How a lot is six figures?
If you happen to’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 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 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 Yr?
$100,000 to almost $1 million is sort 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 method can 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 would possibly discover that totally different folks consider these ranges in numerous methods. Somebody making $300,000 a yr would possibly 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 yr = 8,333.33 per thirty days (12 months per yr)
If you happen to’re incomes six figures a yr as a gross determine, this isn’t your true take-home pay. It’s important to issue within the taxes that might 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 the direction of taxes. You possibly can 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 are taking residence will fluctuate based mostly in your precise wage and taxes. However if you happen to’re incomes $100,000 a yr and curious how a lot six figures is per thirty days or per week, you possibly can count on to be working with round $6,000 per thirty 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 truth is: it relies upon. Six figures may give you sufficient to retire and dwell the excessive life for years, or it will possibly cowl your yearly bills with out a lot to spare.
Past how excessive the precise six-figure quantity is, the opposite essential issue at play is your value of residing (usually abbreviated as COL). Price of residing can fluctuate wildly between totally different areas of the world, and even inside a rustic.
If you happen to’re residing 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 rapidly. (Actually, $117,000 a yr was thought-about low-income for a household of 4 there!)
However if you happen to’re in a low-COL space (just like the midwest US or a variety of worldwide places), even the bottom six-figure quantity of $100,000 can have you ever residing very properly and piling away cash in financial savings and investments.
Lots of people within the FIRE (Monetary Independence/Retire Early) house purpose to apply “geo-arbitrage,” the place they work remotely for an employer in an costly location whereas residing someplace with a decrease value of residing. Or, somebody would possibly plan to retire overseas in order that they don’t want to avoid wasting up as a lot cash of their retirement accounts.
Even if you happen to don’t earn a six-figure wage, you possibly can dwell 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 planet (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 arms!
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 dwell in an costly location the place $100,000+ is regular proper out of school 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! Right now, in 2023 there are much more choices to select from.
Listed here 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 visitors controllers ($120k+)
- Laptop {hardware} engineers ($119k+)
The whole record has a variety of managerial positions, engineering roles, and jobs within the medical area. Working your method up the ladder in one among these areas provides you a great probability of incomes six figures.
You probably 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’ll repay, however on the flip aspect, it doesn’t put a cap in your progress like a salaried job does.
Wish to learn the way a lot six figures might enhance your life? There’s no straightforward components to earn it in a single day, however if you happen to’re motivated, you possibly can at all times 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 revenue by choosing up a aspect 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 this point, her laptop computer has accompanied her to New Zealand, Asia, and across the U.S. (largely due to 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 out of doors journey, Kate is obsessed with monetary literacy, compound curiosity, and pristine grammar.
