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When most people think about making money, they imagine a life of luxury with a bank balance that reads in the six figures.
While this is definitely attainable, it’s important to understand that there is a lot of variation when it comes to what “six figures” actually means.
In this post, I show you how much money 6 figures is, as well as 5 figures, 7 figures, 8 figures, 9 figures, and 10 figures.
I will also show you typical jobs that pay these salaries to help you better understand them.
Table of Contents
How Much Money Is 6 Figures, 7 Figures, 8 Figures, 9 Figures And More
Understanding The Term 6 Figures
You might hear people talking about earning a six figure salary or having a net worth in the six figure range.
But what exactly do they mean?
When it comes to a six figure income, it simply means you are earning somewhere between $100,000 and $999,999 annually.
On the other hand, when someone is talking about their net worth, they are talking about the value of their assets after subtracting out their liabilities or debt they owe.
A six figure net worth would also be anything in the range of $100,000 and $999,999.
One of the biggest misconceptions people make is thinking that earning a six figure salary means a person is wealthy.
It simply means they have a high paying job.
Just because you earn $200,000 annually you aren’t living a dream life necessarily.
You could be overspending and as a result, living paycheck to paycheck.
Now, if you have a net worth of $500,000 then you are doing well financially.
You have taken the steps to build your wealth and not get bogged down by a lot of debt.
It’s critical you don’t confuse making a high salary with wealth.
There are many people who make good money who are financially in trouble.
And there are many people who make very little money and are well off.
It all comes down to what you do with the money you make that determines your wealth.
Jobs The Earn Six Figures A Year
While earning a six figure income sounds lofty, know that there are many jobs that pay this salary.
This is mainly due to rising costs and the impact inflation has on our money.
Here is a list of some of the most common six figure jobs.
- Physician Assistants
- Electronics Engineers
- Computer Network Architects
- Nurse Practitioners
- Financial Advisors
- Computer and Information Systems Managers
It is important to note that while the jobs above do require a college degree, there are a good number of jobs that earn six figures that do not require a college education.
Here are some ideas for you.
- Air Traffic Controller
- Business Owner
As you can see, don’t think you need to have a college education if you want to earn six figures.
There are six figure earners out there with a wide variety of job titles.
- Read now: See how much $50 an hour is annually
How Much Is Five Figures
Earning five figures means earning a salary or having a net worth of $10,000 to $99,999.
There are a lot of jobs pay a five figure income and you will also find many people with a net worth here too.
The good news is that over time, many of the people earning five figures get promotions that can turn their salary into six figures.
And, over time, if these people are smart with their money, they can grow their net worth into the six figure range and more.
How Much Is Seven Figures
Seven figures is another way to describe a millionaire, whether you are talking annual salary or net worth.
This is because a seven figure income means you earn from $1,000,000 to $9,999,999.
When talking about careers, the list for earning a million dollars in annual income is small, as you will see shortly.
The good news is that when talking about net worth, just about anyone who is smart with managing their money can attain this level of wealth.
- Read now: Find out how to calculate your net worth
Jobs That Earn A Seven Figure Salary
When it comes to your career, there aren’t many jobs that pay this high of a salary.
Here are a handful just to give you an idea.
- Professional athletes
- Business owners
- Account Executives
The good news is that even though there are not a lot of jobs that pay this well, many do not require a college degree.
For example, sports stars and actors typically do not have a college education.
And there are some non-traditional jobs where people are making this kind of money.
For example, some podcasters and YouTube stars making seven figures salaries.
How Much Is Eight Figures
Eight figure income is when you have a salary range between $10,000,000 to $99,999,999.
Unlike six figures where you can be earning a good salary but still be poor financially, at this level of wealth, you are doing more than likely great financially.
This is simply because it is hard to overspend your income.
But it does happen.
There are countless stories of professional athletes who end up broke after earning these types of salaries.
So it is not impossible.
It is just that many people with this level of income have a large investment portfolio, making their net worth high as well.
In terms of careers, the list is even smaller than before.
And while you can attain a low 8 figure net worth earning a smaller salary, it is hard to do and you have to make a lot of correct financial moves during your lifetime.
Jobs That Earn An Eight Figure Income
Again, the list here is smaller as not many careers can afford to pay this amount of money.
Here are some common jobs earning eight figures.
- Professional Athletes
- Hedge fund managers
How Much Is Nine Figures
When moving into the nine figure range, we are talking about extreme wealth.
At these levels, almost nothing can’t be bought.
The range for a nine figure salary and net worth is $100,000,000 to $999,999,999.
This level of wealth is reserved for those making high six figures and above.
- Read now: Here is what to do with excess cash
Otherwise, you simply cannot attain this level of wealth by saving and investing with a small salary.
9 Figure Salary Jobs
A very select group of people make this kind of income.
You are talking about a few CEOs of large corporations and some sports stars.
Frequently Asked Questions
Understanding the differences in income and net worth for all these figures can get confusing.
Here are the common questions I get asked on this topic.
What is a figure?
A figure is simply another way to say a number.
For example, the number 1 is a figure.
The number 23 is two figures.
The number 427 is three figures and so on.
People often refer to higher numbers as figures because it is easier to say. It’s easier to say “Joe earns six figures” than “Joe earns one hundred and seventy five thousand dollars”.
What Are Figures In Money?
Figures in money can mean either annual income or net worth.
If you follow the outline of a figure above, understand annual salary is straightforward.
A four figure income is anywhere from $1,000 to $9,999.
Earning this low amount is for part time workers or would be based on a monthly salary, as very few jobs would pay four figures in annual income.
A five figure salary is anywhere from $10,000 up to $99,999.
The median salary of most Americans falls in this range.
A six figure income means earning $100,000 up to $999,999.
A seven figure salary is $1,000,000 to $9,999,999.
An eight figure salary means earning $10,000,000 to $99,999,999.
Earning nine figures is between $100,000,000 and $999,999,999.
Ten figure salaries are $1,000,000,000 up to $9,999,999,999.
No one at this time earns ten figures a year.
Is a 6 figure salary good?
A 6 figure salary is good in terms of earning healthy salary.
But it doesn’t mean you will be well off when paying your monthly bills or when it comes to your overall wealth.
This is because if you live in a high cost of living area, then earning six figures might be the bare minimum in order to buy a house and live comfortably.
- Read now: Learn how to lower your monthly bills
- Read now: Find out how to save money when living paycheck to paycheck
Likewise, you might be earning a high salary but if you spend everything and don’t save, you will never get ahead.
So you will need to continue earning 6 figures just to survive.
Why do people brag about making 6 figures?
Many people brag about this income level because historically it has been a sign that you made it career-wise.
It was less common years ago to earn this high salary.
But because of higher costs of living and inflation, many more jobs pay this level of income, making it not as exclusive.
- Read now: See how inflation impacts your wealth
However, many people still believe the idea that you made it when you are earning six figures.
What are the ranges of six figures?
You might hear people talk about earning low six figures or high six figures.
This is just breaking down the range of $100,000 – $999,999 into segments.
- Low six figures would be $100,000 to $399,999
- Mid six figures would be $400,000 to 699,999
- High six figures would be $700,000 to $999,999
How much is 6 figures an hour?
If you want to know how much you need to earn on an hourly basis to have a salary of 6 figures, here is the range.
To earn at least $100,000 annually, you need to earn $48.08 an hour.
This assumes you work a full time job of 40 hours a week for 52 weeks a year.
To earn $999,999 annually, you need to earn $480.77 an hour.
Again, this assumes you work 40 hours a week for 52 weeks a year.
What annual income do you need to earn to be wealthy?
There is no set annual salary that means you are wealthy.
You could be making six figures and struggle to get by.
Or you could earn four and five figures and have a lot of money.
To be wealthy, you need to be able to meet all your needs in life and have something left over to save and build long term wealth.
- Read now: Discover the benefits of saving money
Does a high income guarantee you will be rich?
A high income does not mean you will be rich.
There are a lot of people who earn six figure incomes and have nothing to show for it.
And there are many five figure earners worth more than a six figure earner.
The key is how much of a priority you make it to save money.
- Read now: Here are 100 ideas to help you save
You can earn all the money you want and still not build wealth if you don’t save money.
Don’t make the mistake of thinking you need a certain gross income and you can reach all your financial goals.
You need to make it a habit of living on less than you earn, saving, and investing if you want to achieve financial success in life.
Does one million dollars make you rich?
This all depends on your lifestyle.
If you spend a lot of money on things, then one million dollars doesn’t make you rich.
You will need to continue working to keep living your current lifestyle.
On the other hand, you could be well off with this level of wealth if you don’t spend a lot of money.
Does it count if I have multiple income streams to reach a six figure income?
It doesn’t matter if you have one job or five.
All that matters is your total income.
So if you earn a six figure income from working your full-time job and a side job, then that counts.
Or if you earn passive income, say from dividend investing, plus a traditional salary, this counts too.
There is everything you wanted to know about how much money 6 figures, 7 figures, 8 figures, and 9 figures is.
While earning a high salary is great, it is more important to save and invest your money so you can attain a net worth at these levels.
Having a high net worth means you are financially successful and when you are, you have a lot more opportunities and options in life.
So even if you aren’t earning these levels of income, don’t be discouraged.
You can still achieve many of these levels of net worth with some smart financial moves.