When talking about your income, you’ll hear the term figures. Learn what you need to know about income figures and why they matter.
It’s not enough to get any job you find. If you have big dreams and goals, you need a job that pays enough.
Related: The Best Ways to Make Money Fast
When people talk about how much they make, you may have heard them say it in figures.
Whether you’re employed or self-employed, learn how much money you need to make to be in the 5, 6, 7, 8, 9, or 10-figure club.
How much is a figure?
A figure is a single digit. In finances, the term figures equate to how much you make or have.
If you have a $50,000 income, you make five figures because there are five numbers.
Also, figures refer to the dollar amount without cents.
Next time you talk about your net worth, income, or hear figures from someone else, you’ll know the meaning.
How much is 5 figures?
Five figures refer to any amount between 10,000 and 99,999. It means you make or have $10,000 or more but less than $100,000.
Most Americans make five figures, as it’s a wide range.
According to the United States Census, the average household income was $67,521 in 2020.
The federal minimum wage in the United States is $7.25 per hour.
If you make minimum wage, you earn $15,080 annually, as there are 2,080 work hours.
If you’re at the higher end of the five-figure spectrum, you’ll make $48.07 per hour. That’s about $99,999 per year.
The closer you earn to $100,000, the more comfortable you may be able to live.
How much is 6 figures?
Six figures are any amount between 100,000 and 999,999.
When it comes to money, it means you make or have $100,000 or more but less than a million dollars.
A six-figure income provides a comfortable lifestyle.
If you’re like most people, it’s enough to cover living expenses, save, and have some left for fun.
If you convert a six-figure income to hourly rates, $100,000 is about $48.08 per hour, and $999,999 is $480.76.
How much is 7 figures?
Seven figures mean you’re a millionaire. Seven figures are any amount between 1,000,000 and 9,999,999.
Few people make seven-figure incomes, and the term is mainly for net worth.
If you make a seven-figure salary, $1,000,000 per year equals about $480.77 per hour. $9,999,999 annually is $4,807.69 per hour.
Making or having between one million or just under ten million dollars will make you feel financially secure.
It also means you have a comfortable and luxurious lifestyle.
How much is 8 figures?
Eight figures refer to any amount between 10,000,000 and 99,999,999. It means you’re a decamillionaire by income or net worth.
When it comes to money, an eight-figure annual income of $10,000,000 is about $4,807.70 per hour, and $99,999,999 is $48,076.92 per hour.
Whether an eight-figure income or net worth, it’s enough to live a luxurious and comfortable life.
Occupations that make eight figures include executives, entrepreneurs, investors, athletes, and actors or actresses.
An example of someone who makes eight figures is Jamie Dimon, CEO of JPMorgan Chase & Co.
According to Reuters, Dimon’s total compensation for 2021 was $34.5 million.
How much is 9 figures?
Nine figures are any number between 100,000,000 and 999,999,999.
If you earn a nine-figure income, you make between $100 million and just under $1 billion.
Nine figures is a lot of money, and few people make it.
Examples include high-profile athletes, entertainers, executives, and investors.
Lionel Messi is a soccer player that earns about $168.5 million per season (Source: CBS Sports).
If you convert nine figures to an hourly rate, an annual income of $100 million is about $48,076.93. $999,999,999 per year is $480,769.23 per hour.
How much is 10 figures?
Ten figures are any number between 1,000,000,000 and 9,999,999,999.
No one earns a ten-figure income, but you can have a ten-figure net worth. It means you’re a billionaire.
It’s the beginning of the billionaire club, as it goes up to twelve figures.
A twelve-figure example is Elon Musk with a net worth of $219 billion (Source: Forbes).
If you have ten figures, you’re wealthy.
The highest-paying occupations
While you can earn seven or more figures as an athlete, celebrity, or entrepreneur, it’s hard to get there.
Aside from those categories, most high-paying jobs provide compensation of six figures.
The following are the highest-paying occupations in 2022 in the United States according to the Bureau of Labor Statistics:
- Equal to or more than $208,000: Physicians, oral and maxillofacial surgeons, orthodontists, anesthesiologists, general internal medicine physicians, obstetricians, gynecologists, surgeons, and psychiatrists.
- $202,180: Airline pilots, copilots, and flight engineers.
- $195,610: Nurse anesthetists.
- $179,520: Chief executives.
- $175,160: Dentists and all other specialists.
- $170,480: Pediatricians.
- $159,010: Computer and information systems managers.
- $152,430: Physicists.
- $152,350: Architectural and engineering managers.
- $148,030: Judges.
- $145,840: Podiatrists.
How to get a higher paying job
If you want to move from five figures to six or increase your income, you need a path.
There are several ways to make more money.
You can start a business, get a part-time job on top of your full-time job, or get a higher-paying job.
If you want to get a promotion or a higher-paying job, you need to be ready.
The first step is to ensure you excel in your current role.
By having a good track record, you can use it as leverage for a raise or promotion.
Also, you must build your professional network and skills. The more connections you have, the more opportunities.
When applying for a new position, make sure your resume is up-to-date.
Your resume should leave a strong impression on the reader.
Another thing to consider is becoming a leader.
While specialty roles can pay well, a leadership position may earn more.
Regardless of your financial goals, understanding the number in figures simplifies things.
The majority of people make five or six figures per year. Few earn seven to nine figures.
But, it can be a goal of yours.
A higher-income can lead to a higher net worth and financial security.
As a recap, the following table covers the different figures and range of amounts.
|Number of Figures||Amount Range|
|5 Figures||$10,000 to $99,000|
|6 Figures||$100,000 to $999,999|
|7 Figures||$1,000,000 to $9,999,999|
|8 Figures||$10,000,000 to $99,999,999|
|9 Figures||$100,000,000 to $999,999,999|
|10 Figures||$1,000,000,000 to $9,999,999,999|
|11 Figures||$10,000,000,000 to $99,999,999,999|
|12 Figures||$100,000,000,000 to $999,999,999,999|
Featured image courtesy of Canva.
About David Em
David Em is the founder of More Money More Choices, which he launched to help you take control of your finances and build your dream life. Before More Money More Choices, David worked in leadership positions in the finance industry.