When discussing money or finances in general, you more than likely have heard people talk about 6-figures at some point. Whether it’s related to how much they want to make, a recent investment, or someone’s net worth, the phrase figure gets tossed around a lot in financing.
Besides 6-figures, you most likely have heard the phrase 7-figures, 8-figures, and 9-figures. So, what’s the deal with these phrases, and why are they essential in the world of financing and money? These phrases and numbers are vital for planning your retirement, financial goals, supporting friends and family, how much someone is worth, and much more.
With this in mind, down below will take a close look at what these numbers mean, why they’re essential, and some financial tips along the way. We’ll begin with discussing what a single figure is, how much 6-figures is, and the growing numbers that follow after. Let’s take a look!
How much is a figure?
The phrase figure typically refers to a single digit or number. Any number between 0 to 9 would fall as a figure. However, when someone brings up figures in the money sense, it refers to a person’s salary or net worth. Most people discuss the notion of a figure with 6-figures.
How much is 6-figures?
6-figures refers to money between $100,000 to $999,999. The six digits in that range are why people refer to it as 6-figures. Even if someone makes $100,000 a year compared to someone who makes $900,000, both fall under the 6-figure spectrum.
When referring to 6-figures, it centers around a person who makes that much from their job or business. If someone makes that much a year, it typically means they live a very comfortable and enjoyable life. The median income is $31,133 in the U.S., so any income that’s more than triple that means that person is doing well.
What does it mean to have 6-figures?
When someone says they have 6-figures, it doesn’t necessarily mean they make 6-figures a year. It typically means the amount of money they have saved, their net-worth based around their assets, or how much they have in investments.
If someone says they have 6-figures, that means they’re doing well financially but aren’t set for life.
Is making 6-figures good?
Anyone who works hard enough to earn 6-figures a year means they’re living a comfortable lifestyle. Although they can’t blow away money as someone who is over the 6-figure mark, it’s a solid goal to have. Still, there is a wide range when discussing the 6-figure mark.
If someone makes $100,000 a year, they can afford a good house, car and be comfortable just about anywhere. Whereas, if someone makes around $900,000 a year, they can afford a house and a vacation home, more excellent cars, and be comfortable in any emergency setting.
How to have 6-figures
No matter what you pursue in life, making 6-figures is a realistic and comfortable goal for any endeavor. It’s important to note if you’re someone who doesn’t come from a middle or upper-class background, it’s complicated to achieve any financial goal you might have but is still possible.
Still, 6-figures isn’t an impossible task, and there are plenty of success stories. Just remember to be patient, make the right decisions, and plan. Nevertheless, let’s take a glance at a few key-ways on how you can end up making 6-figures:
The most significant issue people have with having financial goals is associating their goals with purchases and wants. As great and rewarding as it is to buy things you’ve dreamt of owning, realize the more you make and spend, the more bills you’ll have.
If you make around $50,000 or per year but only have $15,000 in bills, you’re technically better off than someone who makes $130,000 a year but has $100,000 in bills. Growing income is all about saving and making the right decisions.
Understanding your lifestyle goals and wants means you’ll need to be comfortable with whatever you plan on spending. Always plan, and don’t get carried away.
Keep Track of Money
Besides having a good understanding of lifestyle decisions, it’s imperative to keep track of your money. More often than not, people sign-up for subscription services such as Twitch, Patreon, Netflix, Adobe products, etc. As great and affordable as subscription-based products and services are, they can add up.
There is also the point of how common it is for people to forget about certain subscription areas. There are plenty of great apps for keeping track of what you spend every month. Utilizing an app like that can help outline what’s worth spending and what’s not. It can also show you if you’re spending more than you’re capable of spending.
Know Your Living Cost
Similar to understanding the lifestyle associated with making more money, the same can be said with knowing your living cost. For example, if you hope to have 6-figures saved, you may want to live very minimally to achieve that goal. If you make $100,000 a year, consider living in a small apartment for a few years to save up to that goal.
Don’t go out much; write a complete plan of your costs and budget yourself. Budgeting is critical for saving money and knowing your living cost is the biggest priority with budgeting. It’s best to overestimate how much you spend each month too, so try not to understate how much you’re spending.
Invest and Save
The last point to highlight with making or saving 6-figures has to do with investing and saving. There are countless ways to invest your hard-earned capital. The best ways to invest money are real estate, micro-investing, business start-ups, and the stock market.
The stock market requires the most knowledge, so consider taking a few courses on it if you’re not familiar with it. Real estate is great if you can afford to purchase another building or house to rent out. It’s easy money if you can.
Micro-investing is the easiest and can be done automatically through apps such as Acorns or Webull. Business start-up investing can offer significant returns but can be extremely risky since so many businesses fail. Either way, be mindful of how you can invest your money and see what offers you the best return.
What jobs make 6-Figures?
If you’ve recently dove into the job market or are on the verge of graduating from high school, you most likely are interested in jobs that pay well. The 6-figure spectrum is often regarded as great pay for a comfortable and enjoyable life. There are undoubtedly yearly income salaries that offer the same benefits but shooting for 6-figures is a great goal to have.
The best way to aim for 6-figures is to pursue a career that offers that pay. As rewarding and euphoric as pursuing a business or aspiration, making a good living can be extremely tiring and challenging.
Pursuing a career that pays well right from the start is a great way to ensure you’ll have a good life income-wise. Nevertheless, if you hope to have a 6-figure income as soon as possible, here are a few careers to consider pursuing:
- Financial Manager
- Physician Assistant
- Software Developer
- Medical Manager
How much is 7-figures?
7-figures are between $1,000,000 to $9,999,999 and are easy to remember with the seven digits in the range. If you’ve reached 7-figures, then that means you’ve reached millionaire status.
It’s challenging to reach millionaire status, but it’s not impossible.
It takes a great deal of discipline, some luck, and patience. It’s also important to note how easy it is for people who make 7-figures to get into debt since it’s hard not to get spend-happy.
What does 7-figures mean?
If you read that someone is worth 7-figures, that means their overall net worth is between $1,000,000 to $9,999,999. It doesn’t necessarily mean they make that much per year; it just means all of their assets together are somewhere in that range.
Now, if someone makes 7-figures a year, their yearly salary is in that range. If you’re good with money and make 7-figures a year, you can quickly get your net worth over 7-figures. If you’re wrong with money, you can get into debt and not reach your full financial potential.
It’s imperative for every person to be smart with their money, no matter how much they make or have in net worth. It’s far too familiar for people to instantly lose a large chunk of their money over irrational financial decisions.
What jobs make 7-figures?
Like making 6-figures a year, the best way to make 7-figures a year or build up your net worth to 7-figures is by getting a job that pays that much. However, there are very few jobs and careers that pay that well. Roughly one percent of the world are millionaires, highlighting how rare it is for anyone to make that much.
Still, it’s not impossible, and there are careers to take for someone if they want to achieve that ultimate goal. If you come from a comfortable family, it’s even more advantageous for you to take potential career risks that can pay off with a more significant return. Here are a few common examples of careers where people make 7-figures a year.
- Investment Banking or Private Equity Managing Director
- CEO of a Large Company
- Fashion Designer
- Professional Athlete
- Real Estate Broker
- Popular YouTuber/Twitch Streamer
- Popular Actor
- Popular Influencer
- Popular Podcaster
- Popular Musician
How much is 8-figures?
Representing eight digits, 8-figures fall between $10,000,000 to $99,999,999, making it one of the most challenging areas for people to achieve.
If you make 8-figures a year or have 8-figures in net worth, then you’ve accomplished generational wealth not many people will even come close to witnessing in their life.
Reaching 8-figures is a monumental task for anyone to achieve unless you’re born into it. Even then, there is a lot of responsibility attached to having that much wealth. Regardless, let’s take a look at what it means, examples of jobs, and people that make that much.
What does it mean to have 8-figures?
If you hear someone declare that they have 8-figures, this can mean many things. It can mean they have a total net worth between $10,000,000 to $99,999,999 or have that much in banks. It’s improbable for most people to meet someone with that sort of income, but there are people in the world who are that wealthy.
What jobs make 8-figures?
As great as it is to have the ultimate aspiration to join the 8-figure club, there aren’t many jobs that pay that much. Most of it falls under the entertainment and sports industry, which requires a great deal of talent, hard work, and luck. Still, there are some other areas in the work world that you can pursue and make 8-figures:
- Hedge Fund Managers
- High Profile Athletes
- Fortune 500 CEOs
- Founders of Unicorn Start-Ups
- Extremely Successful Actors
- Extremely Successful Musicians
Example of people who make 8-figures
The best way to fully grasp how much 8-figures is, is to analyze people who fall under that umbrella. Anyone who makes at least 8-figures tends to be in the public eye since it’s either successful business owners or CEOs or celebrities of some kind.
- LA Fitness CEO, Louis Welch – $95,000,000
- Walmart CEO, Douglas McMillon – $22,110,000
- Actor, Dwayne Johnson – $87,500,000
- Actress, Jennifer Lawrence – $20,000,000
- Athlete, Gerrit Cole – $36,000,000
- Athlete, Josh Allen – $43,000,000
How much is 9-figures?
9-figures represent people who make or have a collective net worth of $100,000,000 to $999,999,999. Anyone who makes or has 9-figures is in an extremely rare club of elite wealth.
It’s a level of generational wealth unfathomable to most, making it especially difficult for anyone to achieve unless they’re born into it.
What jobs make 9-figures?
It’s practically impossible to find a job that pays 9-figures unless you’re someone with a notable reputation. High-profile athletes, actors, musicians, founders of successful businesses, or CEOs of very notable companies are generally the only careers that make that income level.
- Founder of Incredibly Successful Business
- High Profile Athlete
- High Profile Actor
- High Profile Musician
Examples of people who make 9-figures
If you’re fortunate to be a person who makes 9-figures, then you more than likely will be in the public eye. It’s sporadic for someone to become that wealthy without a level of fame attached to them.
Athlete, Lebron James– $100,000,000
Athlete, Roger Federer – $106,300,000
Apple CEO, Tim Cook – $265,000,000
Discovery CEO, David Zaslav – $129,500,000
Paolo Alto Networks CEO, Nikesh Arora – $125,000,000
How to increase your income (grow figures)
Upon reading this article discussing various figures and the difficulty associated with going up the list, you are most likely interested in growing your income. Growing your income may seem like a monumental task but being mindful of how to grow it is a sure-fire to make your way to a higher income bracket.
Ask for a raise
It may seem pointless, but workers do have some power depending on where they work. Don’t be afraid to ask your boss for a raise, especially if you have a good relationship with them. Every worker deserves a raise at least once a year, so do what you can to earn yours.
Have multiple streams of revenue
Just about financial advice article or expert will discuss the importance of having multiple streams of revenue.
All that means is to have multiple ways of income coming in. So, if you’re a writer, consider doing a side gig, rent out a property, sell products, etc. Do what you can to ensure there are a few ways for you to get income coming in.
Look for a better job
If you feel like you’re severely underpaid, there is always the option to hunt for a better job.
Now, don’t quit your job if there isn’t a better job available. Just keep your eyes open and do some research to see if there are any better-paying jobs open.
Start a side hustle
Just about every person has a side hustle in the modern era. Do what you can to create your side hustle. It can be as straightforward as finding a gig job such as Uber or DoorDash to selling artwork you’ve created.
Instead of just saving money, try to search for creative ways to invest your money. Investments can include micro-investing, investing right into the stock market, or investing in a company.
Financial stress is a real issue that plagues so many people day in and day out.
Don’t let financial issues ruin your happiness and try your best to have actual goals for your income. No matter how difficult it is, do what you can to take the step forward toward your ultimate career and earning goals.