How a lot is six figures?
Should 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 surprise 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” incorporates 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 incorporates 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 just about $1 million is kind of a variety, particularly whenever 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 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 folks 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)
Should you’re incomes six figures a 12 months as a gross determine, this isn’t your true take-home pay. You need 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 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
After all, the precise quantity you’re taking house will differ based mostly in your actual wage and taxes. However in case you’re incomes $100,000 a 12 months and curious how a lot six figures is per 30 days or per week, you may count on 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 may give you adequate to retire and stay 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 fundamental issue at play is your value of dwelling (typically abbreviated as COL). Value of dwelling can differ wildly between totally different areas of the world, and even inside a rustic.
Should you’re dwelling 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 shortly. (The truth is, $117,000 a 12 months was thought of low-income for a household of 4 there!)
However in case 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 nicely and piling away cash in financial savings and investments.
Lots of people within the FIRE (Monetary Independence/Retire Early) house goal to apply “geo-arbitrage,” the place they work remotely for an employer in an costly location whereas dwelling someplace with a decrease value of dwelling. Or, somebody may plan to retire overseas so that they don’t want to avoid wasting up as a lot cash of their retirement accounts.
Even in case you don’t earn a six-figure wage, you may stay 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 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 in need of 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 fingers!
6-Determine Wage Jobs
Wish 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, except you already stay in an costly location the place $100,000+ is regular proper out of faculty or commerce college.
That stated, there are 77 occupations that averaged six-figure annual pay within the U.S. in 2018, so you will have loads of choices! At present, in 2023 there are much more choices to select from.
Listed below are some highlights representing totally different profession varieties:
- Anesthesiologists ($265k+ common wage)
- Surgeons ($250k+)
- Psychiatrists ($216k+)
- Dentists ($174k+)
- Info programs 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 area. Working your method up the ladder in one among these areas offers you probability of incomes six figures.
If in case you have an entrepreneurial spirit, you may as well attempt to develop a six-figure enterprise. This is usually a riskier endeavor with out the assure that it’ll repay, however on the flip facet, it doesn’t put a cap in your progress like a salaried job does.
Wish to learn the way a lot six figures may enhance your life? There’s no simple system to earn it in a single day, however in case you’re motivated, you may 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 selecting up a facet 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. Thus far, her laptop computer has accompanied her to New Zealand, Asia, and across the U.S. (largely because of 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.
