You’ve probably heard of six, seven, or eight figure incomes. Maybe you’ve tried to conceptualize how much money you’d have if you made nine or ten figures. Dreaming about what you would do with a large bank account with seemingly unlimited funds is easy. But how much exactly does the income of these different magnitudes amount to? How significant are the disparities between the figures? Is it possible to calculate how much money is in a ten-figure salary?
This article will look at how much money would literally be on the table if handed over in one large lump sum. Understanding the quantities of these numbers is useful because it could help you better achieve your financial goals, whatever they may be.
You’ll also discuss six-, seven-, eight-, nine-, and even ten-figure incomes, what they amount to when broken down over time, and what types of jobs generate that amount of income.
What is a “figure”?
First, let’s define what a “figure” is in this context.
Each number is considered a digit and each digit 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 US dollars or USD.
If someone makes $45,490 a year, that person makes five figures a year.
Figures 6, 7, 8, 9 and 10: a closer look
Numerically speaking, what is the dollar equivalent of the highest 6, 7, 8, 9, and 10 figure income or asset accumulation figures?
- Six figures: between $100,000 and $999,999
- Seven figures: $1,000,000 to $9,999,999 (Millionaire)
- Eight figures: from $10,000,000 to $99,999,999
- Nine figures: from $100,000,000 to $999,999,999
- Ten figures: $1,000,000,000 to $9,999,999,999 (Multimillionaire)
Six figure income
A six-figure earner earns between $100,000 and $999,999 a year, after taxes. Since the numerical disparity is quite large, it is easier to break it down into sections with the six-figure “low,” “medium,” and “high” modifiers to avoid a lot of ambiguity.
Someone earning between $100,000 and $399,999 might say their income is in the low six-figure range. Between $400,000 and $699,999 would put them in the mid-six-figure range, and an annual income between $700,000 and $999,999 would put them in the upper six-figure range.
The monthly equivalent
If you’re wondering how much six-figure earners make per month, divide the annual income by 12. On the lowest end of the spectrum, someone making six figures a year earns $8,333.33 per month.
The daily equivalent
So how much does someone who makes a minimum of $100,000 a 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 earning $999,999 a year are $83,333.25 a month and $2,777.78 a day.
Another way to calculate how much a six-figure income per day is is to divide the number by the number of days per year, which is 365 (unless it’s a leap year). In other words, someone who earns $100,000 a year earns $273.97 a day, while someone who earns $999,999 a year earns $2,739.72 a day.
Unless it’s passive income, someone making this amount of money probably doesn’t work every day of the year. So how much would the daily income of a six-figure earner be if you took weekends and federal holidays?
Suddenly, 365 days become 262 days, which means your daily income will be drastically higher. By this calculation, someone who earns $100,000 a year earns $381.68 a day. Assuming a standard eight-hour workday, the hourly rate for a six-figure salary is $47.71. Someone who makes $999,999 a year earns $3,816.79 a day or $477.09 an hour.
Earn a six-figure income
How common is it for someone to make six figures, and what types of jobs make that kind of money? A college degree helps, but it is not a requirement, since it all depends on the path you decide to take. Six-figure earners with college degrees typically 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 decided to take another route that had nothing to do with why they attended college in the first place.
Some of these jobs include, but are not limited to:
- Ultimate Business Owners to Make Money
- Entrepreneurs
- Sales
- marketing consultants
- Bloggers
- Influencers involved in different types of media, such as Instagram and Twitter.
- prominent journalists
- Political commentators.
Average salaries in the US
According to the US Census for 2020The average family income is around $65,000 a year; a far cry from a six-figure salary. So it’s no surprise that someone making six figures or more puts them among the top earners in the country.
A person becomes a millionaire once they transcend the six-figure income mark and begin officially recording seven figures on their income tax forms. In 2021, 7.5 million U.S. residents had six-figure assets.
Who has 10 figure assets?
Elon Musk’s Remarkable $262 Billion Worth Tops the List list of billionaires. Bill Gates, Jeff Bezos and Warren Buffett are also on the list of American billionaires.
Final thoughts
Forbes It found 2,668 billionaires who will earn ten-figure salaries worldwide by 2022. The wealth disparity between the average five-figure income of American households and these ten-figure billionaires is enormous. At some point, the numbers become unfathomable even for those whose bank accounts hold that kind of wealth. Set high goals, since the sky is the limit and a lottery ticket never hurts.
#digits
