How Much Is 6 Figures?

If you want to know how much is 6 figures and much more, this article is perfect to read, especially if you are interested in earning a 6 figure salary.

It explains and shows how much 6 figures is and a lot more answers to related questions.

 

First things first…

Are you interested in earning 6 figures? If yes, then you need all the information you could get hold of.

Having a six-figure salary is massive for as you are would be earning hundreds of thousands of dollars.

How much is 6 figures? This is a question that most people want answers to as well.

 

What Is The Meaning Of 6 Six Figures?

First off, before getting the meaning of 6 figures, it would be important to highlight the meaning of a “figure”.

A figure is one of the elements that collectively form a system of numeration.

It is one of the digits in a whole number, the fractional values are not included.

So, a figure is simply a single number, such as 0, 2, 8, 5, etc.

The number 200,000  is made up of 6 figures, and any number between 100,000 and 999,999, inclusive, has 6 figures.

So, a 6 figure means a six-figure income. This is the amount between $100,000 and $999,999 per year.

It is important to discuss six figures in terms of “per year”.

Six-figure is the amount of money an individual earns in a single year.

This money is calculated before tax and other deductibles.

 

What are the Range Classifications of Six-figure Earners?

Six figures earners receive between $100,000 and $999,999 in a year, However, the income ranges for the earners are not the same.

Six-figure income ranges are the classification or categorization of their earnings.

Put in another way, it is the scale of earning for the individual.

Six figure earners can be divided in the following ranges:

• Low six-figures = $100,000 – $399,999
• Mid six-figures = $400,000 – $699,999
• High six-figures = $700,000 – $999,999

 

Why Does Six Figure Matter?

You may want to know why people care about earning six figures.

For each individual, the motivation to earn this amount differs.

However, for most people, crossing the threshold to a six-figure income is a milestone, a life goal, a dream.

However, this doesn’t always mean someone is bringing home almost an amount that is almost a million dollars.

Some factors could affect how good this amount is.

Also See: Budgeting for Senior Citizens and Importance of Retirement Planning.

 

How Good Is A 6 Figure Income To You?

6-figure may sound like a good income level but not everyone who earns this amount is satisfied or fulfilled.

Many factors could determine how good a six-figure income is to an individual. These include:

Where You Live

If you earn six figures but live in an environment with a high cost of living, then you will have less money to save.

For instance, if you earn six figures but live in places like New York City, San Francisco, Washington D.C, Los Angeles, etc, with a high cost of living, your income will not go far.

The Size Of Your Family

The larger your family, the more expenditure you will make to take care of them.

For instance, if you are a family of 3, you would probably spend less from your six-figure income than someone with a family size of 6.

The Way You Choose To Live

Your living lifestyle will also affect how far your six-figure income will go.

If you indulge in an extravagant lifestyle then you will have little or no money to save.

Your six-figure income will decline quickly.

Which End Of The Six-Figure Scale You Are At

Another factor that will determine how far your six-figure income will go is the range of the income.

This means the end of the six-figure scale.

For instance, giving the same expenses level, someone who earns between $100,000 – $399,999 will not save more than someone who earns between $700,000 – $999,999.

Both of them earn six figures but the scale or range of one is higher than the other.

Other factors that could determine how good a six-figure is for the earner are the volume of debt and taxes he has to pay.

If you earn six figures but spend a huge part of it paying off debt like a mortgage, car loans, or high-interest personal loans, you will not have much to save.

Also, the higher taxation you pay in a year, the lower savings you will have.

Also See: How to Really Get Rich with Dividends.

 

Ways To Get Six-Figure Salary

Most people with six-figure salaries today have come across the money in one or more of the following ways:

Some People Are Born Into Money

They have rich parents who are very wealthy and by their birth, they are six-figure earners.

Some People Inherit Money

They may have some financial inheritance bestowed on them by a benefactor.

Some People Win Money

They may win huge sums of money as a result of a competition, contest, or lottery.

Some People People Work Hard

They build their skills and work hard to earn money.

These people also can diversify their income streams, create passive income, as well as make use of long-term, high-yield investments.

 

Ways To Increase Your Income To Six Figures

If your salary is not near the six-figure mark, there are things you can do to increase your earnings towards that mark.

Here are some suggestions:

 

Learn High-Income Skills

The amount you earn is a determinant of your skill level.

Your educational qualification and skill determine whether you will earn six figures or not.

For instance, medical doctors are more likely to earn six figures than janitors because of their training, skill, and education.

So, to earn a six-figure salary, you can learn high-income skills.

Also See: How Much is Enough Money and Nonprofit Bookkeeping.

 

Negotiate A Raise

If you are working in a place where your salary is near the six-figure mark, you can ask your employer for a raise.

Of course, this may not be automatic.

You must have proof that you deserve the raise in the workplace before your request is granted.

 

Pick Up A Side Hustle

In addition to what you earn, start a side hustle to increase your income level.

If you have more sources of income, you are more likely to get six-figure earnings.

Check out some of the following side hustles for more ideas:

• Money Earning Side Hustles for Lawyers
• Money Earning Side Hustles for College Students
• Money Earning Side Hustles for Men
• Money Earning Side Hustles for Women

 

 

How to Manage 6-Figure Income And Not Go Broke

Some interesting tips that can help you manage your six-figure income so don’t go broke are:

• Create a financial plan on how you earn and spend your money.
• Develop a budget for your expenses and stick with it.
• Save for emergencies.
• Save for retirement.
• Invest your money in worthy investment.
• Avoid extravagant lifestyle.

Related: How to Not Be Broke and Make Success the Best Revenge.

 

6-Figure Salary Jobs

There are various jobs you can do to earn six figures.

They are categorized into those that require a college degree and those that do not require a college degree.

Here are more details on each category:

 

6 Figure Salary Jobs That Require College Degree

Actuary

This is someone who deals with assessing and managing risk and uncertainty.

He or she uses statistics to do risk assessments to minimize costs, usually for insurance companies.

Actuaries typically hold a bachelor’s degree in mathematics, statistics, or actuarial science.

Many also take courses in databases and programming languages.

The median yearly salary of an actuary is $103,000.

Anaesthesiologist

This is a medical specialist whose job is to administer an anesthetic to a patient before he is treated.

A bachelor’s degree in a related field and a master’s degree in a nurse anesthesia education program are among the minimum requirements for the position of a nurse anesthetist.

The median annual salary of Anaesthesiologists is somewhere around $292,000

Computer scientist

This is a professional who uses computer applications to create tools and solve problems.

A bachelor’s degree in computer science in this job. However, some professionals can become successful without a degree.

The Median annual salary of computer and information research scientists is around $118,000.

Dentists

A dentist is a medical professional that detects and treats a disease that affects the human tooth.

A bachelor’s degree and a pass in medical and dentistry exams are required.

The median annual salary is around $170,000.

Electrical Engineer

This is a professional who designs, develops, and tests electrical equipment and components.

A bachelor’s degree in electrical engineering is required.

The median annual salary is $107,000.

Financial Managers

A Financial Manager works for banks, insurance companies, and other entities to ensure the long-term health of the company and its clients.

A Bachelor’s degree in accounting, finance, economics, and related fields is required.

The median annual salary is $128,000.

Other six-figure jobs that require a college degree include:

• Human Resource Manager
• Investment Banker
• Personal Financial Advisor
• Psychiatrists
• Surgeons

 

Six-Figure Salary Jobs that Don’t Require a Degree

The following are six-figure salary jobs that don’t require a college degree:

• Air Traffic Controllers
• Bloggers
• Business Owners
• Commercial Pilots
• Oil Rig Worker
• Online Entrepreneurs
• Owner-Operator Truck Driver
• Real Estate Broker
• Web Developers
• YouTubers

 

Conclusion

So, How Much Is 6 Figures?

Six figures is an amount of salary from $100,000 to $999,999.

It is an amount nearly the one million naira mark.

The above has been some interesting details about six-figure you should know.