Have you ever come across people using the term 6 ‘figures’? You must get confused if you hear it for the very first time. Hence, we are coming up with a very useful guide that will resolve all your confusion in a go. In the below guide, we are coming up with a detailed comprehension of the term “6 figures meaning” along with other aspects associated with it.
You will get to know about what is six figures. What are 6 figures in money? How to make 6 figures money? and what job roles can get you a monthly income of 6 figures? So, get ready to boost up your living with our guide and get your annual income in six digits.
How Much is 6 Figures?
Six figures is a number that falls between $100,000 to $999,999. Well, it is quite a wide range, so you can distinguish the range of numbers by adding the adjectives: lower, middle, and higher. This way, anyone can distinguish the range you are talking about. 6 figures salary is meant to be very significant as in this range you can take a lot of facilities and enjoy a high-end standard of living.
With this denoting methodology, one can get the idea of the number you are talking about regardless of knowing the actual amount. From this section, you have got the idea about “how much is 6 figures” and how you can describe six figures. Let’s check the literal 6 figures meaning in the coming part of our blog.
What Does 6 Figures Mean?
If you also want to know about 6 figure concept, then this section is specially crafted for a curious head like you. Well, 6 figures meaning is very straightforward as it seems. Let’s get into its literal meaning first 6 is just a number quantifying the figures. Another broken part of the phrase is the figure. The figure is just a fancy way to say the number. Hence, the 6 figure depicts a number consisting of six figures.
However, there is a fact that you must keep in mind while using 6 figure phrases in your daily conversations. It is not always like a six-digit number is accomplished 6 figures. Six figures refer to the zeroes and a number that is a specific combination of numbers consisting. For instance, if a person is earning $100,000, then a person is making a six-figure income, but if a person is making $99,999, then it won’t be termed as a six-figure income. Hence, it is important to note the fact that even a dollar can impact the term easily.
Difference between a 6-Figure Salary and a 6-Figure Income
There are many words that you must distinguish whenever talking about the paycheck your receive for the work you have done. There are mainly three words that you must focus on first is salary, another is wages, and the third is income.
Wages entail the hourly money you make. Wages refer to the amount of money that one can have for doing certain work for certain hours. The amount the person will get is the wage. You must have noticed many wage earners around you.
Salary is another widely used word, and it means a fixed amount for an extended period of time, like monthly, quarterly, etc. The sick leaves and working hours won’t affect your salary amount. This is what the word salary describes.
Another word you will come across is “income”. Income is the total amount you will make from all the sources of money. If you just earn a five-digit income and the money from other sources of income, such as rentals and other side gigs, you can sum up all and make figure out your final income.
How Rare is it to Make 6 Figures a Year?
In a country like America, it is very common to make a six-figure income. There are houses with double-income generators and double-income sources. As per Zippia, roughly 33.6% of individuals in the US make a six-figure income.
However, the ratio of people who are earning six figures in America is increasing day by day. America is the most developed country and comes up with new and updated plans to make the country more high-end; hence the ratio is increasing.
What Would a 6-figure Lifestyle Look Like?
The average income of Americans is around $52,000; this income can give a standard life to any individual, but what if it gets doubled? You can imagine the change you will bring to your everyday lifestyle. However, if your income increases, then the expenditure you make and the savings you make will be higher.
Ultimately, you start living a high-end lifestyle. 6-figure income is widely popular, and the most aspired income package that one wants to achieve in their earning period. Well, if you think that is 100k a good salary, then don’t be in any confusion. It is definitely a good salary to live a luxurious life.
3 Common Factors That Can Reduce 6 Figures
We have figured out three ultimate reasons that can reduce your saving even after making a six-figure income. Let’s examine the reasons so that you can be awarded these and avoid these things if you feel that your income and savings are reducing. By keeping the following factors in mind, you can save 10k in 100 days easily with a normal income too.
Keep a Check on Your Debt
If your debiting ratios are high, then there is more chance that you will face a reduced income. Thus, you must not spend open-handedly with your credit card as, ultimately, you have to pay them off.
Limit Your Expenditure
If your spendings are high as per your salary, then you will end up spending them on your lavish needs, and the spending you will make is either zero or very low. Hence, you will have to take care of your spending. Otherwise, you will end up reducing your six digit income.
Cost of Living
If you are living in an expensive city that charges high cost won’t be suitable for you. As a lot of your money will go into paying the rent or mortgage thus, the saving you will make will get low, and you will end up spending and saving less. Thus, you must live in a normal residential apartment to lower the cost.
How Can I Earn a 6 Figure Salary?
If you want to earn a 6-digit income, then there are various jobs that you can do to earn 6 figures salary. The best way to earn a 6 figures salary is by earning from more than one source. If you have a property, then there is a chance for your to make more income. Let’s see all the possible job roles that you can do to make a six-digit income.
Moreover, Six figure salary will enable you to live a high-end luxurious life. But how will you figure out the way through which you can make a six-digit income? Well, don’t worry; you will get answered here with all the possible ways and solutions. Working on them will give you impressive results.
- Veterinarian: This is one of the most followed job roles when it comes to earning six figures yearly. A veterinarian doesn’t require many qualifications; you just need to have a degree in (DVM) doctor of veterinary medicine. You are just required to work with animal illness and their health.
- Corporate Lawyer: Another highly paid job through which you can earn six figures annually is a corporate lawyer. For this, you will have to complete a law degree. In this kind of job role, your duties would be taking care of your company’s legal issues, drafting notices, and designing company policies.
- Nurse: Another profession through which you can earn over six figures annually in nursing. In this field, you will have to take care of the patients and work with medical professionals. To get this job, you are required to have a degree of bachelor in nursing science.
- Pharmacist: Most people are aware of this degree already. For this specific field, one is required to have a degree in Pharma. In this profession, one is required to work with their expertise as they are required to screen not-so-serious illnesses and to offer medicines as per their expertise.
Frequently Asked Questions
Q1. Is a 6 figure salary a million?
A 6 figure salary is just a clear depiction of the numbers that your salary contains. Six digits depict the range of $100,000 to $999,999. Hence, it is not a million, as it just contains 6 numbers, not 6 zeros.
Q2. What percent of 25-year-olds make 100k?
Only 2% of 25-year-olds make 100k per year. Well, the percentage rate is too less as the amount is quite high, which is why the percentage is low. However, this percentage kept running up and up with the growing economy.
Q3. How many people have $1000000 in savings?
Around 10 to 16 percent of Americans have a household saving of $1000000. These accounts include retirement money, then the percentage ratio can rise up to 20%, but if you cut down these accounts, then the ratio comes down to only 10 percent.
6 Figure is a good number to make for your livelihood. With this amount of income, one can enjoy most of the high-end luxuries and facilities in their life. In the above guide, we have given a full comprehension of 6 figures, from their meaning to the way to make a six-figure income. We have compiled the section containing ways and job profiles that can offer you a six-figure income. If you are still having any doubts or queries regarding the six-figure phrase, then you can connect us anytime.
- David Garcia is a nationally-recognized consumer and money-saving expert who helps people make smart decisions with their money. He has been featured on NBC’s Today Show, Good Morning America, ABC News, and CNBC as well as in The New York Times & other media outlets. With more than 13 years of experience in the personal finance space, David is an experienced writer and researcher. He has written for major publications where he provides readers with actionable advice to save money on groceries, insurance, and more. With his work for various publications, David is an active contributor to the Credit Card Insider blog where he shares insights into credit cards such as rewards programs and interest rates.