Most of us have dreamt of a decent salary- wages high enough to support a comfortable lifestyle. Many dream of 6 figures, 7 figures, or more.
When we say seven figures, do we realize how big or small is that in actuality? What would you be able to afford with this amount of money?
This article will break down what we exactly mean when we say seven, eight, and nine figures. If you want to understand how much 6 figures is, we already wrote an entire article on it.
What Is A Figure?
Remember your mathematics in grade school? Here’s a quick review of the mathematical definition of the figure. Numbers like 0, 2, 4, 6, 9 are single numbers; therefore, they are a figure. In short, a single number is a figure.
If we have an example of 1532, there are four figures: 1, 5, 3, and 2.
If the number is 36, then there are only two figures: 3 and 6.
With these ideas, you can now distinguish that a person with a seven-figure income means their salary is between $1,000,000 and $9,000,000 every year.
Note that the seven-figure income per year is the number of their earnings, exclusive of the tax and other necessary deductions. Also, the cents is not in the declaration of the figures.
Hence, if someone earns $22,663.12, it counts as a five-figure income rather than seven as we do not include the number after the decimal point.
Now let’s find out how big a seven-figure income is when it comes to money.
Related: $40,000 a Year is How Much an Hour?
How Much is 7 Figures?
$1,000,000 up to $9,000,000 is considered a seven-figure income.
There is a significant distinction between a $1 million income and a $9 million income, considering that they are a bracket difference.
Take note that most of the jobs you will see in this section are also present in six-figure positions because some income coincides with this income level.
Here are the jobs that can earn you a seven-figure income:
Chief Executive Officers (CEOs)
YouTubers/Social Media Influencers
Who Earns 7 Figures?
The specific people within this bracket who earn seven-figures are millionaires. Most of them made the salary through their hard work without inheriting.
Traditional careers, or formal occupations, do not always guarantee the chance of having a seven-figure salary. The nature of these types of jobs are low-risky and have time restrictions of earning as big as the seven-figures.
Despite that, some entrepreneurs earn from their active incomes in business and passive incomes. Some of them are
Tanner Chidester, a self-made millionaire, started his two seven-figure companies called Fit Warrior and Elite CEOs.
How Much is 8 Figures?
You’ve seen seven figures; imagine how significant eight figures now that we are diving into it.
The eight-figure income can be considered as a multi-millionaire by now that they have these huge figures. Individuals have an eight-figure income if their annual income is $10,000,000 to $99,999,999.
Chief Executive Officers (CEOs)
Investment Fund Managers
Who Earns 8 Figures?
The YouTube channel Ryan’s World who features Ryan Kaji, became famous for creating toy unboxing and reviews. His videos are up on the channel every day, usually with his parents’ and sisters’ participation. As of 2020, he is the highest-earning YouTuber across the globe with $29.5 million.
Dwayne Johnson, a famous actor, earned $87.5million in one year, according to Forbes. His known action movies are Fast and Furious, Rampage, Moana, and Jumanji.
The highest-paid female celebrity on the Forbes list is Ariane Grande, who made $72 million. Her album sales, merchandise, endorsement projects, sponsorships, and world tour brought her a whopping $146 million.
First founded by Rand Fishkin, Moz, the largest SEO community, is now edited by Morgan McMurray earned $44.9 million in 2019 with their services intended for building tools for SEO.
Penny stock trader who turned into a blogger Tim Sykes, earned $20 million worth of income in 2019.
A footballer from Liverpool and Egypt, Mohammed Salah, has a net worth of $95 million in 2019.
How Much is 9 Figures?
Next in the line for the growing numbers is nine-figures with $100,000,000 up to $999,999,999 yearly.
This figure with eight zeros is written and read as one hundred million dollars. It sure is a large sum of money, and anyone could ever imagine.
With large figures comes a high-level of income. This nine-figure income is inherited wealth and large family businesses in technology or industry.
However, nine-figure and ten-figure salaries are not the individual’s actual and personal earnings than its stocks.
For instance, CEO of Amazon Jeff Bezos, who has a ten-figure income, is earning billions of dollars per day. The payment is not his salary but is secured together with the company.
Technology Company Owners
Investment Fund Managers
Who Earns 9 Figures?
Tennis player Roger Federer made $106 million in 2019.
Meanwhile, Ed Sheeran, a famous British singer-songwriter, earned $110,000,000 in 2019.
Pop singer-songwriter Taylor Swift brought in $185 million in earnings over 2019
Also, media personality and socialite Kylie Jenner made $170 million in 2019.
How Much is 10 Figures?
The further we ascend to the number of figures in our list, the fewer individuals will remain. The ten-figure income is $1,000,000,000 up to $9,999,999,999, which is more commonly known as billion dollars or thousand million dollars.
Most of those who earn ten figures and up would see these individuals making ten figures at an income level of up to nine billion.
Below is a list of jobs that earn ten figures far in excess:
There are not many jobs that will bring you a billion-dollar income, but here are the roles and careers of those who earn the ten-figure income: big technology companies, philanthropists, inheritors of family wealth and businesses, and influential media stars.
Like those reported to have a nine-figure salary, individuals’ ten-figure income in this category does not entirely mean they get the actual amount as their salary.
For instance, Facebook founder Mark Zuckerberg waged himself at least a dollar per year to ensure that he is still a legal employee and does not wage another salary.
Ironically being the founder of the biggest social media platform, Zuckerberg may be perceived to be in a state of poverty with only a one-figure salary.
However, this is not the case for most CEOs who had done the same thing: paying themselves $1.
Who Earns 10 Figures?
Listed below are a few selected ten-figure earners:
Amazon President, founder, and CEO Jeff Bezos, as mentioned already.
Co-founder of Microsoft Bill Gates is also a software developer and philanthropist.
Chairman of Muyuan Foods, Qin Yinglin, started as a pig farmer.
Alice Walton is the heiress to Walmart’s stocks.
Eric Yuan is an emerging billionaire known to be the CEO and founder of Zoom Video Communications.
And Mark Zuckerberg, co-founder of Facebook, entrepreneur, philanthropist, chairman, and chief executive officer.
We explored the millions and billions side of income, but how about the other side of the scale? We will learn about the four, five, and the not-so-little- six figures in this scale.
Four and five figures, in particular, are under the zero-hours contract work; therefore, there is no assurance for employees to have a contract that has a fixed number of hours per week and pay.
In short, no work, no pay for them.
Understandably, these types of jobs are unreliable, especially if you are trying to earn enough.
And How About 4 Figures?
Typically, $1,000 up to $9,999 is the annual income for individuals who earn four-figures. In big countries like the United States or the United Kingdom, this is a low yearly income.
If someone lives off with this figure, it is most likely to experience poverty as the salary is not enough for everyday needs such as shelter, food, and utility bills.
Jobs under the four-figure jobs do not require a specific high level of skills. These jobs come in part-time engagement, or sometimes, even a zero-hours role that makes it hard for individuals to earn.
Most jobs categorized under this four-figure income is not counted annually; instead, they are hourly.
In the US, the annual income for a full-time worker is more than $40,000.
Meanwhile, the income in the UK for the year 2019 was at £36,611.
Now it is easier to imagine how much is five figures given that we already went from the other side of the scale.
A five-figure income will be between $10,000 and $99,999.
This amount of income is more common to people as it is the average income of individuals, in the condition that they are full-time workers.
Under this level of income, jobs acquired with degrees or conventional to us and freelancing roles are some of those who can earn you five-figures.
After graduating, individuals start their income at this bracket before climbing up to the next level- six figures.
5 Figure Jobs
Day-care providers ($25,000)
Office staff ($25,000)
Medical assistants ($36,000)
Most jobs in this level of income require a college-level degree and can potentially earn up to the bracket’s higher-end, which is $99,999. These jobs include workers in the field of health and medicine, corporate, bank, and education.
Over time, these jobs can eventually reach the six-figure income, especially if promoted through their work progresses.
Who Earns 5 Figures?
Most of your relatives, friends, or family members earn in this bracket on a more typical scene and have a job, as mentioned above.
A five-figure income is a lot more familiar and heard of, unlike six-figures that are moderately on a larger scale.
Traditional careers guarantee the five-figures on your hand as you may be working under an established firm.
Moving a bit higher in the scale is six figures that lie between $100,000 and $999,999.
There is still no official basis that the hundreds of thousands in this six-figure is a low, middle, or high level of income since there is a large disparity in the bracket. But if we mathematically analyze the numbers, it could be suggested that:
$100,000 to $399,999 are low range in six-figures
$400,000 to $699,999 are at the middle range in six-figures and,
$700,000 to $999,999 are high range in six-figures
But if I were earning a six-figure income, I would not even question the amount as long as six figures!
Earning this much is a life goal for most of us because it is sufficient to afford anyone’s dream, but this does not mean that anyone always makes six-figures.
How Much Are 6 Figures Annually?
Based on the $100,000 to $999,999 bracket, the extensive range of revenue eventually expands the richer you are.
For many people, a six-figure income is a lot already, considering they can live fine with a lower income; however, figures in revenue become bragging for most people.
If we divide the minimum yearly six-figures of $100,000 into 12 to see how much it is monthly, your monthly salary would be an estimated $16,700.
If you make $900,000, your monthly salary would be $75,000 a month.
So even if you earn six-figures, its place in the bracket still creates a big difference in how much you have.
A 6-Figure Lifestyle?
With a significantly large amount of income, a person earning six-figures may still have limitations depending on their area of residence, the number of family members with you, your chosen lifestyle, and your income based on low mid and high range six figures.
Cities like New York and London mostly offer six-figures to those living and working in the area as the cost of living is also considered due to it being popular places.
For some places, a six-figure income is either high or low because of the factors mentioned above.
For example, in California, Silicon Valley is considered $100,000 to below, while some places consider it mid or high.
A six-figure income immediately makes us imagine a luxurious lifestyle such as having grandiose celebrations, designer goods, and mansion-like homes.
We should consider that individuals earning a six-figure salary may be devoted to using their income for expenses every month. There may be a lack of financial advice or knowledge on investment.
If we look from a different perspective, having $100,000 will make you in the top 10% of the world’s wealthiest people.
According to a poll, only 9% of Americans earn at least a hundred thousand dollars. Though celebrities parade their extravagant lifestyle on media, you would not imagine only nine percent of six-figure earners.
To acquire a job that pays you a six-figure income, you will most likely have to be a senior employee, in the management department, entrepreneur, or studied specializations for a field of a college degree.
So if you want to earn a high amount of money, you also have to put yourself in the trouble of having a considerable amount of student debt. Below is the list of careers that pays you big, but obligations significant in student loan as well:
Financial Analyst ($103,000)
Medical Surgeons ($250,000)
Computer Scientists ($118,000)
Financial Managers ($128,000)
These incomes can depend on the work progress and their job role according to hierarchy in the work set-up so their salary can increase over time.
Six-Figure Jobs That Don’t Need A Degree
As mentioned earlier, earning six-figures requires them to invest their time and money in studying their expertise. Still, some individuals who are six-figure earners skipped that.
Some six-figure earners are born with the money due to inheritance. Few get lucky and win that amount while others work diligently.
There is a clear difference between bringing in nine hundred thousand dollars from your hard-earned money and inheriting a hundred thousand dollars.
For an everyday six-figure earner to achieve that amount of income, they think of various ways to grow their money through investments that can passively bring them high-yield income.
In a review, 24 Wall Street filtered 77 jobs to analyze what kind of employment earns six-figures. As expected, most are jobs that need college degrees, but some successfully grew their businesses to be worth a six-figure company:
Online Business Owners
As observed, most roles require college degrees, but this does not mean that you cannot earn six figures without a college degree.
Also, the list’s entrepreneurial dominance indicates a risk of earning a large amount of money.
On the other hand, traditional careers have a lower risk of earning six-figures, especially if you are under an established company, same as five-figure earners.
Who Earns 6 Figures?
As we went through the list, it is quite common to see that those who earn six-figures above are in the corporate world, executives, or specialists in the medical field.
But adding to the list, bloggers and YouTubers are now earning at least six-figures in this career path.
Examples of these individuals are Edwin Contreras, a blogger, and Rich Ferguson, a Youtuber.
Edwin Contreras is a professional blogger who used to have small websites that he turned into a profitable platform by selling products.
He studied the software systems of Google and used it to his advantage in developing his craft until he became a six-figure earner.
Meanwhile, Rich Ferguson is a magician that became successful on YouTube by creating videos on magic tricks, pranks, comedy skits, and social experiments.
From both sides of the scale, exploring income figures gives us an idea of how much is seven figures in money.
We also have an idea of what we may earn in the future throughout our careers. You may be in the four, five, six, seven, eight, nine, and who knows, maybe ten figures?
It is easy to think about getting wealthy, but how do we reach it? Below are some ways you can step up your income figure game:
Clear off any debts left
Maintain a lifestyle you can afford
Find ways to increase your income.
Be inspired by people who are wealthy and successful.
By reading this article, you may have noticed that most seven-figure earners try different ways to increase their income. Passive incomes through investment are one of them. By taking note of the tips, you can also make your way up to seven-figures.
Seven figures are something one can dream of, but there is always the opportunity to claim it. Start bringing in more, and in no time, seven figures will be within your reach.