Do you dream of earning a six-figure salary? Are you planning to switch careers and wondering about six-figure jobs? This kind of salary is the coveted income level everyone wants to enjoy in corporate America. $69,717, a five-figure salary, is the typical median income, making a six-figure income a success. Statistics show that only 34% of households are in the six-figure bracket. However, this income may differ depending on your individual needs and goals.
So, how much is a six-figure? In this article, we dive into six-figure income to help you understand more about it and the jobs that can bring in six figures. Many industries offer this holy grail of income, and you’ll be surprised that some don’t require the traditional four-year degree to earn six figures. A six-figure salary is a sweet spot and is possible to achieve.
How Much is A Six Figure Salary
A six-figure income is a salary range between $100,000 and $999,999 annually. Typically, this kind of income is in three tiers. A salary of between $100,000 and $400,000 is the low six-figure salary, $400,000 to $700,000 is considered middle six-figure income, and $700,000 and $999,999 is the high six-figure income.
How much does a six-figure equate to per month, week and hour? Let’s crunch the numbers to understand this. Remember, a six-figure salary is broad, ranging from $100k to just a digit shy of one million dollars. We’ll take the lowest and the highest amount to determine the typical hourly range for a six-figure income.
For example, if you work eight hours a day and earn $100k annually, your hourly rate is around $48. A person making $999,999 takes nearly $480.8 an hour, working eight hours a day for 52 weeks. Weekly pay for a six-figure income earner ranges between $1,920 and $19,232. That is quite handsome pay! How common is this salary figure? Can you earn six figures? What do you need to make six figures annually?
What Will Be Your Tax Bracket if You Earn Six Figures?
Your income is tied to taxes, meaning a percentage of your six-figure salary goes to the government. If you’re making slightly above $100k, your six-figure can drop significantly to a five-figure once taxes come into play. Let’s take a look at the tax bracket for a six-figure income.
Remember, your tax bracket depends on your filing status —whether you’re a single filer, married but filing separately, or married but filing jointly. It also depends on your exact income and wages. A person earning anything between $100k and $999,999 is a high-income earner in the eyes of the IRS, and you’ll pay more taxes. The 2023 tax brackets are out, and it has gone up by 7% compared to the 2022 tax brackets.
There are seven Federal Tax Tiers: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. A six-figure earner tax bracket falls between 24% and 37%. After subtracting Uncle Sam’s money from $100,000, you could end up with roughly $69,323 to $77,104. These vary depending on your applicable state and local taxes, Medicare, Social Security, and other statutory deductions.
You need at least $150k to take home a net six-figure salary. Thankfully, there are many industries and hustles you can start to break into the six-figure net income.
How Common is A Six-Figure Salary?
A six-figure salary is quite common, with 34% of households making a 6-figure income annually. These numbers have gone up by 2.97% in the past five years! If you dig deeper, you’ll realize that 5.4% of the population makes six figures annually. 15.5% of the six-figure earners are in the lower tier, earning between $100k and $149k. 8.3% get a six-figure income of between $150k and $199k. Furthermore, 10.3% earn $200k plus per year; and this is why the national average seems high, yet the median income is low.
A six-figure salary can sound intimidating and unattainable. However, research shows that 13% of the working population aged 15 and above earned a six-figure income. This shows that even younger people can hit this income bracket—thanks to lucrative digital hustles like content creation and influencer marketing.
At What Age to Make Six Figures?
As you can see above, anyone above 15 can make up to six figures annually; however, the average person makes six figures around age 30. Recent research by the Bureau of Labor Statistics, workers start earning high at ages 25 to 54, and the Millennials are in their high-earning years. One hypothetical reason is that it takes experience and education to hit the higher income bracket.
Surprisingly, Generation Zs have found lucrative ways to earn six figures from the comfort of their homes. A case example of youngsters making the highest money is Nyla Hayes—a 13-year-old who raked in $4 million in NFT sales.
Six-Figure Jobs and Side Hustles
How can I make six figures annually? What jobs will make me six figures? Sounds familiar? There are jobs and side hustles that can make you six figures annually. Whether you studied for four years and earned a degree or not, earning over $100k per year is in the realm of possibility. Below are jobs and side hustle ideas to make $100k plus in the new year and beyond.
Jobs to Make You Six Figures
Many industries are offering six figures for skilled and experienced workers. Typically, look into the fields of tech, Finance, Health Care, and engineering if you want to earn the coveted 6-figure income.
1. Web Developer
Websites are part and parcel of life in this digital age, which means skilled people are in demand to create and maintain these sites. As the name suggests, a web developer helps businesses, organizations, government agencies, and anyone who needs someone to develop and maintain websites. They combine hard skills, creativity, and analytical thinking to create functional and user-friendly websites.
Web developer pay: An entry-level web developer can earn around $53-$66k, while experienced web developers make around $107-$132k annually.
A dentist diagnoses and treats oral-related problems. It takes quite a lot of hard work to break into this profession, and the pay is pretty handsome. You’ll need to go through an accredited dental program— a four-year degree and another four-year DDS(Doctor of Dental Surgery)/ DMD(Doctor of Dental Medicine) — a total of eight years of post-high school education to qualify as a dentist. This is no surprise, considering the intricate nature of the field.
Dentist pay: Dentists make six figures, and the average wage is $188,484! The salary can go as high as $238,483, and a typical range is $168,595-$214,655.
3. Construction Managers
Construction managers or general contractors oversee construction projects from start to finish. They plan, coordinate, hire sub-contractors, and budget, ensuring the project runs on schedule. Whether residential, commercial or public structure construction, these professionals supervise the projects from conception to completion.
Construction manager or project manager salary: The average annual income for a construction manager is $119,313. However, the yearly salary can range between $103,180 and $136,332.
4. Software Developers
Software developers work in the tech industry, and their job is to analyze user needs and create software to meet those specific needs. You need a computer and information tech degree to work as a software developer.
Software developer pay. The median wage for a software developer is $120,730, which is about $52.41 per hour.
5. Nurse Practitioners
A nurse practitioner, also known as NP, is another job type that can bring in a six-figure income annually. A nurse practitioner is a healthcare worker focusing on disease diagnosis, treatment, and prevention. They can also prescribe medicine, and perform, order, and interpret lab and x-ray tests. You need to be a Registered Nurse with an advanced degree, which means you must complete your bachelor’s and a specialized post-graduate degree.
Nurse Practitioner Pay: A nurse practitioner takes home an average of $123,780 annually, equivalent to $59.51 an hour.
6. HR Managers
Do you want to help companies recruit, interview, and hire new staff? Well, those are some of the responsibilities of a human resource manager. You need a bachelor’s degree and at least five years of work experience to be an HR manager. Nearly every industry requires an HR manager to coordinate and plan human resource activities, including recruiting new employees and acting as a link between the company and the employees.
HR manager salary: Human Resource managers take home roughly $126,230 annually. The highest earners can earn up to $163,360 per year.
7. Personal Finance Advisors
Personal finance advisors help individuals navigate the world of finance. Their job involves assessing a person’s financial needs and offering reliable solutions. And this can be offering solutions regarding investments, tax, insurance, budgeting, saving, loans, and credit.
Personal finance advisor pay: The top-earning personal finance advisors pockets roughly $121,000 annually. There have been reports of high salaries of up to $160,000 for a personal finance advisor.
8. Air Traffic Controller
Air traffic controllers work from control towers; they review flight plans, clear for take-off and landing, and control air traffic. Overall, they ensure smooth air traffic movement in the airport and the sky. Furthermore, they communicate with other aircraft centers and monitor weather and visibility conditions.
Air traffic controller pays: You can expect an average of $129,750 per year, the same as $62.38 an hour.
9. Marketing Managers
Companies need to attract new potential customers and retain the current ones, which is where marketing managers come in. Marketing managers’ responsibilities include creating and implementing strategic marketing plans to help a company and its associated brands acquire new potential buyers. You need at least six to eight years post undergrads to qualify for a marketing manager position. Additionally, having experience with sales can be added advantage.
Marketing managers pay: Marketing managers make six figures annually at an average of $113,920. The lowest wage for a marketing manager is $87,202, and the highest is $146,078.
10. Chief Executives
Chief executives take the highest seat and the pay in the job market—some manage multi-billion dollar companies earning up to nine figures annually. They formulate and oversee policies governing a public or private company. Furthermore, they’re answerable to the board of directors and form and manage a team of subordinate executives and managers. CEOs are also responsible for allocating funds and executing strategies.
You’ll need a bachelor’s degree and a proven CEO or manager track record. You’ll also need experience with various business functions like legal, administration management, customer service, finance, sales, and marketing.
11. Physicians and Surgeons
Physicians and surgeons are also some of the six-figure income earners. They provide health care services and work either in clinical or non-clinical settings, and a bachelor’s degree and a specialized medical degree are required. A residency program or internship that lasts at least three to nine years is also required.
Physicians and surgeons pay: The average pay as of 2021 is $208,000 per year and $100 an hour.
12. Financial Managers
Financial managers oversee the company’s finances, creating reports, plans, and investments. Like the other six-figure jobs above, you need an undergrad degree in finance or a related field and five years of work experience. Ideally, you should know the ins and outs of accounting, financial analysis, etc.
Financial manager pay: A financial manager takes home at least $131,710 annually or $63.32 per hour.
Remote Jobs to Make Six Figures
Do you want to work remotely and make six figures? It is possible because there are remote jobs you can do from home or wherever and earn six figures.
13. Product Developer
A product developer or designer helps a company meet consumer needs by creating new products and improving the existing ones. They research, develop proposals, and oversee the product design process. A remote developer can work remotely and still earn handsomely.
Product developer pay: The average base pay for a remote developer is $146,951 annually, and the income can go as high as $250k.
14. Medical Writer
A medical writer works with medical personnel to write about drugs, new research, clinical trials, pharmaceuticals, and medical brochures. You must demonstrate strong writing skills with a background in science or medicine.
Medical writer pay: The average salary for a medical writer is $93,842 annually. The lowest-paid medical writer can earn $63,000, while the highest-paid one can earn up to $137,000.
A copywriter helps businesses create marketing material for print and digital media. Typically, they help generate copy for email, social media, blogs, sales pages, white papers, etc. Many people have made multiple six figures working as copywriters; the best part is you can work remotely. You need to understand the buyer’s psychology and behavior. Copywriters can work as independent contractors, work for an agency, or as in-house employees.
Copywriter pay: The average income for a copywriter is $69,203 annually, and you can earn as high as $142k. Lowest-paid or entry-level copywriter pay can start at $50k annually.
16. Front and Back-end Developers
Front-end developers focus on creating user-friendly websites and apps by designing the colors, fonts, and overall visual layout. On the other hand, back-end developers tackle the behind-the-scenes, handling the technical aspect of sites and apps. Again, you can do this job remotely; many front-end and back-end developers work in the comfort of their homes as independent contractors or employees.
17. Data Engineer
Do you know coding, data analysis, database, and operating systems? Those are some of the skill sets required to be a data engineer. This is an in-demand role, and the work of a data engineer is to create infrastructure for easy collection, transformation, management, and access to data. A data engineer designs, tests, and maintains data systems, ensuring constant availability of data for analytical and operational use.
This is yet another IT job that you can do 100% remotely.
Data engineer pay: The average base pay for a data engineer is $135,106 per year, and $218,007 is the highest pay for an experienced data engineer.
Side Hustles to Make Six Figures
Do you want to start a business instead and make six figures? Your possibilities are endless! There are thousands of side hustle ideas to earn more than a hundred thousand dollars annually.
Do you want to own an online store without holding a physical product? Enter dropshipping! A business model where you can take and fulfill orders without holding or shipping a physical product yourself. Technically, you’ll market the products from a third party— usually a wholesaler —take customer orders, and fulfill them through your supplier.
The best thing about this business model is that it requires minimum upfront capital and overhead costs. It is also easy to start, and you can do it remotely. There are apps and dropshipping platforms, like Shopify, WooCommerce, and BigCommerce, to use.
Dropshipping pay: The amount depends on your sales and the set profit. On average, dropshippers take 20%-30% of the sales, and their annual income can be six figures.
19. Affiliate Marketing
Affiliate marketing refers to a side hustle idea where you earn a commission to promote a product or service made by another company. You only need a unique affiliate link, and you can promote the products through social media, your blog, or email. Furthermore, you can do affiliate marketing remotely.
Affiliate marketing pay: You can expect an average annual income of $78,426 as an affiliate marketer. Seasoned affiliate marketers can rake in up to $$130k annually.
Blogging is a popular side hustle idea that can earn you hundreds of thousands of dollars annually, and you can do it remotely. This business involves publishing and monetizing content on your blog. Ways to monetize a blog include affiliate marketing, ad display, consultancy, paid membership, brand partnerships, online courses, and e-book selling.
Blogging income depends on your niche, efforts, and audience size. Notably, many bloggers are earning six figures from their blogs. Setting up a blog is more straightforward nowadays, and you need a domain name and hosting to publish content.
Skills You Need to Earn Six Figures
You first need to understand that the $100k+ salary is a huge milestone; it can take a while before you earn it. Get the right skills and experience so that when an opportunity opens up, you can grab it. Time management is of the essence.
Importantly, capitalize on your network and explore new opportunities. Platforms like LinkedIn make it easier to create a reliable network of professionals and connect with your dream job.
Earn experience as early as possible because most six-figure jobs require at least five years of related work experience. Negotiate your pay and strive to have a fulfilling career. Penny Calling Penny is here to show you how to earn a six-figure income. Join our mailing list to receive a useful but free newsletter.