People may have different ideas about what a successful career is. Some focus on job satisfaction, while many others view earnings as the critical component of their success. At times, they claim they make a 6-figure income, but how much is 6 figures salary? Do you know what company has the most 6 figure earners? The following article will disclose all information about that.
When It Comes To Paying, How Much Is 6 Figures?
When speaking of salary, people count how many figures they get in the paycheck. For example, if they earn 50,000$ a year, it means that they have a 5-figure salary. So, how much is 6 figures salary? A 6-figure salary represents anything from 100,000$ and above. For some people, earning a 6-figure salary is the definition of a whole higher level of success.
So what is a six-figure salary meaning? We mainly stress the difference between a 6-figure salary and lower ranks since hourly rates are much more important. When you make 6 figures a year, your hourly rate is more than 48$ per hour. Compared to those earning 80,000$ annually, their hourly rate is 10$ less. Knowing your working time’s value helps you understand how your employer rates your skills and contribution to the organization.
It is not uncommon to have a 6-figure income in many parts of the United States. For example, in Washing, D.C., the number of people earning over $100,000 yearly increases. According to the US Census Data, 10.3% of households in the US made $200,000 and over a year in 2019. On average, each of the parents in such a family can earn around $100,000 annually, so both have six-figure salaries.
Household income in the U.S. in 2019. Source: US Census Bureau
Noticeably, 15.5% of US households make from $100,000 to $149,999 per year. 8.3% of households earn from $150,000 to $199,999 annually. These are indeed very high salary ranks, and we can say that at least one member of the family makes approximately a six-figure every year.
Where Can We Earn A 6-figure Salary?
The hustle never stops. Image: membertoolstorage
A Good Income
A good income in the US back in 2020 was around $52,200 per year. The median individual income in 2020 was $43,206, while the average personal income was $62,518.13. Only 44.3% of the workforce make $50,000 or more annually. On the contrary, 15.9% earned a six-figure income in 2020.
So, where do workers in the US make a six-figure salary? Let’s take a look at the table below.
|Metro Name||Population||Workers||Average Individual Income||Median Individual Income|
|Saginaw-Saginaw Township North, MI||159,040||72,133||$104,567.26||$20,668.00|
|San Jose – Sunnyvale – Santa Clara, CA||174,2611||1,063,789||$102,137.16||$34,904.00|
|Wichita Falls, TX||209,102||103,655||$100,384.13||$28,000.00|
Top 5 cities with average individual income higher than $100,000. Source: Individual Income by City Statistics
Judging from the above metros, though San Jose has more than 1 million workers, workers here can earn a higher average income than those in Wichita Falls, Texas, where there are only about 100,000 workers.
Your Pay Rate Relies On Local Job Demands
We can see it is not about the population density that determines your pay rate. Whether you can get a six-figure salary depends on local job demands and your skills/qualifications for the jobs. Hence, to make a six-figure salary, first, you should take out the United States map and pinpoint your location.
A recent study by MagnifyMoney demolished the illusions that you can live like kings and queens anywhere in the US with a six-figure salary. They have listed the 10 cities where your six-figure paycheck doesn’t help. Due to high living expenses and other necessary budgets, you won’t have much left after receiving your fat six-figure check.
If your after-tax income is $7,497 monthly in Minneapolis of Minnesota, your income after expenses and debt could come down to only $149. Let’s see where else you should not consider living!
|Rank||Monthly after-tax income||Estimated monthly expenses and debt||Remaining income|
|1. San Jose, California||$7,735||$8,781||-$1,046|
|2. Washington, DC||$7,663||$8,363||-$700|
|3. San Francisco, California||$7,734||$8,365||-$631|
4. Boston, Massachusetts
|5. Bridgeport, Connecticut||$7,725||$8,213||-$488|
|6. Honolulu, Hawaii||$7,526||$7,733||-$207|
|7. Oxnard, California||$7,734||$7,930||-$196|
|8. New York, New York||$7,646||$7,581||$65|
|9. Worcester, Massachusetts||$7,632||$7,518||$114|
|10. Minneapolis, Minnesota||$7,497||$7,348||$149|
As can be seen, you should live in less expensive metros to make a six-figure salary and benefit from it. The amount you bring home should be as close to $100,000 as possible.
What Company Has The Most 6 Figure Earners?
According to Forbes, in 2016, Amazon Web Services topped the list of companies with most postings for jobs in the U.S., paying from $100,000 a year. Remarkably, Amazon Web Services posted 1,200 positions in total, each of which all paid a six-figure or above. The other big names in the top 5 are J.P. Morgan Chase, PriceWaterhouseCoopers, Microsoft, and Raytheon.
However, the table turned in 2017. According to data compiled by the job search site Ladders, Microsoft had the highest number of jobs listed for salaries of at least $100,000. Till the end of December 2017, Microsoft recorded a total of 1,578 six-figure positions. Next in line was Lockheed Martin, with 1,340 jobs boasting a six-figure salary.
In the same list, Google was the third in place, with 1,141 six-figure salary jobs. And with technology becoming more and more important in our daily lives, we can expect Google and other tech giants to continue to dominate this record of companies with the most 6-figure earners.
What Do We Need To Do To Reach 6 Figures?
Now, if you are enthusiastic about upgrading your income to make a six-figure paycheck, there are several ways to take you there. You will need to double-check if your current profession offers you a good income.
Besides the flashy positions like CEOs or break-though start-up entrepreneurs, there are other jobs with a good salary. Being a sales rep or brand manager, or legal consultant can take you up to the six-figure rank. Also, consider a career in finance management or construction management. Such positions require talents, and if you meet job requirements, a six-figure salary is feasible.
There is always another lane for your career. Image: Stanford
Again, you should double-check your current profession and decide whether to change. Switching careers could set you back a bit in terms of income and provide so with challenges as a newcomer in the new field.
If you decide to stay where you are, doing what you are good at, it is not impossible to reach a six-figure paycheck. The more experienced you are, the higher you will be paid gradually. Eventually, you will get there. It may seem like forever while waiting, but staying in the career about which you feel secured. We all work to make ends meet, but our career would mean more if we enjoy every day of work.
Speak Up For Yourself – How Much Is A 6-Figure?
What would happen if you have tried your best but failed to receive the 6-figure salary? Or is the job offer you receive out of proportion to your skills and potentials? Be it a raise from your current salary, a promotion to a higher position, or even a new job opening, raise your voice. Have the confidence to negotiate. The offers usually are not the final deal.
Hence, ask for more reasons why you’re eligible. Even if you don’t succeed, you won’t feel sorry for not trying.
Be confident to speak for yourself. Image: futureucoaching
Focus On Planning
What if you are a fresh graduate desiring to reach that 6-figure paycheck? Plan properly. Even if your first job doesn’t pay as much as you want, don’t lose hope. Once you manage to maintain your motivation, you can work hard and upgrade your skills and experience. Then, with more potential and contribution, you can get a promotion.
Once you reach the management position, your salary will get one notch up, closer to the six-figure rank. You must always keep your focus and plan your career smartly. Workers who just spend their years aimlessly would not be likely to step up to higher positions.
Take A Chance On Yourself
At some time in your career, you will get a strange job offer full of risks and with nothing concrete. Somehow, your guts tell you to take that offer and see what you can make out of it. It could be that leap of faith taking you to your ultimate goal of earning a six-figure. Great opportunities sometimes disguise as risky encounters. It all depends on your decision to take it or leave it.
Sometimes, taking risks is a wise choice. Image: Picture quotes
Open Our Network
Don’t settle just yet. Have yourself constantly on the look for new connections, new opportunities. We never know what will come knocking on our doors tomorrow. It’s advisable to share your ambitions with your contacts because they would think of you immediately if something promising is up.
Hence, you should also enlarge your networks dynamically. Meet with people leading in their fields, keep in touch with friends in other industries, or even join an aspiring club of those who aim to earn a six-figure. Your opportunities may come least expectedly, and you will be thankful for your networks.
Suppose you can’t make a six-figure income. In this case, how about hustling some side projects for extra income? You can have various options to choose such as your side hustles. Some people take up affiliate marketing, while others prefer working as software developers.
Indeed, the software industry has never been one of the most competitive industries. With adequately trained skills, you can easily take up a side project and use your after-work time to deliver. It might surprise you that you can earn more from your side career of software development one day instead of your day job. And when that day comes, take that leap of faith and switch your lane to a better-paid career!
Software developer as a side-job brings you an extra income. Image: academics.lmu.edu
How Much Is 6 Figures? A Closer Look
How much is 6 figures? “You don’t get paid for the hour. You get paid for the value you bring to the hour”, said Jim Rohn, an American entrepreneur, author, and motivational speaker. No employer would give out fancy paychecks just because they can. Every cent you earn is every cent you worth – the competitive life in the United States is just like that.
Some lucky people chose the extensively demanded career and landed significant positions, making big salaries. In contrast, others need to stumble once or twice to get up and step higher. Once you have your eyes fixed on the goal of earning a six-figure salary, your mind will show ways to get there. Make sure to enrich your value continually, and look out for opportunities along the way.
Grasp Your Attention: