We’ve all heard something like: “He has a six-figure salary”.
If you don’t know what having a 6 figure salary means, don’t worry. You’re not alone.
How much is 6 figures?
Well, each digit in a number counts as one “figure.”
Therefore, having a 6 figure salary or income means earning between $100,000 and $999,999 a year.
Yeah I know that’s a LOT of money! 💵
I’m going to explain what a “figure” means and how it relates to money.
How Much is a Figure?
Before we determine how much a figure is, we need to know WHAT it is.
The easiest way to figure out how much a six-figure income looks like is to consider a “figure” as a “digit” or “number”.
A figure is a digit in a number.
For example, the number 1000 has 4 digits so it’s a 4 figure number.
Similarly, The number 10,000 has 5 digits, so it’s a 5 figure number.
The number 100,000 has 6 digits, so it’s a 6 figure number and so on.
So how does that relate to money?
How Much is 6 Figures?
A 6 figure income in money terms is any amount between $100,000 and $999,999.
When we say that someone makes six figures, that means they make over $100,000 a year but under $1,000,000 (a million), which is 7 figures.
Is a Six-Figure Salary Good Enough?
Having a 6 figure salary has been considered a benchmark of financial success for a long time now.
According to Census Bureau data, in 2015 only about 20 percent of American households break the six-figure household income mark.
How Much is 7 Figures?
7 figures is any number over 1 million under 10 million dollars. (i.e from 1,000,000 to 9,999,999)
Not many people make a 7 figure salary.
In fact, most people who do make that much money either started their own company, are very high up in a large corporation or are at the very peak of their field.
If you ever make this kind of money in a year, tell me your secret. Or just hire me so I can earn that much! 😉
How Much is 8 Figures?
If you thought a seven-figure salary was a lot.
Would you believe that there are people out there that make 8 figures?
What is an 8 Figure Salary?
Any annual income amount of money between $10,000,000 and $99,999,999 is considered an 8 figure salary, which is 10 million dollars or more, but UNDER 100 million dollars.
If you count the numbers/figures in those numbers it’s 8.
So you’re probably wondering: what kind of people make eight figures?
What Jobs Pay 8 Figures?
Finding a job that pays 7 figures was hard enough.
Making 8 figures is very rare.
Here’s a list of some 8 figure jobs that can pay that and examples of real-life people who do get paid that much!
Take some inspiration:
Not all CEO’s make 8 figures, most make at least 6 figures though.
However, if you’re the CEO of one of the S&P 500 companies, you’re almost guaranteed to make an 8 figure salary.
Here are the salaries of a few CEOs.
- The CEO of Chipotle, Steve Ells, makes around $29 million a year.
- The CEO of Target, Brian C. Cornell, makes around $28 million a year.
- The CEO of Starbucks, Howard Schultz, makes around $21 million a year.
2- Professional Athletes:
We all love to watch our favorite teams play.
The athletes probably enjoy being paid to play.
They’re one of the highest compensated individuals out there.
The totals below include their salary, winnings, and any endorsement deals for 2017.
- Cristiano Ronaldo made $93 million.
- LeBron James made $86.2 million.
- Roger Federer made $64 million.
3- Movie Stars
Actors and actresses don’t really have a salary, they get paid depending on the roles they take during the year.
These are some of the higher-paid movie stars of 2017.
- Mark Wahlberg is paid $68 million.
- Dwayne “The Rock” Johnson (also my favorite actor 😃) is paid $65 million.
- Emma Stone is paid $26 million.
4- Hedge Fund Managers
Okay, so hedge fund managers can make 8 or even 9 figures if they are having an amazing year! (I know it is mind-blowing 🤯)
- James Simons makes $1.6 billion! (9 figures)
- Ray Dalio makes $1.4 billion! (9 figures)
- David Siegel -makes $750 million (8 figures)
How Much is 9 Figures?
9 Figures means $1 billion or more, but LESS than $10 billion.
Yeah, it’s a crazy amount of money that’ll last multiple generations and if managed well, mostly forever.
So there you have it, you should now know how much 6, 7, 8, and 9 figures are.
However, keep in mind- due to inflation seven figures today are worth a lot less than 7 figures were 30 years ago due to the increased cost of living!
For less than 5 minutes of your time, earn yourself a random stock whose value is anywhere between $5.00 and $200. It is possible through an investing app called Robinhood.