How Much is 7 Figures? (And How to Get to 6 Figures+!)
If you’ve ever heard someone saying they make 5 or 6 figures, you might be wondering what exactly that means. 6 figures sounds like a lot, but is it really?
In this post, we’ll explain how much money 5, 6, 7, 8, and even 9 figures is and discuss several methods of making more money so that you can make 6 figures or more!
How Much is 5 Figures
5 figures means that your income is between $10,000 and $99,999 annually. Most Americans will make 5 figures for a significant portion of their careers and lifetime.
How Much is 6 Figures
6 figures means that your income is between $100,000 and $999,999 annually. Making 6 figures will take some time to achieve but is certainly possible. Most of those in director level positions will make 6 figures.
How Much is 7 Figures
7 figures means that your income is between $1,000,000 and $9,999,999 annually. Those making 7 figures are typically a corporate executive at a large company or own their own business.
How Much is 8 Figures
8 figures means that your income is between $10,000,000 and $99,999,999 annually. You’ll find that those making 8 figures are usually CEO’s or own their own business.
How Can I Make 5 Figures?
Making 5 figures annually is pretty easy. In fact, roughly 64% of American households make 5 figures.
Because the poverty line in the United States is in 5 figures, you’ll need to make at least 5 figures to have a living wage.
Almost any job will pay you 5 figures annually with a full-time position. If not, they could be in trouble with current labor laws that would be required to pay at least $15,080 a year for minimum wage.
Picking up a minimum wage job is one easy way to make 5 figures working full-time. Otherwise, you might consider odd jobs or side hustles to earn more money.
Best Ways to Make 6 Figures
Earners in the 6 figure bracket are more difficult to come by in the United States. Less than 30% of American households make 6 figures annually, making you a high-income earner. Keep reading to learn the best ways you can make 6 figures.
Work Up the Corporate Ladder
The most common way people make 6 figures is by working their way up the corporate ladder drawing a larger and larger salary over the years. There are hundreds (if not thousands) of jobs that will pay more than 6 figures alone.
Some of the most common jobs paying 6 figures are:
- Software Engineering
- Chemical Engineering
- Network Architect
- And many more
There are thousands of side hustles that people use to make 6 figures. The combination of their full-time earnings and side hustle income can easily make you a 6 figure earner.
Below are some great side hustles you can use to make more money and become a 6 figure earner:
- Flipping furniture
- Renting our a room in your home
Own a Business
There are many business owners who make 6 figures annually. There are also many business owners who make well under 6 figures.
If you are knowledgeable in business and can grow your company while maintaining profit margins, you have a good chance of making 6 figures.
Is 6 Figures a Good Salary?
For those lucky enough to be earning 6 figures per year, you might be wondering if that is a good salary. To be blunt, YES. Making 6 figures is a dream of many inside corporate America. Once you’ve reached 6 figures, you’ll be in the top 15% of earners.
Making 7 Figures is Possible — Here’s How
Making 7 figures puts you in the top 5% of American households. Making over $1,000,000 is quite the accomplishment and there are many different methods of achieving this. Below are a few examples to help you get started.
Build Passive Income Streams
Passive income (or income that doesn’t require much ongoing work to maintain) is a great way to become a millionaire. This will allow you to work a full-time position while earning additional income on the side.
Examples of passive income streams include dividend investing, starting a blog that receives consistent traffic or purchasing a rental property. These investments will either require time upfront to get started or money.
For example, a blog will require a significant amount of time to grow up front but it can provide lifelong income once established with minimal work.
On the other hand, dividend investing will require cash upfront, but it will also provide lifelong income for as long as your returns are reinvested.
Here are a few examples of passive income streams you can start today:
- Build a blog
- Create and sell an eBook
- Sell stock photography
- Invest in dividend stocks
- Invest in rental properties
Make Your Way to the Top of Corporate America
Executive positions for some companies can easily pay 7 figures, especially for larger companies with large revenues.
Some of the most common 7 figure job titles are:
- VP of Software Engineering
- VP of Marketing
Some of the highest-paid executives are listed below.
- Sundar Pichai, Alphabet Inc., $280.6 Million
- Robert H. Swan, Intel Corp, $66.9 Million
- Lisa T. Su, Advanced Micro Devices Inc, $58.5 Million
- John C. Plant, Howmet Aerospace Inc, $51.7 Million
- Robert A. Iger, Walt Disney Co., $47.5 Million
Start a Business
Starting a business is the method many 7 figure earners use to get to the top. There are tens of thousands of businesses that profit more than $1,000,000 annually. You can even purchase a business that is already making 7 figures.
It’ll Take Some Luck to Make 8 Figures
Most would describe people making 8 figures as “filthy rich” and with good reason. Making over $10,000,000 annually is quite an accomplishment. You’ll be capable of affording just about anything you’d like but it won’t come easy.
While there are many different ways to make 8 figures, you’ll also need some luck along the way.
Most 8 figure earners have businesses that have succeeded beyond belief or are executives at large corporations.
How Much is 9 Figures?
Making 9 figures will put you in the top less than 1% of earners in America. These individuals make over $99,999,999 annually. There are very few of these people worldwide.
There are a few ways you can make 9 figures. There are a handful of CEOs that make 9 figures, the rest own large businesses, or have invested large sums of cash over a long time.
Conclusion: Making 7 Figures is Tough, But Possible!
Whether you make 5,6,7 or even 8 figures, you’ll likely always strive for more. Some of the best ways to boost your income are by starting a business, building passive income streams, or investing your money over the years.
There are many corporate executives who also make 7 figures or more, but this is often much more difficult to achieve and might take some luck along the way.
Those climbing the corporate ladder will likely find making 6 figures easy once they reach the more senior positions, but it will come at the cost of your time.
Do you make over 6 figures? What’re your tips for making more money? Comment below!