What is a 6 figure salary?

The truth is, salaries matter. Making a healthy salary means saving for your future and living your ideal lifestyle. Goals.

So, how much is 6 figures in money? A six-figure salary is anywhere from $100,000 to $999,999. It’s called a “six-figure salary” because every number in this range has six digits.

You might be thinking, ‘That’s a huge range.’ And you’re right! The difference between $100,000 and $999,999 is significant — and any change in salary impacts your financial stability and lifestyle. It’s why many people aim to make a six-figure salary in their career and continue to work toward raises and additional bonuses, even after they get to $100,000.

Common six-figure jobs

Salaries vary based on various factors, including location, education, and required skills. That makes it hard to know exactly how much you’ll make in any given role or industry. However, some jobs are likely to pay more. Here are a few examples:

Healthcare worker

Doctors, dentists, physician assistants, and pharmacists typically make six-figure salaries ranging from $120,000 to $230,000¹ per year. However, each job in the healthcare field makes a different amount within that range — depending on the required education, tenure, and specialty.

Business management

Many people who want to make six figures go into business because of the high earning potential. While you may make less money initially, you can earn a lot over time by being promoted and earning bonuses. Examples of different business jobs include finance, marketing, accounting, operations, and sales roles. Management positions in these areas earn a median salary of $107,360.²

Technology and computer-related roles

One of the many factors that determine salary is demand. In today’s digital world, computer and technology skills are in high demand and pay well — approximately $80,000 to $140,000³ annually. If you love computers or coding, consider a computer engineering or computer science job. 

Lawyer

Lawyers also make high salaries — although the exact amount depends on the type of law they practice. However, lawyers also have to go to law school, which means they — like doctors — may use some of their high salaries to pay off student loans. Lawyers typically make $100,000 to $150,000 per year.⁴  

Real estate

Real estate professionals can earn a high salary by earning a commission on every sale. Likewise, this career has a wide salary range — $50,000 to $250,000 annually.⁵

This job requires an entrepreneurial spirit and sales skills — and depends on the state of the housing market — but it can be a very lucrative career path.

Breaking down a six-figure salary

Now that we’ve covered the basics — let’s talk numbers. What does a six-figure salary actually get you? And how does it vary based on where you live?

Let’s break it down. Here are a few examples of how much money you would make each month based on a six-figure salary. TLDR; The difference between $100,000 and $500,000 is big! Remember, these numbers are before taxes, expenses, or savings. 

What about location? How far your income goes in the United States varies depending on where you live. After all…housing, food, and transportation cost different amounts based on the cost of living where you are. Hawaii has the highest cost of living in the country, followed by Washington, D.C. and Massachusetts. On the other hand, Mississippi has the lowest cost of living, followed by Oklahoma and Kansas.⁶

Let’s see an example. Imagine you just graduated from a four-year university with an accounting degree and got a job in Washington, D.C. Based on this information, here’s what your finances may look like.

Imagine you got a different entry-level accounting job in Dallas, TX. How do your expenses change?

As you can see, Dallas is 16% less expensive than Washington, D.C. However, the average salary is also lower.

Let’s look at one more example — New York City.

New York City is 35% more expensive than Washington, D.C. However, just like in the previous example, the salary also adjusts based on the cost of living. Salaries don’t always adjust perfectly — it depends on the company, field, and specific job — but they can often help offset more expensive places. 

*Disclaimer: These calculations assume the professional is filing as a single, non-dependent taxpayer in the state they’re working in.

How to get to a 6 figure salary

The road to a six-figure salary looks different for everyone. However, there are several strategies that will help you get there.

Set career goals

Specific, time-oriented goals will help you create a career path that excites and satisfies you. Plus, having concrete goals will help you communicate your ambitions to hiring managers, mentors, and others who can help you get where you want to be.

Examples of career goals:

• To manage a team of people by age 40

• To save $20,000 per year for retirement

• To make a six-figure salary by age 30

• To go to graduate school

Negotiate your salary

Negotiate your salary with the hiring team whenever you accept a new job or promotion. Doing so over time will help you reach your goals faster. Imagine you negotiate your starting salary from $45,000 to $50,000. If your company provides bonuses or raises as a percentage, you’ll continue to earn even more. Because a 5% raise on $50,000 is more than a 5% raise on $45,000. 

Our advice? Do your research, be professional, and come prepared to address any concerns during negotiations.

Greenlight tip: Want more tips on salary negotiation? We’ve got your back. Check out our guide for how to write a salary negotiation email.

Network and look for the right opportunities

Have you ever heard the saying, ‘right place, right time’? Well, we believe networking never hurts — and it’s what enables that saying to be true. If you’re regularly meeting others, finding mentors, and seeking opportunities — you’re more likely to find an exciting, higher-paying role.

Create multiple income streams

Feeling creative? Look for ways to increase your income outside of your day job. Consider creating a side hustle, investing in real estate, or starting a business to earn extra cash. 

Some income streams take more money and planning than others, so you can start small. Think about how to monetize your hobbies or skills. Great at math? Consider tutoring students. Artistic? Sell your artwork online. 

Level up your future

As important as it is to make money, it’s just as important to manage it well. A good foundation in financial literacy will help inform your money-making decisions. We’re talking investing, saving, and spending wisely.

Ready to get started? Make learning about financial literacy fun with Greenlight’s Level Up Financial Literacy Game. Cruise through bite-sized challenges and videos — all while learning about important, money-related topics. 

Want more finance tips? Explore Greenlight blogs for additional information on budgeting, building credit, and more.

¹https://www.bls.gov/ooh/home.htm

²Figures taken from: https://www.bls.gov/ooh/management/home.htm

³Figures taken from: https://www.bls.gov/ooh/home.htm

⁴Figures taken from: https://www.bls.gov/ooh/home.htm

⁵Figures taken from: https://www.bls.gov/ooh/home.htm

⁶https://meric.mo.gov/data/cost-living-data-series

⁷https://www.talent.com/tax-calculator?salary=68948&from=year&region=Washington+DC