If you are applying for a new job or looking for ways to increase your income, you may be confused about the terms 6-figures, 7-figures, 8-figures, and 9-figures. While these terms are often thrown around by people in high-paying professions, they can be unclear and intimidating when you don’t understand what they mean.
So, let’s take a closer look at these terms and how they relate to your income in my in-depth guide on What Does 6-Figure, 7-Figures, 8-Figures, and 9-Figures Mean?
- What Exactly is a “Figure” in Terms of Money?
- How Much Is 6-Figures?
- How Much Is 7-Figures?
- How Much Is 8-Figures?
- How Much Is 9-Figures?
- How To Find a High Paying Job?
- Bridging the Income Gap with Side Hustles
- Freelance Jobs You Can Start Now
- Final Thoughts
What Exactly is a “Figure” in Terms of Money?
A “figure” when talking about money is simply one of the digits that make up an amount. For example, 10 dollars would represent two figures or digits (the 1 and 0). A million dollars would represent six figures or digits (the 1, 0, 0, 0, 0, and 0).
How Much Is 6-Figures?
For many professionals, earning a 6-figure salary in today’s economy is a dream that offers a sense of financial security and stability. This coveted income bracket refers to an annual salary range that falls between $100,000 and $999,999. While high-paying jobs in fields like medicine, law, finance, and engineering are commonly associated with this income bracket, it can also be achieved through entrepreneurship or other forms of investments.
The benefits of earning a 6-figure salary are numerous, including the ability to afford a comfortable lifestyle, purchase a home, and achieve early retirement. This level of financial success provides individuals with a sense of financial freedom and independence, allowing them to pursue their passions and hobbies. It also offers individuals the chance to save for their children’s education, invest in their retirement accounts, and give back to their communities.
However, there are also some drawbacks to consider when earning a 6-figure salary. The potential for a demanding work schedule, longer hours, and elevated levels of stress are common among individuals who hold high-paying jobs. Achieving a 6-figure salary often requires years of dedication, education, and demanding work, and maintaining this level of income can be challenging.
Furthermore, some individuals may experience difficulty finding a work-life balance, leading to feelings of burnout and exhaustion.
How Much Is 7-Figures?
When we talk about earning a “7-figure” salary, we are referring to a salary consisting of seven digits, which means an annual income of at least $1 million. It’s a significant accomplishment that only a select few can achieve, and it’s typically associated with professions such as CEOs, top athletes, and high-level executives. However, it’s also possible to attain this level of income through other unconventional means.
Earning a 7-figure salary also offers numerous benefits, including financial stability, the ability to afford luxury goods, and the opportunity to travel and explore the world. It also provides a sense of accomplishment and prestige that comes with being in an exclusive group of top earners. Individuals who earn 7 figures may have the chance to invest in various assets and contribute to charitable causes that align with their values.
There are also some potential drawbacks to consider when earning a 7-figure salary, as with everything. Individuals in high-paying positions often experience a demanding workload and long hours, leading to a considerable risk of burnout and other negative impacts on their health and well-being. Additionally, the pressure to maintain a certain level of income can be overwhelming, leading to a lack of work-life balance and potential feelings of isolation.
How Much Is 8-Figures?
Earning an 8-figure salary or income is considered a significant financial achievement, as it refers to surpassing the $10 million mark. It is typically only possible for those who have established successful businesses, made wise investments, or hold high-level executive positions in top-tier organizations.
The professions that may offer such a substantial income vary widely and may include tech CEOs, top athletes, high-ranking executives, and entertainment industry moguls, among others. However, earning an 8-figure salary is not easy, as it often requires years of hard work, dedication, and a strategic approach to financial planning.
Luxury all the way…
One of the most obvious benefits of an 8-figure income is the ability to afford a luxurious lifestyle that includes high-end real estate, extravagant vacations, and the latest luxury goods. Additionally, those who earn 8 figures have the opportunity to make significant charitable donations, thereby making a substantial difference in the lives of others.
Despite the numerous benefits, there are also potential downsides associated with earning such a high salary. For instance, maintaining an 8-figure income level can be incredibly challenging, as it may require a high degree of performance and risk-taking. Moreover, with such a high net worth, individuals may become targets for lawsuits, leading to a considerable amount of stress and legal fees.
Additionally, the vast wealth gap that exists between individuals who earn 8-figures, and the rest of society can lead to feelings of isolation and disconnection from the world around them. It can also be challenging to find people with whom they can relate, as many people may view them as out of touch with reality.
How Much Is 9-Figures?
When we hear about someone earning 9 figures, we are likely to be amazed, curious, and even envious.
So, what does 9 figures mean?
This term refers to a salary or income that has nine digits, meaning it ranges between $100 million and $999 million. It’s a staggering amount of money that only a handful of professions can attain. Athletes, entertainers, CEOs, and entrepreneurs are some examples of professions that can potentially earn 9 figures.
While it’s easy to assume that earning this much money automatically translates to a life full of luxury and comfort, it’s important to note that there are pros and cons similar to those mentioned before to consider as well.
The benefits are obvious; a high salary provides financial stability, independence, and the ability to live a lavish lifestyle. However, the drawbacks include increased public scrutiny, pressure to consistently perform at a high level, and the potential for unhealthy habits or addiction. Overall, earning 9 figures is an impressive feat, but it’s still important to weigh the advantages and disadvantages before striving for such financial success.
How To Find a High Paying Job?
To find a high-paying job, here are some tips to consider:
- Identify your strengths and interests: Start by identifying your strengths, interests, and skills. This will help you to narrow down your job search and target positions that are a good match for your abilities.
- Research industries and companies: Look for industries and companies that are known for offering high salaries. You can start by researching on job websites, industry publications, and talking to people who work in these industries.
- Build a strong network: Networking is a key way to find out about high-paying job opportunities that may not be advertised. Attend industry events, join professional associations, and connect with people on LinkedIn to expand your network.
- Develop the right skills: Develop skills that are in high demand and that pay well. For example, skills in data science, artificial intelligence, software engineering, and digital marketing are currently in high demand.
- Consider further education: Further education can also help you to develop the skills needed to qualify for high-paying positions. Look into graduate programs, certification courses, and professional development opportunities.
- Negotiate your salary: When you receive a job offer, don’t be afraid to negotiate your salary. Research the average salary for similar positions and use this as a guide to negotiate a fair salary.
- Keep up with industry trends: Stay up to date with industry trends, news, and advancements. This will help you to identify emerging high-paying positions and to stay competitive in your field.
Overall, finding a high-paying job requires a combination of challenging work, research, networking, and developing in-demand skills. With the right approach, you can increase your chances of landing a job that pays well and offers opportunities for career growth.
Bridging the Income Gap with Side Hustles
Reducing the income gap with side hustles can be a fantastic way to supplement your salary and reach your financial goals faster. Here are some tips on how to make the most of your side hustles:
- Discover your skills: The first step in finding a side hustle that works for you is to identify your skills. This will help you narrow down your options and choose something that you enjoy and are good at. Some examples of skills that can be turned into a side hustle include writing, graphic design, social media management, photography, and tutoring.
- Look for high-paying opportunities: Not all side hustles are created equal when it comes to earning potential. Look for opportunities that pay well and offer flexible schedules. Some high-paying side hustles include freelance writing, web development, consulting, and virtual assistance.
- Use online platforms: Online platforms like Fiverr, Upwork, and TaskRabbit can connect you with clients looking for your specific skill set. They provide a convenient way to find work and get paid for your services.
- Manage your time: Balancing a full-time job and a side hustle can be challenging. Make sure to manage your time effectively and set realistic goals for your side hustle. This will help you avoid burnout and ensure that you’re making progress towards your financial goals.
- Stay organized: Keeping track of your income and expenses is essential when running a side hustle. Use tools like Excel or QuickBooks to track your finances and stay on top of your earnings.
- Build a network: Networking can help you find new clients and grow your side hustle. Attend networking events in your area and connect with others in your industry. You never know when a new opportunity will arise.
Remember, building a successful side hustle takes time and effort. But with the right approach, you can bridge the income gap and achieve your financial goals faster.
Freelance Jobs You Can Start Now
If you have an extra room or a vacant property, you can rent it out on Airbnb to make extra cash. Airbnb is a popular platform that connects hosts with guests looking for a place to stay.
If you have a way with words, freelance writing can be a great side hustle. You can write blog posts, articles, website copy, or even e-books for clients. Platforms like Upwork and Fiverr are great places to find freelance writing gigs.
Find out more with or in-depth look at How to Become a Writer.
Social Media Management
If you’re good at taking care of social media accounts, then you can offer your services to businesses and individuals. You can help with content creation, posting, engagement, and analytics.
Dog Walking and Pet Sitting
If you’re an animal lover, you can offer dog walking and pet sitting services in your local area. You can use platforms like Rover and Wag! to find clients.
You can sign up to deliver food for platforms like Uber Eats, DoorDash, or Grubhub. You can work flexible hours and earn money while delivering food to customers.
For more info, our In-depth Delivery Driver Job Description should tell you everything you want to know.
If you’ve got expertise in a particular subject, you can offer online tutoring services to students. You can use platforms like Chegg and TutorMe to find students.
If you’re a skilled photographer, you can offer your services for events like weddings, birthday parties, and corporate events. You can also sell your photos on platforms like Shutterstock and iStock.
If you have good design skills, you can offer your services to businesses and individuals. You can design logos, websites, graphics, and more. Platforms like 99designs and DesignCrowd are great places to find freelance design gigs.
We all have our own ideas of what financial success looks like. Whether it’s a 6-figure income or a 9-figure fortune, the road towards it is paved with hard work, dedication, and a well-calculated strategy.
While not everyone may reach these levels of income, the lessons learned on the journey are invaluable. By exploring the varying levels of income, we gain insight into what it takes to succeed in life, both personally and professionally. It’s not just about the money itself, but the skills and knowledge gained along the way. Let’s apply what we have learned today and use it to achieve success in our own unique way.
All the very best on your road to success!