You’ve likely heard of a six, seven, or eight-figure income. Maybe you have tried to conceptualize how much money you would have if you made nine or ten figures. Dreaming about what you would do with a fat bank account with seemingly unlimited funds is easy. But how much exactly is the income of these different magnitudes? How significant are the disparities between the figures, and is it possible to fathom just how much money is in a ten-figure salary?
This article will discuss just how much money would literally be on the table if delivered in one large lump sum. Understanding the quantities of these numbers is helpful because it might help you better reach your financial goals, whatever they may be.
It will also discuss six-, seven-, eight-, nine-, and even ten-figure incomes, how much that amounts to when broken down over time, and what kinds of jobs generate this much income.
What Is a “Figure?”
First, let us define what a “figure” is in this context.
Every number is considered a figure, and each figure consists of digits. For example, the number 9 has one digit or integer, and the number 27 has two digits, while the number 583 has three digits, and so on. We use figures to describe a person’s annual income in the United States dollar, or USD.
If someone makes $45,490 a year, that person makes five figures per year.
6, 7, 8, 9, and 10 Figures: A Closer Look
Numerically speaking, what is the dollar equivalent to the higher 6, 7, 8, 9, and 10-figure incomes or asset accumulation figures?
- Six figures: $100,000 to $999,999
- Seven figures: $1,000,000 to $9,999,999 (Millionaire)
- Eight figures: $10,000,000 to $99,999,999
- Nine figures: $100,000,000 to $999,999,999
- Ten figures: $1,000,000,000 to $9,999,999,999 (Billionaire)
Six Figure Income
A person who makes six figures annually makes anywhere from $100,000 to $999,999 yearly, after taxes. Since the numerical disparity is a pretty big one, it is easier to break it up into sections with the modifiers “low,” “mid,” and “high” six figures to avoid a lot of ambiguity.
Someone who makes anywhere from $100,000 to $399,999 could say their income is in the lower range of six figures. $400,000 to $699,999 would place them in the middle range of six figures, and a yearly income between $700,000 to $999,999 would place them in the higher range of six figures.
The Monthly Equivalent
If you are wondering how much six-figure-income earners make per month, divide the annual income by 12. On the lowest end of the spectrum, someone who makes six figures per year pulls in $8,333.33 per month.
The Daily Equivalent
So, how much does someone who makes a minimum of $100,000 per year make daily, assuming they work every day? For simplicity, you can divide $8,333.33 by 30, which equals $277 per day. The maximum amounts for someone who makes $999,999 per year are $83,333.25 per month and $2,777.78 per day.
Another way you can calculate how much a six-figure income is per day is to divide the number by the number of days per year, which is 365 (unless it is a leap year). In other words, someone who makes $100,000 per year makes $273.97 per day, while someone who makes $999,999 per year makes $2,739.72 per day.
Unless this is passive income, someone making this kind of money is likely not working every day of the year. So, how much would a daily income be for a six-figure earner if they take off weekends and federal holidays?
365 days suddenly become 262 days, meaning the daily income will be drastically higher. Based on this calculation, someone who makes $100,000 annually earns $381.68 daily. Assuming a standard eight-hour workday, the hourly rate for a six-figure salary is $47.71. Someone who pulls in $999,999 annually makes $3,816.79 daily, or $477.09 hourly.
Attaining a Six-Figure Income
How common is it for someone to make six figures, and what kind of jobs bring in that kind of money? A college degree does help, but it is not a requirement as it all depends on which pathway you decide to take. Those with college degrees earning six figures usually include engineers, dentists, lawyers, doctors, pharmacists, financial advisors, software developers, and pilots.
However, many have been able to generate six-figure incomes without a college degree, or they decided to take another route that didn’t pertain to why they attended college in the first place.
Some of these jobs include but are certainly not limited to:
- Various types of business owners
- Marketing consultants
- Influencers involved in different kinds of media, such as Instagram and Twitter
- Prominent journalists
- Political commentators.
Average Salaries in the U.S.
According to the U.S. Census for 2020, average household income hovers around $65,000 per year; a far cry from a six-figure salary. Therefore, it’s no surprise that someone making six figures or more places them among the top earners in the country.
A person is placed into millionaire status once they transcend the six-figure-income mark and begin officially recording seven figures on their income tax forms. In 2021, 7.5 million United States residents boasted six-figure assets.
Who Has 10-Figure Assets?
Elon Musk’s notable $262 billion worth is at the top of the billionaire’s list. Bill Gates, Jeff Bezos, and Warren Buffett also make the list of United States billionaires.
Forbes found 2,668 billionaires earning ten-figure salaries around the globe for 2022. The wealth disparity between the average five-figure U.S. household income and these ten-figure billionaires is enormous. At some point, the numbers become unfathomable to even those whose bank accounts possess that type of wealth. Set your goals high, as the sky is the limit, and a lotto ticket never hurts.