Have you heard people refer to someone’s income as 6-figures, 7-figures, 8-figures, or even 9-figures? Understanding the numbers behind these terms can help you determine your income and net worth goals. And let’s face it, it’s fun to know what types of jobs command such high salaries.
In this article, I’ll break down the numbers and share some examples of careers that fit each income level. Want to know who is making 9-figures? Keep reading!
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What Does 6-Figure, 7-Figures, 8-Figures, and 9-Figures Mean?
Knowing the difference can help you better define your income goals. They can also help you determine what your savings and investment goals are. Let’s define what people are talking about when referring to “figures” when referring to money.
What Is a “Figure” in Terms of Money?
In money terms, “figure” is referring to digits. A singular figure is typically considered to be one digit.
For instance, 0,1,2,3,4,5,6,7,8 and 9 are figures. For example, a three-digit income would be less than $999 per year. A four-digit income would be less than $9,999 per year.
How Much Is 6-Figures?
Following that example, 6-figures refers to any dollar amount between $100,000 and $999,000.
For instance, if your co-worker (or your sister or your friend) is talking about themselves or someone they know making six figures, you know that they make over $100,000 per year.
However, you may not know whether they make $100,000 a year or $600,000 per year. I mean, how does one go about earning that kind of cash?
Here are some jobs with a national average salary of $100,000 per year or more. Note that salary ranges differ depending on your geographical location.
6-Figure Income Jobs
These six-figure income jobs may or may not require a degree. All salaries listed come from Indeed’s estimates.
1. Product Manager– $102,216. A Product Manager’s duties include management of the product development process. From inception to market, Product Managers determine customer needs, marketability, competition concerns, product improvement, etc.
2. Software Engineer– $107,812. A Software Engineer’s primary duties include developing computer and software programs. They also work with company developers and technicians and any clients benefiting from the programs they’ve developed.
3. Director of Finance– $111,556. A Director of Finance oversees a company’s financial records. As a Director of Finance, you would be responsible for creating budgets, preparing long-term economic projections, and training with/working with your finance department.
4. Trucking Owner/Operator– $276,499. An over-the-road truck operator who owns their truck is responsible for transporting goods from one location to another. As a trucking owner/operator, you may also be responsible for meeting with and scheduling client loads as you work with transportation agents who can help you connect with clients.
5. Surgeon– $268,308. A surgeon performs surgeries in their specialty area, which can focus on any number of ages of clients or body parts. For instance, you may specialize in pediatric surgeries, gynecology, or brain surgery. Of course, extensive schooling is required for this job.
How Much Is 7-Figures?
When people talk about seven-figure incomes, sale prices, or net worth, they could be referring to any dollar amount between $1,000,000 and $9,999,999.
Achieving a seven-figure net worth is very doable with the right commitment level and wise investment choices. Achieving a seven-figure income is no small feat. In real life, these high-paying jobs are reserved for a select few. But what types of jobs can you work to earn a seven-figure income?
7-Figure Income Jobs
Obtaining a seven-figure income job will take a combination of education and talent. Here are some examples of seven-figure income job opportunities.
1. C-Level Executives. When we talk about C-Level executives, we’re talking about top company leadership in larger companies. For instance, The Chief Executive Officer, Chief Financial Officer, or Chief Operations Officer of a company.
If you’re interested in running a company that has high annual revenues or being near the top of the food chain in such a company, a seven-figure salary could be in your future.
2. Investment Banker. An Investment Banker is, in short, an investment advisor to a corporation, company, or government entity. To be successful as an investment banker, you need to have intimate knowledge of investing and of the stock market as a whole.
You must also have strong analytical skills and a good, trustworthy gut instinct when investing. While an investment banker’s annual salary is typically in the six-figure range, bonuses and commissions can easily put a successful banker’s salary into the seven-figure range.
3. Business Consultant. A Business Consultant works with businesses to help improve the company’s business processes and thereby increase revenue. As a Business Consultant, you can possess specialized skill sets and training that increase your desired income.
For instance, you might have certifications in human resources or leadership. You’re most likely to earn seven figures as a business consultant if you work as an independent contractor working for more than one company.
4. Entrepreneur. If you’ve got a great mind for business, you may want to consider entrepreneurship as a career choice.
Successful entrepreneurs have a knack for creating a valuable product or service. You must also have a good mind for business and possess exemplary customer service skills to succeed as an entrepreneur.
5. Enterprise Sales. As an Enterprise Sales rep, you are responsible for coordinating high-level, large sales–typically for companies or corporations.
Much of your income will be commission-based, so although the commission is usually high for each sale, you’ll need to make multiple sales to reach a seven-figure level income.
How Much Is 8-Figures?
You’re making an eight-figure salary if you’re making between $10 million per year and $99,999,999 per year. As with our seven-figure numbers, it’s much easier to make eight figures by investing than finding a job that pays eight-figures.
However, we’ve got some eight-figure job examples for you.
8-Figure Income Jobs
Here are some careers you might consider choosing if you want to earn an eight-figure salary.
1. Large-Cap Company CEO. Tim Cook, CEO of Apple, made $15 million in 2020. However, in 2021 he made close to $100 million thanks to stock shares he was awarded.
If you’re interested in working as a CEO or other C-Level Executive for a larger company, an eight-figure salary could be in your future.
2. Influencer. Successful Social Media Influencers create social media platforms where they promote products and/or services.
They earn commissions when viewers purchase those products or services by clicking on links within the Social Media Influencer’s platforms. For instance, Kylie Jenner can make $1 million for each Instagram post she publishes.
Mr. Beast, the famous YouTube content creator, is estimated to make $20-$25 million per year or more.
3. Professional Gamer. Professional gamers can also make eight-figure salaries if they are good at their game of choice and have smart marketing skills or a good marketing team.
Are you interested in making an eight-figure salary as a gamer? Start gleaning wisdom from gamers such as Tyler “Ninja” Blevins, Mark Fishbach (Markiplier), and Felix Kjellberg (Pewdiepie).
4. Hedge Fund Manager. A Hedge Fund Manager manages a Hedge Fund, which is a highly strategized pool of investments. Think George Soros and Warren Buffett.
While it’s not uncommon for the top Hedge Fund Managers to make nine-figure incomes, a much larger pool of successful hedge fund managers make an eight-figure salary.
To become a successful Hedge Fund Manager, you need to have extensive knowledge of finance and high-level investments in all asset classes.
Next, let’s talk about the coveted nine-figure income or net worth.
How Much Is 9-Figures?
Nine-figure salary earners or net worth earners make over $100 million per year or have a net worth of over $100 million. As you can imagine, job or business genres with this income level are scarce, but they do exist. Here are some examples of careers with nine-figure incomes.
9-Figure Income Jobs
1. Professional Athletes. The best-in-class professional athletes can make a nine-figure income when they take full advantage of their talents.
For instance, NFL quarterback Tom Brady made a reported $30 million+ in his 2020 and 2021 football seasons.
However, he also capitalized on his fame by securing another $31 million in endorsement deals with brands such as Subway and Aston Martin.
But that still puts Brady in the eight-figure earnings range if you only count those two income sources (there are others, like his production company).
Examples of nine-figure earning professional athletes include soccer player Cristiano Ronaldo ($120 million in 2021) and mixed martial arts pro Connor MacGregor ($180 million in 2021).
Hint: If you’re aspiring to make 9-figures as a professional athlete, your public persona might be just as important as your athletic abilities.
2. Hollywood Celebrities. Hollywood actors and other celebrities are among the highest-paid people in the world.
For instance actor Dwayne Johnson was paid nearly $90 million just for his role in Jumanji: The Next Level. No, that doesn’t include royalties and other income from films. Johnson also earns an estimated $1 million+ for every Instagram post he publishes.
Oprah Winfrey is reported to make over $300 million annually. Kylie Jenner made $590 million in 2020 alone.
3. The Cream of the Crop. Achieving a nine-figure income (or net worth) isn’t for the average person.
Instead, you’ll need to aspire to be the cream of the crop in whatever field you’re pursuing, whether that is in regards to your investment plan or your career.
Some examples of people who have focused and succeeded beyond their wildest dreams include:
- Elon Musk, business magnate and founder of SpaceX and Tesla: Net worth: $223 billion
- Larry Page, co-founder of Alphabet (Google): Net worth: $90+ billion
- Patrick Collison, co-founder of Stripe: Net worth $2.1 billion
- Evan Spiegel, co-founder of Snapchat: Net worth 4.5 billion
- Nathan Blecharczyk, co-founder of Airbnb: Net worth 4.7 million
Achieving this type of business success takes an intense focus on hard work, leadership, vision , and the willingness to never stop learning.
But maybe you’re not interested in obtaining Elon Musk’s level of wealth. Instead, maybe you’re just looking for ways to reach the six-figure mark or maybe the seven-figure mark.
Even if you can’t make six figures in your current job, there is hope for you. Enter: side hustles.
Bridging the Income Gap with Side Hustles
I started side hustling in 2013 to bring a bit of extra income to my family while working as a stay-at-home mom of four young kids.
My first freelance writing gig paid me $35 for about two to three hours of work. I was thrilled to earn that money because I had found a way to earn it while still functioning as a stay-at-home mom.
Nine years later, my life has changed exponentially. I unexpectedly found myself a single mom in 2018 and had to quickly find a way to support my kids on my own.
Today, side hustles are a way of life for me. I make $30k-plus a year just from freelance writing alone. I’m living proof that side hustles aren’t just for bringing a few extra bucks into your change jar each week.
Side hustles can absolutely help you go from a $50k or 60k a year earner to a six-figure earner, provided you’re willing to put in the effort. Here are some side hustle ideas you can use to help get your income above that baseline six-figure income of $100,000 per year.
Freelance Your Skills
Whether you’re a writer, artist, songwriter, or a talented graphic artist, there are plenty of side hustles you can start to increase your income.
Look for jobs on Upwork (or create a profile), Fiverr, or create an account on Redbubble or Etsy where you can showcase your designs.
When starting a new business, remember that marketing is essential, and market your services accordingly. And don’t forget to open a business checking account so you can keep your business and personal finances separate.
Work as a Virtual Assistant
Working as a Virtual Assistant is one of many jobs you can do online. Virtual Assistants help blog and business owners with a variety of tasks such as:
- Interacting with clients
- Posting on social media
- Managing websites
- Supervising staff
And more. If you’re good at organization and have good time management skills, search for a job as a Virtual Assistant. Look for openings on sites like Upwork and Indeed.
Rent a Room Out on Airbnb
Do you have an extra room or unused finish space in your house? Why not rent it out on Airbnb to business and pleasure travelers who visit or pass through your area?
People love renting Airbnb spaces because they’re often cheaper than hotels and provide a home-like feel.
Add your personal touches, such as free cookies or doughnuts, and provide travelers with a clean, safe space.
To maximize your income with Airbnb, aspire to become an Airbnb Superhost.
Provide Pet Care in Your Home
Another way to bump up your income to that six-figure level is to provide pet care in your home. Use sites such as Rover.com or Care.com to create a personalized profile.
You get to choose which pets – and how many pets – you’ll care for in your home. If you don’t want strange pets in your home, you can care for pets in their own homes.
Pet lovers everywhere pay for pet care while away for business or pleasure trips, or even if they work long days at their job.
Pick Up a Part-Time Job
Taking on a second, part-time job can also bump your income to the six-figure mark. For instance, you could work as a server at a restaurant or deliver pizzas. Although the hourly pay at these jobs isn’t high, tips can double your income or more.
Another option is to work as a customer service rep from home. Companies like U-Haul and Concentrix hire customer service reps to handle client calls.
You can often choose which hours you’ll work and get paid right from the comfort of your own home.
Other part-time job options can include retail work, childcare, or any variety of office skills jobs. For example, you could work from home as a transcriptionist or a data entry specialist. You might want to try these side hustles if you’re good at typing and have high speed and accuracy levels.
Summary
Obtaining a 6-figure, 7-figure-8-figure, or 9-figure income or net worth may seem like a lofty goal. However, many have done so and will do so in the future. Your job is to figure out the best strategy to help you attain your goals.
You might be surprised how little you have to earn to be in the top 1% of America’s wealthiest people. The moral of the story: A higher income or net worth is achievable for you.
The post How Much Is 6-Figures, 7-Figures, 8-Figures & 9-Figures? appeared first on Best Wallet Hacks.
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