You’ve probably heard someone say they make a 6 figure salary. You perhaps make a six figure salary.
But how much is 6 (six) figures?
What does it mean to be making a six figure income? Are you a top earner if you’re making this much money?
What does a six-figure salary get you? Can this type of income help you build wealth?
Plain and simple, 6 figures mean your salary is between $100,000 and $999,999. If you’re making more than that (i.e., $999,999), then you have a 7-figure salary.
Add another zero to seven figure, then you’re making an 8-figure salary (aka, you have reached the billionaire status).
While making at least $100,000 automatically put you among the top earners, it does not necessarily mean you are wealthy.
There is a difference between being rich vs. being wealthy.
How much is 6 figure Salary?
6 figures is a number between 100,000 and 999,999. When someone says that they have six figures, they may be talking about their net worth or their investment portfolio.
In terms of someone’s annual salary, making (6) six figures means you are earning a salary between $100,000 and $999,999 per year.
For example, if you are earning $250, 000 a year, you’re making a six figure salary. On the other hand, if you’re making $53,267.50 a year, although it is 7 numbers, you’re actually making a 5 figure annual salary.
If you have a (7) seven-figure salary, then you’re making a million dollars. That’s a lot of money!!
Earning a six figure income will definitely put you among the nation’s top earners.
Can you afford living on a six-figure salary?
What 6 figures was in the 1950s is not the same as it is today. With inflation and rising costs, there has been a decline in the meaning of the six-figure salary.
It depends on where you fall on the $100,000 – $999,999 range. Making at least $100,000 may not be enough to live on if you just graduated.
That is because you may have student loan debt. You may also have very little or zero savings.
It also depends on your location.
In cities where cost of living is high, such as New York, San Francisco, and Los Angeles, you may struggle to pay the bills on six figures.
Whereas in a city such as Akron, Ohio where cost of living is low, $100,000 may be enough to cover bills and to save money at the same time.
So, the most affordable cities to live in while earning a 6 figure salary would be in cities with a low cost of living.
According to an article by Investopedia.com, some of the best cities in the U.S. with a low cost of living but with high wages are Houston, Dallas-Fort Worth, Charlotte, Denver, and Austin.
In these cities, residents have the potential to earn competitive salaries while they enjoy a high quality of live due to a low cost of living.
So, if your goal is to earn a six figure salary and to be able to afford, choose one of those cities as the cost of living is low and the potential to earn a high salary is high.
Jobs/Careers With Potential to Make (6) Six-figure Salaries
Now that you know how much is 6 figure, there are certain jobs that can guarantee you six-figure salaries. However, many of these high paying jobs usually require a masters degree.
In fact, those who obtain a post graduate degree often see an increase in their pay.
If earning a six figure salary is what you want to do, consider investing your time into one of these high paying career options.
According to the Bureau of Labor Statistics, the average weekly earning for full-time US workers in June of 2021 was $984, which is $51,168.
While you can achieve the 6-figure salary goal in several occupations, employment in healthcare certainly leads the way, according to the U.S. Bureau of Labor Statistics.
That is because the aging population is growing, which then leads to a greater demand for it. Other high-paying careers are in law, business, and engineering.
If making a 6 figure salary is what you want to do, consider one of these high-paying careers.
1. Medical field – 6 figure salary
Those in the medical field, especially medical doctors, typically earn a 6 figure income annually.
They include surgeons, physicians, dentists, podiatrists and other healthcare practitioners.
The average annual salary for these physicians is $240,000. This high 6 figure salary, however, comes with a lot of schooling.
With the exceptions of nurses, physician assistants, etc, medical doctors attend 4 years of undergraduate school, 4 years of medical school, followed by 2 to 4 year of residency and possibly 2 or more years of fellowship/internship and other specialties.
1) Anesthesiologists – average 6 figure salary of $261,730;
2) Surgeons – typically earn a 6 figure salary of $252,040;
3) Obstetricians-Gynecologists: average six figure salary of $233,610;
4) Orthodontists: typical six figure salary of $230,830;
5) Psychiatrists: $220,430;
6) Family Medicine Physicians: $213,270;
7) Internal Medicine Physicians: $201,440. According to data from the Bureau of Labor Statistics, internal medicine physicians typically earn a (6) six figure salary of $201,440.
8) Dental hygienists: According to the US Bureau of Labor Statistics, while the average salary for a dental hygienist is around $77,090 per year, some hygienist earns over $104,000 per year.
9) Nurse anesthesiologists – average 6 figure income: $215,000.
10) Dentist: the median salary for a dentist is $164,010.
Those physicians who specialize earn even a higher income. For example, the average salary for a cardiologist is $409,000 (non-invasive) and $640,000 (invasive).
Orthopedic surgeons make $626,000 on average. Keep in mind, however, that specialization adds an extra 2 hours on top of an already long schooling.
2. Careers /Jobs in the engineering field typically make six figures
According to the Bureau of Labor Statistics, petroleum engineers earn an annual six figure salary of $187,300. Petroleum engineers work in the oil and gas industry.
Their job duties include research, designing, and developing different ways to extract fossil fuels from the earth.
To get this job, you will need to graduate with a bachelors or masters degree in engineering.
3. Business and Finance – 6 figure salary
The business and finance sector can guarantee you 6 figures. Jobs in this sector include financial analyst, budget analysts, personal financial analysts, management analysts, etc.
The average annual salary for these professionals are in the upper 5 figure income, i.e., $80,000 to $90,000.
So, a lot of these professionals are making six figures. To be in this field requires a bachelors in finance, economics or other related field.
Having a masters degree and an additional certification is even better as it can guarantee a higher income.
Personal Financial Advisor
A personal financial advisor helps individuals with their finances including assisting them with savings, investing, and retirement planning.
According to BLS, the average annual salary for a personal advisor was $89,330 in 2020.
Employment in this field is expected to grow 5% from 2020 to 2030. While the growth is limited, there a re about 21,500 openings for financial advisors each year on average.
4. Career in Law – six figure salary
A career in law is among the best paid in the country. The median salary for a lawyer is $126,930 as of 2020 according to BLS.
To become a lawyer, you need to earn a bachelors degree and a juris doctor (JD) degree, which is a 3-year post graduate program.
Once you’re done, you have to take and pass the bar exam in your state.
5. Airline Pilots & Co-pilots
Other jobs that offer a six figure salary is in the aviation industry. According to BLS, the median salary for pilots, co-pilots and flight engineers is $147,220.
To become an airline pilot, co-pilot and flight engineer, you need to obtain a bachelor’s degree and have an Airline Transport Pilot certificate.
6. Other high paying occupations
Other highest paying occupations include chief executives ($185,950), computer and information systems managers ($151,151), architectural and engineering managers ($149,530), marketing managers ($142,170), and judges, magistrate judges ($141,080).
The Bottom Line
How much is 6 figure salary? 6 figures mean your salary is between $100,000 and $999,999. The surest way to earn a six figure salary is to work into the fields that are in demand. They are healthcare, law, engineering, etc. However, keep in mind that these careers usually require a post graduate degree. If you don’t mind spending some time in school, you should be on your way earning a six figure income.
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