We hear the term “six figures” thrown around a lot, but how much money is 6 figures really? Technically it can run the gamut from $100,000 all the way up to $999,999, but most people throwing it around mean crossing the threshold to $100,000 in income per year.
A lot of people dream of having a six figure salary job, becoming a millionaire, and living a life of ease, but very few plan the way to get there.
When people ask “How much money is 6 digits?”, they often have these follow-up questions…
- How much do you have to make an hour to make 6 figures?
- How much money do you have to make a day to make 6 figures?
- And, how much do you have to make a week to make 6 figures?
And then, naturally, they wonder what’s out there in terms of 6 figure salary jobs!
This post answers all the questions you might have around the term ‘6 figures’. Let’s dive in!
This article was written by our staff writer, Lindsey Smith.
How Much Money is Six Figures?
So again, how much money is a 6 figure salary?
As we mentioned, six figures refers to a range of salary between $100,000 and $999,999. Typically when people refer to making six figures, they mean crossing over the $100,000 mark, and if it’s above $199,999, you might hear it referred to as a multi-six-figure earner.
But how much money is a six figure salary when you break it down? If earning six figures a year is your goal, it’s smart to break it down into hourly, daily, weekly, and monthly targets so you know if you’re on track.
How Much Do You Have to Make an Hour to Make 6 Figures?
Alright. So now we know what it means to have a six figure salary, but how much do you have to make an hour to make 6 figures? How does that math work out?
To work this out, we’ll need to make some assumptions first.
- Let’s assume you work 40 hours a week.
- And we’ll also assume that you work 52 weeks for the year (assuming working 50 weeks plus 2 weeks paid vacation).
- That means you’re working a total of 2,080 hours annually.
In order to make $100,000 per year, you would need to make $48.08 per hour, after taxes and deductions. On the upper end of the scale, to make $999,999 per year, you’d need to earn $480.77 per hour.
Now we know how much you need to earn per hour to make six figures. But how much money do you have to make a day to make 6 figures?
Not everyone has an hourly paying job, and sometimes it’s useful to know how much you’re making per day to see if you’re on track to earning six figures.
Assuming there are 261 working days in a year, you need to earn $383.14 per day after taxes and deductions to make $100,000. In order to make $999,999 per year, you would need to earn $3,831.41 every working day.
How Much Do You Have to Make a Week to Make 6 Figures?
Maybe your income fluctuates a bit from day to day, but it’s more consistent to look at it by week. So naturally, you’re wondering how much do you have to make a week to make 6 figures.
Like we said, sometimes your daily income varies, one day you make a whole lot, and another day not as much. This is why it’s important to have weekly income targets when your income varies, to help keep you on track for a six figure year.
If you’re working all 52 weeks of the year, or you get two weeks paid vacation, you’ll need to earn $1,923.08 per week to be able to call yourself a six figure earner. If you work 50 weeks of the year, that bumps up to $2,000 per week.
To make $999,999 over 52 weeks, your target should be $19,230.75 weekly. Or, if you spread it over 50 weeks, $19,999.98 per week.
Finally, how much do you need to make a month to make 6 figures?
Breaking this down monthly is a great overview for some. It helps to define how to break down your days or weeks or hours.
To make $100,000 per year, you need to make $8,333.33 per month. If you want to hit the upper end of six figures, or $999,999, you’re looking at $83,333.25 monthly.
Is a 6 Figure Earner a Millionaire? And What Can You Do With 6 Figures?
Now you know how it all breaks down, but what can you do with it?
- How much money is a six figure salary really?
- What does it feel like to earn 6 figures?
- Is a 6 figure earner a millionaire?
While a six figure earner is not a millionaire in their first year, if they save they certainly can be over time. When you earn six figures, the best thing you can do is save some of it.
- Make sure you have an emergency fund with 6-12 months worth of expenses.
- Invest in your retirement (at least 15% of your income).
- Put some of it away now so you don’t have to think or worry about money later.
Six figures can lead to financial freedom if you do it right.
With a six figure salary, you can cover your expenses with money to spare. Put that spare money to work for you by investing.
You also have some financial room to donate money. Being able to donate to things that matter to you is one of the best parts of earning six figures.
Of course, you’ll also have some extra money to buy things you need or want. This should come after all of the others, but having some fun with your money is important, too. Try to focus on experiences rather than things to make the happiness of every dollar stretch even further.
How to Make Six Figures
There are a lot of different ways to climb the mountain to six figures, and there are ways to do it with or without a college degree.
6-Figure Salary Jobs That Need a College Degree
The following careers regularly pay a six figure a year salary:
- Software Developer
- Financial Advisors
The following jobs can be started or filled by anyone, and with enough dedication and determination, can lead to six figures a year. Here are the six figure salary jobs that don’t require a degree!
- Business Owner
- Marketing Consultant
Side Hustles That Can Help You Get to Six Figures a Year
Sometimes you just need a little something on the side to push you over the edge to $100,000.
- Freelance Writer, Marketer, Graphic Designer
- Uber or Lyft Driver
- Food Delivery
- Air bnb
- Teach something online
How Much Money Is 6 Figures?? Now You Know!
Coming into this post, you really didn’t know what a 6 figure salary meant. Now you know how much you need to earn per hour, per day, per week, and per month to become a 6 figure earner! AND, you know what you need to do to earn six figures a year!
There’s certainly more than one way to make six figures a year. Whether you’re qualified for a traditional six figure job, decide to take on a side hustle, or push yourself to start something new, making a 6 figure salary is definitely within your reach.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.