How Much Is a 6-Figure Salary?

29 mins read
How Much Is a 6-Figure Salary

Many people believe that having a six-figure salary means being wealthy. However, this is not always the case. Many people earn a six-figure salary but still struggle to meet their needs due to their high cost of living. In some cases, a six-figure salary may only be enough to cover the basic expenses.

Ultimately, the amount of money you consider to be someone ‘rich’ depends upon the amount of your six-figure salary. But how much is a 6-figure salary in real-world terms?

Generally speaking, a six-figure salary is anything above $100,000. So if you are making over $100,000 per year, and below $1 million, you can consider yourself part of the six-figure club.

What is a 6-figure salary?

A six-figure salary is typically considered to be a high income. In the United States, salaries below $100,000 are considered low income, while those above $250,000 are considered high income.

How much is a 6-figure salary?

Six-figure incomes are usually seen amongst people who have been successful in business and entertainment. A six-figure income is a lot of money.

A person earning a six-figure income is considered rich. Having a 6-figure salary means the person’s annual salary will be somewhere between $100,000 and $9,99,999.

To break 6-figure salary in different categories:

  • Low six figures: $100,000 to $399,999
  • Mid six figures: $400,000 to $699,999
  • High six figures: $700,000 to $999,999
  • Multiple six figures: $200,000 to $999,999

Figuring out how much is a 6-figure salary in a year can be a daunting task. You may be asking yourself, how much work do I need to put into earning a six-figure salary? What career options should I look out for to earn a six-figure income?

In this article, we will explore all of those questions and learn more about how to earn a 6-figure salary. So, keep scrolling down, whether you are just starting your career or looking to take your income to the next level.

Professions that can help you earn a 6-figure salary

1. Attorneys/ Lawyers

Attorneys/ Lawyers

U.S. Bureau of Labor Statistics shows that Lawyers in the United States earn a median annual pay of $144,230. To achieve this figure, you must have a law degree and pass the bar exam for attorneys with the qualifications needed to fit a lawyer.

2. Physician/ Surgeon

Physician/ Surgeon | How much is a 6-figure salary

Medicine is a lucrative profession and has the most high-paying field In the U.S. Physicians and surgeons in the United States earn median annual pay of about $218,000, which translates to around 100 dollars per hour. To become a medical practitioner or a physician, you need to pursue your career in medicine and get a degree.

Quick Facts: Physicians and Surgeons
2021 Median Pay This wage is equal to or greater than $208,000 per year or $100.00 per hour
Typical Entry-Level Education Doctoral or professional degree
Work Experience in a Related Occupation None
On-the-job Training Internship/residency
Number of Jobs, 2020 727,000
Job Outlook, 2020-30 3% (Slower than average)
Employment Change, 2020-30 24,800

3. Pharmacists

Pharmacists

Licensed pharmacists in the United States have a Doctorate (Pharm D) and must pass two exams before being qualified. They earn about $128,000, which is around 61 dollars per hour. The licensed pharmacist is responsible for preparing prescriptions to help patients with various ailments.

Quick Facts: Pharmacists
2021 Median Pay $128,570 per year
$61.81 per hour
Typical Entry-Level Education Doctoral or professional degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2020 322,200
Job Outlook, 2020-30 -2% (Decline)
Employment Change, 2020-30 -7,000

Also Read: 30 Best High Income Skills to Learn

4. Pilots

Pilots

 

As we all know, the role of an airline pilot is critical as they are responsible for everything that occurs from checking the plane, taking off, in-flight travel, and landing. To become a pilot in the aviation industry, you must have a bachelor’s degree and obtain the Federal Aviation Administration (FAA) certificate issued by the Airline Transport Pilot. Reports state that, till May 2020, an airline pilot earns a median salary of $134,000 per annum (circa).

Quick Facts: Airline and Commercial Pilots
2021 Median Pay $134,630 per year
Work Experience in a Related Occupation See How to Become One
On-the-job Training Moderate-term on-the-job training
Number of Jobs, 2020 113,900
Job Outlook, 2020-30 13% (Faster than average)
Employment Change, 2020-30 14,700

5. Human Resource Managers

Human resource managers play an integral part in the success of any organization. They help shape culture; develop effective policies and procedures for employees’ benefit and company-wide standards. In addition, they work in hiring and building teams for industries when the time comes to hire new candidates.

A human resource manager in the U.S. earns a median salary of $126,000 annually. Therefore, to be a successful H.R. Manager within your organization, it is necessary to have these qualifications and years of work experience.

Quick Facts: Human Resources Managers
2021 Median Pay $126,230 per year
$60.69 per hour
Typical Entry-Level Education Bachelor’s degree
Work Experience in a Related Occupation 5 years or more
On-the-job Training None
Number of Jobs, 2020 161,700
Job Outlook, 2020-30 9% (As fast as average)
Employment Change, 2020-30 14,800

6. Software Developers

Software Developers | How much is a 6-figure salary

Software developers are in high demand these days. With the rise of technology and its advancements, there is an app for everything nowadays. These programs make life easier by providing services like storing information and scheduling appointments. Some offer jobs to people with no experience. Software Developers typically earn a median salary of $110,000 per annum.

Quick Facts: Software Developers, Quality Assurance Analysts, and Testers
2020 Median Pay $110,140 per year
$52.95 per hour
Typical Entry-Level Education Bachelor’s degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2020 1,847,900
Job Outlook, 2020-30 22% (Much faster than average)
Employment Change, 2020-30 409,500

7. Actuaries

These certified professionals in this field use statistics, business, and mathematics to study financial risk. They work for insurance companies or consult with many clients on projects requiring these skill-sets. They earn a median annual pay of $105,000 per year.

Quick Facts: Actuaries
2021 Median Pay $105,900 per year
$50.91 per hour
Typical Entry-Level Education Bachelor’s degree
Work Experience in a Related Occupation None
On-the-job Training Long-term on-the-job training
Number of Jobs, 2020 27,700
Job Outlook, 2020-30 24% (Much faster than average)
Employment Change, 2020-30 6,800

8. Advertising, Promotions and Marketing Managers

Advertising, Promotions and Marketing Managers

The advertising and marketing sector is one of the most booming industries with several lucrative job opportunities. Entry-level positions such as a Promotions Manager or Sales Administrator can help you earn an annual income of up to $133,460. At the same time, more experienced professionals can fetch the estimated salary amounting to $133,000 annually.

You can also earn a commission in this sector. For pursuing this as a career, you can do a Business Management course and get a degree.

Quick Facts: Advertising, Promotions, and Marketing Managers
2021 Median Pay $133,380 per year
$64.12 per hour
Typical Entry-Level Education Bachelor’s degree
On-the-job Training None
Number of Jobs, 2020 316,800
Job Outlook, 2020-30 10% (As fast as average)
Employment Change, 2020-30 31,800

9. Petroleum Engineers

Petroleum Engineers are in high demand in the United States, and the scope of earning an enormous amount in this profession is immense. Petroleum engineers design and oversee the production of oil and gas wells. They work in various industries, including drilling, refining, and environmental protection.

However, they must have a bachelor’s degree in engineering and a minimum of five to ten years of experience. However, many employers prefer to hire candidates with a master’s degree. In the U.S., Petroleum Engineers make a median annual salary of around $130,000.

Quick Facts: Petroleum Engineers
2021 Median Pay $130,850 per year
$62.91 per hour
Typical Entry-Level Education Bachelor’s degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2020 28,500
Job Outlook, 2020-30 8% (As fast as average)
Employment Change, 2020-30 2,200

Also Read: 51 Ways to Make Money Online For Beginners

10. Computer and Information Research Scientists

Computer and information research scientists invent new ways to use computers and find innovative uses for existing technology. They study and solve complex problems in computing for business, medicine, science, and other fields.

Most computer and information research scientists need a master’s degree in computer science or a related field, such as electrical engineering, mathematics, or statistics. However, some entry-level positions may be available for those with a bachelor’s degree also. In the U.S. the median annual salary of a computer and information research scientist is around $131,490.

Quick Facts: Computer and Information Research Scientists
2021 Median Pay $131,490 per year
$63.22 per hour
Typical Entry-Level Education Master’s degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2020 33,000
Job Outlook, 2020-30 22% (Much faster than average)
Employment Change, 2020-30 7,200

11. Electrical and Electronics Engineers

Electrical and electronics engineers are responsible for designing, developing, testing, and supervising the production of electrical and electronic equipment. They work in a variety of industries, including computer hardware and software manufacturing, telecommunications, automotive design, and aerospace engineering.

These engineers typically have a bachelor’s degree in electrical or electronic engineering. Some also have a master’s degree or doctorate. Many states require licensure for engineers who engage in the practice of engineering. In the U.S. the median annual salary of a computer and information research scientist is around $101,000.

Quick Facts: Electrical and Electronics Engineers
2021 Median Pay $101,780 per year
$48.93 per hour
Typical Entry-Level Education Bachelor’s degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2020 313,200
Job Outlook, 2020-30 7% (As fast as average)
Employment Change, 2020-30 20,400

12. Nuclear Engineers

Nuclear engineers are responsible for the safe and efficient operation of nuclear power plants. They work closely with other engineering and scientific staff to ensure that the plant is operated safely and in compliance with all regulations. These professionals also develop new designs for nuclear power plants, as well as research and develop new ways to improve the safety and efficiency of existing plants.

Nuclear engineers must have a bachelor’s degree in engineering, preferably in nuclear engineering. Many employers also require Nuclear Engineers to have a professional engineer (PE) license.

A nuclear engineer researches and develops new methods for improving the safety and efficiency of nuclear power plants. Their median annual salary is around $120,000.

Quick Facts: Nuclear Engineers
2021 Median Pay $120,380 per year
$57.87 per hour
Typical Entry-Level Education Bachelor’s degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2020 17,200
Job Outlook, 2020-30 -8% (Decline)
Employment Change, 2020-30 -1,500

13. Aerospace engineers

Aerospace engineers are responsible for designing, building, and testing aircraft, technology and spacecraft, missiles, and rockets. They also develop new technologies for aviation and advancement in space flight.

Aerospace engineering is a highly technical field that requires a strong background in mathematics and science. These highly qualified professionals must be able to work with complex systems and must have excellent problem-solving skills.

Aerospace engineering is a rapidly changing field, and these engineers must be up to date with new/upcoming technologies and developments. They must be able to adapt their designs to meet the changing needs of the aerospace industry. Research shows the annual salary of an aerospace engineer is around $122,000.

Quick Facts: Aerospace Engineers
2021 Median Pay $122,270 per year
$58.78 per hour
Typical Entry-Level Education Bachelor’s degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2020 61,400
Job Outlook, 2020-30 8% (As fast as average)
Employment Change, 2020-30 5,100

14. Information Security Analysts

Information Security Analysts | How much is a 6-figure salary

Information security analysts are responsible for ensuring the safety and security of an organization’s information systems. They plan, implement, and monitor security measures to protect computer networks and systems from unauthorized access, theft or damage.

Information security analysts typically have a bachelor’s degree in computer science. They must be able to think critically and solve problems quickly. Moreover, these analysts must be able to work well under pressure while being detail-oriented.

Excellent communication and interpersonal skills are essential, as information security analysts must be able to collaborate with other members of the IT team. In the U.S the annual salary of an information security analyst is around $102,000.

Quick Facts: Information Security Analysts
2021 Median Pay $102,600 per year
$49.33 per hour
Typical Entry-Level Education Bachelor’s degree
Work Experience in a Related Occupation Less than 5 years
On-the-job Training None
Number of Jobs, 2020 141,200
Job Outlook, 2020-30 33% (Much faster than average)
Employment Change, 2020-30 47,100

Reference: All the above tables of “Quick Facts” are from the Bls.gov website.

Tips to earn a six-figure salary

Following these tips can help you earn a six-figure salary. Here are some of the most efficient tips that will make you experience exponential growth and stand out from the crowd:

1. Choosing a suitable career path is an important decision to make. You need comprehensive research before you set out on this journey, and it is best if we start by evaluating ourselves. Many things can influence what type of work might suit us well. Not only our talents but our strengths and weaknesses can help us determine what jobs we are perfect for. To become more successful in your desired career, you need to know your area of expertise and interests, based on which makes up the perfect match for you.

2. Regardless of what sector you are interested in, there will always be some form of educational requirement. If you are looking to get recruited for a high-paying job, it is always best that your training and education match what employers require. Most jobs these days come paired with bachelor’s degrees or higher qualifications that are considered valuable enough.

3. To be successful in your career, you need to work hard and deliver high-quality results. Besides talent and natural ability, many other factors, such as hard work ethics and good relationships with co-workers, will help you grow and prosper faster.

4. Negotiation is an essential skill that paves a path for success, be it in any industry. You must be skilled in knowing how to demand what is best for you & your career and never back down from a challenge. Figure out the appropriate time and reasonably always ask your superior about appraisals. Remember, this is the key to boosting your income and getting listed in 6-figure-salary clubs when asking for appraisals or promotions too.

5. Networking is an essential part of building your professional net worth. It’s important to actively seek out connections with people in various industries, as you can never forecast where the next opportunity will come from. LinkedIn is a great social networking platform to connect with various professionals and expand your business. While building networks for yourself make sure others are also benefited in some way by connecting with you.

6. With the right knowledge and skill, you can become an expert in any field. The key to earning a six-figure salary is developing your skills by acquiring more information and improving on what already exists to become better than before. It will help you with greater success in the long term.

By supplementing your salary with side ventures, you can make more money than before. In addition, building an additional income source will allow more financial freedom and increased flexibility in terms of saving and investing.

Also Read: 30 Ways To Make Money Online

Does a six-figure salary make you wealthy?

For most people, earning a six-figure income is a milestone that signals they have reached the peak of their profession and can proudly call themselves successful.

Earning any particular amount of money does not necessarily equate to being wealthy, as the measure of wealth has more to do with how well we manage our funds and save/invest them.

Of course, some people can get by on their 6-figure incomes, but factors like the high cost of living and their lifestyle also play crucial roles. If an individual’s cost of living is too high, and there are no savings/investments made, even having an impressive six-figure income won’t flourish them.

What is a 7-Figure salary?

People who earn a 7-figure salary are considered millionaires. While it may seem impossible to achieve, you need only to understand the amount of hard work and smart decisions needed for someone who is waiting for an opportunity and eager to grab it, to become a millionaire.

While talking about a 7-figure salary, people earning between $1,000,000 and $9,999,999 annually are categorized to be a part of this group. A 7-figure salary is typically earned by top executives and other high-performing professionals of a company. To earn a 7-figure salary, one must usually have many years of experience and be in a senior position.

Earning a 7-figure salary often allows individuals to live a luxurious lifestyle, with expensive homes, cars, and vacations. While there are many benefits to earning a 7-figure salary, it is also important to remember that such a high income can come with significant financial responsibilities.

What is an 8-Figure salary?

An 8-figure salary is an annual income that totals eight digits. It means earning at least $10,000,000 per year. To understand better, a household earning $100,000 per year would need to save every penny for 100 years to earn an 8-figure salary. There are only a handful of ways to achieve this level of earnings.

The most common include becoming a CEO of a large corporation, working as an investment banker, a celebrity, a world-class actor, or being a professional athlete. However, many other high-paying jobs can lead professionals to earn in 8-figures. With the right education and experience, anyone has the potential to earn an 8-figure salary.

What is a 9-Figure salary?

A 9-figure salary is a salary of over one billion dollars. It is an extremely rare and coveted salary, reserved for only the most successful and well-known individuals globally.

While there are many ways to earn a 9-figure salary, the most common route is investment banking or hedge fund management. Others include being the richest CEOs of major corporations, world-class athletes, music celebrities, and famous movie stars.

While a nine-figure salary may seem like an unattainable dream for most people, it is important to remember that anyone has the potential to earn this level of income if they are willing to work hard and take risks. With the right combination of talent, dedication, and luck, anyone has the potential to become a 9-figure earner.

If you are looking to earn a 9-figure salary, remember that it will take hard work and dedication and of course immense patience.

Famous People who earn Six/ Seven/ Eight or Nine Figures Salary

Here is a list of some well-renowned individuals who earn a six/seven/eight, or even a nine-figure salary per year. Let us take a look at them:

Jeff Bezos

Jeff Bezos, the founder of Amazon and one-time richest man in America, has been making headlines recently. He is now considered the second wealthiest person on earth, after Elon Musk with an estimated net worth of over 188 billion dollars.

He has completely revolutionized how we buy products online with his e-commerce platform. With the unique system featured with artificial intelligence to optimize choices based on customer demand, Amazon also includes streaming video services for unlimited viewing pleasures for the customers in recent years.

Ed Sheeran

Edward Christopher Sheeran is one of the most successful musicians in modern history, with an income of eight-figures. His success can be attributed to his music and YouTube music videos, where he has more than 508 thousand subscribers. He makes an annual income worth 100 million dollars from music alone.

Ryan Kaji

He is a famous YouTuber who made 26 million dollars in 2019. His videos are usually family-friendly. The videos consist of niches that include toy reviews and unboxings of new releases from companies like Hasbro and Mattel that he gets for free reviewing through them on his channel.

Dwayne Johnson

He has been in the public eye for decades as an actor that mainly does action movies like Fast & Furious and Rampage. He is mainly known for his action movies. According to the latest reports, Dwayne’s net worth is around $800 million, and is known to be one of the highest-paid actors on the planet.

Tanner Chidester

Tanner Chidester is a self-made millionaire and the owner of two successful fitness companies. He has always been passionate about fitness. As an accomplished self-made millionaire with multiple businesses under his belt, including Fit Warrior Coaching & Fitness Consultants is determined to help others achieve their goals by encouraging and motivating viewers, to be physically well and successful.

However, how much you will be able to earn will depend on various factors such as the city you reside in, and the career or industry you have opted for. But, no matter where you are or what you do, maximizing your potential to earn more money is the primary goal of most people. So, why should you stay behind?

We hope by now you have got an idea about how much is a 6-figure salary. If this article has given you some insights and you are satisfied with the information we provided, do not forget to share it with your friends or the ones who are looking to boost their income.

You can also share your ideas about how much is a 6-figure salary and how you want to achieve this goal of earning 6-figures. Let us know in the comments below.

Stay tuned for more insights on money-making. Thanks for reading!

Sushma Singh

Sushma is a full-time blogger and financial expert. Join Sushma and 10,000 monthly readers here to learn how to save and invest your money wisely.