# The Definition of a Seven Figure Salary: How to Earn \$1 million a Year - My Money Wizard (2023)

A few months ago, I was at the bar with a friend. (Remember those days?) Soon after, a friend-of-a-friend walked in, clearly in a fantastic mood.

Right away, this friend-of-a-friend, who’d I’d always heard through the grapevine was a loaded real estate developer, began an absolute bender of a spending-spree. We’re talking the highest shelf alcohol. Drinks for the entire bar! Art right off the walls!

It was a sight to see.

That’s when he leaned in and let us know why he was so happy.

Apparently, he’d been sitting on a piece of undeveloped real estate for the past few years. His partner was managing the lot for him, and he’d expected it to sell for a couple hundred thousand dollars.

Except his lot didn’t sell for a couple hundred thousand dollars. On this day, he learned his land had sold for \$1.5 million.

The epiphany hit me like an ice bath. As we spoke about this guy’s \$1.5 million dollar payday, cubicle workers at my job were stabbing each other in the back for the hopes of a 1% annual raise that totaled… a couple hundred bucks.

This is what the rich do better than anyone else. They choose to play the right game.

So, what game is that, exactly?

Welcome to the rare and exclusive world of seven figures…

## First off, what does a 7 figure income mean?

The slang refers to the number of digits.

So, a seven figure salary means earning over \$1,000,000 per year. To get specific, anything from \$1,000,000 per year to \$9,999,999 is a seven figure income.

(Eight figures means over \$10,000,000, and six figures means \$100,000 to 999,999.)

## How Likely Are You to Earn Seven Figures?

I hate to be the shatterer of dreams, but… not very likely.

The 1% in America starts at an annual income of \$328,551.

Yeah, even earning more than 99% of the population still isn’t enough. And to get extra depressing, you’re not even 1/3 of the way to seven figures!

This isn’t gonna be easy..

#FirstWorldProblems.

To make things even tougher, Reuters researched the topic and found that of the select few who do earn a 1% income, over half of those one percenters earn less than \$500,000 a year.

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In fact, 5 out of 6 one percenters earned less than a million dollars.

What’s that mean? Out of a total U.S. population of 327 million people, only 545K will crack the seven figure mark in any given year. That’s just 0.17% of the population!

For those following along with the math (I’m not… my puny 99 percenter brain busted out a calculator long ago) that means less than 1 out of every 600 people in the entire country will earn \$1 million in a year.

I won’t lie to you. Those are some tough odds!

But let’s assume we were playing those odds. What would be the most likely way to earn seven digits in a year?

## The 5 Most Common Seven Figure Jobs With a Degree

Truth be told, there’s not many degrees that earn seven figures. And even those few that do are much more likely to occasionally eclipse seven figures, rather than the relatively steady performance you see in most six figure positions.

And most importantly, absolutely zero degrees earn 7 figures out of the gate. In every case, you’ll have work your way up to these salaries.

But if you’re gonna swing for the fences, here are your best bets.

### 1. Enterprise Sales Account Executive (Earning potential: \$1 million to \$5 million+)

Enterprise sales reps make their living selling high dollar products to large businesses. Most commonly, these products are some sort of large scale business software or high cost medical devices. The biggest employers in this field are Microsoft, Oracle, IBM, AWS, Google Cloud, and a whole bunch of biotech companies you’ve probably never heard of before.

The key here is that the products being sold are so expensive that even small commissions add up to massive seven figure totals. If a sales rep can close a big deal that brings his employer millions of dollars in extra revenue per year, it’s absolutely worth it for that employer to pay him or her handsomely for it. Again and again.

Add to the fact that your earnings as an Enterprise Sales rep can be influenced by your general grit and hustle, and you’ve got a recipe for making serious bank.

How much bank? Well, Business Insider published a list of some of the top performing Enterprise Sales Reps, all earning \$5 million to \$6 million per year.

### Enterprise Sales Path to Seven Figures:

1. You’ll typically start as a Sales Development Rep for 6 months to 2 years. At this point, you’re working entirely for the salesmen higher up the chain. You’ll be making 100+ calls a day, every day, reading from a script in hopes of setting up meetings for your salespeople. (Average salary: \$45K to \$100K)
2. If you prove a strong salesperson, the next progression in this career path is to begin selling directly to small and mid-sized businesses as a Small Business Account Executive (1-2+ years) or a Mid Market Account Executive (another 1-2+ years). Here, you’ll do less cold calling and more demos/customer management. (Average Salary: \$100-300K)
3. If you continue to show success in these stepping stones, you’re finally ready for the big leagues and may get promoted to Enterprise Account Executive. Here, you’ll be dealing exclusively with the top 100-1,000 largest companies in the world and paid accordingly. Total compensation of \$1 million a year in this position is possible.

(If you’re curious about the medical sales field, here’s an interesting guest post on ThinkSaveRetire.com from a guy who started down the traditional enterprise sales path before venturing into his own medical device sales career. Last year, he earned \$4 million as a 27 year old.)

### 2. Investment Banking or Private Equity Managing Director (Earning potential: \$1 million+)

Working on Wall Street is probably the first job most people imagine when they think about seven figure careers. And while the introduction of passive investing strategies and Artificial Intelligence have definitely brought down salaries in this industry, Wall Street is still one of the most lucrative careers for those who can make it.

Investment bankers who can survive the borderline hazing culture of this career path (which usually includes extreme 80 hour workweeks, ruthlessly cutthroat competition, and a “produce or get fired” expectation) are likely to come out the other side with some of the highest earning potential of any career path.

Managing Directors of major investment banks (Goldman Sachs, JPMorgan Chase, Credit Suisse, Deutche Bank, etc.) or large Private Equity Firms typically earn a base salary anywhere from \$400-600K, with year end bonuses that can range from almost nothing to multiple millions of dollars, depending on their division’s performance.

### Investment Banking Path to Seven Figures

Investment banks are notorious for recruiting almost exclusively from prestigious Ivy League Universities. From there, you’ll need to prove yourself as an associate (\$150-300K salary) for a 2-4 years before either getting laid off or promoted to Vice President. (Approximately \$500K salary)

The next moves from VP would be to Director, which might get you close to seven figures but not quite there, followed by the holy grail of investment banking – Managing Director.

Typically, even the most rockstar of rockstars shouldn’t expect to hit managing director until they’ve been in the industry for at least a decade.

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### 3. CEO or other C-Level Executive of a Large Company (Earning Potential: \$1 million to \$50 million+)

The “CEO” usually evokes visions of power, closing big deals, and… a huge salary.

For most CEOs of major companies, the stereotype is entirely accurate. According to a study from Harvard, The median CEO salary among the 3,000 largest companies is about \$2.7 million per year,

The highest salaried CEOs in recent history?

1. The Discovery Channel’s CEO David M. Zaslav (\$129.4 million)
2. Linde’s (a German industrial gas company) CEO Stephen F. Angel (\$66.1 million)
3. The Walt Disney Company’s CEO Robert Iger (\$65.6 million)

Among the 500 largest companies, only 23 CEOs earned less than \$5 million.

When you factor in “nonsalary” compensation such as stock options tied to performance goals, many CEOs earn even more. By that metric, Elon Musk’s infamous \$2.2 billion compensation led the pack. Not bad for a company that hasn’t made any money!

And while CEOs obviously make the most, reaching any of the C-Levels at a large company should do the seven figure trick. This study found that even the fourth highest paid executive at the average billion dollar company earns \$1.01 million a year.

### C-Level Executive Path to Seven Figures

No beating around the bush here. The rise to C-Level Executive is as stereotypical “climbing the corporate ladder” as it gets.

Typically, you’re looking at a 20+ year career gutting it out with your fellow coworkers, playing the politics game, and hopefully, convincing the current management to like you enough to identify you in their succession plan.

It’s extremely rare to find a CEO, CFO, or similar role under the age of 40. And the rungs of middle management are lined with executive hopefuls who got passed up on the big promo, for one reason or another.

### 4. Corporate Lawyer, Big Law Partner, or High Profile Trial Attorney (Earnings Potential: \$1 million to \$10 million+)

While a disturbing number of lawyers don’t use their degrees at all, and many who do earn an average salary that’s dwarfed by many undergrads, lawyers who make it to the top of their fields can earn a ton of money.

At the absolute highest end of the spectrum are big-time trial attorneys. These are lawyers like Richard Scruggs or Joe Jamail, who each have an estimated net worth \$1.7 billion dollars thanks to some high profile victories in court. (Richard Scruggs won a \$246 billion settlement against Big Tobacco in 1998, and he’s also won cases against seedy asbestos companies, insurance companies, and pharmaceutical companies. Joe Jamail has tried over 500 cases, with his his biggest being a \$10 billion dollar victory over Pennzoil.)

Next on the attorney earnings hierarchy would be equity partners of big law firms. Here’s an interesting list that shows some of the biggest law firms profit \$4-6 million per partner, per year, so it makes sense partners at these firms earn salaries near that range.

And last (but certainly not least when we’re dealing with seven figure salaries!) are the head lawyers for major corporations. According to Business Insider, becoming the general counsel at a major company can pay anywhere from \$1-10 million per year.

### Lawyer Path to Seven Figures

Unfortunately, the odds are definitely not on your side for this career field.

You’ll mostly likely have to make it into a top law school, and then graduate at the top of your class. From there, as many as 40% of law school graduates can’t find a job related to law, which is a real problem if you’re also carrying the average law grad’s debt load of \$120,000+.

### 5. Doctor owning a private practice. Or working insane hours. (Earning potential: \$1 million)

While most doctors earn low six figures, some select few owning their own business can earn up to seven figures a year.

This is pretty rare in the medical field, and is mostly limited to surgeons and proceduralists who do more expensive, elective procedures. (Think plastic surgeons, orthopedic surgeons, spine surgeons, etc.)

Some other fields can reach these earnings IF they dedicate nearly all their waking hours to overtime and double shifts.

One interesting point about the statistics: Unlike nearly every other career on this list, you won’t see many, if any, doctors getting above the low seven figure mark (\$1.0 to \$1.2 million).

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### Doctor Path to Seven Figures

To become a doctor, you’re looking at a minimum of 11 to 18 years of post-high school education before you can even catch a whiff of the big bucks. From there, you’ll need to carefully select (and be accepted into) one of the highest paying specialties.

All told, you’re looking at a nearly 20-year path filled with extremely long hours (and several chopping block filters) before you make it to seven figures.

A noble profession, but if it’s just the money you’re after, you’re probably better off devoting your time and effort to many of the other careers in this article.

## The 4 Most Common Seven Figure Jobs Without a Degree

Of course, you don’t necessarily have to attend a \$100,000/year business school or spend a decade studying to make seven figures. Here are the most common million dollar salaries that can be earned without a degree:

### 1. Professional Athlete

For those gifted with world-class genetics, making it to the pros is a surefire way to earn a seven figure salary.

Here’s a look at the average salaries for different professional sports:

### 2. Entertainer

Keeping the masses entertained is big business. If you make it to the top of this field, some serious coin awaits.

Actor:

The “movie star” is still a solid seven figure earner. This report from the Hollywood Reporter had The Rock coming in at #1, with \$52 million of earnings in one year.

In the world of movies though, there’s a huge discreprency between the stars and the average. The average Screen Actors Guild member earned just \$52,000 a year, and the earnings of most co-stars are dwarfed by their star’s counterparts. (In one extreme example, Leonardo DiCaprio earned \$25 million in Wolf of Wall Street, while Jonah Hill got paid just \$60,000 to co-star.)

That said, actors have more options than just movies. TV actors can make bank too – all three main cast members of The Big Bang Theory famously earned \$1 million an episode, which were the highest salaries of any actors on TV at the time.

Musician:

With musicians able to sell out basketball arenas at over \$60 a seat, is it any surprise the highest paid musicians can easily clear \$100 million a year?

The median performer on The Street’s list of highest paid musicians earned over \$50 million a year. (Taylor Swift topped that list at \$185 million in one year.)

Radio might be labeled a “dying medium” but that hasn’t stopped these five highest paid radio hosts from earning a fortune on the way out:

• Howard Stern: \$90 million a year
• Rush Limbaugh: \$85 million a year
• Ryan Seacrest: \$74 million a year
• Sean Hannity: \$36 million a year
• Glenn Beck: \$9 million a year

### 3. Youtuber, Influencer, or Blogger

Unlike traditional entertainers who have to be hand selected into stardom by movie producers, talent agents, and other gatekeepers, the internet has opened up a world of possibilities to anyone with a laptop, an internet connection, and a little bit of hustle.

Youtubers are the best example of this. With a selfie stick or a webcam, Youtube stars like Jenna Marbles (a former tanning salon employee who now posts comedy videos) Ryan Kaji (an 8 year old who opens toys) and PewDiePie (a video gamer) now earn millions of dollars a year.

I first realized the insane earning power these youtubers had when I heard that Shay Carl, a youtuber with millions of subscribers, had bought an entire ski resort. Apparently, he and other youtubers had just sold their production company to Disney for \$500 million.

And then there’s the bloggers. While 99% of blogs make almost nothing, those at the top echelon can make magazine or newspaper style revenue, without the expenses.

In my corner of the internet, probably the most famous example of this is Michelle from MakingSenseOfCents.com. She famously earns \$100,000 a month from her blog. (Unfortunately, MyMoneyWizard.com isn’t anywhere near the same ballpark. Yet? 🤞)

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And then there’s the Instagram influencers. These folks can earn up to \$100,000 per post.

### 4. Business Owner / Entrepreneur

And finally, the classic American dream.

Despite all the allure of movie stars, pro athletes, and wolfs of wall street, one fact remains:

The highest percentage of seven figure earners, across all fields, are business owners.

Why?

When you own a company, your earnings aren’t limited to a salary. No are they limited by what your boss thinks is “reasonable” or what your “tenure” would indicate.

This opens you up to the amazing power of leverage. There’s literally no limit to the potential profit from a company’s sales. If you grow large enough to hire employees, then you gain the leverage of their work, too.

In the case of many business owners, that might be seven figures. But it could also be eight figures. Or in the case of the world’s current richest person, twelve figures.

So if reading this list made you a little jealous, then it’s time to start a company and get to work!

## Bonus: Any valuable degree is really a 7 figure degree. (Looking at the glass half full)

When reading a list like this, it’s easy to get a little unsatisfied with your current earnings. After all, everyone is happy with their salary… until they find out what their coworker makes.

But here’s the consolation prize for us mere mortals.

Even if you’re nowhere near seven figures (welcome to the club) your salary probably already has seven figure potential.

Even if you’re earning \$50,000 per year, you can still earn a million dollars in around 20 years. That might not sound all that fast compared to The Rock’s massive earnings, but it’s still about half the length of the average human’s working career. And once you get to that million, if you play your cards right, that’s probably enough to give you complete freedom over your time, for the rest of your life.

Which is really what this whole game is about. Because in an ironic twist, the big benefit of these seven figure salaries isn’t the salary. It’s the freedom you can buy with it.

And that freedom is totally separated from how many figures of income you earn.

While a big salary can definitely speed up the process, there’s plenty of seven figure earners who still doom themselves to a lifetime of work. (Don’t believe me? How else do you explain Nicholas Cage making Ghost Rider?) Just as there are plenty of low wage earners who reach financial independence in a blink, like Jacob who found freedom on just \$7,000 a year.

The main issue then, is keeping that million for yourself. And that, my fellow non-seven-figure earners, is totally possible for the vast majority of us, using the same simple strategies I’ve used to get about halfway there in my 20s.

At the end of the day, no matter what you earn, achieving financial freedom comes down to what we’ve always talked about – living below your means and making smart investment decisions.

That’s a strategy that can have you reach financial freedom in a couple years, or less. No seven figure salary in sight.

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## FAQs

### What does a 7 figure salary mean? ›

What are seven-figure jobs? A seven-figure job refers to the number of digits listed in your salary. This includes people who earn anywhere from \$1 million to just under \$10 million per year. Many people may consider this salary range to be well above average.

What is making 7 figures a year? ›

The amount of money a 7-figure income represents is 1 million to 10 million dollars. It is highly dependent on the person and the industry. The term '7 figures' is commonly used as a way to compare high incomes with other high incomes. It could be much higher than \$1 million depending on the field.

What type of jobs pay \$1 million a year? ›

The jobs of millionaires
• Investment banker.
• Certified public accountant.
• Entrepreneur.
• Real estate agent.
• Engineer.
• Lawyer.
• Actuary.
4 days ago

How much is a 7 figure salary per month? ›

Seven figures means an annual income of \$1,000,000 to \$9,999,999. A person earning a seven-figure salary makes at least \$83,333 per month before taxes and other deductions.

Is 7 figures wealthy? ›

7-Figures fall between \$1,000,000 – \$9,999,999 and when people use this term, they are usually referring to the income or net worth someone has obtained. When you reach 7-figures, you'll typically have reached millionaire status., unless you're in massive debt.

How many figures is a million? ›

How Many Zeros in a Million? How Many Zeros in a Billion? Reference Chart
One Million61,000,000
Billion91,000,000,000
Trillion121,000,000,000,000
8 more rows
Feb 1, 2019

How much money is high 7 figures? ›

When people talk about seven-figure incomes, sale prices, or net worth, they could be referring to any dollar amount between \$1,000,000 and \$9,999,999.99. Achieving a seven-figure net worth is very doable with the right commitment level and wise investment choices. Achieving a seven-figure income is no small feat.

How to make \$100,000 a year without a degree? ›

There are many high-paying job opportunities available that pay \$100K a year without a degree. Some of these jobs are real estate agent, risk manager, and sales consultant. For most common high-paying jobs without a degree, you'll need many years of work experience until you reach a level where you make six figures.

What is the highest figure of money? ›

After a billion, of course, is trillion. Then comes quadrillion, quintrillion, sextillion, septillion, octillion, nonillion, and decillion.

How much is 5 figures a month? ›

A five-figure salary is considered to be an extremely good salary that you can receive within a month of working. This is used to describe a five-digit salary, such as \$10,000 or \$12,000 a month. This is a significantly high salary that most people are not going to be able to make within a month's time.

### Is making 6 figures a million? ›

"Six figures"

This typically refers to an amount of money that is in the range of \$100,000 to \$999,999. It is used to describe a level of income or a financial transaction that is above the range of five figures (between \$10,000 and \$99,999) but below the range of seven figures (over \$1 million).

How much is \$1 million salary hourly? ›

1,000,000 ₸ yearly is how much per hour? If you make 1,000,000 ₸ per year, your hourly salary would be 481 ₸. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week. How much tax do I pay if I make 1,000,000 ₸ per year?

What is the most common job of a millionaire? ›

Ramsey Solutions recently conducted the largest survey of millionaires top five careers for millionaires are:
• Engineer.
• Accountant.
• Teacher.
• Executive management.
• Attorney.
Feb 16, 2023

How many US citizens make over \$1 million a year? ›

If you earn over \$1 million a year, President Biden wants to raise the long-term capital gains tax rate from 20% to 39.4%. Despite only about 0.1% of Americans making over a million dollars a year, it seems like the number is much higher.

How much is 7 dollars per hour in a month? ›

\$7 hourly is how much per month? If you make \$7 per hour, your Monthly salary would be \$1,213. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week.

How rare is a 7 figure salary? ›

That means that 0.35% of Americans earn seven figures or more, based on their tax returns. In other words, out of every 1,000 Americans, only 3.5 reach this level.

How many people have a 7 figure salary? ›

Around 30.7% of US households earn over \$100,000 and 15.5% of Americans earn between \$100,000 and \$149,999. 8.3% of the population makes between \$150,000 and \$199,999; and about 10.3% of Americans earn over \$200,000.

What salary is considered very rich? ›

Based on that figure, an annual income of \$500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn \$819,324 or more each year. The top 5% of income earners make \$335,891 per year.

What percentage of Americans earn more than 100k? ›

18% of individual Americans make over \$100k per year. 34.4% of US households make over \$100k per year. 37% of White Households make over \$100k, compared to only 22% of Black households. 9% more men earn \$100k per year than women in the US.

How many figures is rich? ›

Six figures can be anywhere between \$100,000 – \$999,000. Depending on where you live, six figures is considered rich by many people's standards. A top 1% income earner in America makes about \$470,000 a year nowadays.

### What does \$1 million look like? ›

One million (1,000,000), or one thousand thousand, is the natural number following 999,999 and preceding 1,000,001.

How much is \$1 million? ›

What is the value of 1 million? The value of 1 million is one thousand thousand.

Is 6 figures 100k or 1 million? ›

So what is a 6 figure income anyway? Well, any amount over \$100,000 but less than a million is a six-figure salary. So, then based on that, what is a 6 figure salary? Basically, any career that earns more than \$100,000 in a year but not over a million dollars is considered a six-figure salary.

How many people earn 6 figures in us? ›

In the U.S. 18% of individuals earn more than \$100,000, according to Zippia, a career advising company, and like the cost of living, income varies greatly between cities and states.

How many Americans make more than 6 figures? ›

How Many People Make 6-Figure Salaries in the US? A minority of Americans make over \$100,000 a year. According to Zippia, roughly 33.6% of Americans make six figures annually. And 15% of those earn between \$100,000 to \$150,000.

What is a 5 figure income? ›

: containing five numerical figures : rated at an annual salary of \$10,000 or more.

What is the highest paying job without college? ›

What Is the Highest-Paying Job Without a Degree?
• Commercial Pilots: \$121,430.
• Transportation, Storage, and Distribution Managers: \$94,560.
• First-Line Supervisors of Police and Detectives: \$91,090.
• Power Plant Operators, Distributors, and Dispatchers: \$85,950.
• Elevator and Escalator Installers and Repairers: \$84,990.

What is the easiest degree to make money? ›

8 Easy Degrees That Pay Well
• Business Administration. Business administration is one major that is usually considered “easy.” Some programs will also only take 3 years to finish! ...
• English. ...
• Human Resources. ...
• Criminal Justice. ...
• Marketing. ...
• Supply Chain Management. ...
• Psychology. ...
• Communication.
Dec 22, 2022

What is the highest salary without degree? ›

Best-paying jobs that don't require a degree
• Sales representative. ...
• Occupational therapy assistant (OTA) ...
• Physical therapist assistant. ...
• Aircraft mechanic. ...
• Real estate agent. ...
• MRI technologist. ...
• Nuclear medicine technologist. ...
Mar 20, 2023

How much is 6 figures per day? ›

How Much Is 6 Figures a Day? If you want to make a 6-figure salary, you will need to earn around \$385 a day (with a standard 8-hour workday and 40-hour workweek). This will equate to \$100,000 a year.

### How much is \$5 a month for 1 year? ›

Annual / Monthly / Weekly / Hourly Converter

If you make \$5 per month, your Yearly salary would be \$60. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 38 hours a week.

How much a month is 6 figures a year? ›

How much does a Six Figures make? As of Feb 11, 2023, the average annual pay for a Six Figures in the United States is \$98,274 a year. Just in case you need a simple salary calculator, that works out to be approximately \$47.25 an hour. This is the equivalent of \$1,889/week or \$8,189/month.

What jobs make 6 figures without a degree? ›

Although these jobs don't require a Bachelor's degree, you'll still need to show that you have the skills and experience for each role.
• Data Scientist. ...
• Data Engineer. ...
• Software Engineer. ...
• Engineering Manager. ...
• Test Engineer. ...
• Cybersecurity Engineer. ...
• Technical Program Manager.
Feb 6, 2023

How much income is considered 6 figures? ›

a salary of between 100,000 and 999,999 pounds, dollars, etc. a year: As a lawyer she can earn a good six-figure salary. Preparing for your Cambridge English exam?

What percent of millionaires never made 6 figures? ›

1/3 of millionaires NEVER made six figures in any single year of their career. What you actually do with the money you make matters more than the amount of money you make. There are plenty of people making a LOT of money who live paycheck to paycheck.

What is the average age to make 6 figures? ›

The average age to make six figures is typically in the late-30s or early 40s, but it is possible to make six figures earlier if you are exceptionally successful. This is because many people cannot find a job that pays this much money right out of college. It takes time and experience to land a high-paying job.

How much is a million dollars a year a month? ›

How much does a Million Dollar make? As of Apr 7, 2023, the average annual pay for a Million Dollar in the United States is \$91,650 a year. Just in case you need a simple salary calculator, that works out to be approximately \$44.06 an hour. This is the equivalent of \$1,762/week or \$7,637/month.

Can you live comfortably off \$1 million dollars? ›

For example, if you plan to travel and live a luxurious lifestyle, your \$1 million will not last as long as it would if you lived a more modest lifestyle. Assuming you will need \$40,000 per year to cover your basic living expenses, your \$1 million would last for 25 years if there was no inflation.

What jobs pay \$1 million a month? ›

9 Best Million Dollar Jobs for Regular People
• Company Executives.
• Entrepreneurs.
• Real Estate Agents.
• Investment Bankers.
• Franchise Owners.
• Surgeons.
• Law Firm Partners.
• Management Consultants.
Jan 18, 2023

Do millionaires pay off their house? ›

Most have paid off their mortgages. In 2020, 58% of the state's equity millionaires owned their homes free and clear. Statewide, there has been a dramatic rise in the number of Californians who have paid off their mortgages, from 1.6 million households in 2000 to 2.4 million in 2020.

### Where do millionaires keep their cash? ›

Where do millionaires keep their money? High-net-worth individuals put money into different classifications of financial and real assets, including stocks, mutual funds, retirement accounts and real estate. There were 24.5 million millionaires in the U.S. in 2022. And only 21% of them inherited money.

What job gets you rich the fastest? ›

5 Careers To Pursue To Become Rich Faster
• Software Developer. Software developers have been some of the most in-demand experts for years, and that isn't expected to change anytime soon. ...
• Information Technology Professional. ...
• Pilot. ...
• Digital Marketing and E-Commerce Specialist. ...
• Real Estate Agent.
6 days ago

What is considered wealthy in America? ›

Based on that figure, an annual income of \$500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn \$819,324 or more each year. The top 5% of income earners make \$335,891 per year.

What percentage of retired Americans have over \$1 million? ›

In fact, statistically, around 10% of retirees have \$1 million or more in savings. The majority of retirees, however, have far less saved.

What is considered upper middle class? ›

Many have graduate degrees with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed \$100,000, with some smaller one-income earners household having incomes in the high 5-figure range.

How much is a 8 figure salary? ›

How Much Is 8-Figures? You're making an eight-figure salary if you're making between \$10 million per year and \$99,999,999 per year. As with our seven-figure numbers, it's much easier to make eight figures by investing than finding a job that pays eight-figures.

What defines an 8 figure salary? ›

Making an 8 figure salary means you have a minimum salary of \$10,000,000 dollars a year up to \$99,999,999. That's a lot of cash! At this point, we are out of the reach of most everyday people, but we can dream right! Ways to earn an 8 figure salary might include: Actor\Actress.

How much is a 5 figure salary? ›

A five-figure salary is considered to be an extremely good salary that you can receive within a month of working. This is used to describe a five-digit salary, such as \$10,000 or \$12,000 a month.

What percentage of America makes 7 figures? ›

7 Figure Earners Demographics

Earning one million dollars per year will place you in the top 0.1% of the world. According to the latest data available, 76% of US millionaires are white, while Black American and Asian American millionaires account for 8% each, and Hispanic for 7%.

What percentage of Americans make over 100000? ›

18% of individual Americans make over \$100k per year. 34.4% of US households make over \$100k per year. 37% of White Households make over \$100k, compared to only 22% of Black households. 9% more men earn \$100k per year than women in the US.

### What is a high figure salary? ›

A six figure salary, meaning one between \$100,000 and \$999,999, is a benchmark for many people who want to meet financial goals. Having a good education is usually helpful but not always necessary, and certain jobs are more likely to come with six figure salaries.

How many figures is a good salary? ›

After all of your hard work, you are rewarded with more zeros on your paycheck. However, one thing to keep in mind is that those zeros do not necessarily add up to a rich life. Most consider a six-figure annual salary to be the epitome of their earning potential.

How much is 6 figure in money? ›

How Much Are Six Figures? A six-figure income is usually considered to be \$100,000 or more per year.

How much is 6 figures an hour? ›

The result is their gross annual income. To make six figures a year on an hourly income, you must earn at least \$48.08 an hour, working 40 hours a week, at eight hours per day.

Is a 6 figure salary good anymore? ›

Earning a six-figure salary may still be a sign of status and success, but it comes up short in guaranteeing a comfortable lifestyle in many parts of the country. A 2020 analysis by GOBankingRates questioned whether the American dream was still affordable in any state.

How much is 6 figure salary per year? ›

As of Mar 21, 2023, the average annual pay for a Six Figures in the United States is \$98,086 a year. Just in case you need a simple salary calculator, that works out to be approximately \$47.16 an hour. This is the equivalent of \$1,886/week or \$8,173/month.

Is 6 figures half a million? ›

Six figures in money is an amount between \$100,000 and \$999,999. It's usually used to describe an annual salary, but can also describe any number or price.

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