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How Much is 6, 7 or 8 Figures
Have you ever wondered how much is 6 figures?
I used to think it meant 1 million – because there are 6 zeros. Alas, this is wrong! But I now know exactly what it means, because I am currently making my way towards earning a 6 figure salary and having 6 figures worth of savings.
So if you haven’t already guessed, this phrase is most often used within the context of money – and more specifically, how much money.
So let’s dive into exactly what it means to say 6 figures, or 7 or 8. And more importantly, how one can actually make 6 figures worth of income or amass 6 figures worth of savings. We’ll also take a look at some of the notable wealthy people that have already achieved this allusive fortune.
- How Much is 6, 7 or 8 Figures
- What Do 6 Figures Mean?
- Same Principle for 7, 8 and 9
- 6 Figure Salary
- Average Salary
- How to Get to 6 Figures
- Notable 11 & 12 Figure Net Worth Individuals
- Highest Paying 6 Figure Jobs
- How Much is 6, 7 or 8 Figures
What Do 6 Figures Mean?
6 figures refer to the size of a number by reducing it down to it’s purest form, namely the number of figures (or digits) contained within it.
In almost all instances when someone is referring to ‘6 figures’, they are referencing a dollar total. This could be any amount that is limited to 6 figures and therefore could range from $100,000 – $999,999.
In reality, when most people are talking about a six-figure dollar amount they are drawing attention to the first round number that is no longer a 5 figure total.
The largest 5 figure dollar number is $99,999 and once we break this 5 figure threshold we enter the $100,000 round number total.
Therefore, when people ask how much is 6 figures? The definition answer is $100,000. Or at the very least they are referring to this bracket of income – $100,000+.
Same Principle for 7, 8 and 9
The good thing is the same exact principle applies to all numbers.
But the for the purpose of this article, the most commonly referred to dollar amount figures are 5, 6, 7, 8 and 9. We have already covered what 5 and 6 figures mean; $10,000 and $100,000 respectively.
Let’s now look at what 7, 8, and 9 figures mean in terms of dollar amounts (remember, this is the first whole round number amount for that bracket of figures – 6 figures, for example, starts at $100,000, but can go all the way up to $999,999.
How much money is 7 figures?
7 Figures refer to the starting dollar amount of $1million:
How much money is 8 figures?
8 Figures refer to the starting dollar amount of $10million:
How much money is 9 figures?
9 Figures refer to the starting dollar amount of $100million:
6 Figure Salary
When discussing salary it is common parlance to say ‘making 6 figures’ when your earnings reach the $100,000 mark.
It is important to note that this is NOT the take-home amount.
One’s salary is quoted as a gross figure, meaning it does not take into account taxes. Therefore, if you are earning a $100,000 salary (6 figures), the total net annual earnings that end up in your bank account will be less (adjusted for state and federal taxes).
For most people, the idea of earning a 6 figure salary sounds pretty great, right?
And that’s for good reason!
According to the Bureau of Labor Statistics (BLS), the median wage for US workers in the first quarter of 2020 was $957 per week or $49,764 per year. This is almost half of what is classically defined as a 6 figure salary.
It is important to note however that this varies enormously depending on a number of key factors, including;
- Geographical location
The spending power of one’s salary is massively influenced by location. If you live out in the sticks and at any time have spent a few days in New York, you’ll know how much more expensive a cup of coffee is.
According to Numbeo.com the average price of coffee in New York is $4.90 compared to $2.36 in Amarillo, TX. So the buying power of your $100,000 salary is put under much more pressure when living in expensive areas.
My brother lives in London, and the amount of money he was paying for rent would turn your hair grey! Luckily, he managed to get on the property ladder last year, so at least his mortgage payments are now an investment. Good for him!
Obviously the phrase ‘6 figures’ is not exclusively reserved for referring to one’s salary. It is often used when referencing lump sums of money as well.
How much did that new car cost him?
I know for a fact he spent well over 6 figures on it!
I bet they did well out of that settlement.
Sure did, it ran well into 6 figures.
And of course, there are savings to consider. How much liquid cash you have saved at a bank or credit union. So is having 6 figures worth of savings considered good?
Well, according to a report from Bankrate the average US household has $8,863 in liquid cash saved. And this number varies massively depending on age and number of children. The highest average savings are with couples aged between 55 and 64 with an average of $17,587 in the bank.
The lowest savers, with an average of $1,350, are single people with children aged 34 and younger.
So it’s fair to say anyone with savings in the 6 figure amount (remember that’s above $100,000) is doing pretty well compared to the average American!
How to Get to 6 Figures
The journey to 6 figures of income and or savings is definitely possible. But remember the medium wage in America is $49,764 per year, so for many of us, extra steps will need to be taken!
Growing your wealth to six figures of savings will obviously be much easier with higher rates of income. And this is far more achievable than many people think, it just requires a little effort, a solid plan and impeccable execution.
How to Increase your Earnings
Get a Raise
The best way to make more money is to start with your primary source of cash, namely your income. A lot of people feel uncomfortable asking for a pay rise, but as a business owner myself, I can honestly say, if it’s done correctly then there is no harm in doing it.
Firstly, you should be compensated for your worth, and if you feel you provide value to your employer and have not received an increase in pay for a while, then you should definitely consider asking. Follow these simple tips and give it a try:
- Schedule a formal meeting or sit down with your superior.
- Explain the situation calmly and professionally – outline the duties you have been performing well and highlight the reasons you deserve a pay bump.
- Be realistic in your expectations and talk in terms of percentages (2-5% is a good baseline to work from).
- If you are not successful do not let it affect your work. Take a step back and reassess your options.
- The journey to 6 figures for most of us is a marathon, not a sprint – remember that!
Get Extra Work
If you want to speed up the process of earning a 6 figure salary then it’s well worth considering getting some extra work. One of the easiest ways to earn a steady flow of extra income is with a part-time remote job.
FlexJobs is an incredible website with an abundance of part-time remote positions that cater to a wide variety of skill sets. You may be able to earn a nice additional income working just a few extra hours each week.
If you have a bit more time on your hands and would like to explore some less conventional income streams – then getting a side hustle might be a great option for you. Here are a few amazing side hustles that you could start to boost your income towards that 6 figure goal by $1000 a month:
Related article: 29 Awesome Side Hustle Ideas To Make Extra Money
Or you could even consider starting a blog – a lot of bloggers make 6 figures each year, and many make 7! It takes some work, but there are loads of great resources to learn the craft and you can get started for just a few dollars a month with Siteground – possibly the best hosting providers for new bloggers.
Read my 7 step guide to starting a self-hosted blog on Siteground – and get set up the right way! 6 Figures could be closer than you think!
How to Increase your Savings
Saving money is an essential part of growing wealth, and is a vital ingredient if you ever want to see your bank balance read over $100k.
For most people, saving is an inherent part of personal finance and comes quite naturally. However, there are also those among us who find saving money one of the hardest things to do (come on, you know who you are).
But there are some great tips and tricks you can start to implement almost immediately. And once you have systems in place, your savings will snowball into a nice little nest egg that could eventually become a big fat 6 figures!
You can check out ‘17 ways to save money fast‘ and begin to grow your wealth by reducing your expenses and stash your surplus cash the right way.
The top 5 five ways to save more money I would implement immediately are:
- Every time you spend money there is a chance you can recoup some of what you’ve spent via a cashback provider – Ibotta is a great option and can save you a small fortune!
- Honey is a free browser extension that automatically finds coupons and discounts for you – it saved me 50% on a $160 purchase recently – that’s over $80 saved!
- Automate your savings and make use of your 401k. Bloom allows you to access low-cost investments and the bots handle everything for you!
- If you’re paying more than you need to on your bills then that’s money down the drain. Bill Shark automates your bill negotiations and can save you a massive 25% a month!
- You need to budget so you can track everything coming in and going out. The pathway to 6 figures starts with a solid plan. Check out my free monthly budget tracker to get you on the right path.
Notable 11 & 12 Figure Net Worth Individuals
Having 6 figures worth of savings would be fabulous for most of us mere mortals. But unfortunately among the wealthy elite 6 figures is nothing to really shout about. Don’t forget though, 6 figures range from $100,000 to $999,999 (which is just $1 short of a cool $million). And there are plenty of millionaires out there!
7 Figures are where it really starts to get interesting though, as we enter the multi-millionaire territory. This is a range of between $1,000,000 to $9,999,999 ($1 short of $10million).
In 2019 the US was home to 18.6 million millionaires – 40% of the world’s total.
At the 8 figure point we’re looking at $10,000,000 ($10million) to $99,999,999 ($99.9million – $1 short of $100million). We’re still not even close to $1billion. Crazy, right?
9 figures range from $100,000,000 ($100m) to $999,999,999 ($1 short of $1billion).
And that’s when we get to the incredibly large and somewhat unimaginable 10 figures which reads $1,000,000,000 or $1billion – what an insane amount of money for any individual to amass!
$1billion is 1000 million dollars! Jeez!
And it keeps on going!
11 Figures starts at $10,000,000,000 ($10billion) and
12 Figures starts at $100,000,000,000 ($100billion).
But these people are out there, and you’ve probably heard of some of them:
- Mark Zuckerberg – $69.6 billion – Facebook (11 Figures)
- Larry Page – $55.5 billion – Google (11 Figures)
- Warren Buffett – $80.8 billion – Investor (11 Figures)
- Bill Gates – $106 billion – Microsoft (12 Figures)
- Jeff Bezos – $114 billion – Amazon (12 Figures)
Highest Paying 6 Figure Jobs
So now we know the answer to the question of how much is a 6 figure income?
The real question is what are the highest paying jobs where you can actually earn over $100,000 – and even make 7 or 8 figure incomes?
According to a U.S. News & World Report, the highest paying jobs of 2020 are in the health care industry. The trade-off for these high paying 6 figure positions is a sizeable investment in education. Four years at medical school will set you back at least $250,000 if not more.
But gaining employment in these sorts of positions will pay for themselves, with doctors more than any other profession likely to be in the top 1% of earners.
This is a breakdown of the top 10 highest paying jobs in 2020 and beyond:
- $267,020 per year
- $255,110 per year
- Oral and maxillofacial surgeons
- $242,370 per year
- Obstetrician and gynaecologist
- $238,320 per year
- $225,760 per year
- $220,380 per year
- $196,490 per year
- $191,400 per year
- $183,240 per year
- $175,840 per year
But if health-related professions aren’t really your bag, there are still plenty of ways to make 6 figures. Getting a side hustle that you could transition into a full-time income is one option you could consider. Also, investing your savings to generate a sustainable passive income will increase your total earnings.
Finally, starting your own business and nurturing any entrepreneurial skills and character traits you may have could land you a much larger than average income.
Jeff Bezos started his little known Amazon operation out of a 2000-square-foot basement – and he’s now one of the wealthiest people on earth with a fortune running into 12 figures.
- 7 Habits Of Successful People (How the Rich Live)
- 29 Awesome Side Hustle Ideas To Make Extra Money
- 11 Reasons You Can’t Save Money For Sh*t
- 11 High-Income Skills To Make More Money
How much is 6 figures?
A six figure dollar amount ranges between $100,000 – $999,999.
How much is 7 figures?
A seven figure dollar amount ranges between $1,000,000 – $9,999,999.
How much is 8 figures?
A eight figure dollar amount ranges between $10,000,000 – $99,999,999.
How much is 9 figures?
A nine figure dollar amount ranges between $100,000,000 – $999,999,999.
How much is 10 figures?
A ten figure dollar amount ranges between $1,000,000,000 – $9,999,999,999.
How many zeros are in a $1 million?
There are 6 zeros in $1 million.
How many zeros are in a $1 billion?
There are 9 zeros in $1 billion.