how much is 6 figures

How Much Is a 6 Figure Amount of Money?

What is a Figure?

The number of figures is the number of digits in a number before the decimal point. For example, 50432 is a 5-figure number. Also, 56473.546 is a 5-figure number, as it has only 5 digits to the left of the decimal point. 

Similarly, when someone says that they have a 5-figure income, what they mean is that they earn equal to or more than $10,000 but less than $100,000. The case is the same for 6, 7, 8, or 9-figure incomes. 

It is important to note here that when we talk about incomes, it means that the income is calculated annually and before taxes. 

How Much is 5 Figures?

As discussed above, a 5-figure income means that you earn somewhere between $10,000 and $100,000. 

The life you can afford within the 5-figure income bracket depends upon whether you earn close to the lower limit or to the upper limit. Earning about $10,000 dollars before taxes means that you earn less than $1000 per month which is barely enough to survive. However, if you make around $100,000, you can live a decent life. 

The jobs which can pay in 5-figures do not require very hard work or highly technical skills. Small businesses, teaching, small lawyers, local doctors, and employees in small and medium-sized enterprises can easily earn a 5-figure income. Freelancers also usually earn a 5-figure income. 

How Much Is 6 Figures?

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It is not so easy to answer the question of how much is six figures. This is because anyone who earns anywhere between $100,000 and $1,000,000 can claim to have a 6-figure income. 

There is a huge difference between the lower and upper limits of this bracket. To tackle this problem, there are subdivisions for 6 figures. These are:

  1. Low-Six Figure: It has a range of $100,000-$399,999. 
  2. Mid-Six Figure: It has a range of $400,000-$699,999.
  3. High-Six Figure: It ranges between $700,000-$999,999.

There are a lot of jobs that can pay you in this bracket, and the best part is that it is not necessary to have a formal college degree to earn a six-figure income. 

While a senior employee in medium-sized businesses or enterprises can earn a low-six figure income, a CEO or any other top-management employee in a Multi-National Company can easily earn a high-six figure income. 

Web Developers can also experience how much is 6 figures, depending upon their competitiveness in the industry. YouTubers and other social media influencers have also started earning in 6-figures by providing great content and creating a strong presence in the public.

However, conventional jobs such as doctors, lawyers, or engineers are not left behind. If you are qualified from an Ivy League college and are competent enough, there is still much room for you to earn decent money. 

How Much Is 7 Figures?

what is 6 figures

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Similar to 5 and 6-figure incomes, a 7 figures income is when someone earns between $1,000,000 and $10,000,000. Remember that these incomes are annual incomes before taxes.

If you are earning in this bracket then it is quite easy for you to afford a lavish life, driving one of your dream cars and a big house. 

Having an income in 7 figures is really a tough task, especially if you do not come from a rich family. However, the jobs that can pay you this much are not any out-of-the-box jobs. Doing your work with great skill and acumen will surely help you to reach this height.

Businessmen and top-shots working in bigger companies usually earn a 7 figure income. Some social media stars and people from the entertainment industry are also able to achieve this milestone. Fortunately, earning a 7 figure income does not necessarily require a formal degree, but it always requires great skills in whatever you do. 

What is 8 Figures?

How Much is 6 Figures? (6, 7, 8 and 9 Figures Explained!)

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If you are not satisfied with earning less than $10 million, then the next level for you to reach is the 8-figures income bracket. Let us see 8 figures is how much different from 7 figures.

A person can be said to have an 8 figure good income if he or she earns equal to or more than $10,000,000 and less than $100,000,000. If you have an income in this bracket, you can proudly call yourself a multi-millionaire. 

Multi-millionaires generally belong to the so-called ‘1% club’. This means that they are richer than 99% of people in the world. The people who earn this huge amount of money are, more often than not, businessmen or entrepreneurs who strive to work harder than anyone else to serve the world and make a fortune for themselves. 

Investment bankers, professional investors, executives of top companies, and the business owners of large-scale businesses usually earn an 8 figure salary

What About 9 Figures?

How Much is 6 Figures? (6, 7, 8 and 9 Figures Explained!)

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By now you must be able to guess that the 9-figures income bracket lies between $100,000,000 and $1,000,000,000. This is an amount that most people may not even think of earning even in their entire lifetime. But the catch is, those who are brave enough to think that they can earn this much, are more likely to really join the 9-figure club or even the billion-dollar club. 

People who earn this insane amount of money are the owners or shareholders of huge 

Multinational Conglomerates. Reaching such heights in your career is not easy because it requires limitless efforts, never-ending perseverance, and unparalleled skills in whatever you are doing. 

How Much Is 6 Figures Compared to 5,7,8, or 9?

The question of how much is 6 figures can have many possible perspectives, depending upon the needs and wants of every individual. For someone who would like to live a low-key life, a 5-figure income would be enough. For someone who just wants a lavish life, 6 figures are enough. On the other hand, for someone who wants to be ahead of the world, be super or ultra rich, and have the best possible life, then the answer to how much is 6 figures will be insignificant. 

Conclusion

The importance and significance of a 6-figure income can be different for different people. This is because everyone wants to have a nice income, but the definition of “nice income” differs from one person to the other. The needs and aspirations are different for different people, depending upon their own set of life experiences and expectations.

Some may want an ordinary life for which a 5 figure income will be enough. For some people, the question of how much is 6 figures leaves them with an answer of “just enough”. On the other hand, for the extremely passionate ones, who want to be ahead of the world, even a 9-figure income may also not be enough.

For more finance-related concepts you can have a look at the FinanceShed, and stay tuned for more updates.