ow much is 6 figures? What is 7 figures? Or What is an 8 figure salary? People talk about this, but some hardly know what they mean. In this post, you'll find all that you need, and this can even help you make money.
If you hear people, “I make six figures?”, you'd probably be asking what in the world is that.
You are not alone. I've asked that question several times.
But I have all the answers you need.
Here at The Practical Saver, I always love sharing thoughts on money and math.
What are the benefits of reading this article?
If you read the article from start to end without skipping on any step, then, you'll know the important things like:
So, if you are ready:
How Much is a Figure Worth?
Let's start with the most basic question or information. As a starter, a figure means one dollar to nine dollars. In short, a figure is the same thing as a digit.
Whether it's one dollar or five dollars, that number is a single digit or a figure. This means if you were getting paid $8.99, then, you would be making one figure.
We'll start with questions related to six figures.
I'll also provide some ideas on how to make extra money on the side even when you're just at home.
Money that's between $100,000.00 to $999,999.99 is considered six figures.
So, when people say that make those figures, what they mean is they make between $100K to $999K.
As simple as that.
So, if people ask, “What is 6 figures?”, then, the answer is anything at least $100K but not more than $999K.
How much is $100K?
Some people like to abbreviate a lot of things, and money abbreviation is one of them.When people say $100K or $200K or something that like that, K is equivalent to 1,000.
For example, if I say I make $133K per year on part-time blogging, what I mean by that is I make $133,000 a year blogging on a part-time basis.
Anyhow, I make that amount of money on blogging alone every year.
What jobs pay $100K a year?
If you're looking for jobs that pay at least $100,000, you'll find that these jobs vary from one industry to another industry.
Here are the top 15 jobs that offer six figure salaries:
- Anesthesiologists – $265,990 per year (average)
- Surgeons – $251,890 per year
- Oral and Maxillofacial Surgeons – $242,740 per year
- Obstetricians and Gynecologists – $235,240 per year
- Orthodontics – $229,380 per year
- Psychiatrists – $216,090 per year
- Physicians and Surgeons, Misc – $211,390 per year
- Family and General Practitioners – $208,560 per year
- Dentists, Misc Specialists – $199,980 per year
- Internists – $198,370 per year
- Prosthodontists – $196,960 per year
- Chief Executive – $196,050 per year
- Pediatricians – $187,540 per year
- Dentists – $174,110 per year
- Nurse Anesthetists – $169,450 per year
How can I earn a 6 figure salary with side hustles?
Believe it or not, there are ways you can make over $100,000 with side hustles.
Some will require you to put in a lot of effort afront while some can be just a click away.
Here are they:
- Blogging: The blog you're in right now is mine, and I make over $120,000/year managing it part-time. I make most of my money via affiliate marketing, sponsored posts, to name a few. Click here to start your blog for just $2.95/mo.
- Renting a room: If you have a spare room all decorated and fixed and you live in a busy city where tourists visit, you may consider renting it out to people via Airbnb, you could make money.
- Investing money. Investing may not necessarily be your ticket to earning six-figure income per year, but it is something that can help you earn a whole of money. You can invest in real estate through sites like Fundrise or invest in the stock market.
Where do I find these six-figure jobs?
Just an FYI, the median household income in the U.S, was around $59,039 in 2016.
If you are looking for places where these high-paying jobs are found, most of them are found in these places:
- San Jose-Sunnyvale- Santa Clara
- San Francisco-Oakland-Hayward
- Hartford-West Hartford-East Hartford
Washington, D.C., Virginia, Maryland, and West Virginia
- Baltimore-Columbia-Towson, MD
Parts of Minnesota and Wisconsin
- Minneapolis-St. Paul-Bloomington
Are six figures rich?
The answer is yes, and no. If you're making the lower end of 6 figures like $100K, then, you are most likely to be living comfortably.
If you're making around $200,000 or more, then, you are considered wealthy.
If you're making $300,000 or more, then, you are included in the top 1% of earners in the U.S.
Now, let's go to the seven figures. Here is some information you may want to know about this salary and what type of work pays this amount of money.
How much is 7 figures?
Seven figures salary would be anything between $1,000,000 and $9,999,999.
This salary can be depicted in different ways.
- 1 million would be $1,000,000
- 1M is the same as $1,000,000
What jobs pay 7 figures?
A seven-figure salary is a unicorn, in that, it's close to impossible to see a job that pays that amount of money.
That said, here are some jobs that pay seven figures:
According to Hollywood Reporter, secondary lead actors make between $1.5 million and $4.5 million per movie.
While YouTube stars aren't your A-List actors, they can make seven figures or even more if they have millions of YouTube subscribers.
Law firm partner
Partners at Silicon Valley can earn an average of $1.17M per year, while those from New York firms make an average of $1.1M/year.
NBA Player, Football Player, and other types of players
This shouldn't come as a shock. A lot of players from different sports make more than $1M per year.
How can I make 7 figures?
There are several jobs or ways to help you make this kind of income yearly. Some will require you to put a lot of hours and effort, and some may not.
Here are they:
1. Have multiple sources of income
Having a day job is great. That said, it's best to have multiple sources of income. The more sources you have, the more money that flows in.
The other benefit of having these sources is that you can simultaneously try multiple options, and see which ones work for you.
From there, you can pick the ones you want to focus on, do your best, and get the best out of them.
2. Create a product
Creating a product that people like to buy can help you make a lot of money.
For example, Under Armour started as a side hustle that turned out to be a thriving, big business a couple of years later. Now, it's worth billions of dollars.If your product is useful and is accessibly available online, your products will become popular. This means that you could earn a lot of money from it.
The Practical Saver Pro Tip
Earning six or seven figures isn't an easy task. That said, when you put your dedication, patience, and discipline into the equation, anything is possible.
How to build a seven-figure income?
According to Shari Levitin, some of the top 10 universal truth to help you build this kind of income include the following:
- Success: It begins the growth equation
- Emotions: Help you make a better decision or help you take better decision making
- Freedom: It comes from having a structure in place
- In Business: No never means
- Trust: It begins with empathy
- Integrity: It matters all the time
- Anything: Anything that can be told can also be asked
- Emotional Commitment: This comes before economic commitment
- Resistance: It takes persistence to take out resistance
- Looking: Looking for the wrongs never makes you right
Are there 7 figure jobs that don't require a degree?
The answer is yes. Truth be told, there are high-paying jobs that don't require you to have a college degree.
In some cases, a few people have gone to make billions like Bill Gates and Mark Zuckerberg (both college dropouts) with a 4-year degree.
Here are some ideas that can help you make this money even without that golden degree:
1. Fashion designer
Sure, you can go to the fashion school and get all the training you need to become a fashion designer. Or you can use your creativity and experience to make that happen.
Some of the greatest fashion designers didn't go to college and get a degree. People like Michael Kors, Karl Lagerfeld, and COCO Chanel launched successful fashion careers without finishing school.
2. Real estate broker
A college diploma isn't required to become a real estate broker. What you need is a real estate agent's license, which can be done by obtaining a few hours of coursework and passing the state/national exam.
After 3 years in the real estate industry and apartment experiences, agents can obtain a license to become a real estate broker.
3. Business owner
There's no requirement to become a business owner.
With passion, perseverance, dedication, and a lot of patience, one can become a successful owner and earn at least seven figures yearly.
Depending on the type of products and/or services you provide, you can make thousands a year or millions a year with your business.
Now, let's go to the eight figures. The people who earn this income are mostly high-profile, popular, and the cream of the crop type people.
How much is 8 figures?
Eight figures salary would be anything between $10,000,000 and $99,999,999.
If seven figures salary is the unicorn, this is the rarer of the unicorn family.
You'll find that some CEOs of the biggest companies earn this amount of money. Additionally, a lot of high-profile, successful athletes are paid this amount, too.
What jobs pay 8 figures?
Here are some of the jobs that pay eight figures:
According to Forbes, Robert Downing Jr. earned around $80M in 2015. That's a lot of money, and that's how a seven-figure salary is possible.
According to Hollywood Reporter, A-list movie stars make between $15 million and $20 million to big roles in big-budget films.
Some YouTube stars have also made this money from YouTube. They include PewDiePie and Ryan from Ryan's Toy Reviews.
While the average CEO makes $175,000 year, some chief executives from big companies make millions of dollars every year. Some of these CEOs include:
- Brian Duperreault from AIG who earned $43.1M
- Mark V Hurd from Oracle who earned $40.8M
- Jeffrey L Bewkes from Time Warner who earned $32.6M
Boxing players like Floyd Mayweather and Manny Pacquiao make at least $10M per year.
Some other high-earning individuals include who earned an 8 figure salary:
- Lebron James who earned $35.7M in 2018
- Tiger Woods who earned $43.3M in 2018
What are some secrets to earning an eight-figure salary?
Earning one million dollars can't be challenging but an accomplishment, if done.
Earning an eight-figure salary is a whole another.
I did my research and found some interesting ideas about people earning this massive amount of money:
- Niche down. People niche down or specialize in one thing and focus on it. For example, Ryan's Toy Review is about toys, and that show makes over 8 figures a year. It's so niched down that it has completely zeroed into its targeted audience, that is, the kids.
- Diversification. You'll notice ultra-rich people diversify their portfolio. They have investments in and outside the U.S. They invest in the stock market, real estate, art, among others.
- Scaling their efforts. These high-earning people go above and beyond to expand their business.
- Learning. These people never stop learning. You'll find that, for example, Bill Gates reads a lot of books all the time. These people are constantly learning, and they like doing it.
Now, let's go to the nine figures. The people who earn this money are exceptional and one-of-a-kind.
How much is 9 figures?
Nine figures salary would be anything between $100,000,000 and $999,999,999.
If seven and eight figures salary are the unicorns, then, 9 figures salary is impossible or close to impossible.
What jobs pay 9 figures?
Here are some of the jobs that pay that money. You'll find that those who make this money are those that make the Forbes list of big money-makers.We're talking about top A-listers, CEOs, athletes, and businessmen or women.
Here are some of the people who make nine figures:
- Marc Lore from Walmart made $237M in 2016
- John S Weinberg from Evercore Partners made $124M in 2016
- Sundar Pichai from Google made $107M in 2016
High Income: Final Thoughts
A lot of us wish to earn six, seven, eight, or even more figures in our lifetime. Of course, only a few of us will even make that wish into reality.
That said, there's no one stopping us from trying to achieve such a goal.
All you need to do is make time to understand what you want to do, take a risk, learn, and repeat. You'll never know what's going to happen in the next few years. Nobody knows what's going to happen.
You might be the next Bill Gates of our time.
What do you think is the key, or are the keys to making six figures, seven, eight, or something else? Have you achieved any of these accomplishments? Or are you on your way?