I’m sure that at one point or another, you’ve heard someone mention money figures. They earn 6 figures, 7 figures, 8 figures, or a 9-figure salary.
We all have aspirations to become wealthy, and when we hear such people mention those figures, we may feel intimidated.
Crossing the 6-figure salary threshold is a life ambition, milestone, and dream for most people. Most people believe that with a 6-figure income, they can consider themselves wealthy. But this may not always be true.
A 6 figure salary is good, no doubt. But it also depends on some factors, including where you live, your family size, and your lifestyle.
For instance, some with a family of 2 and earning $150,000 are likely to live more comfortably than someone with a large family earning the same salary.
A 6-figure salary is good, but what are 6 figures exactly? And more importantly, how much is 6 figure in money?
How Much Is 6-7-8-9 Figures In Money?
Let’s start with the basics. A figure is the same as a number or digit. For instance, the amount of $1,121,284 has seven figures, and if that’s how much a person earns per year, we can say the person makes a 7-figure salary. Likewise, $10,121,284 is an 8-figure salary.
For example, let’s take 3 figures; any number combination with precisely three digits is called 3 figures. 100 is the smallest existing 3 figure number while 999 is the largest. Therefore, if we apply the same principle, 6, 7, 8, and 9 figure numbers have 6, 7, 8, and 9 digits, respectively.
6-figure number ranges from 100,000, which is the smallest, to 999,999. 7-figure number ranges from 1,000,000 to 9,999,999. An 8-figure number ranges from 10,000,000 to 99,999,999.
Finally, 9-figure numbers range from 100,000,000 to 999,999,999. Note that any number that exists between the ranges listed above also falls within the number specified.
How Much Is 6 Figures In Money?
It’s easy to understand how big a 6-figure salary is now that we know which numbers are 6 figures. A 6-figure income ranges from $100,000 and $999,999. Any pay in this category is considered a 6-figure salary.
It’s necessary to remember that this is a PER YEAR salary. When someone claims they make 6 figures, they are usually talking of their yearly earnings. This may indicate that they earn $100,000 a year, $999,999 per year, or an amount in between.
See how ambiguous the phrase “making 6 figures” is? Salary differences between two people in the 6 figure salary class may be significant. For instance, one could earn $118,000 while the other makes $988,000.
They’re both earning 6-figures salaries, but Person B earns $880,000 more a year than Person A.
How Much Is 7 Figures In Money?
A 7-figure income ranges from $1,000,000 and $9,999,999. Any pay in this category is considered a 7-figure salary.
It’s necessary to remember that this is a PER YEAR salary. When someone claims they make 7 figures, they are usually talking of their yearly earnings. This may indicate that they earn $1,000,000 a year, $9,999,999 per year, or an amount in between.
How Much Is 8 Figures In Money?
A 8-figure income ranges from $10,000,000 and $99,999,999. Any pay in this category is considered an 8-figure salary.
It’s necessary to remember that this is a PER YEAR salary. When someone claims they make 8 figures, they are usually talking of their yearly earnings. This may indicate that they earn $10,000,000 a year, $99,999,999 per year, or an amount in between.
How Much Is 9 Figures In Money?
A 8-figure income ranges from $100,000,000 and $999,999,999. Any pay in this category is considered a 9-figure salary.
It’s necessary to remember that this is a PER YEAR salary. When someone claims they make 9 figures, they are usually talking of their yearly earnings. This may indicate that they earn $100,000,000 a year, $999,999,999 per year, or an amount in between.
How To Make A Minimum Salary Of 6 Figures
The most logical way to earn 6 figures is to get capital and invest it. But, since it requires very dangerous assumptions considering that the economy may go down rather than up, we will stick to enjoying a six-figure salary.
Finding a career that no one has heard about or even returning to school isn’t the quickest path to a six-figure paycheck. Instead, you can do it by working at a hobby or a cause that you’re passionate about.
As cliche as it might sound, the kinds of stuff we are enthusiastic about are the ones we end up being the best at if we can put in the effort.
Consider high-demand jobs (medical professionals, programmers, or inspectors) and how your interests can address a gap in those fields. To earn a six-figure paycheck, you need a job in which you can put your heart and soul and which you can stand out.
The majority of people earning 6 figures today didn’t start with six figures. They worked, accumulated experience, became more qualified and specialized, worked some more, and eventually were elevated or recruited into a high-paying position.
Below are a number, though by no means all, occupations that pay 6 figures regularly.
Many entrepreneurs (including online entrepreneurs) can also make 6 figures. Although, you should remember that to run a business there are a lot of expenses too. You can learn how digital nomads make money here.
Software Developer
From computer games to machines and apps to operating systems, software engineers write the code that lets software devices run. Learning coding languages and mastering syntax is all that it takes to become a software developer, and it’s a job that no longer requires a computer science degree.
To acquire the skills needed to become a software developer, you should enroll in online classes or coding boot camps. Completing courses from well-known, certified, and reputable institutions can guarantee that you are eligible to apply for the highest-paying positions.
According to US News, software developers earn an average income of $111,620 per year.
Medical Professions
Medical surgeons, dentists, anesthesiologists, nurses, radiotherapists, and other health practitioners earn well above $100,000 yearly. For instance, an anesthesiologist makes an average of $208,000 per year.
Almost all medical professions require a college degree before employment. If you’re considering a career path in the medical profession, make sure you’re ready to spend some time in college.
Financial Manager
A financial manager coordinates and monitors the financial operations of large corporations, from quarterly financial reports to earnings projections. They must adhere to laws and regulations guiding their job and must keep in mind that theirs is a competitive job market.
For many companies, the minimum qualification required is a bachelor’s degree in accounting, finance, business administration, or economics. More prominent companies (including those that pay the highest salaries) demand a master’s degree qualification.
You may also need more than five years of experience in accounting positions in addition to your degree before you can get a high-paying role. On average, financial managers earn $129,890.
Pilots and Air Traffic Controllers
Commercial pilots are highly regarded and glamorized, with the possibility of flying all around the planet and earning a lot of money. However, some forms of piloting, such as freight and corporate, will also pay well.
Air traffic controllers, meanwhile, can comfortably earn over $100,000 a year, but you must first consider whether you can handle the burden of having several people’s lives in your hands regularly.
While formal education in the form of university degrees is not required to become a pilot, there are stringent training criteria. A certificate and a minimum amount of flying hours are needed to become any type of pilot.
A full-time integrated training or modular instruction may be used to prepare to become an airline pilot. It may be an expensive career choice in any case, with training costs ranging from $70 to $200,000.
When you know that captains may earn hundreds of thousands of dollars a year and that the need for well-trained pilots grows year after year, the expenditure can seem to be worthwhile.
Ways and Tips To Increase Income With Investment, Multiple Streams, and More
Creating multiple streams of revenue is the secret to accumulating wealth and experiencing financial prosperity. In reality, people who earn 6, 7, 8, or 9 figure salaries make money from multiple sources!
They aren’t reliant on a single source of income because they have several streams of income. If you apply this principle, you’ll always have other sources of income to keep you afloat.
For example, bloggers create different streams of revenue with ads, affiliate marketing, digital products and so on. Learn how bloggers can monetize their content here.
Part of creating multiple streams of income is devising a functional wealth creation strategy. The strategy should be a combination of four coherent actions, which I refer to as “the four pillars of wealth creation.” They are:
- Increasing your income
- Reducing your expenditure (living expenditure, debt, etc.)
- Budgeting properly
- Investing your money to work for you
In this article, I’ll focus on numbers 1 and 4. But, if you want to get more tips for saving money, read our article about saving here.
Increasing Your Income
In my opinion, there are two major ways to increase income; passive income and active income.
Each one requires a different level of commitment. You can diversify the sources of income in the same manner as you will your savings. Take a look at all three methods (investments included) for generating income sources.
Active Income
The salary you get by doing a job or exchanging your time for money is known as active income. Active income is the money you receive by working with a company or in a sector daily.
When it comes to generating multiple streams of income, active income is, of course, more time-intensive. Examples of active income include bonuses, tips, commissions, and obviously, paycheck. Here are tips to increase your active income earnings:
- Taking on a part-time role to complement your full-time job
- Getting another job that pays better for your time and skill
- Raising the prices, you charge your clients in exchange for your time and expertise.
Passive Income
Passive income is described as money earned from your properties without you having to exchange your time or resources for it, i.e., you don’t have to participate actively. It’s most widely correlated with real estate or business.
For instance, a form of passive income is earning rent from real estate per month without having to put in a lot of work to obtain it. Here are few other examples of passive income sources:
- Affiliate marketing
- Peer-to-peer lending
- Investing in rental real estate
There are several other passive income sources out there. The more passive income sources you have, the higher your chances of earning a 6 figure salary.
PSST. Learn how to make passive income with a blog.
Investment
Salary is not the only way to earn 6 figures per year. Some people don’t make 6 figures from their full-time job while on active duty but are still able to live well on 6 figures after retirement.
Such people must spend wisely, save, and invest as much as possible from their income to pull this off. You can also take advantage of compound interests.
Compounding interest will make a significant impact if you keep investing daily and don’t touch your savings while you’re still employed.
Final Thoughts On Multiple Figure Salary
6-7-8-9-figure salaries are widely regarded as the yardstick for achievement. Fortunately, there are several ways to get there, depending on your background, level of education, and interest.
If you’re still at an early stage in your career or considering pursuing higher education, you should consider getting a degree in your chosen field, especially if it’s a growing industry like tech, apps, or health.
Following a career route that leads to one of the highest-paying positions, if possible, increases the chances of obtaining the skills and expertise needed to reach the magic figure.
Of course, if you have skills and experience in virtually every sector, you will earn the most money if you combine it with ambition, self-motivation, and a strong desire to excel.
You’ll get there by taking the time to study the professions and income streams that can earn you the most money – and then actively learning the requisite expertise, knowledge, and experience to be able to make the most of them.
Make the most of your innate skills and potential, as well as your enthusiasm, to earn that six-figure salary this year.
Need motivation? Check the following blog posts:
