You will need to put in effort if you want to earn six figures. However, if you put in the necessary effort and commitment, you can succeed financially. Here’s a how-to manual for earning six figures.
What is a Figure?
In mathematics, a figure is a digit or symbol that is used to represent a number. The tenths place is represented by the first number in the decimal system, the hundredths place by the second, and so on. For instance, the number 12 can be expressed as 1.2, which is one figure and two figures.
A 6-figure salary in the US is defined as having a yearly income of at least $100,000. For the majority of people, this is a very comfortable salary that allows for a comfortable lifestyle.
What Does Six Figures Mean in Money?
The phrase “six figures” probably brings up visions of prosperity and a good quality of living if you’re a working professional. After all, making six figures a year requires earning at least $100,000 in income.
However, what exactly does six figures represent in terms of your bottom line? What will your take-home pay truly be after taxes and other deductions?
Of course, the answer relies on a lot of variables, such as your tax bracket, where you live, and if you have kids. But generally speaking, taking home a six-figure wage entails earning between $60,000 and $70,000 annually.
Not terrible, but not by nearly the same margin. Even so, it’s not a bad salary—especially if you’re accustomed to a smaller one. Additionally, if you manage your money well, you may save a sizable portion of that six-figure paycheck and accumulate a sizable nest egg.
How Do You Make Six Figures?
Many people frequently ask the question, “How do you make six figures?” There are several methods through which one can earn six figures. The most typical method is through employment. Additionally, buying stocks, real estate, or other enterprises can bring in six figures for the investor. And finally, winning the lottery can bring in six figures.
What Jobs Make Six Figures?
Six-figure positions abound, but they come in a wide range of degree levels, levels of experience, and geographic locations. Some of the most typical six-figure jobs are listed below:
- Physicians: Some of the highest-paid professionals in the world are physicians. They frequently have years of post-secondary training and education, and many of them have years of experience. In several specialties, including surgery, anesthesia, cardiology, and more, doctors can earn six figures.
- Attorneys: Similar to doctors, attorneys often have years of post-secondary education and training. However, depending on the area of law they practice, where they are located, and how much experience they have, a lawyer’s pay might vary greatly. For instance, corporate attorneys in New York City typically earn higher salaries than public defenders in rural areas.
- CEOs: CEOs receive the highest salaries among company executives. Their salary is frequently directly correlated with business performance, and they are accountable for the entire performance of their enterprises. Although CEO pay can vary greatly, the majority earn six figures or more.
- Investment bankers: Graduate or undergraduate degrees in business or economics are often required of investment bankers. They are employed in the financial sector and assist businesses in raising capital by issuing and selling securities. Most investment bankers earn six figures or more annually.
- Consultants: On a wide range of subjects, including strategy, marketing, operations, and more, consultants offer guidance to firms in a variety of industries. Although a consultant’s pay may differ depending on their expertise and specialty, many earn six figures or more.
- Engineers: Engineers create systems, services, and products. They often have engineering undergraduate or graduate degrees as well as years of specialized experience. Mechanical engineering, electrical engineering, and other disciplines are among the ones where engineers might earn six figures.
Are There Any Six-Figure Jobs That Don’t Need a College Degree?
There are a few six-figure positions that don’t call for a college degree, but they are scarce. Still, the great majority of well-paying positions demand a minimum of a four-year degree. There are a few outliers, despite this. A few six-figure positions without a college degree are listed below:
- Air traffic controller: Air traffic controllers oversee the movement of aircraft, assuring their safety and helping to prevent collisions. The work is under pressure, and exceptional coordination and communication abilities are needed. However, a college degree is not necessary. In addition to on-the-job training, air traffic controllers often possess an associate’s degree or some college experience. For air traffic controllers, the average yearly income is $124,540.
- Nuclear Power Reactor Operator: Nuclear reactors are operated by nuclear power reactor operators. For them to do their jobs safely, physics and arithmetic are essential subjects to master. They do not, however, require a college degree. The majority of nuclear power reactor operators have completed both formal education and on-the-job training. Operators of nuclear power reactors make an average of $93,370 per year.
- Installers and Repairers of Elevators: These professionals set up, maintain, and fix elevators and escalators. Both excellent mechanical and customer service abilities are necessary for the position. However, a college degree is not necessary. The majority of elevator installers and repairers have either finished a formal apprenticeship program or acquired on-the-job training. Installers and repairers of elevators make an average of $79,780 per year.
- Detectives and criminal investigators: Detectives and criminal investigators acquire information and speak with witnesses to solve crimes. To succeed in this field, they need to have excellent critical thinking and problem-solving abilities. However, a college degree is not required for detectives and criminal investigators; many have just attended police academy training. Detectives and criminal investigators make an average of $81,920 per year.
- Commercial Pilot: Commercial pilots operate helicopters or aircraft for transportation or other commercial endeavors. They are not required to have a college degree, but they must have a high school diploma or GED and finish some aviation training. Commercial pilots earn an average yearly compensation of $78,470.
While some six-figure positions exist that don’t require a college degree, the great majority of high-paying professions still demand that candidates have at least a four-year degree.
Are You Rich With a Six-Figure Salary?
With a six-figure salary, you might believe that you are wealthy, but you might not actually be. A six-figure income does not necessarily equate to wealth. In actuality, it can merely indicate that you do a good job of your job.
Even while many people earn six-figure salaries, they are hardly wealthy. They may be wealthy, but they are also heavily in debt. Despite having a house, they also have a mortgage. Despite owning a fantastic car, they also owe money on it.
What does it mean to be wealthy then? It entails having more money than you require for a comfortable lifestyle. It entails having the funds to carry out your desires when they arise. It entails being able to donate money without being concerned for your own financial stability.
You are not really wealthy if you are earning a six-figure salary and are concerned about your financial stability. Although you may be doing well, you are not rich.
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How Much is Seven Figures?
Although many individuals ask this question, you might be surprised by the response. Although seven digits is a big sum of money, it is not as much as you may believe. In actuality, seven figures are hardly higher than six figures.
To put it into perspective, it would take you ten years to make one million dollars if you made $100,000 a year in wages. Therefore, seven figures represent merely a 70% increase over $1,000,000 in value.
So, what is seven figures worth? Although a lot, it is not as much as you might believe.
Final Thoughts on How Much is 6 Figures
What is 6 figures worth? Depending on who you speak to, it might be anywhere between $100,000 and $999,999 annually. Nevertheless, “6 figures” might be interpreted in a number of various ways, so it’s critical to comprehend the context in which the term is employed.
Some individuals define 6 digits as a wage of at least $100,000 per year. Others might use the phrase to describe a household with a $100,000 or higher annual income. Others could believe that anyone who makes six figures a year is a member of the “6 figure club.”
No matter how you define it, 6 figures is unquestionably a lot of money. Well done if you’re fortunate enough to make that much in a single year! More than most, you’re doing well. Just keep in mind to set aside some for a rainy day.