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 smart to surprise how a lot cash six figures can truly be.
Let’s look into how a lot six figures is price, what ranges exist inside that class, and what six-figure jobs you may 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” accommodates 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 accommodates 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 almost $1 million is sort of a spread, particularly if 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.
Probably the most mathematically correct method could be to divide the vary into three equal elements (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
Nevertheless, you may discover that totally different individuals 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 will likely 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 the direction of taxes. You may 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
In fact, the particular quantity you are taking house will range primarily based in your precise wage and taxes. However for those who’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 reality is: it relies upon. Six figures may give you sufficient to retire and reside the excessive life for years, or it may well cowl your yearly bills with out a lot to spare.
Past how excessive the precise six-figure quantity is, the opposite major issue at play is your price of residing (usually abbreviated as COL). Value of residing can range wildly between totally different areas of the world, and even inside a rustic.
For those who’re residing in a $4,000/month house in San Francisco, CA, and spending hundreds extra on different bills, a low six-figure wage can bleed away rapidly. (Actually, $117,000 a yr was thought-about low-income for a household of 4 there!)
However for those who’re in a low-COL space (just like the midwest US or numerous worldwide places), even the bottom six-figure quantity of $100,000 can have you ever residing very effectively and piling away cash in financial savings and investments.
Lots of people within the FIRE (Monetary Independence/Retire Early) area intention to follow “geo-arbitrage,” the place they work remotely for an employer in an costly location whereas residing someplace with a decrease price of residing. Or, somebody may plan to retire overseas in order that they don’t want to avoid wasting up as a lot cash of their retirement accounts.
Even for those who don’t earn a six-figure wage, you’ll be able to reside frugally sufficient to avoid wasting up a six-figure checking account. From a world perspective, having $100,000 in financial savings or investments does put you within the prime 10% wealthiest individuals 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
Need to earn a six-figure wage? It’s not as simple as strolling into a brand new office and filling out a job utility.
You’ll often want years of coaching and expertise to work your method as much as six figures, until you already reside 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 could have loads of choices! Immediately, in 2023 there are much more choices to select from.
Listed here are some highlights representing totally different profession sorts:
- Anesthesiologists ($265k+ common wage)
- Surgeons ($250k+)
- Psychiatrists ($216k+)
- Dentists ($174k+)
- Info programs managers ($149k+)
- Advertising managers ($145k+)
- Gross sales managers ($137k+)
- Physicists ($123k+)
- Air visitors controllers ($120k+)
- Laptop {hardware} engineers ($119k+)
The entire checklist has numerous managerial positions, engineering roles, and jobs within the medical area. Working your method up the ladder in one among these areas offers you an excellent likelihood of incomes six figures.
In case you have an entrepreneurial spirit, you may also attempt to develop a six-figure enterprise. This generally is a riskier endeavor with out the assure that it’s going to repay, however on the flip aspect, it doesn’t put a cap in your development like a salaried job does.
Need to learn the way a lot six figures might enhance your life? There’s no simple system to earn it in a single day, however for those who’re motivated, you’ll be able to all the time make a plan. If you have already got a profession you’re keen on however aren’t incomes as a lot as you’d like, complement your revenue by selecting up a aspect hustle—it would 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. Thus far, her laptop computer has accompanied her to New Zealand, Asia, and across the U.S. (principally because of 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 enthusiastic about monetary literacy, compound curiosity, and pristine grammar.
