How a lot is six figures?
In case you’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 value, 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” 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 12 months?
$100,000 to almost $1 million is kind 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.
Essentially the most mathematically correct means can 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
Nonetheless, you may discover that totally different individuals consider these ranges in numerous methods. Somebody making $300,000 a yr may say they’ve a mid six-figure wage, and I most likely wouldn’t argue the purpose!
How A lot Is 6 Figures a Month?
100,000 per yr = 8,333.33 per 30 days (12 months per yr)
In case you’re incomes six figures a yr as a gross determine, this isn’t your true take-home pay. You need to issue within the taxes that can be taken out.
Your tax bracket will fluctuate 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’ll be able to 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’re taking dwelling will fluctuate 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 per 30 days or per week, you’ll be able to 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 may not be that satisfying, however the easy reality is: it relies upon. Six figures may give 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 major issue at play is your price of dwelling (typically abbreviated as COL). Value of dwelling can fluctuate wildly between totally different areas of the world, and even inside a rustic.
In case you’re dwelling in a $4,000/month dwelling in San Francisco, CA, and spending hundreds extra on different bills, a low six-figure wage can bleed away rapidly. (In actual fact, $117,000 a year was considered low-income for a household of 4 there!)
However for those who’re in a low-COL space (just like the midwest US or a variety 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 so that they don’t want to save lots of 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 save lots of up a six-figure checking account. From a world 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 may not 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 in need of 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 utility.
You’ll often want years of coaching and expertise to work your means as much as six figures, except you already reside in an costly location the place $100,000+ is regular proper out of faculty or commerce faculty.
That mentioned, there are 77 occupations that averaged six-figure annual pay within the U.S. in 2018, so you might have loads of choices! Right this moment, 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+)
- Data methods managers ($149k+)
- Advertising managers ($145k+)
- Gross sales managers ($137k+)
- Physicists ($123k+)
- Air site visitors controllers ($120k+)
- Pc {hardware} engineers ($119k+)
The entire record has a variety of managerial positions, engineering roles, and jobs within the medical discipline. Working your means up the ladder in one in every of these areas offers you a superb probability of incomes six figures.
In case you have an entrepreneurial spirit, you can too attempt to develop a six-figure enterprise. This is usually 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.
Wish to learn how a lot six figures might enhance your life? There’s no straightforward method to earn it in a single day, however for those who’re motivated, you’ll be able to at all times 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 picking up a side 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. 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 neighborhood and co-founding DollarSanity. Along with touring and out of doors journey, Kate is obsessed with monetary literacy, compound curiosity, and pristine grammar.
