Making the decision to work for yourself is not nearly enough. You need to know what you are worth and how to get there. In this article, we will explore just how much money you need to make to join the ‘six-figure’ club as well as the ‘seven-figure’, ‘eight-figure’, and ‘nine-figure’ clubs.
How Much Is a Figure?
A figure is a number, especially one that is not expressed in words. In most cases, when people refer to ‘figures,’ they are talking about money. More specifically, they are talking about how much money someone earns each year.
When it comes to making money, most people think in terms of ‘figures.’ They want to make as much money as possible, and they want to do it as quickly as possible.
What Impacts Your Salary and Cost of Living?
Several factors impact your cost of living and salary. These include things like where you live, where you work, whether or not you have a family to support, and, if not, how old you are.
Where You Live
This factor is pretty self-explanatory. If you live in a high cost of living area, such as New York City or Los Angeles, you will need to make more money than if you live in a small town in the middle of nowhere.
The cost of living also impacts how much you will pay in taxes. This is not something that most think of when calculating how much they need to make, but it really should be.
Lifestyle creeps a real thing. It happens when people stop paying attention to their bottom line and start spending more money on unnecessary items or expenses, such as going out to eat every night of the week or taking expensive vacations several times a year.
Lifestyle creep can seriously impact your bottom line. In fact, it can impact your ability to save money and reach your financial goals.
Know Where Your Money Is Going
If you want to make more money, you need to start tracking where your money is going. This means keeping track of every penny that comes in and goes out.
It can be a little bit of a pain in the butt, but it is well worth it in the end. When you know where your money is going, you can start making changes in your spending habits that will help you save more money.
How Much Is 5 Figures?
Five figures is a number that falls between 10,000 and 99,999.
A 5-figure income or salary falls in the range of $10,000-$99,999. There are 5 digits in the number which makes it 5 figures.
In the United States, the median annual income is a 5-figure salary.
How Much Is 6 Figures?
A 6-figure income is considered to be any income that falls within the range of $100,000 – $999,999.
It may not seem like much money when you compare it to what some people are making these days, but this amount of money provides you with a very comfortable lifestyle, including everything from housing to food and insurance, as well as the ability to save for retirement.
How Do You Get From a 5-Figure to a 6-Figure Income?
Getting an advanced education past a bachelor’s degree is one of the easiest ways to cross the 6-figure barrier. A bachelor’s degree earns about 67% more than a high school diploma alone, but going even further and getting a master’s degree or PhD can increase your earnings even more. A master’s degree earns 100% more than a high school degree alone and a PhD will increase your earnings by 152%. Of course, getting promoted to a manager level at a job will also increase your odds of hitting the six figure mark.
What Does It Mean to Make 6-Figures?
When you make 6-figures, it means that you are pulling in a very comfortable income each year. This means that you can afford all of the things that most people have, including a house or condo, groceries, insurance policies, and more. A 6-figure income also allows you to save money for retirement.
How Much Is 6 Figures a Year?
It is important to realize that there are different ways of calculating your yearly income, especially when it comes to making 6-figures. Some people will say that you start counting at $100,000, and others will say $150,000.
Either way, when you make 6-figures, you are making a very comfortable salary that most people can only dream of. To put it into perspective, the average salary in the United States is just a little over $50,000. If in a year you make $148,000, you will be earning almost three times the average salary.
How Much Is 6 Figures Monthly?
To make a 6-figure salary each month, you are going to need an income of at least $8,333.33 a month. If you make this amount of money each month, you will be earning around $100,000 per year.
How Much Is 6 Figures a Day?
If you want to make a 6-figure salary, you will need to earn around $385 a day (with a standard 8-hour workday and 40-hour workweek). This will equate to $100,000 a year.
How Much Is 6 Figures an Hour?
If you want to earn a 6-figure salary, you will need to make at least $384.62 each day or at least $48.08 per hour. Earning $48.08 per hour means you will make $100,0000 a year with an 8-day workday and 40-hour workweek.
What Jobs Make 6-Figures a Year?
Some of the jobs that pay a 6-figure salary each year include management, tech, doctors, lawyers, and investment bankers. In order to be one of these professionals, you will need to go through years of high-cost schooling or training. For instance, in the case of a doctor who makes six figures, they need to complete four years of medical school followed by an additional residency and internship.
What Is a 6-Figure Net Worth?
To achieve a 6-figure net worth, you will need to save at least $100,000, but a 6-figure net worth could be as high as $999,999. A 6-figure net worth is a goal for many people as it can be a point at which you have saved enough money so that you can live comfortably for the rest of your life without having to work.
How Much Is 7 Figures?
A 7-figure salary, net worth, or valuation means that you earn or have something worth between $1,000,000 and $9,999,999. When you make 7-figures, it means that you are pulling in an extremely high income each year. This means that you can afford all of the things that most people only dream about, such as multiple homes and exotic cars. A 7-figure salary also allows you to save a lot of money for the future.
How Much Is a 7-Figure Salary?
A 7-figure salary is one that is earned by making $1 million or more in a year. This is a very high income, and only a small percentage of people make this kind of money.
There are many different ways to calculate what a 7-figure salary actually is, but most professionals agree that it is around $1 million per year.
What Does It Mean to Have a 7-Figure Net Worth?
A 7-figure net worth is usually associated with being a millionaire since you have to have at least $1,000,000 saved in assets. When you have a 7-figure net worth, it means that you are financially stable. Once your net worth reaches this level, you will be able to save quite a bit of money each month and will not need to work anymore.
What Jobs Pay 7-Figures a Year?
There are only a handful of jobs out there that pay 7-figures each year. These include investment bankers, professional athletes, and best-selling authors. Some business owners will also earn this much money each year if they are making an enormous amount of revenue on their products or services. It is very rare for the average person to make 7-figures annually, but it is possible with the right level of experience and expertise.
How Much Is 8-Figures?
An 8-figure salary, net worth, or valuation is one that is at least $10 million. This is an extremely high income or net worth, and only a very small percentage of people make or have this much money.
There are many different ways to calculate what an 8-figure salary or valuation is, but most professionals agree that it is around $10 million.
What Jobs Pay 8-Figures a Year?
There are very few jobs that pay 8-figures a year. This is because it takes an enormous amount of experience and expertise to make this much money. The jobs that do offer this type of salary are typically in the medical or legal field. For instance, surgeons and partners at major law firms can expect to earn this much money.
What Does It Mean to Have 8-Figures?
To have 8-figures means that you are extremely wealthy and are worth at least $10 million. An 8-figure net worth or valuation means that your assets are worth between $10,000,000 and $99,999,999. This is the point at which you no longer need to work and can live comfortably for the rest of your life. Most people who have 8-figures in their net worth do not need to worry about money anymore.
Examples of 8-Figure Jobs
There are very few jobs that offer an 8-figure salary. These include actors, investment bankers, and partners at major law firms.
Social media influencers, music stars, and professional athletes can also earn 8-figures a year.
Examples of People Who Earn 8-Figure Incomes
There are a few people who earn 8-figures every year. For instance, some YouTubers make millions of dollars each year through ad revenue and brand endorsements. Musicians like Taylor Swift and Jay-Z also earn 8-figure salaries each year. Dwayne johnson and Oprah Winfrey also make more than $100 million a year. Athletes like Christiano Ronaldo and Lionel Messi also make 8-figures for playing soccer.
How Much Is 9-Figures?
A 9 figures salary is one that is earned by making $100 million or more in a single year. This is an extremely high income, and only a very small percentage of people make this kind of money.
There are many different ways to calculate what a 9-figure salary actually is, but most professionals agree that it is at least $100 million per year.
What Does It Mean to Have 9-Figures?
If you have a 9-figure net worth, it means that you are extremely wealthy. This is the point at which you no longer need to work and can live comfortably for the rest of your life. Most people who have 9-figures in their net worth do not need to worry about money anymore.
What Jobs Pay 9-Figures a Year?
There are a few people who earn 9-figures every year. For instance, some YouTubers make millions of dollars each year through ad revenue and brand endorsements. Musicians like Taylor Swift and Jay-Z also earn a lot of money each year. Dwayne johnson and Oprah Winfrey also make more than $100 million a year. Athletes like Christiano Ronaldo and Lionel Messi also make 9-figures for playing soccer.
How Much Is 10-Figures?
10-figure net worth is one that is earned by making $1 billion or more in a year. This is an extremely high income, and only about .05% of people make this kind of money. There are many different ways to calculate what a 10-figure salary actually is, but most professionals agree that it is around $1billion per year.
What Does It Mean to Have 10-Figures?
A 10-figure net worth or valuation means you are worth between $1,000,000 and $9,999,999,999. If you have a 10-figure net worth, then you are just about at the top of wealth. This means that you can live comfortably forever with what you have without ever working again. Most people who own this amount do not need to work another day in their life.
How Can You Make 10-Figures?
There are many ways to earn 10-figures. CEOS of tech giants like Apple and Google often make more than $10 million a year. Space x founder Elon Musk makes $19.2 million per year. Jeff Bezos, the founder of Amazon.com, also earns $81.840 million per year as CEO of the company.
How Much Is 11-Figures?
11 figures means that you have a value or worth of between $10,000,000,000 ($10 billion) and $99,999,999,999 ($99.99 billion).
How Much Is 12-Figures?
12 figures means that you have a value or worth of between $100,000,000,000 ($100 billion) and $999,999,999,999 ($999.99 billion). There are only a few people (Jeff Bezos, Elon Musk, etc.) who have net worths in this range.
How Much Is 13-Figures?
13 figures means that you have a value or worth of between $1,000,000,000,000 ($1 trillion) and $9,999,999,999,999 ($9.99 trillion). There are a few companies that have 13-figure market caps including Apple, Amazon, and Microsoft.
How Much Is 14-Figures?
14 figures means that you have a value or worth of between $10,000,000,000,000 ($10 trillion) and $99,999,999,999,999 ($99.99 trillion). The US national debt is at 14 figures right now.