*This post contains affiliate links which means that if you make a purchase via one of the links, I will receive a small commission, at no additional cost to you. Thank you for reading and supporting my blog! Please see my disclaimer page for more information*
You may hear people talking about earning “6 figures” or making a “6 figure salary”. Or maybe you have heard the term 7 figures, 8 figures, or 9 figures when talking about money.
But do you know what these terms really mean?
It’s important to understand the definitions of these phrases, especially if you are looking to earn a 6 figure salary or more for yourself.
This article discusses several topics:
- The definition of 6 figures, 7 figures, 8 figures, and 9 figures
- What it means to earn a 6 figure, 7 figure, 8 figure and 9 figure salary
- What type of jobs earn you this amount of money and
- How to successfully build wealth without earning a large salary
You should get done with this article fully understanding each term and what you can do to maximize your earnings.
How much is a figure?
A figure is simply a digit or a number relating to your annual income. Each number in your yearly salary counts as a figure.
For example, if you earn $50,000 per year, you earn 5 figures because 50,000 has 5 numbers in it.
Similarly, if you earn $100,000 per year, you make a 6 figure salary. If you make $1,000,000 per year, you earn a 7 figure salary, and so on.
Keep in mind that a “figure” in money refers to the amount of numbers in dollars, not cents. So if you make $5,000.89 per year, this would still be considered a 4 figure salary. The digits in cents do not count as figures.
How much is 6 figures?
As stated above, a figure is a digit (or number) relating to your annual income. Therefore the term “6 figures” refers to a number that falls within the range between $100,000 and $999,999.
So even if someone earns just under $1 million, they technically still make 6 figures.
What is a 6 figure salary?
When someone mentions the term “salary”, they are typically referring to yearly income.
So, a 6 figure salary refers to earning a minimum of $100,000 up to $999,999 per year. Any amount that falls within this range is considered a 6 figure salary.
Because this range is so broad, the term “6 figures” can come across as very vague. Two people who both earn a “6 figure salary” can each make very different amounts of money each year.
For example, $150,000 per year and $950,000 per year are both considered 6 figure salaries.
How much is 6 figures an hour?
Based on the definition of a 6 figure salary, your yearly salary can really affect how much 6 figures earns per hour.
Someone earning $100,000 per year will earn a very different amount per hour than someone earning $500,000 per year.
For example, if you earn a $100,000 salary per year, you make:
- $48.08 per hour
- $1,923 per week
- $3,846 bi-weekly
If you earn a $500,000 salary per year, you make:
- $240.38 per hour
- $9,615 per week
- $19,231 bi-weekly
Again, 6 figures is a broad term with a wide range of different salaries. How much 6 figures is per hour is dependent on your yearly salary.
How much is 6 figures monthly?
Just like with calculating 6 figures per hour, your monthly income also strongly depends on your yearly salary.
If you earn a $100,000 yearly salary, you make:
- $8,333 per month
- $25,000 per quarter (every 3 months)
- $50,000 semi-annually (every 6 months)
Similarly, if you earn a yearly $500,000 salary, you make:
- $41,667 per month
- $125,000 per quarter (every 3 months)
- $250,000 semi-annually (every 6 months)
How to make 6 figures
You may be surprised to hear that a 6 figure salary is not very common.
About 9% of Americans (about 1 out of 10 people) earn 6 figures per year according to Yahoo Finance.
Earning this amount of money takes time, hard work, and determination.
There are a few different ways of earning 6 figures. These include:
- Finding a high paying job
- Start a business
- Start a few side hustles on the side of your current job
- Invest enough over time
- Win the lottery
While some of these options are nearly impossible (winning the lottery), others are both realistic and achievable.
How to live on a 6 figure salary
Earning a 6 figure salary is a great goal to have and many people aim to achieve it.
However, making this amount of money is only worth it if you learn how to live a balanced lifestyle.
For instance, some people make $35,000 a year and save half of it while others earn $500,000 and continue to live paycheck to paycheck.
According to Nielsen, one out of four families earning $150,000 or more per year is living paycheck to paycheck.
Why is this?
The answer is: unhealthy financial habits can significantly impact your wealth, even if you make a 6 figure salary.
If you maintain healthy spending habits like tracking your finances, keeping your debt to a minimum, and learning how to budget and save properly, you will be able to build wealth no matter what your income is.
Jobs that make 6 figures (with & without a degree)
As stated above, there are a few different ways of earning a 6 figure salary.
One of those ways is landing a high-paying career.
While some 6 figure career paths require a degree of some kind, some do not.
Here are some of the most common 6 figure jobs that do not require a degree and their average pay:
- Real Estate Broker: $100,500 (varies by state)
- Air Traffic Controller – $150,000 a year
- Web Developer – $100,000 per year
- Commercial Pilot – $110,000 per year
- Some corporate jobs (depending on the company)
Another option that does not require a degree is to start your own business. Some options include:
- Start a blogging business
- Create a Youtube channel
- Start a reseller business
Here is a list of common 6 figure jobs that do require a degree and their average pay:
- Doctor: $208,000
- Lawyer: $121,000
- Anesthesiologist: $292,000
- Air Traffic Controllers: $125,000
- Dentist: $150,000
- Financial Manager with MBA: $127,000
- Petroleum Engineer: $138,000
How much is 7 figures?
So far, we have gone over what 6 figures is. But how much is 7 figures?
7 figures is a number with seven digits which falls within the range of 1,000,000 and 9,999,999.
What is a 7 figure salary?
A 7 figure salary is when your income falls within the range of $1,000,000 (one million) and $9,999,999.
When you reach this amount of income, you are considered a millionaire.
Jobs that make 7 figures
Not many people earn 7 figures or more per year.
To make this amount of money, you will need to have a multitude of talents and be able to confidently outshine most people.
A 7 figure salary doesn’t come easy and requires a diligent work ethic and a high level of financial knowledge.
Some jobs that can make 7 figures per year are:
- Pro athlete
- Movie Star
- Amazon FBA Seller
- Doctors (who own their own practice)
- Some corporate positions
Keep in mind that it is nearly impossible to find a job that immediately pays 7 figures right off the bat. In most cases, it takes years and years of diligent work to make a 7 figure salary.
How much is 8 figures?
8 figures is a number that includes eight digits. This refers to any number within the range of 10,000,000 and 99,999,999.
What is an 8 figure salary?
An 8 figure salary is when you earn anywhere between $10,000,000 and $99,999,999 per year.
This is a substantial amount of money to make. Let’s take a look at some jobs that pay 8 figures.
Jobs that make 8 figures
It’s uncommon to earn even 6 figures, let alone earning 8 figures. But it is possible and some people do earn this amount each year.
Some jobs that can make 8 figures per year are:
- Pro athlete
- Some CEOs
- Movie Star
- Very few business owners
Again, earning 8 figures is very uncommon and not likely for an average person to achieve.
How much is 9 figures?
The term “9 figures” refers to a number that has nine digits in it. This can be any number from 100,000,000 to 999,999,999.
What is a 9 figure salary?
A 9 figure salary is when you earn anywhere between $100,000,000 and $999,999,999.
Just for reference, anyone earning over $999,999,999 would be considered a billionaire.
Jobs that make 9 figures
Not many jobs earn 9 figures. In fact, it’s nearly impossible for the average person to make this amount of money in an entire lifetime.
Some jobs that can potentially earn 9 figures are:
- Very few CEOs
- Some Actors/Actresses
- Some Athletes
- Very few business owners
As you can see, there aren’t many options for jobs that pay 9 figures and a very small number of people can achieve this amount of wealth.
How to build wealth without earning 6 figures, 7 figures, 8 figures, or 9 figures
Building wealth is absolutely possible, even if you don’t earn a 6 figure salary or more.
However, there are a few key steps that you should take to ensure that you reach your financial goals faster.
Pay off debt
Debt is a major obstacle that can hold you back from reaching your financial goals.
- Student loans
- Vehicle loans
- Credit card debt
- Personal loans
- Any money that you owe to someone else
Some forms of debt (like car payments and credit card debt) can sometimes have a very high-interest rate. Others (like student loans) tend to come with both a high-interest rate and a very large amount that you have to pay off each month.
Paying off debt for a long period of time can really put a damper on your income, no matter how much you make.
The quicker you pay off your debt (and then stop incurring it), you can start to focus on building your wealth.
Track your spending
Learning how to track your spending is crucial to evaluate your lifestyle and financial habits.
This will show you where all of your money is going each month and will give you an idea of what unnecessary expenses you have.
After tracking your spending for a few months, you may determine that a budget is beneficial as well. A budget will help you pay off your debt quicker, put more money into savings, and keep your finances under control while you build your wealth.
Invest your money
To build wealth, there is nothing more important than saving your money. But more importantly, investing it.
When you invest all (or most) of your savings, you are allowing your money to grow for you without putting forth much effort. There are even ways to invest if you don’t have much money left over to do so.
Anyone can do this!
Keep in mind that the more you invest, the more wealth you will be able to build in the long run.
Raise your income
Raising your income is one of the easiest ways to build wealth quicker.
There are multiple ways to raise your income:
- Find a side hustle (or two)
- Start a blog
- Take online surveys
- Ask for a raise at work
- Get a second job
- Join paid online focus groups
- Find ways to earn free money
It is extremely easy to monetize your hobbies. It’s as simple as creating a Youtube channel, starting a blog, or offering your own products and services online.
The Bottom Line
Reaching 6 figures or more per year is a great financial goal to have, however it isn’t necessary.
It is known that earning anything over $75,000 per year does not help with your overall happiness.
And if you can reach 6 figures or more per year, it’s important to still budget, track your spending, and keep debt to a minimum to avoid lifestyle inflation.
Also keep in mind that you can absolutely still reach financial freedom and meet all of your financial goals without a 6, 7, 8, or 9 figure salary.
All it takes is hard work, dedication, and a positive money mindset to reach any financial goal you have!
Hey there, welcome to my blog!
I’m Swati, a mom, a personal finance enthusiast, and the owner of TheBlissfulBudget. My work has been featured in major publications including Fox 10, Credit Cards, Cheapism, How to Fire, Databox & Referral Rock.
I help busy budgeters like you save and make money by utilizing simple yet effective methods that can create wonders.
My Mantra: You are entitled to live the life you desire, and financial bliss should be simple to obtain–check out my blog for helpful tips on acquiring wealth easily.