A six-figure salary can seem like it’s a dream come true. You are rewarded for all your hard work with more zeros in your paycheck. You will still get zeros on your paycheck, but that does not mean you live a rich life.
A six-figure annual income is what most people consider the pinnacle of their earning potential. Many never achieve those levels of earnings. What is a six-figure salary? And what can a high salary help you accomplish?
What are 6 figures in money?
What are 6 figures in money? Amounts above $100,000 but less than a million are considered 6 figures in money.
What then is a six-figure salary based on this? A six-figure salary is defined as a career earning more than $100,000 per year but less than a Million. The range of income for a six-figure salary is very wide, as you can see.
What are the best jobs that can make 6 figures?
You may now be curious about how to achieve a 6 figure salary. If you want to be a high-earner, you must find a lucrative job path.
There are many six-figure job opportunities. There are many six-figure jobs.
What is a six-figure income?
Even though you may not earn a six-figure salary at your 9-5 job, that doesn’t mean you won’t be able to make six figures. What is a six-figure income? How is it different from a job that pays six figures?
The difference between “income” and “job” lies inside hustles and passive revenue. These outlets can help you increase your income streams.
Living the 6 Figure Life
Many people dream of living a six-figure life. This ‘dream lifestyle’ is often associated with expensive cars and extravagant vacations. But, a luxury life and style filled with expensive items will quickly increase your salary.
You will get trapped in a vicious circle if you spend your entire salary on a rich life full of shiny things. Even though your paychecks are larger, you can still live paycheck to paycheck.
It comes down to the simple fact that many people confuse wealth with income. Income is money that you receive each payday. Wealth refers to money you have earned and accumulated over time.
What is the real salary for a six-figure salary?
Even if your salary reaches six figures, there are many things that will impact the value of your paycheck. There may be obligations you cannot control that cut into your paycheck.
Credit card debt
If you have credit card debt, a six-figure salary is not possible. High-interest debt can quickly drain your earnings, leaving you with little left at the end.
It doesn’t matter your income if you continue to live in a cycle of paycheck to paycheck.
Student loan debt
Students loan debt is a constant burden for Americans. You will have to pay large monthly payments if you take out large amounts of student loans. You may need a costly education to get a job with high pay.
Wherever you live
Many factors affect the cost of living in different parts of the country. The cost of living in larger cities tends to be higher. San Francisco, New York City and Washington D.C. have high living costs. Your high income might not be enough if you live in an area with high living costs.
Happiness
It is often said that money will bring you happiness. But is this true? You have a job earning $100,000, but you are miserable. If you work 40 hours per week and are unhappy, will that high salary make you happy?
True happiness cannot be purchased. True happiness cannot be bought.
Time
Time is our most precious resource, regardless of whether we like it. Each of us has 24 hours to do what we want with a limited number of days. It is crucial to our happiness how we spend these days.
