6-7-8-9 figures meaning making $600,000 to $900,000 per year is possible for many people. It just takes knowing what to do and how to do it, including going after high-earning jobs and possible side hustles to earn passive income. This article will discuss what these numbers mean and explore methods and strategies to help you make more money and reach your financial goals. Keep reading to learn more.
How Much Is a Figure?
How much money is a figure? A figure is a number that represents something. In the finance world, figures represent someone’s salary or net worth. For instance, someone who earns six figures makes an annual income of $100,000 per year or more. Specifically, net worth or salary figures refer to the whole numbers. So, for example, if your paycheck came out to $2,456.56, this would be a 4 figure number since the 56 cents are not a whole number.
How Much Is 6 Figures?
What is 6 figures? When referring to six figures in terms of salary and net worth, it is an income of $100,000-$999,000. People with this income level can be considered wealthy. Still, they may also be living paycheck to paycheck due to significant expenses.
What Does It Mean to Have 6 Figures?
What does 6 figures mean? Those who claim to have six figures refer to their net worth of appreciating assets. In this case, their salary is not being spoken of, but rather their assets whose value only increases and are not a financial risk. They may also have a six-figure salary but are focusing more on assets.
How Much Is a 6-Figure Salary?
A six-figure salary is an annual salary within the range of $100,000-$999,000. The higher end of this six-figure salary of almost a million dollars can afford people more financial freedoms. The lower end can be more financially restricted depending on expenses.
Is a 6-Figure Salary Good?
A six-figure income can afford you financial freedom and disposable income depending on your financial responsibilities. A six-figure income is still above the average United States income of $79,900. It can offer you opportunities to invest with compound interest accounts and save money if you are smart with your money. Those earning the higher end of six figures have more financial freedom with more money available in their net worth and salary.
Be mindful of your budgeting and monthly expenses for those on the lower end of a six-figure income to save more money. Another factor that can help your income stretch further is the cost of living in your area and whether or not you are debt-free.
Are Six Figures Rich?
There is no definitive answer, as it depends on individual circumstances. A six-figure salary may be considered rich in some areas of the country, while it may only go so far in others. Varying costs of living and personal expenses have a huge impact on how far your money can stretch.
Generally speaking, if someone has a six-figure salary and few major financial obligations (e.g., a mortgage, car payments, credit card debt, college degree loan payment), they would be considered wealthy. However, if someone has a six-figure salary and high monthly expenses, they may have a small amount of extra money to use.
Research shows that around 20% of those earning six figures still live paycheck to paycheck.
How Much Is 6 Figures a Month?
To earn six figures as your annual salary, you will need to be earning between $8,334 and $83,333 as your monthly salary. The lower end of this 6 figure salary will put you at around $100,000 per year, and the higher end closer to $999,000 for your annual income.
Jobs that Make 6 Figures a Year
There are a variety of jobs that can offer you a six-figure salary. However, these jobs require specialized training, a college degree, and years of experience to command such a high salary.
However, if you can obtain one of these jobs, the earning potential is high and can help provide you with a comfortable lifestyle. In addition, having side hustles to increase your number of income streams can help you earn six figures.
Below are a few six-figure jobs that can advance your earning potential.
- Air Traffic Controllers
- Software Developer
- Financial Manager
- Information Systems Manager
- Computer Scientist
How Much Is 7 Figures?
Earning seven figures a year is more difficult to come by but affords you more financial freedom than a six-figure income. A seven-figure salary is between the range of $1,000,000 – $9,999,999. Surpassing the six-figure income mark means that you have reached the goal of becoming a millionaire with at least one million dollars to your name.
What Does It Mean to Have 7 Figures?
Having seven figures typically refers to someone’s overall net worth and assets. To have a seven-figure income, often, people start by earning a six-figure salary but then use the extra cash to invest in high yield portfolios and other avenues like real estate.
How Much Is a 7-Figure Salary?
Earning a seven-figure salary is less common than earning six figures but can be accomplished in many ways, such as climbing the corporate ladder. A 7 figure salary is in the range of $1,000,000 – $9,999,999. Those earning seven figures are called millionaires, having surpassed a 6 figure salary.
Is 7 Figures a Million?
Yes, earning seven figures means someone’s annual salary or net worth has reached at least one million. Like those in the range of six figures, people making the higher end of seven figures income afford a freer financial life than those on the lower end. Either way, earning seven figures is a tremendous financial accomplishment by reaching millionaire status.
Is a 7 Figure Salary Good?
A seven-figure income is a good financial place to be. Earning this much allows people to have a more accessible lifestyle to pursue special interests and purchases.
Unless you are in massive debt, having a high yearly income and net worth can afford you opportunities to continue making money. Many consider options like an investment portfolio or starting their own business.
Jobs that Make 7 Figures a Year
While there are fewer seven-figure salary jobs than six-figure income jobs, opportunities still exist. Below is a list of jobs that can help you earn a million dollars or more per year in the office or even make money online.
- Hedge fund managers
- Fashion designers bloggers
- CEOs and other company executives
- Investment Banking Managers
- Successful business owners
- Professional Athletes
- Corporate Lawyers
Famous People Who Earn 7 Figures
Seeing famous people in the news and social media can motivate reaching your own financial goals. Reaching yearly earnings of seven digits or more is a real possibility. Here are a few people you may recognize who have done it.
- Kevin Johnson: While the CEO of Starbucks has a net worth of over 40 million dollars, his actual salary is 1.5 million dollars per year.
- Zoe Sugg: Zoe started as a lifestyle and fashion blogger. Once gaining massive popularity, she took her talents to YouTube to provide her perspectives on those industries earning around 7 million dollars per year.
- Alexander Ovechkin: Ovechkin has made a name for himself in the National Hockey League, earning 9.5 million dollars in 2021.
How Much Is 8 Figures?
Those earning eight figures are on the high end of millionaire status but fall short of being billionaires. An eight-figure salary ranges from $10,000,000 to $99,999,999. Salaries and net worths of eight digits take hard work and dedication but, again, are possible.
What Does It Mean to Have 8 Figures?
To have eight figures, one must have a net worth between $10,000,000 and just short of a billion dollars. People who reach this status are considered multimillionaires and are part of a unique income bracket with fewer people than the previous figure levels.
How Much Is an 8-Figure Salary?
To earn eight figures, you need to have a total income level of over $10,000,000 and less than $1,000,000,000. Earning this much money per year offers more freedom in lifestyle and spending habits for the wealthy.
Is an 8 Figure Salary Good?
Those in the eight-figure salary bracket typically can afford to spend money on desires and investment opportunities to continue building their wealth. Therefore, many would consider an eight figures salary range a great place to be financially.
Jobs That Make 8 Figures a Year
Eight figure salary jobs are fewer, but there are still options for those working hard in suitable industries. Many people have reached this status with successful careers and companies with hard work. Below are some examples of eight-figure jobs.
- Fortune 500 CEOs
- Well Known Actress/Actor
- Hedge Fund Managers
- High Profile Athletes
- Unique Startup Business Owners
Famous People Who Earn 8 Figures
Here are some famous people you may recognize with eight-figure jobs in various fields and industries.
- Target CEO Brian Cornell: Earning around 92.8 million in 2021
- Actor Ryan Reynolds: Reynolds made around 20 million in 2021 with various acting roles.
- Athlete Simone Biles: This Olympic gymnast earned 10.1 million in 2021
- Actress Scarlett Johansson: Johansson earned 56 million in 2019 alone
How Much Is 9 Figures?
Those earning nine figures have an income of nine digits with a value of $100,000,000 – $999,999,999. This group typically refers to billionaires that make nine figures in addition to large net worths.
What Does It Mean to Have 9 Figures?
To have nine figures, you need to earn a nine-figure salary, but people who have nine figures do not often rely solely on a salary. Many high-profile individuals have multiple income streams and investments to keep earning massive amounts of wealth to be worth nine figures.
How Much Is a 9-Figure Salary?
Earning nine figures with your salary would put you in the high-income range of $100,000,000 – $999,999,999. Jobs that pay this much in salary are hard to come by, but many famous people in high profile industries earn this much. Those with this wealth often make smart financial moves to further invest in money-making opportunities.
Is a 9 Figure Salary Good?
Many would agree that a nine-figure salary is an amazing income or net worth. Being a multimillionaire is a rare status and a dream for many people worldwide. Earning this much money can grant you a lavish lifestyle and significant opportunities in life.
Jobs That Make 9 Figures a Year
How do people amass this immense wealth in employment? High-profile industries and employment opportunities can lead people down the path to becoming extremely wealthy. To name a few, professional sports leagues, entertainment industries, and experienced business leaders of large corporations are home to quite a few billionaires.
Famous People Who Earn 9 Figures
You may recognize some famous people with 9 figure jobs in various popular industries.
- Professional Athlete Conor McGregor: $180 million earned in 2021
- Entertainment Star Kylie Jenner: $590 million earned in 2021
- Discovery CEO David Zaslav: $129.5 million earned in 2018
- Actor Daniel Craig: $100 million earned in 2021
Ways to Increase Your ‘Figures’
Many people set goals to advance their financial situation. Here are a few tips to help increase your net worth and salary.
Ask For Raises When Deserved
There are a few key reasons you should always ask for a raise when you feel you deserve one. First, if you don’t ask, you’ll never know if you could have gotten a higher salary. Second, recognize the skill set you offer your employer and ask for fair compensation as your experience grows.
Consider Job-Hopping Conservatively to Increase Pay
Job-hoppers are people who change jobs every 1-3 years. A 2019 study conducted by ADP found that those who stayed at a job longer than three years earned a 4% pay increase, while those who job-hopped earned a 5.3% increase. This happens because as you get more experience in various positions, you have more skills to offer your next employer, making you more money.
Negotiate Salary Offers and Company Perks
There are a few ways to make more money by negotiating your salary and company perks. First, do your research. Know the market rate for your position and what companies in your area offer. Second, be prepared to make a case for why you deserve a higher salary with your skillset and experience.
It is worth negotiating for company perks to help you save money on common expenses even if your salary cannot be budged. Some common perks include student loan assistance, paid time off, stipends for travel, and other business expenses.
Start Your Own Online Business
Consider supplementing your income with multiple streams by starting your own online business. E-commerce platforms like Etsy and Shopify offer a platform to sell digital works and services to earn passive income or extra income opportunities as a side hustle.
Invest in Appreciating Assets That Pay Dividends for Passive Income
Passive income is a popular income stream because you can earn money with less time spent on the product or service, freeing up your time to work a full-time job or do other things. Popular methods include investing in real estate (renting, AirBnB, VRBO), selling digital products on E-commerce platforms, dividend stocks, and index funds.
Another way to increase your income is to start a side hustle. Side hustles are popular because you can set your hours to work in your available spare time. Some popular side hustles include gig economy options like DoorDash or Postmates and grocery delivery with InstaCart. Other options include freelancing your services with smaller jobs like editing, writing, taking online surveys, etc.
Keep Learning New Skills That Can Grow Your Career or Income Streams
Improving yourself and your skillset is an essential investment in your financial future. This can look different for everyone and include heading back to school to earn a new certification or degree. Other options include learning a new trade that can turn into a new business or side hustle.
Understand Lifestyle Creep
Lifestyle creep refers to the mindset that as you earn more, you can spend more. Things that used to be seen as a luxury are now seen as purchases you can afford to make and add up quickly. If you are not careful, you will be spending more than necessary and losing money that could be saved or invested. Consider adapting your budgets as your income increases.
Know Where Your Money Is Going
Understanding your spending habits is a great way to stay accountable for your money. By tracking how much you spend on necessities and luxuries, you can assess your financial situation and track patterns. Being aware of where each penny is going can help you reduce unnecessary spending and impulse buying.
Factors That Affect How Far Your Income Goes
Being aware of factors that can influence your income’s longevity is important in your financial journey. Here are a few factors to consider.
Where You Live
Certain cities and regions of the country have higher earning opportunities and higher living costs than others. For example, larger cities tend to house companies and industries that typically pay higher salaries. Keep this in mind during job searches.
Cost of Living
There are a few things to consider when looking at how the cost of living can affect your income. The main factors to consider are the cost of housing, food, transportation, and utilities. If the cost of living in your area is high, more of your valuable income will be spent on necessities leaving you less room to save or invest.
Read our post comparing cost of living: HCOL vs LCOL!
Family size will most definitely affect how far your income will stretch. Being responsible for children or dependents can impact your spending and saving habits. Over the years, your income will be spent on necessities such as extra food, clothing, extracurricular activities, and schooling. Additionally, many families take children into account by saving money for college, weddings, and other needs.
Your lifestyle will play a huge role in your income’s longevity. Spending more on luxury items will quickly use up your valuable money and reduce the amount of money you could save and invest. Creating a budget and allotting money for specific wants and needs can help you design a lifestyle that works for your income and goals.
Unexpected medical emergencies and health conditions are often unforeseen and can significantly impact your financial situation. Therefore, it is vital to have a good health insurance plan or emergency fund to help reduce expenses when a medical situation occurs.
Spending Choices: Wants vs. Needs
Establishing what items or services are essential is crucial in preserving your money. Identifying your wants versus needs can help you make smarter spending decisions and reduce impulse buys. In addition, incorporating these into your budget can keep you on track with spending and goals for the future.
Making charitable donations is an important cause to many people that can help make a difference in the world. This process does reduce the money you are earning but can also be used as a tax write-off later.
The Bottom Line
What is 6-7-8-9 figures meaning? Now you know! Earning these amounts may seem like an impossible financial goal, but it can be made a reality with the right tools and strategies. By choosing the right industry job and employing innovative financial strategies, you can increase your money earned over time.
Samantha Hawrylack is a personal finance expert and full-time entrepreneur with a passion for writing and SEO. She holds a Bachelor’s in Finance and Master’s in Business Administration and previously worked for Vanguard, where she held Series 7 and 63 licenses. Her work has been featured in publications like Grow, MSN, CNBC, Ladders, Rocket Mortgage, Quicken Loans, Clever Girl Finance, Credit Donkey, Crediful, Investing Answers, Well Kept Wallet, AllCards, Mama and Money, and Concreit, among others. She writes in personal finance, real estate, credit, entrepreneurship, credit card, student loan, mortgage, personal loan, insurance, debt management, business, productivity, and career niches.