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 attempting to construct a six-figure checking account, it is smart to marvel 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 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 brief 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 12 months?
$100,000 to almost $1 million is kind 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 could 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
Nevertheless, you may discover that totally different individuals consider these ranges in several methods. Somebody making $300,000 a 12 months 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 12 months = 8,333.33 per 30 days (12 months per 12 months)
For those who’re incomes six figures a 12 months as a gross determine, this isn’t your true take-home pay. It’s a must to issue within the taxes that shall be taken out.
Your tax bracket will differ 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 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
After all, the particular quantity you’re taking residence will differ primarily based in your actual wage and taxes. However in the event you’re incomes $100,000 a 12 months and curious how a lot six figures is per 30 days or per week, you possibly can anticipate to be working with round $6,000 per 30 days 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 can provide you adequate to retire and reside the excessive life for years, or it may possibly cowl your yearly bills with out a lot to spare.
Past how excessive the precise six-figure quantity is, the opposite fundamental issue at play is your price of dwelling (usually abbreviated as COL). Value of dwelling can differ wildly between totally different areas of the world, and even inside a rustic.
For those who’re dwelling in a $4,000/month residence in San Francisco, CA, and spending 1000’s extra on different bills, a low six-figure wage can bleed away shortly. (The truth is, $117,000 a year was considered 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 a whole lot of worldwide places), even the bottom six-figure quantity of $100,000 can have you ever dwelling very nicely and piling away cash in financial savings and investments.
Lots of people within the FIRE (Monetary Independence/Retire Early) house goal to observe “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 avoid wasting up as a lot cash of their retirement accounts.
Even in the event you don’t earn a six-figure wage, you possibly can reside frugally sufficient to avoid wasting up a six-figure checking account. From a worldwide perspective, having $100,000 in financial savings or investments does put you in the top 10% wealthiest people in the world (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 set of money like that of their fingers!
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 software.
You’ll normally 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 faculty or commerce faculty.
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 this time, in 2023 there are much more choices to select from.
Listed below are some highlights representing totally different profession sorts:
- Anesthesiologists ($265k+ common wage)
- Surgeons ($250k+)
- Psychiatrists ($216k+)
- Dentists ($174k+)
- Data methods managers ($149k+)
- Advertising and marketing managers ($145k+)
- Gross sales managers ($137k+)
- Physicists ($123k+)
- Air site visitors controllers ($120k+)
- Pc {hardware} engineers ($119k+)
The whole record has a whole lot of managerial positions, engineering roles, and jobs within the medical subject. Working your method up the ladder in one in every of these areas offers you a superb probability of incomes six figures.
If in case you have an entrepreneurial spirit, it’s also possible to attempt to develop a six-figure enterprise. This could be 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 progress like a salaried job does.
Wish to learn how 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 possibly can 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 earnings by picking up a side 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 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 outside journey, Kate is keen about monetary literacy, compound curiosity, and pristine grammar.
