How much is six figures in money?
This may sound like a simple question, but the answer might surprise you.
The term “six-figure income” refers to someone who earns more than 100k per year or 6 digits on their paycheck that are not preceded by $0.00 (zero).
How much is a figure?
A figure is one number or digit. For example, two figures is any combination of two numbers – 13, 67, 88.
So how much is six figures in money?
Six figures is any number between 100,000 (one hundred thousand) and 999,999 (nine hundred and ninety nine thousand, nine hundred and ninety nine).
For example, a salary of $245,000 is a six figure salary, as it is a number containing six figures.
As you can see each figure is a digit, and they keep on rising.
Between 1,000,000 (one million) and 9,999,999 (nine million, nine hundred and ninety nine thousand, nine hundred and ninety nine) is seven figures as there are literally seven digits in the written number.
Anything between 10,000,000 (ten million) and 99,999,999 (ninety-nine million, nine hundred and ninety nine thousand) is eight figures.
Nine figures is anything between one hundred million 100,000,000 to 999,999,999 (nine hundred and ninety nine million, nine hundred and ninety nine thousand, nine hundred and ninety nine – now that’s a tongue twister!)
Note: When it comes to money, it’s important to note that six figures means anything before the decimal point – so $4456.65 is not six figures. It’s only four figures.
But back to six figures.
If you’re wondering how much six figures is, you’ve probably heard someone mention they earn six figures or talk about having a six figure investment portfolio.
This simply means they earn anything between $100,000 and $999,999 or their investment funds total anything over one hundred thousands but under a million.
Is six figures a lot of money?
As with all things personal finance, it depends.
If you have a frugal life, reside in a low cost of living area and don’t need much to be happy, six figures is a lot of money.
If you’ve got high debt, an expensive car and large mortgage, a six figure salary can be eaten up quickly with your expenses.
How much is 6 figures monthly?
To work out how much is 6 figures monthly, you simply divide the number by 12. So $120,000/12 = $10,000. Of course this amount will be subject to taxes and deductions.
A 6 figures salary can be a real boon for someone who is careful with their money.
In fact, hitting such a high salary can help you retire early if you don’t inflate your lifestyle to match your salary.
To do this we recommend the following: