How a lot is six figures?
For those who’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 sensible 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” accommodates 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 accommodates 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.
Essentially the most mathematically correct means could be to divide the vary into three equal components (give or take a greenback):
Low six-figures = $100,000 – $400,000Mid six-figures = $400,000 – $700,000Excessive six-figures = $700,000 – $999,999
Nonetheless, you would possibly discover that completely different folks consider these ranges in numerous methods. Somebody making $300,000 a 12 months 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 12 months = 8,333.33 per thirty days (12 months per 12 months)
For those who’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 will likely 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
In fact, the particular quantity you are taking dwelling will fluctuate based mostly in your precise wage and taxes. However for those who’re incomes $100,000 a 12 months and curious how a lot six figures is per thirty days or per week, you’ll be able to 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 reside the excessive life for years, or it may cowl your yearly bills with out a lot to spare.
Past how excessive the precise six-figure quantity is, the opposite principal issue at play is your price of residing (typically abbreviated as COL). Price of residing can fluctuate wildly between completely different areas of the world, and even inside a rustic.
For those who’re residing in a $4,000/month dwelling in San Francisco, CA, and spending 1000’s extra on different bills, a low six-figure wage can bleed away rapidly. (In truth, $117,000 a 12 months was thought-about low-income for a household of 4 there!)
However for those who’re in a low-COL space (just like the midwest US or plenty of worldwide places), even the bottom six-figure quantity of $100,000 can have you ever residing very effectively and piling away cash in financial savings and investments.
Lots of people within the FIRE (Monetary Independence/Retire Early) area goal to apply “geo-arbitrage,” the place they work remotely for an employer in an costly location whereas residing someplace with a decrease price of residing. Or, somebody would possibly plan to retire overseas in order 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 within the prime 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 palms!
6-Determine Wage Jobs
Need 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 normally want years of coaching and expertise to work your means as much as six figures, until 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 will have loads of choices! Right this moment, in 2023 there are much more choices to select from.
Listed below are some highlights representing completely different profession sorts:
Anesthesiologists ($265k+ common wage)Surgeons ($250k+)Psychiatrists ($216k+)Dentists ($174k+)Data programs managers ($149k+)Advertising and marketing managers ($145k+)Gross sales managers ($137k+)Physicists ($123k+)Air site visitors controllers ($120k+)Laptop {hardware} engineers ($119k+)
The whole listing has plenty of managerial positions, engineering roles, and jobs within the medical subject. Working your means up the ladder in one in every of these areas provides you likelihood of incomes six figures.
When you’ve got an entrepreneurial spirit, you can even 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 facet, it doesn’t put a cap in your progress like a salaried job does.
Need to learn the way a lot six figures may enhance your life? There’s no simple components to earn it in a single day, however for those who’re motivated, you’ll be able to 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 revenue by selecting up a facet 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 this point, 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 group and co-founding DollarSanity. Along with touring and out of doors journey, Kate is enthusiastic about monetary literacy, compound curiosity, and pristine grammar.