So you want to know how much is 6 figures?
Why do most Americans covet this number their entire life?
According to the Bureau of Labor Statistics, the median salary for all working Americans over the age of 16 is $908 a week or $47,216 a year.
As you can see this is a 5 figure annual income.
Then a portion of this goes into taxes and what is left is for your expenses, which is barely enough to survive.
That is the reason 70% of the American population lives paycheck to paycheck.
And this is why a six-figure income is generally considered a milestone one can achieve to have their dream life and then enjoy the “I made it” feel.
You can see many rants around the six-figure income online, but how much is the six-figure?
You can see it in the pop-up ads, Facebook ads, and webinars being conducted on making six figures, and you can even see many blogs that just run around this topic.
Most people consider six-figure income as the epitome of their earning potential, and many others dream of having it.
But is it worth all the hype?
Let’s find out!
What is 6-figures? How much money makes 6-figures?
Simply put six figures can be seen as six digits, just like the digits from 0 to 9.
For instance, we can say $100 contains three digits, so we will call it 3-figures.
The same formula can be used for $1,000 and $10,000, and we can say that $1,000 contains four digits, so it’s a 4-figure number, and $10,000 has five digits, so it’s a 5-figure number.
So, how much is 6-figures?
Following the above formula, the first 6-figure number comes out to be $100,000.
Now we know that what is six-figure?
This takes us to our next question: how much money makes six-figures?
To answer this question, we can say that any income from $100,000 to $999,999 makes six figures.
As it is apparent that there is a significant difference between both the figures.
This difference is graded as low-six figures, mid-range six-figures, and high six-figures to make it more understandable.
Low six-figures: an amount between $100,000 to $300,000.
Mid-range six-figures: this includes the amount from $400,000 to $700,000.
High six-figures: an amount from $800,000 to $999,999.
Is Making 6 Figures A Matter Of Pride?
For someone who is making five figures and barely making the ends meet, earning six figures is definitely a matter of pride.
Above all, It requires a shift of mindset that I call thinking outside the box and some serious effort.
Taking pride in your success and celebrating it is not bad, as it encourages you to do more unless it’s not over the top.
You’re not boosting it in front of those having less than you.
Spent wisely, a six-figure income can fulfill most of your material desires like your dream vacation, better house, luxury car, debt-free life, and so on.
Does 6 Figure Income Make You Rich?
Well, it may or may not make you rich, and it purely depends on you.
That might sound a bit confusing, so let me explain.
If you have a wealthy lifestyle, like; regular vacationing, shopping from high-end brands, dining-in at 5-star hotels, if that’s your everyday lifestyle, then six-figure is not going to make you rich.
This way you are caught up in a continuous circle of earning from one hand and spending it from the other and there are no savings or investments.
However, if you spend wisely, it won’t take long to convert your six-figures to seven figures.
Related Reading: Venmo Business Model
How To Make 6 Figures?
If I say there are endless ways to make six-figures, it won’t be wrong.
All it takes is smart thinking, consistency, and hard work.
Firstly, if you have a job, keep that job and start a side-hustle.
Let me give you some ideas,
You can start a blog – It can be started in less than $100
Or create a YouTube channel like I did. See my channel as an example here
Become a freelancer and advertise your services with Fiverr.
There are hundreds of ideas to generate an extra $1000 to $6000 a month as a side hustle.
This can easily add an additional $12000 to $72000 to your 9 to 5 income.
I am a full-time hustler for a number of years now.
Read my detailed posts about legit money-making ideas here.
- How to make 200 dollars in one day
- How to get $300 fast
- How to earn an extra $1000 a month
- How to make 100 dollars a day
So my advice would be to grow your side income, and when they rise to a significant level, leave your job and work 24/7 on converting your side hustles to a full-time business.
However, specific jobs pay a six-figure annual salary, like a doctor, lawyer, engineer, pilots, etc.
So you can either have a high-paying job or start your entrepreneurial journey to make six-figures from scratch.
Does Making 6-Figures Ensure An Extravagant Lifestyle?
It significantly depends on the place you live and your expenses to have a good lifestyle with a 6-figure income.
Some places are simply more expensive than others, so if you live in a big city like New York or Los Angeles, a six-figure is considered a mid-range income.
It might ensure only a good lifestyle but not an extravagant one.
However, living in a cheap city with a 6-figure income might give you a luxurious lifestyle.
What Is A Six-figure Salary?
If you earn over $8,333 per month, you can hit that 6-figure mark by the end of the year.
To have a salary that pays in 6-figures, you need to find a high-paying career.
Typically jobs in medical, tech, real estate, engineering, military, legal fields pay this kind of money.
However, for a high-paying job, a professional degree and field experience is a must.
Is A 6-figure income Necessary To Build Wealth?
Many people confuse wealth with income.
But that’s just not true. Income is something that you get each month. It may be a paycheck or your regular business income.
But wealth is the money you save and then invest, and it grows with time, and you can undoubtedly build wealth without earning six-figures.
By adopting some smart habits and sticking to them, you can quickly build wealth without having a regular six-figure income.
The number one habit is to start early at a young age.
That way, you would be one step ahead of others already.
Another habit is investing.
Whatever you earn, first pay yourself by investing a portion of it and then spend.
That way, you would have savings that are growing with time and adding to your wealth.
The next habit is to spend wisely.
A significant portion of our income is spent on housing, transportation, and food.
If you cut the expenses of these three, you will save a substantial amount of your earnings.
This is the most important of them all.
It is necessary to have multiple streams of income because if you have a single source of income, you are just one step away from being broke.
What Are 7 And 8 Figure Incomes? And How Can They Be Earned?
Just like the six-figure income, a 7-figure income means 7-digit income.
Anything from $1,000,000 to $9,999,999 makes a 7-figure income.
Similarly, an 8-figure income has 8 digits, and it ranges from $10,000,000 to $99,999,999.
You can upgrade your income to 7 and 8 figures in the same way you would upgrade to a 6-figure income.
Once you are at a 6-figure mark, your next milestone would easily be 7 and 8 figures.
The only difference is that you would need more smart work, and consistency.
Summing Up 6, 7, 8, and 9 Figures.
Now you know what a 6-figure income is and how much money is six figures.
We have covered the techniques, habits, and skill sets you would need to get there.
Making money is a skill.
Like every other skill, it takes time to gain expertise in it, with every next level demanding a different and improved version of you.
All you need is never give up and keep hustling.