an influencers’ salary. The is due to the fact that earnings depend on the content that you promote and the company contracting you. Common platforms where you can make 6-figures include Blogs, Facebook, Instagram, and YouTube.
People like Edwin Contreras an all-time blogger, and Rich Ferguson a YouTuber, manage to make a six-figure salary from social media.
Edwin started with a small website where he used to earn small amounts of cash from selling products. On the other hand, Rich created a YouTube channel where he uploads videos of him doing magic tricks, showing how-to’s, and doing pranks.
You can also go for up and up and coming social media apps that are making users 6-figures fast. One of my top picks is selling pics and videos on OnlyFans. Here, there are records of people making $1,000,000 in just 24hours!
What does a Six-Figure Lifestyle Look like?
A six-figure income is remarkably lots of cash, but the kind of lifestyle you choose to live depends on the following factors:
- Your dwelling place
- How huge is your family
- Which end of the scale you are in
- Your spending habits
Many of us expect that a six-figure salary will buy us those mansions we all dream of living in and probably get us our dream cars. This might be true depending predominantly on where you are located and also the range of income you fall under.
At the same time, having a six-figure salary does not necessarily mean that you will live a comfortable life. Let’s take an example of San Francisco where a family that manages to accumulate a salary of $117,400 is considered low income.
This is so because many tech companies have positioned their headquarters in the region making it a highly industrialized area. As a result, housing costs and as well other expenses have been rising steadily.
Another good example is the case of Silicon Valley, California. Here, a salary of $100,000 is classified as low income.
So, based on the above findings, it is easy to find someone having a six-figure salary but living paycheck-to-paycheck.
How Much is a Seven-Figure Salary Job?
A seven-figure salary is basically anything above 1,000,000 but not past 9,999,999.
This is where you enter the millionaire category officially.
Like I had mentioned earlier, the income range matters with the range here being huge. There are those who are at the lower end, that is the $1M income per year, and those at the top end, $9M annually.
Attaining 7 figures is something we all desire by the time we retire. The secret to attaining such a goal is spending less than we earn and also letting the money we’ve earned work for us. This is where you need to think of passive income streams – make money without much input on your end.
Seven Figure Salary Jobs
Most of the jobs listed here are also found in the six-figure category only that in here, one needs to have invested a lot of resources and time for it to pay off.
Examples of the jobs possible of earning you the 7 figures include:
- Start-ups investor
- Investment banker
- Specialized surgeon
- Professional athlete
- Business owner
- Movie star
- Real estate developer
How Much is Eight Figures?
As you ascend the earnings ladder, the number of people in this category keep decreasing because 8 figures is sincerely a lot of money.
Eight figures is anything between $10,000,000 and $99,999,999.
Eight Figure Jobs
Just as the pay is high at this level, so are the responsibilities and tasks. At this point, it’s either you are selling a unique talent that wows everyone, or you are racking your brains for new ways of doing things. You can also make 8-figures by managing a huge workforce to achieve a certain goal.
To help you understand such jobs, we shall look at some specific high-earners in different industries.
According to figures reported by ExecPay, the Paypal CEO Daniel H. Schulman got a clean $25,000,000 over 6 years. During his time at eBay, he made around $39 in one year (2014) and $10,000,000 from American Express in the period 2010 – 2012.
As stated by Forbes, actor Dwayne Johnson (known for his popular movies such as Rampage, Skyscraper, and Jumanji, just to mention a few) managed to collect $89.4 million in the year ending June 2019.
Another top actor making 8 figures followed by Chris Hemsworth known for Marvel’s Thor, managed to accumulate $76.4 million during the same year.
12. Professional Athlete
According to Forbes, in the year 2019;
- Boxer Canelo Alvarez made $94 million
- Ariana Grande took home $72million. She is the most paid female celebrity on Forbes 2019 list.
- Mohammed Salah, Liverpool and Egypt footballer, earned $95million
How Much is a 5 Figure Salary?
The average annual salary for a full-time worker in the US was around $40,000 in 2019. What this tells you is that majority of Americans earn in the 5-figure range; $10,000 to $99,999. The trend is much the same in the UK which recorded an average income of £36,611 in the same year.
Many jobs that require you to have attained up to a college-level of education fall in this mid-high category.
Jobs with 5 Figure Salaries
For comparison, let’s look at jobs from 2 different job markets.
Below are some typical five-figure paying jobs in the UK:
- Plumber – £27,866
- Driving jobs – £22,701
- Medical secretarial work – £20,474
Jobs with 5 figure salaries in the US include:
- Childcare worker – $25,510
- Paramedic – $36,043
- Teacher – $60,477
- Midwife – starting salary of $63,000
- Software Engineer – $65,000
How Much is a 3 Figure Salary?
A three-figure salary earner will bring home an income ranging from $100 to $999. This is considered to be a very low income no matter the country or state.
This kind of income is very insufficient for an individual to live on as it won’t even cater fully to your essential needs.
3 Figure Salary Jobs
These are usually small tasks that require unskilled or low-skilled individuals to perform. Such individuals work part-time with their typical workday involving several jobs. While we have stated the typical hourly rates for the previous jobs, 3-figure is the category where hourly remuneration is the norm.
Jobs in this category include:
We have looked at six-figure income as well as 3, 5, 7, and 8-figure opportunities. All these jobs are for you to make ends meet, and above all ensure that you build wealth.
Notably, even with high-paying jobs building wealth is easier said than done. So, for a promising future, aim to:
- Pay off your debts as quickly as possible
- Beware of illegal ways of making money
- Build up your savings to prepare for any eventually, either positive or negative
- Always work with a budget
- Invest your money wisely- start when you are young
- Take a fill-in side hustle to boost your earnings
- Don’t fall for scams that promise you huge returns after investing a “little” cash
What’s your hustle, how much do you make, and what are the qualifications? Tell us all about it in the comments.