It’s no secret that to make a truly elite salary, you need to be raking in seven figures. So, just what does a 7-figure income look like? And more importantly, how can you make one for yourself?
This blog post will explore just that—how much a 7 figure salary is and how you can make one for yourself. Spoiler alert: it’s not as impossible as it may seem! Read on to find out more.
What is 7 Figures?
Simply put, seven figures is a sum of money that contains seven digits. A 7 figure salary ranges from $1,000,000 to $9,999,999. That’s right—making seven figures means making a million dollars or more.
And if you’re ever curious, the IRS estimates that only 0.35% of Americans earned this type of money in 2018. That’s less than one percent of the population. It’s no wonder that seven figures is seen as the holy grail of salaries and financial success. So how can you get there?
How To Make 7 Figures
The good news is that making seven figures is not a pipe dream. Rather, there are several jobs out there that can help you reach this goal. Here’s the kicker, though—making seven figures isn’t something you can do overnight.
It requires hard work, dedication, and a long-term focus. But if you’re willing to put in the effort, there are jobs that can help you earn that much-desired salary. Let’s explore some of them below.
CEO/Executive Level Roles
CEOs, executive directors, and other C-suite level roles can easily command seven figures. Of course, it takes a lot of work to get here, and the salary will vary depending on how big the company is and how successful you are at your job.
For example, Expedia Group, Inc. (EXPE) CEO Peter Kern earned $296,247,749 in 2021. That’s $24,687,312.4 per month. Meanwhile, Amazon’s CEO Andrew Jassy made $212,701,169 in the same year or $17,725,097.4 monthly.
The medical field has many highly paid jobs, including surgeons, anesthesiologists, psychiatrists, and more. These jobs can easily lead to seven figures, with some specialties like plastic surgery even reaching eight-figure salaries.
For instance, the average salary for an orthopedic surgeon in the United States is $519,000. That excludes benefits, bonuses, and other perks that come with the job—things that easily turn this number into a seven-figure income.
Investment bankers typically have a starting salary of $289,166 per year. That said, if you are successful and move up the ladder, you can easily reach seven figures in this profession.
Consider investment bankers who make up to $1 million yearly when bonuses and other incentives are factored in. Plus, your salary can be even higher if you become a partner or managing director at an investment bank.
The tech industry has some of the most lucrative jobs in the world. And not surprisingly, it’s one of the areas with the highest seven-figure salaries.
The Trade Desk CEO Jeffrey Green, who earned $835 million in 2021, is a testament to this. So is Qualtrics International CEO Zig Serafin, who earned $540.5 million in the same year.
To put those numbers into perspective, their income works out to be a whopping $69.6 million and $45 million per month, respectively.
Suppose you don’t earn that much but have entrepreneurial ambitions and the drive to start your own business. In that case, there are still many ways to make seven figures.
You can start by getting a business off the ground and scaling it to seven figures in revenue.
Another option is to become an angel investor and invest in start-ups or established companies. You can also become a private equity investor who helps businesses grow and acquire other companies.
Not all lawyers start out making seven figures. But highly successful attorneys and partners at big law firms can easily command such salaries.
In particular, equity partners at top law firms average $1.39 million per year, while their counterparts (non-equity or salaried partners) average around $432,000 per year.
But that’s not to say that other types of lawyers don’t enjoy a hefty bankroll. In fact, others in specialized fields like patent and intellectual property law can easily reach seven figures with the right experience and expertise.
Finally, seven-figure salaries are par for the course if you’re a celebrity or professional athlete. Those in the entertainment industry, especially in movies and television, can easily make seven figures.
Proofs of this are Lord of the Rings director Peter Jackson who earned $580 million, and musician Jay-Z who grossed $340 million in 2021.
Meanwhile, professional athletes are some of the most well-paid individuals in the world. The average NFL player makes $2.7 million per year, while NBA players make an average of $7.9 million annually.
7 Figure Salary Per Month
You can easily make seven monthly figures if you’re among the above-listed professions. Depending on how well you do, you can earn anywhere between $1 million and $9,999,999 per month.
That’s possible if you are in the right field, possess specialized skills and knowledge, or have considerable experience. Or, make at least $83,333.33 per month if you aim to reach seven figures in a year.
7 Figure Salary Per Week
A weekly seven-figure salary is not as common, but it’s still possible in some cases. For instance, professional athletes and celebrities often have endorsement deals that pay out seven figures per week.
Or, you can aim to earn at least $19,230.77 per week if you want to make seven figures in a year. However, if you’re looking for a job that pays seven figures weekly, you’ll most likely need to be a top executive or investor.
Such roles may require extensive experience and qualifications, but they can also pay off hugely in the long run.
6 Figure vs. 7 Figure vs. 8 Figure Salary
A 6-figure salary usually translates to an annual income of $100K and $999K. Those in the 7-figure range are earning between $1 million and $9.99 million per year.
In comparison, 8-figure salaries refer to individuals who make more than $10 million annually.
How Common is a 7-Figure Salary?
As mentioned, only 0.35% of Americans make over $1 million a year. In other words, only 3.5 in every 1,000 people make seven figures or more.
Thus, a 7-figure salary is not as common as a 6-figure salary, but they aren’t exactly rare either.
Do You Need a Seven-Figure Salary To Build Wealth?
No, you do not need a seven-figure salary to build wealth. You are not doomed to a life of financial mediocrity because there are plenty of ways to become affluent, even if your salary isn’t in the 7-figure range.
Of course, how much you can accumulate depends on how much money you make and how smartly you manage it. Some ways to build wealth without a 7-figure salary include:
- Regularly investing in stocks and mutual funds
- Taking advantage of tax breaks and incentives
- Starting a business
- Pursuing passive income opportunities
- Creating and sticking to a budget
- Maximizing your retirement savings
- Taking on side gigs to supplement your income
- Cultivating multiple streams of income
By taking the time to understand how money works and how to manage it wisely, you can build wealth regardless of how much you make.
A seven-figure salary isn’t necessary and doesn’t guarantee you will become wealthy. What matters is how you manage and invest your money.
What is a Six-Figure Salary?
A six-figure salary is a salary of between $100,000 and $999,999 per year. This amount generally refers to an individual’s annual salary and does not include bonuses or other benefits.
You can find six-figure salaries in a variety of different industries. Some popular job titles that can relish six-figure salaries include CEO, lawyer, doctor, tech executive, and investment banker.
What is an 8 Figure Salary?
An 8-figure salary is an income of $10 million or more per year.
It’s an incredibly large amount of money, and the only people who make that kind of salary are those who work in highly specialized fields like technology, finance, sports, and entertainment.
How Much is 9 Figures?
Making seven figures a year is an impressive goal, but how much more impressive is nine figures?
Nine figures is ten times the amount of a seven-figure salary and 100 times the amount of a six-figure salary—an amount very few people make in their lifetime.
Simply, it’s an annual income of $100 million or more. People in highly specialized industries like entertainment, finance, and technology typically earn this amount. Think of the likes of Elon Musk, who is worth over $200 billion as of 2023.
Other industries, such as real estate investing and entrepreneurship, can also provide the opportunity for massive success.
No matter how you go about it, making nine figures is a difficult and challenging task. In fact, it’s even unthinkable for most.
But as the saying goes, if you can dream it, you can do it. So if nine figures is your goal, work hard, stay focused, and take action.