6 Figures-What It Means And How To Earn It

When discussing salaries, you often hear about six-figure salaries. For many, six-figures feel like that mythical and legendary wall that few can get past.  

Clearly Defining The 6-Figure Salary

In general, when people use the term six-figures, and for this article’s purposes, it means earning a salary of anywhere between $100,000 and less than $1 million a year. If it is a currency other than the US dollar, it refers to its equivalent in the local currency.

What Does A 6-Figure Salary Really Look Like?

– Hourly Income = $48.08 per hour – Weekly Income = $1,923.08 – Bi-Weekly Income = $3,846.15 – Semi-Monthly Income = $4,166.67 – Monthly Income = $8,333.33 – Quarterly Income = $25,000.00 – Semi-Annual Income = $50,000.00 = an annual salary of $100,000.00

If we take the minimum amount that fits the definition, an gross annual salary of $100,000, and break it down into a standard workweek of 40 hours a week over 52 weeks, for a total of 2,080 working hours in a year and a 6 figure salary equals: 

Let’s first look at it in terms of a house. Some financial experts say that you can afford to spend about 28% of your monthly salary on a mortgage payment. If we assume a 4.5% fixed interest on a 30-year loan, you should not spend more than $450,000 on a home loan.

What Does A $100,000 (6-figures) Salary Get You?

Greater Opportunities To Build Wealth

When it comes to saving money every month, many industry experts recommend saving around 20% of your salary. If we don’t take taxes into account, the monthly savings on $100,000 is around $1,600-$1,700 per month. 

What Cities Have The Most People Making A Six-Figure Income?

Out of the top 10 cities with the most six-figure earners, only one city isn’t located on either the east or west coast. That city is Minneapolis, Minnesota.

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