How Much Is 6, 7, 8, Or 9 Figures Salary?
Ah, money. Everyone needs it, everyone wants it. Even little kids nowadays know the importance money has on their and their family’s lives. That’s why many of us spend so much time, effort, and money to earn money. And with the current pandemic situation, many individuals faced a heartbreaking loss of business and income that won’t seem to end soon. But some people are quite successful, making 6, 7, or even 9 figures in a month! Wonder how much that is? How much is 6, 7, 8, or 9 figures salary? First, let’s talk about what a figure is.
To put it simply, a figure is any number. Choose a number between 0 and 9. When you combine those values with additional figures, you get higher figures. Cambridge Dictionary defines it as:
- “the symbol for a number or an amount expressed in numbers”
- “between 1 and 9/between 10 and 99”
- Let’s see it in this graph below:
I'm sure you've also been frustrated by "hearing six-figures." At the very least, it was the case the first time. Maybe you immediately understood what it meant, or maybe you just thought of it as a level or a goal that others have. So, let's find out what the answers are.
A six-figure income is defined as an income with six digits that are earned PER YEAR (this is critical), which means that six figures income ranges from $100,000 to $999,999. Consider a number to be a figure. Cents, by the way, aren't counted. So, if you earn $8,678.85 per year, you aren't in the six-figure range.
- Your average hourly wage is $48.00 if you earn $100,000 (before taxes) each year and work 40 hours per week for 52 weeks (an average of 173 hours per month).
- Your average hourly income is $72.00 if you earn $150,000 (before taxes) each year and work an average of 173 hours per month (40 hours per week).
- A yearly income of $200,000 will pay you $96.00 every hour (before taxes).
Remember that 6-figures might range from $100,000 to $999,999, therefore monthly incomes will vary.
Using the preceding examples:
- The monthly cost of $100,000 is around $8,300.
- $150,000 equates to approximately $12,500 each month.
- Before taxes, $200,000 equates to $16,700 a month.
That is debatable. If you live in New York and earn $100,000 per year, your $100,000 will not buy you nearly as much as if you live in Nebraska and earn $100,000 per year. In fact, many families earning $100,000 a year in California are just scraping by due to the high cost of housing, transportation, and state income taxes.
Bankrate's Cost of Living Index shows that:
“To earn the equivalent of $100,000 in Houston, you'd need to earn around $141,000 in Boston. And if you were earning $100,000 a year in Memphis, Tennessee, you'd need to earn roughly $245,000 in New York City to maintain the same standard of life. While salaries are generally greater in cities with higher living expenditures, they do not always correspond to the same level of quality of life.”
Why do so many people set 6 figures as a goal given that we know the foundations of what it means to make six figures? First and foremost, we're talking about money. Meanwhile, money can provide us with a variety of benefits, such as:
- a dream vacation
- buy better products
- quit the job you don’t like
- purchase a house of your dream
- wear better clothes
- pay off a student loan
- retire early
- financial freedom.
For these and other reasons, I believe that earning six figures is an excellent aim to pursue.
As of mid-2021, there will be 56 million persons in the globe with a net worth of over $1 million, with approximately 40% of them living in the United States. All millionaires have a combined net worth of US$158,261 trillion. According to Global Wealth Databook, published by Credit Suisse (June 2021), the US has the most number of millionaires in the world, followed by China.
That is an excellent question and a fantastic goal to have. It's crucial to highlight that you don't have to work long hours at one job to earn a six-figure wage.
In fact, many people make a living by combining a variety of ‘side hustles.' If you're tech-savvy (or ready to learn), you can combine blogging with freelance writing, VA (virtual assistant) jobs, and digital products to earn more than six figures.
There are several ways to make 6 figures:
- side hustles
- lottery prize
According to the US Bureau of Labor Statistics, here are some jobs that earn six figures that need a degree:
These jobs don’t require any degrees at all:
Making seven figures means having an annual income of seven digits, which starts at $1,000,000 and goes all the way up to $9,999,999. Congratulations if your annual income is greater than $999,999 but less than $9,999,999! You've surpassed the seven-figure mark and are now a millionaire!
Anyone with a $1,000,000 yearly income and investable assets (cash, stocks, bonds, and funds) is considered a millionaire.
8 figures indicate that annual revenue is in the eight digits, with a minimum of $10,000,000 and a maximum of $99,999,999.
Annual income with 9 digits is defined as a minimum of $100,000,000 and a maximum of $999,999,999.
A billionaire is someone who has a net worth greater than $999,999,999. According to Forbes, there were 614 billionaires in the United States as of March 18, 2020.
As you can see, nine figures is a substantial sum of money!
The list of the world's wealthiest people changes every year, depending on their most recent net worth and financial performance. Based on the real-time Forbes List on August 5, 2021, here is the most recent list of the world's top 10 richest people, along with some fascinating facts about each of them.
Bernard Arnault, Chairman, and CEO of LVMH – France is the world's richest person today. His empire of more than 70 businesses, including Louis Vuitton and Sephora, has earned him a net worth of $198.4 billion. Bernard Arnault, a French businessman, and Europe's richest man amassed a $100 billion fortune in December of last year.
Jeff Bezos, the founder, and CEO of Amazon has a net worth of $193.8 billion, making him the world's second-richest person. Even after divorcing his wife MacKenzie in 2019 and surrendering a quarter of his Amazon ownership to her, his position remained unchanged. In 1994, Bezos launched the colossus Amazon from his Seattle garage. With more individuals shopping online as a result of the coronavirus outbreak, the e-commerce behemoth has enjoyed the rewards.
Elon Musk is attempting to transform transportation on Earth and in space, with his electric car company Tesla and his rocket company SpaceX. Elon Musk's rocket company is now worth about $100 billion, and his personal wealth is currently $184.7 billion. SpaceX, Musk's rocket company, is currently worth roughly $100 billion. With a market value of $342 billion in February 2021, Tesla has become the world's most valuable automaker.
Bill Gates, the co-founder of the Bill & Melinda Gates Foundation, is worth $131.6 billion. Bill Gates, who co-founded the software giant Microsoft with Paul Allen, eventually sold most of his shares in the company, keeping only 1% and investing the rest in stocks and other assets. Bill Gates became the first person to reach the $100 billion mark in April of last year when Microsoft's stock price soared following its results announcement. The Bill and Melinda Gates Foundation is the largest private charitable organization in the world.
Mark Zuckerberg, the co-founder, CEO, and chairman of Facebook, is a staunch supporter of the social media platform that has evolved into a go-to communication tool in today's world. His net worth is $129.2 billion, and when Facebook went public in May 2012, he now controls around 15% of the company. The youngest billionaire is Mark Zuckerberg. His net worth has surpassed $100 billion, owing to Instagram Reels, a rival to TikTok, which was banned in India earlier this year and is currently experiencing legal issues in the United States.
Larry Ellison's net worth is $117.1 billion, thanks to Oracle, the software company he co-founded in 1977. He stepped down as CEO of the company in 2014, and since then, he has served as chairman of the board and chief technical advisor. Ellison has also been a member of the Tesla board of directors since December 2018, after purchasing 3 million shares in the company earlier that year. He owns almost the whole Hawaiian island of Lanai.
Co-founder of Google Larry Page has a net worth of $115.7 billion and is ranked ninth among the world's wealthiest individuals with a net worth of $115.7 billion He's also a backer of Planetary Resources, a well-known space exploration firm, as well as "Flying Car," Kitty Hawk, and Opener, two startup companies.
Sergey Brin, the co-founder and board member of Alphabet, has a net worth of $112.0 billion, putting him in tenth place among the world's wealthiest people. In 1998, he and Larry Page co-founded Google, which went public in 2004 and was renamed Alphabet in 2015.
Warren Buffet, often known as the Oracle of Omaha, is widely regarded as one of the world's most successful investors. He is the CEO of Berkshire Hathaway, a conglomerate that controls over 60 businesses, including the well-known Geico insurance company, Duracell, and the Dairy Queen restaurant chain. He has a net worth of $101.3 billion dollars. He acquired his first stock when he was 11 years old, the son of a US politician.
Francoise Bettencourt Meyers, a French billionaire with a net worth of $92.3 billion, is the world's richest woman. Liliane Bettencourt is the only daughter and heiress of Liliane Bettencourt, and her family owns the L'Oréal cosmetics business.
Money does not buy happiness.
In fact, many people find that the more money they earn, the more stressed they become. According to a recent Purdue University study, the sweet spot for having "enough" money is between $60,000 and $75,000 for emotional well-being and $95,000 for overall life "satisfaction." Your happiness levels are unlikely to grow just by increasing your money after you have enough to meet life's fundamental demands (food, clothing, shelter, transportation, and health care).
Finally, I'd like to state that it makes no difference how much money you make. What counts is what your life and financial goals are, as well as how you invest money and your time and knowledge. With a wise attitude toward money, you may achieve whatever goal you set for yourself, whether it's making six figures or simply having some extra income.