In the United States, it’s common to hear people talking about “figures” when discussing finances and salaries. In this article, we’ll explain how much 7 figures is and discuss the usage of the term “figures” in the context of finances.
How much is 7 figures?
The term 7 figure salary means an annual income of between $1,000,000 and $9,999,999. The reason why this range is called 7 figures is simple — all of the numbers in this range consist of 7 digits.
Using “figures” when talking about salaries or amounts of money is very common in the United States, although you might also hear it in other English-speaking countries.
Since 7 figures refers to a very large amount of money, it’s less common to hear than 6 figures or 5 figures. Here’s a quick breakdown of how much money people are referring to when talking about figures.
| 5 figures | $10,000 – $99,999 |
|---|---|
| 6 figures | $100,000 – $999,999 |
| 7 figures | $1,000,000 – $9,999,999 |
| 8 figures | $10,000,000 – $99,999,999 |
| 9 figures | $100,000,000 – $999,999,999 |
It’s common to use figures when discussing salaries because it offers a general idea of income without diving into specifics. Being too precise about salary details is often seen as impolite and awkward.
If you ask someone about their earning, especially if you’re not well-acquainted with them, they are more likely to share an approximate range, such as “high 5 figures” or “low 6 figures,” giving an indication of their income without revealing the precise amount.
7 figure salary jobs
Since a 7 figure salary means the person is earning at least $1 million per year, it shouldn’t be too much of a surprise that there’s not many 7 figure jobs out there. Here are some examples of jobs and career paths where it’s possible to earn a 7 figure salary:
- Entrepreneur
- Investment banker
- Enterprise sales
- C-level executive in a sizeable company (CEO, COO, CIO, CFO, etc.)
- Professional athlete in a major sports league
- Actor or musician
- Influencer
Of course, just choosing one of the career paths listed above won’t be enough to start earning 7 figures.
While there’s a small chance one could become a popular online influencer mostly based on luck and going viral at the right time, you’ll likely need to work extremely hard or have exceptional natural talent in order to reach a 7 figure salary.
Even with hard work and/or talent, luck is still likely to play a significant factor in whether you’ll ever be able to earn 7 figures or not.
FAQs
Now, let’s address some of the most common questions people have about the term “7 figures” and 7-figure salaries.
How much is 7 figures in money?
The term “7 figures” means the range between $1,000,000 and $9,999,999. The reason why this range is called 7 figures is because all the numbers in the range are made up of 7 digits.
How much is 7 figures a month?
Someone who earns a 7 figure salary on a monthly basis can earn between $83,333 and $833,333 per month.
How much is 7 figures per hour?
Under the assumption that a year contains 260 work days and a work day consists of 8 hours, someone with a $1,000,000 annual salary would be earning $480 per hour. Meanwhile, someone with a $9,999,999 yearly income would be earning roughly $4,800 per hour.
The bottom line
A 7 figure salary, which means that the person is earning between $1,000,000 and $9,999,999 per year, is considered a very good salary everywhere in the United States. However, jobs that pay such a salary are only accessible to people who work in a lucrative field and are exceptionally successful in it.
If you’d like to learn more about colloquial terms that are commonly used in reference to money, check out our article exploring the term “grand”.
Source: https://coincodex.com/article/35374/how-much-is-7-figures-salary/