How a lot is six figures?
For those who’ve heard of individuals pulling in a six-figure wage, beginning a six-figure enterprise, or making an attempt to construct a six-figure checking account, it is sensible to marvel how a lot cash six figures can really be.
Let’s look into how a lot six figures is price, what ranges exist inside that class, and what six-figure jobs you will get.
How A lot Is Six Figures in {Dollars}? Low, Mid, and Excessive 6 Figures
The “figures” in “6 figures” merely refers back to the particular person digits inside a quantity. Digits are the numbers from 0-9.
For instance, the quantity “100” comprises three digits, so it’s a 3-figure quantity. 1,000 is 4 figures, and 10,000 is 5 figures.
So, how a lot is 6 figures? The quick reply is that 100,000 is the primary quantity that comprises six digits, and 999,999 is the final.
Any quantity between 100,000 and 999,999 is a six-figure quantity.
How A lot Is 6 Figures a Yr?
$100,000 to just about $1 million is sort of a spread, particularly while you’re referring to one thing like a six-figure wage. That’s why lots of people separate it additional, into low six-figures, mid six-figures, and excessive six-figures.
Distinguishing between these classes isn’t fairly so easy, although. There’s not a lot consensus on what counts as a low, medium, or excessive six-figure wage.
Essentially the most mathematically correct method can be to divide the vary into three equal components (give or take a greenback):
- Low six-figures = $100,000 – $400,000
- Mid six-figures = $400,000 – $700,000
- Excessive six-figures = $700,000 – $999,999
Nonetheless, you may discover that completely different folks consider these ranges in several methods. Somebody making $300,000 a yr may say they’ve a mid six-figure wage, and I in all probability wouldn’t argue the purpose!
How A lot Is 6 Figures a Month?
100,000 per yr = 8,333.33 monthly (12 months per yr)
For those who’re incomes six figures a yr as a gross determine, this isn’t your true take-home pay. It’s important to issue within the taxes that might be taken out.
Your tax bracket will range relying in your location, whether or not you’re submitting collectively or singly, what deductions you qualify for, and so forth.
Let’s simply use a ballpark determine and say that 25% of your gross paycheck will go in direction of taxes. You possibly can estimate your take-home pay after taxes by merely dividing your gross pay by 4 and subtracting that quantity. 25% of $8,333 is about $2,083.
$8,333 – $2,083 = $6,250
After all, the particular quantity you are taking house will range based mostly in your actual wage and taxes. However in the event you’re incomes $100,000 a yr and curious how a lot six figures is monthly or per week, you’ll be able to count on to be working with round $6,000 monthly or $1,500 per week.
Does Six Figures Make You Wealthy? What Does a 6-Determine Wage Get You?
The reply right here won’t be that satisfying, however the easy truth is: it relies upon. Six figures can provide you adequate to retire and stay the excessive life for years, or it might cowl your yearly bills with out a lot to spare.
Past how excessive the precise six-figure quantity is, the opposite primary issue at play is your price of dwelling (usually abbreviated as COL). Value of dwelling can range wildly between completely different areas of the world, and even inside a rustic.
For those who’re dwelling in a $4,000/month house in San Francisco, CA, and spending 1000’s extra on different bills, a low six-figure wage can bleed away rapidly. (In reality, $117,000 a yr was thought of low-income for a household of 4 there!)
However in the event you’re in a low-COL space (just like the midwest US or loads of worldwide areas), even the bottom six-figure quantity of $100,000 can have you ever dwelling very effectively and piling away cash in financial savings and investments.
Lots of people within the FIRE (Monetary Independence/Retire Early) area purpose to apply “geo-arbitrage,” the place they work remotely for an employer in an costly location whereas dwelling someplace with a decrease price of dwelling. Or, somebody may plan to retire overseas in order that they don’t want to save lots of up as a lot cash of their retirement accounts.
Even in the event you don’t earn a six-figure wage, you’ll be able to stay frugally sufficient to save lots of up a six-figure checking account. From a world perspective, having $100,000 in financial savings or investments does put you within the high 10% wealthiest folks on the earth (and this was 5 years in the past). It won’t make you wealthy sufficient to retire instantly, however it’s inarguably wealthy compared to most individuals.
To place six-figure numbers right into a bodily perspective, $100,000 is one thousand $100-dollar payments. $999,999 is only one greenback wanting ten thousand $100 payments. It feels extra summary in a checking account, however most individuals would really feel wealthy holding a group of money like that of their palms!
6-Determine Wage Jobs
Wish to earn a six-figure wage? It’s not as straightforward as strolling into a brand new office and filling out a job utility.
You’ll normally want years of coaching and expertise to work your method as much as six figures, except you already stay in an costly location the place $100,000+ is regular proper out of school or commerce college.
That stated, there are 77 occupations that averaged six-figure annual pay within the U.S. in 2018, so you may have loads of choices! At the moment, in 2023 there are much more choices to select from.
Listed here are some highlights representing completely different profession sorts:
- Anesthesiologists ($265k+ common wage)
- Surgeons ($250k+)
- Psychiatrists ($216k+)
- Dentists ($174k+)
- Data techniques managers ($149k+)
- Advertising managers ($145k+)
- Gross sales managers ($137k+)
- Physicists ($123k+)
- Air site visitors controllers ($120k+)
- Laptop {hardware} engineers ($119k+)
The whole checklist has loads of managerial positions, engineering roles, and jobs within the medical discipline. Working your method up the ladder in one in all these areas offers you probability of incomes six figures.
When you have an entrepreneurial spirit, you can too attempt to develop a six-figure enterprise. This could be a riskier endeavor with out the assure that it’ll repay, however on the flip aspect, it doesn’t put a cap in your development like a salaried job does.
Wish to learn the way a lot six figures might enhance your life? There’s no straightforward formulation to earn it in a single day, however in the event you’re motivated, you’ll be able to all the time make a plan. If you have already got a profession you like however aren’t incomes as a lot as you’d like, complement your earnings by selecting up a aspect hustle—it’d simply put you over the six-figure edge.
Kate is a author and editor who runs her content material and editorial companies remotely whereas globetrotting as a digital nomad. To date, her laptop computer has accompanied her to New Zealand, Asia, and across the U.S. (principally due to bank card factors). Years of analysis and ghostwriting on private finance led her to the FI group and co-founding DollarSanity. Along with touring and out of doors journey, Kate is obsessed with monetary literacy, compound curiosity, and pristine grammar.