How much money is six figures and what does it even mean?
We all want to earn as much money as possible and have fulfilling lives. We hear news about people earning 6 figures in money or have set up businesses that help them to generate 6 figures in money.
So what is 6 figures in money?
Content:
- How much is six figures worth
- How much money is 6 figures
- Is 6 figures a lot of money
- How much money is 6 figures a year
- Not Only Earn But Also Keep
Disclaimer: The article contains affiliate links for content creation tools and hosting. If used to purchase, I will earn a commission. The books and planners are my own products.
How much is six figures worth
Having earnings of six figures and having a worth of six figures is different.
Starting whit the reason why is it important making a personal balance sheet. The main reason is to organize your finances and put your personal financial situation in order.
If you want to achieve financial stability and increase your wealth, there are 7 stages of the financial life cycle. And when progressing from one to another, you always learn and gain more financial knowledge and skills.
6 figures net worth is your personal net worth statement. Meaning value of all your asset minutes liabilities. If you get the results in a positive 6 digits number, then your net worth is 6 figures worth.
You can get your statement of net worth balance here with this digital financial planner.
How much money is 6 figures
Having the 6 figures in money is great. This kind of income doesn’t come from one to another. There is a process that leads to it.
Then the next step is to know how to manage higher income. Because it doesn’t matter if you earn $100,000 if you spend $100,001.
The 6 figures earnings can be anywhere in the level of $100,00-$999,999. Since this is a fairly wide range, many people prefer to divide it further and organize it into 3 levels:
- Low-Six Figure level starts from $100,000 to $399,999
- Mid-Six Figure level in between $400,000 to $699,999
- High-Six Figure level starts at $700,000 and ends by $999,999
In the case of businesses, you will have to consider the profit after tax.
When it comes to income or profits, 6 figures means an income when your annual earnings are 6 digits. Taking into account and discounting taxes and social security payments.
Is 6 figures a lot of money
Is 6 figures a lot of money?
Interesting question and the answer really depends. Depends on your standard of living and the living expenses you have.
Have an honest conversation with yourself and your financial situation. Do you currently have income that covers your expenses, savings and do you also have extra money to save on a monthly basis?
Then your financial lifestyle is acceptable and maintainable while you keep improving and working towards more.
Don’t fool yourself with digits, but also be realistic since you have your home to live in, your food and clothes to pay for and your savings for the future.
Each and every step ahead, you create more wealth. You deserve it.
But there is no point to rent or own an apartment if the running costs are the same or even more than you earn. Not sustainable for the long run.
How much money is 6 figures a year
You can be earning easily 6-figures on your yearly income, whether from your salary or you have set up a business that generates for you this kind of income.
However, if you spend 6-figures + 1, you are still in debt and broke. Simple math. Therefore, focus on the accumulation of money and invest in a valuable asset that will over time create even more wealth.
And keep it. Keep the value and asset in your ownership.
Because $100,000 on your employment contract doesn’t mean that you have a 6 figure salary job. Only if you receive that $100,000 yearly into your bank account, then you can consider yourself as a high-income earner.
Individuals who earn less than that, but at least $10,000, have a five-figure salary. If you’re making a million dollars, you’ve got a seven-figure salary (and obviously a great job).
How to Make 6 Figures a Month
Certainly, apart from having a traditional job, you can also create a passive income online.
I can highly recommend these passive income models since I have also personally tried them.
Blogging Business
There are a few initial steps you need to take when building your blogging business.
- Decide on the topic/niche
- Set up your website
- Get hosting
- Get Canva for content creation
- Create quality and relevant business
- Market it
- Sell it
WordPress&Bluehost
For starting a blog, you will need a content creation management platform and hosting platform. Bluehost and Worpress are great options for beginners and are also budget-friendly. You can rely on this platform as being a quality hosting provider.
Liquid Web Hosting
Liquid Web is a US-based host offering well-established and premium managed web hosting solutions. In fact, they did exceed my expectations and many standards in terms of speed, safety, sophistication, and customer services support.
It is not shared hosting, so the speed of your website will be higher. Therefore, this hosting is recommended for eCommerce especially.
However, can be used even for a well-established blog.
With Liquid Web taking over the infrastructure management, you’re free to focus on content creation and your business growth. the technical aspects are sorted by your hosting.
OptimizePress Hosting
If you want to have more control over your marketing sites and funnels, create high converting landing pages, or sell and deliver digital products, OptimizePress is right for you.
All OptimizePress tools (with the exception of the OptimizeLeads software) are WordPress based. This means you’ll need a self-hosted WordPress site.
OptimizePress is designed for business owners, marketers, creators, bloggers, influencers and almost anyone who wants to grow their business through better landing pages and marketing funnels.
Just to clarify, you will get your hosting and funnels in one place with OptimizePress.
Canva for Content Creation
Canva is a graphic design platform, used to create social media graphics, presentations, posters, documents and other visual content.
Or you may opt for paid subscriptions like Canva Pro and Canva for Enterprise for additional functionality.
If you want to use the templates, click the Templates tab when you’re on the editor. Canva will automatically find templates based on the design type you selected.
Canva is not only for the creation of images, but also you can create colouring books, diaries, write a book in Canva, create kids’ books, presentations, business templates, worksheets and more.
Not Only Earn But Also Keep
Earning 6 figures is nice, but you also need to be realistic with your money management and spending. Financial literacy and intelligence are the keys when it comes to improving your financial stability and growing your wealth.
Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.
Financial literacy is the foundation of your relationship with money, and it is a lifelong journey of learning.
The very concept most people know is to go to work, earn, and spend what you get for the month. But what about value generation and building financial wealth?
The earlier you start to learn, the better off you will be. Because financial education is the key to success when it comes to money.
There are only two options. Or you live on a monthly paycheck to paycheck. Or you create your financial security and stability and have your portfolio of income-generating assets, whether it is real estate, investment in the stock market or passive income sources.
FINANCIAL HABITS AS QUALITY INVESTMENT IN YOURSELF
This book is mainly for people who believe that they can create more value in their life. You will manage your financial habits and create good habits. Further, you will find ways how to increase your income and budget your funds.
Enjoy the reading.
HOW TO ACHIEVE FINANCIAL FREEDOM
Most of the wealthy people say no to nearly everything. They evaluate and take only a few good decisions that last and continue to bring long-lasting benefits.
The big picture of the book:
– financial goals set up
– financial freedom
– active income
– passive income
– financial worksheets and planners
-7 stages of financial life cycle
If you clearly define your financial objectives then you take your better financial decisions.
Conclusion
How much money is six figures. Simply having your income or profit that after payment of tax are still showing the amount in six digits.
Even though it is not only about how much you earn, but also how much you keep. However, it’s hard to keep if you don’t earn enough.
Be realistic with your financial expectations.
Disclaimer: The article contains affiliate links for content creation tools and hosting. If used to purchase, I will earn a commission. The books and planners are my own products.
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