How Much is 5 Figures: And What is a Five Figure Salary?

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When it comes to understanding financial terminology, knowing what “five figures” means can be helpful in many personal and professional financial situations.

The term “five figures” refers to any monetary amount that has five digits, typically applicable to salaries or net worth.

A five-figure salary ranges from $10,000 to $99,999 per year, with low five figures being from $10,000 to $40,000, and high five figures from $70,000 to $99,000.

Of course, whether a five figure income is enough to live on depends on factors like your location and personal expenses.

For instance, living in an area with a high cost of living might require a higher income than living somewhere with a more affordable cost of living.

Read on to learn the ins and outs of 5 figures, what a 5 figure salary is and how you can increase your earnings!

What Does 5 Figures Mean?

When talking about five figures, it refers to a numerical value or income that has five digits, ranging from 10,000 to 99,999.

Any number with digits below 10,000 is 4 figures, and anything that is numbered above 99,999 is not 5 figures, but 6 figures or more.

So basically, the answer to “what is 5 figures?”, is any number with 5 digits in it!

How Much is 5 Figures in Money?

In money terms, 5 figures is simply any dollar amount that falls between the amounts of $10,000 and $99,999.

Check out how much $60,000 a year is hourly.

What is a 5 Figure Salary? (or Income?)

A 5 figure salary is any yearly income that falls between the amounts of $10,000 and $99,999.

In financial and career contexts, having a five-figure income usually includes sources like your salary at work plus any commissions or bonuses you receive beyond your base pay.

Different roles and positions within a company might offer a 5 figure income, depending on your qualifications.

Generally, entry-level positions fall on the lower scale of the five figures range, while mid-level roles that make more money may reach the higher end.

Knowing this range of how much is 5 figures can help you set career goals and manage your expectations. Just remember to be realistic about your financial possibilities and keep nurturing your professional skills and experiences.

As you move up in your career, you can use the term of five figures as a benchmark to better understand your earnings and financial growth, as well as your goals.

Here are the ranges of 5 figures in salary:

Low range 5 figures: Between $10,000 and $40,000

Mid range 5 figure salary: Between $40,000 and $70,000

High range 5 figure salary: Between $70,000 and $99,999

Related reading:

• How Much is 4 Figures?
• How Much is a Six Figure Salary?

Jobs That Pay Five Figures

In the United States, many industries offer job opportunities with a yearly salary of 5 figures. If you’re exploring your career options, you should think about the jobs and industries that might pay 5 figures or more.

Most jobs that pay 5 figures will likely require a college education and bachelor’s degree.

Not to say that you can’t make this much if all you have is a high school diploma. You can be an entrepreneur or real estate investor for instance without a college degree and make a lot of money.

Architect

As an architect, you can work for businesses, developers, or even homeowners to design and create visually appealing structures.

With a 5 figure salary ranging from $50,000 to $90,000, this field allows you to merge your artistic talents with your technical abilities.

Fashion Designer

Fashion designers are an excellent career choice if you have a creative mind and a passion for clothing.

Your artistic skills could earn you a 5 figure salary between $40,000 and $90,000, depending on experience and clientele. You will need to go a specialized school and it can be a difficult industry to break into.

Graphic Designer

Similar to fashion designers, graphic designers rely on their artistic capabilities to design visuals for marketing campaigns, websites, and other media.

The salary range for graphic designers typically falls between $30,000 and $60,000. You can also work as a freelance graphic designer if you prefer.

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Healthcare Jobs

There are several five figure salary jobs in healthcare. Nurses, physician assistants, physical therapists and more can earn 5 figures. Doctors typically earn a six figure income however.

In the healthcare industry, registered nurses (RNs) play a vital role in providing medical care to patients. As a registered nurse, you can expect a salary range of $45,000 to $90,000.

Medical assistants, on the other hand, work alongside physicians or healthcare professionals to prepare patients for examinations, record patient data, and assist with basic clinical tasks. Medical assistants typically earn between $25,000 and $45,000.

Teachers

Teachers like high-school teachers and teacher assistants are super important as we all know! As a high-school teacher, your income ranges from $30,000 to $60,000, while teacher assistants generally make $19,000 to $35,000.

Athletes

Athletes that are professionals can earn a solid income. While their salaries can vary significantly based on talent and sport, it’s common for professional athletes to earn a five-figure income.

Chef

As a chef, you might work in restaurants, at a catering company or even in your own bakery. Chefs can expect to earn between $30,000 and $60,000, depending on their level of expertise and work environment.

Electricians

Electricians install and maintain electrical systems in residential, commercial, or industrial settings. An electrician’s salary ranges from $35,000 to $75,000 per year.

Small Business Owners

Small business owners and entrepreneurs can also earn 5 figures. Or even more in many cases.

They create, run, and manage their businesses, providing goods, services, or technology to customers.

The income for small business owners can vary widely depending on the success and nature of the business, but it’s common to earn a 5 figure salary in this space. And you may not need anything more than a high school diploma to do it!

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Annual and Monthly Salary Breakdown of 5 Figures

When talking about how much is 5 figures in money, you’re typically referring to an annual income between $10,000 and $99,999.

This range covers various levels of wealth and can provide different lifestyles depending on your financial goals and obligations.

To better understand your potential monthly salary, you can divide your annual salary by 12. For example, if your yearly salary is $50,000, your monthly income would be approximately $4,167 ($50,000 / 12).

In some cases, you may be paid on a bi-weekly or semi-monthly basis instead of monthly. To calculate your income based on these pay periods, use the following steps:

• Bi-weekly: Divide the annual income by 26 (the number of bi-weekly periods in a year). A $50,000 salary would result in approximately $1,923 per pay period ($50,000 / 26).
• Semi-monthly: Divide the annual income by 24 (the number of semi-monthly periods in a year). A $50,000 salary would result in approximately $2,083 per pay period ($50,000 / 24).

Remember that these figures represent your gross pay, which is your income before taxes and other deductions.

Your net income, or take-home pay, will be lower after these deductions are applied. You can use online tools, such as a salary paycheck calculator, to estimate your net income.

And, when it comes to actually doing your taxes you can use Intuit’s Tax Planning software and create personalized tax strategies and custom reports.

As you work towards your financial goals, keep in mind that a five-figure salary can mean different things depending on where you live.

Factors like cost of living, housing costs, and taxes can significantly impact your budget and lifestyle.

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How Much in Taxes Do You Pay on 5 Figures?

Don’t forget your income will be reduced by the state and federal income taxes you have to pay. The amount you pay will of course depend on your salary as well as how many deductions you can take.

In 2023, the tax rate for income over $11,000 and underneath $44,725 for single filers is 12% so that can help you gauge the taxes you will need to pay federally.

Input your salary and details into this tax calculator and you can find the exact numbers.

Is Making a 5 Figure Salary Good Enough?

When considering a 5 figure income and whether it is a good enough salary, it depends on whether you are in the low range or high range of 5 figures.

What city you live in is a factor as well, since housing and the cost of living is much more expensive in certain cities than in others.

A salary of 5 figures is between $10,000 and $99,999.

In most cases this is a really good salary and you should be able to have a decent lifestyle with it if you are in the mid-high to high range.

However if you are in the low range of 5 figures, it may be a struggle to live on. The low range would be $10,000 to $40,000.

And, if you live in a city where the cost of living is high, like New York, 5 figures may not go as far as it would if you live in someplace smaller with lower rents.

When figuring out if a five figure salary is good for you to live comfortably, consider these factors:

Location: If you live in a more expensive city, this salary may not be enough due to higher living expenses.

Debt: If you are already in a lot of debt and struggling to pay the minimum payments a five figure salary may still not be enough money

Spending habits: Take a look at how much money you spend. You may need to adjust this and maintain a stricture budget if you are on the low end of a five figure salary. Cut out unnecessary expenses to help yourself.

Saving and investing should also be part of your financial plan. Allocate a portion of your income towards building an emergency fund, and set some money aside for retirement.

Additionally, creating a nest egg by investing in assets such as real estate or stocks can help secure your financial future.

More Reading: What is the 30-30-30-10 Budget Rule?

Can You Become Wealthy On A 5-Figure Salary?

You can become wealthy on a five figure salary. But, you will need to have discipline and possibly even take some risks.

You need to start investing your money in order to become wealthy. Investing in retirement funds will get you started with compound interest.

You can also get started with an automated investing app like Acorns which also helps you automatically save money.

Consider ways to generate passive income on the side of your regular job. Real estate investing and stock market trading are some good tactics to consider.

You may need to consider investing or starting a business in order to truly become wealthy. And you must of course be careful about budgeting and spending habits. If you aren’t controlling your money and using it to make more money, you will not achieve wealth.

How to Get 5 Figures in Yearly Salary

If you’re looking to make 5 figures, there are some things you can do.

A five-figure income falls between $10,000 and $99,999. While this range is considered average for most full-time employees, your specific situation and goals will play a significant role in achieving this income level.

To get a high paying job, you’ll need to focus on factors like education, experience, and skill development.

Most entry-level positions, especially those requiring a college degree, can put you on track to earning a 5-figure salary. Combining your degree with relevant work experience helps increase your earning potential and opens up opportunities for career growth.

Expanding your skill set is another way to increase your yearly income. High-demand skills, such as coding or digital marketing, could significantly increase your salary prospects.

Consider investing in professional development courses or certifications to set yourself apart from the competition.

Additionally, your location will impact your income level. Job markets vary by region, and you may find that moving to an area with more job opportunities and higher salaries can boost your income potential.

To supplement your primary income and potentially reach a higher five figure salary, explore side hustles like freelance work, selling items online, or providing consulting services.

While it might involve extra effort, these additional streams of income can not only help you achieve that five figure salary but also reduce your reliance on a single income source.

It’s important to balance your financial goals with debt management, especially if you have student loans.

Managing your debt can free up income for saving, investing, or increasing your overall net worth.

Be sure to consult a financial advisor if needed, to ensure you’re making smart choices with your money. Personal Capital has a free money management tool you can use but they also provide financial counselors as part of the premium version.

More Reading: 50/30/20 Budget Rule

Unconventional Ways to Earn Five Figures

Earning a five figure salary may seem challenging, especially when you’re looking for unconventional methods.

However, with creativity and determination, you can find ways to make between $10,000 and $99,999 per year. Here are some unconventional paths to generate a five figure salary.

Online Jobs with Five Figure Incomes:

The internet has opened up a world of opportunities for everyone, including remote work. Considering online jobs like virtual assistant, social media management, or teaching languages, can help you generate a significant income while working from home.

You can also start your own eCommerce business selling products online and generate income. Affiliate marketers make five figures online as well as influencers.

Real Estate Investment:

Real estate is always a good way to make extra money and generate wealth. Think about saving money in order to buy a rental property, or an AirBnb property if you can get one in the right location.

You can also invest smaller amounts of money in real estate by leveraging crowdfunding sites like Crowdstreet.

Freelance Writing:

If you have a flair for the written word, consider freelance writing. Focusing on areas of expertise or industries that interest you can increase your chances of securing well-paid clients.

Websites like Upwork and Freelancer allow you to build a profile and bid on writing projects, which can lead you to a steady stream of income.

Blogging:

If sharing your thoughts and expertise is more your style, starting your own blog can eventually turn into a profitable business.

Write engaging content and build an audience to create advertising and sponsorship opportunities.

It might take time, and you may need to invest some money in hosting services, but with patience and hard work, you can generate a five-figure income.

Check out this guide on how to start your own blog.

Influencer Marketing:

Are you an expert in a particular niche, or do you have a strong social media presence? Capitalize on your influence by promoting products or services in exchange for payment or commissions.

Collaborate with brands, and use of platforms like Instagram, YouTube, or TikTok to reach your audience and maximize your earnings.

Sales and Commissions:

If you have a knack for selling, think about working a sales job for commissions. Focus on industries, products, or services you’re passionate about and work with businesses that offer lucrative commission structures.

Your earnings will depend on your sales abilities and the time you invest in building relationships with clients.

These unconventional ways to earn five figures require skill and persistence and possibly more of your time. But, they also allow you to have flexible working hours, independence, and the satisfaction of creating your own success story.

Plus, you can add these on as side hustles in addition to your main job and quickly get a five figure salary.

How to Go From 5 Figures to 6 Figures

Earning a 5 figure salary can be an important step on your journey to financial freedom, but you may be wondering how to bridge the gap to a six figure salary in the United States.

There are several strategies and steps to consider that can help you make the leap. A 6 figure salary is any number with 6 digits in it.

So a salary that is between $100,000 and $999,999 is a 6 figure salary. This is a high income and can be just under a million dollars!

First, think about your current profession and its growth potential. Several 5 figure jobs like nursing can offer a pathway to higher wages, with advanced degrees or specializations.

Take advantage of certifications and additional training that can help you stand out in your field and command a higher salary.

Next, it’s important to get in control of your finances. Start by contributing to an IRA or a 401(k) to secure your financial future. Saving money for retirement is crucial, and these tax-advantaged accounts can help you grow your wealth more efficiently.

Additionally, you can take on side hustles or start a business on the side of your day job in order to reach 6 figure incomes.

Here are some money making side hustles to consider if you want to make at least six figures:

• Blogging
• Amazon by Fulfillment
• Investing in the stock market
• Ridesharing with Uber or Lyft
• Renting your home on AirBnb
• Placing your car for rent on Turo
• Selling online courses
• Investing in real estate by purchasing rental properties or crowdfunding on sites like Crowdstreet

It is also important to pay off high-interest debts and maintain a good credit score. Having better credit and lower debt can make it easier for you to take advantage of new opportunities that may lead to a higher income.

Frequently Asked Questions

What is 5 Figures in Money?

Five figures in money means any dollar amount that falls between $10,000 and $99,999.

How Much is Low 5 Figures?

A low 5 figures earner is between the range of $10,000 and $40,000 a year.

How Much is Mid 5 Figures?

A mid 5 figure salary is between the range of $40,000 and $70,000 in yearly income.

How Much is High 5 Figures?

Everyone wants to be in the high 5 figures! This would be a salary between the range of $70,000 and $99,999.

How Much is a 3 Figure Salary?

A three figure salary refers to an income that ranges from $100 to $999. Considering income on a weekly basis, a 3-figure salary translates to $1.92 to $19.23 per week.

While this income level may be common for casual or part-time workers, it can be challenging to maintain financial stability with a salary within this range.

How Much is a 4 Figure Salary?

A 4 figure salary ranges from $1,000 to $9,999. A 4 figure salary ranges from $19.24 to $192.31 per week. This income level is generally linked to entry-level or lower-paid positions in various industries. It’s more than a 3-figure salary, but still lower than achieving a 5-figure income.

How Much is a 10 Figure Salary?

Lastly, a ten figure income refers to a staggering income of $1,000,000,000 or more. This income level is generally associated with the wealthiest people on the planet, like CEOs, founders, or investors.

Final Thoughts

If you want to make five figures there are many paths you can go down! Consider the type of job you aim for or adding side incomes to your current career.

Keep your 5 figures goal top of mind and you will get there!

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