So, how much is 5 figures? Well, to put it shortly, it means your salary is over $10,000 per year.
There are a wide variety of jobs that offer a five-figure salary. Most people with full-time jobs and gig economy jobs already make 5 figures a year.
Let’s take a look at how much 5 figures is and how you can make five figures or more with a side hustle or better-paying career!
How Much Is 5 Figures?
In short, a 5 figure income is an annual income that consists of at least 5 digits.
A 5 figure income can range from $10,000 – $99,999 per year. You’re likely already within this range, as most Americans fit into this salary type.
To break it down, you’ll need to have a job that pays at least $833 per month (at the minimum!) to make a 5 figure salary. But that’s only $10,000 annually- you should aim for more!
If you’re willing to step up your income figure game, you could be making closer to $50K a year.
We have a few ideas that could be the perfect high-paying job for you, so let’s get started:
Quick Picks: Best Jobs & Gig Apps
Before we get into it, let’s go over the top picks for making five-figure salaries and more:
7 Jobs That Earn Five Figures
Yearly Salary: $48,228 – $62,752
Proofreading is a career that can earn you a good 5 figure salary. You must have strong grammar and spelling skills to become a proofreader and be able to edit and revise documents quickly and accurately.
We recommend learning proofreading skills and starting your business with the FREE Proofread Anywhere workshop.
Yearly Salary: $40,209 – $51,397
Working as a bookkeeper can be a very lucrative career where you can earn a 5-figure salary. Many bookkeepers earn five figures per year recording transactions, preparing financial statements, and ensuring the books are in order.
You can find out how to become a bookkeeper and start your business with 3 Free classes from Bookkeeper Launch.
3. Freelance Writing
Yearly Salary: $45,265 – $62,853
With freelance writing, you can easily earn a five-figure salary.
Freelance writers write content for bloggers, magazines, social media accounts, marketers, and so much more. You can pick a niche to write in, like personal finance, cooking, gaming, or whatever you’re interested in.
One way to start freelance writing is by taking the free workshop offered by Earn More Writing. By following the tips and advice offered in this course, you can start your own freelance writing business and get started on your way to earning a higher 5 figures before you know it!
4. Facebook Ads Manager
Yearly Salary: $52,176 – $83,782
If you’re looking to make a solid 5 figures (almost six figures!!) and want to work from home, consider becoming a Facebook Ads Manager. With over two billion active users, Facebook is the perfect platform to reach potential customers, and businesses need help managing those ads.
As a Facebook Ads Manager, you would help businesses create and manage Facebook advertising campaigns and help people make money on Facebook.
Plenty of online courses and tutorials can teach you the basics; we recommend the Facebook Side Hustle Course free training to help you get started by teaching you how to create and run successful ad campaigns for local businesses.
5. Virtual Assistant
Yearly Salary: $34,317 – $50,626
Making money as a virtual assistant (VA) is a great way to earn a steady income. VAs can make 5-figures or more a year, depending on their skills and experience.
VAs provide clients remote administrative and technical support, like answering client emails, coordinating schedules and appointments, creating and maintaining digital documents, and more.
Yearly Salary: $45,610 – $77,770
Becoming an electrician can be lucrative, with many earning 5-figures or more. Electricians are in high demand due to the aging population and the ever-growing use of technology.
Those with experience and training in electrical work can often find work quickly, sometimes even landing jobs before they finish their apprenticeship.
Yearly Salary: $42,393 – $59,762
If you’re passionate about cooking and want to make a great living of at least 5 figures or more doing something you love, becoming a chef may be the perfect career.
Cooking is a hobby you can monetize, and you can make a five-figure salary within your first few years of working as a chef.
There are many opportunities for chefs to find high-paying jobs in good restaurants. Still, you can also consider becoming a private chef, caterer, or social media chef to make more money.
Six Figures & Up
The ranges for a six-figure income are between $100,000 and $999,999.
There are several ways to make at least six figures. You can start your own business, work in a high-paying industry, or invest in real estate or the stock market.
Many jobs offer six-figure incomes, such as doctors, lawyers, and executives.
A seven-figure salary is over $1,000,000 a year. Earning over a million dollars is typically only achievable by a very small percentage of people, but it’s not as impossible as it may seem.
There are many ways to make this kind of money. You could start your own business, invest in stocks or real estate, or even win the lottery.
So, don’t give up on your dreams if you want to make more money. There’s always a way to make more money, and you can make seven figures in no time with a little effort.
An eight-figure income is an extremely high salary- a nine-figure income ($100,000,000) and even a ten-figure income ($1,000,000,000).
That is almost unheard of salary without inheritance, family wealth, becoming a high profile athlete, CEOs of Fortune 500 companies, and that sort of thing.
People have worked their way up to those positions, but often with high education levels and working in very specific, high-paying industries.
5 Jobs That Pay Six Figures & Up
Yearly Salary: $39,682 – $51,663
We are living proof that you can make money blogging, and you can make six figures a year writing and sharing things you enjoy!
But the yearly salary we looked up doesn’t seem to show the full picture- it doesn’t show over six figures for your potential income! Our research into how much bloggers make showed some bloggers are making $150,000+ per year.
You can buy a domain name and host your blog on a platform like Bluehost for only $2.95 per month, and with some work to create articles and content, you could make 100X that money or more in income.
You can start by learning about the basics with Blogger Boot Camp. Our Boot Camp will give you the knowledge you need to create a successful blog.
2. YouTube Content Creators
Yearly Salary: $19,500 – $85,500
Again, the yearly salary we looked up is close to six figures, but not quite there- but our research showed much higher YouTuber income!
Some YouTubers make millions from their channels, and we know people who made $100,000 with their channel in just one year.
Remember that only nine percent of six-figure earners are celebrities, so don’t get discouraged if your income doesn’t match theirs! There are plenty of other opportunities available.
The best part is that anyone can do it – all you need is a camera, some creativity, and a willingness to learn.
If you’re interested in making money with YouTube, check out the Mastering YouTube course. By mastering the art of creating engaging and shareable content, you can create a successful YouTube channel that will enable you to monetize your videos and make a good living.
Yearly Salary: $58,998 – $81,794
Becoming an influencer may be your ticket to making six figures or more yearly. During the pandemic, social media entertainment boomed, and many people have risen to stardom and make over $100K each year.
Now, this salary may strike you wrong- wait, that range is only five figures! But many influencers actually make way more than five figures, and many posts are dedicated to teaching you how.
Micro-influencers, who have 10K – 50K followers, can actually quickly earn $100,000+ per year with engaging content.
Plus, influencers can make six figures and more by promoting products and services through affiliate marketing and brand deals.
Yearly Salary: $167,160 – $278,034
Becoming a doctor is a great way to make a six-figure salary. Not only do doctors earn a high income, but they also have the satisfaction of helping others. Doctors have the opportunity to make a real difference in people’s lives, and they can enjoy a high level of job security.
If being a doctor is not for you, then being a nurse who provides physical and emotional support to patients may be what you are looking for!
5. Investment Bankers
Annual Salary: $53,000 – $207,000
An investment banker typically works in the financial sector and helps companies and governments raise money by issuing and selling securities.
Investment bankers typically work long hours, but they also have the opportunity to work with some of the most influential people in the world.
They make additional money through commissions, profit sharing, and bonuses if they do well with their investment accounts- so that $207K a year may not be a hard reach if you can work the market.
Other Ways To Make Money
You can also supplement your income and make five figures through investing. You don’t have to have a lot of money to start investing, just some funds to put into the market and get good returns.
Platforms like Robinhood or Acorns are good places to start:
Acorns is an app that can help you start investing by rounding up your purchases and investing the difference in fractional shares of stock.
Check out our Acorns Vs. Robinhood article to see more about the platforms and which might help you reach six figures or more!
You can easily find opportunities to make money in various ways using gig apps.
Many gig apps don’t require a college education, just a high school diploma, some skills or willingness to learn, and sometimes a driver’s license:
You’ll earn at least a dollar or more for your time by getting on survey apps and giving companies answers about products and services.
There are a few other ways to make money through survey apps, like answering questions, completing special offers, watching videos, and more.
Some of the best surveys are:
Some Ways To Save Money
If you want to reach five figures or higher in income, it’s essential to make good money and keep more of that money in the bank!
Money-saving apps are a great way to get started with saving money. They can help you track your spending, set goals, and find ways to save money on your purchases.
There are many excellent money-saving apps out there, but some of our favorites include:
Budgeting apps can be a great way to save money. By tracking your personal finance spending, you can identify areas where you might be able to cut back.
Money management apps provide tips and services for saving money and reducing your expenses. A budgeting app can help you control your finances and improve your financial situation often in less than an hour of work.
Here are our favorites:
High-Yield Savings Accounts (HYSA)
A high-yield savings account is a great way to make some extra money on your own funds. By depositing money into a high-yield account, you can earn a higher rate of return on your funds.
Most regular savings accounts only earn an average of .13%, meaning for every $100 in your account, you earn $0.13. So using am HYSA will increase those extra funds!
Using a high-yield savings account is also better because the money you deposit is insured by the Federal Deposit Insurance Corporation (FDIC). Your deposited funds are safe and will be reimbursed if the bank fails.
Here are two savings accounts that offer a high yield income percent on your savings:
FAQS: High Salaries
How much do you pay in taxes on 5 figures?
Regarding taxation, not everyone is subject to the same rates. For those who earn a 5-figure salary, their taxes will depend on their annual income and how many deductions they have.
Each year the tax percentages change, so it’s essential to check with a tax professional or use the IRS website to calculate your tax rate.
The tax rate in 2022 for a single person making incomes over $89,075 ( or$178,150 for married couples filing jointly) is 24%.
Is five figures a good enough salary to live on?
Most people would say that a 5-figure salary is not enough to live on if it is a low 5-figure salary. As we said, five figures start at only $10,000 per year, and many people won’t find it feasible to live on that.
However, many people make a slightly higher 5-figure salary and live comfortably within their means. It all comes down to how much it costs to feed, cloth, and sustain yourself.
This is because the cost of living varies depending on where you live. In some areas, you can get by on a low 5-figures, while in others, you need a higher 5-figures to cover your costs.
Can I live on five figures if I have debt?
It’s possible to live on 5-figures and have some debt to pay back, but it may not be easy. If you have any debts to pay off, it may be a struggle to have enough money to make ends meet.
But it is possible to live on 5-figures and get out of debt with smart planning. We even created a Debt-Payoff Planner because we worked hard to get rid of our debts and knew many people who needed to do the same.
How can I pay off my debts?
Our Debt-Payoff Planner can help you get out of debt, but some habits you can get into will help you manage your debt and prevent you from creating more debts.
Here are some tips for managing your money and paying off large and small debts on 5-figures:
- Make a budget and stick to it.
- Change your spending habits and cut back on expenses wherever possible.
- Take on extra work or start a side hustle to help pay bills.
- Sell unused belongings or put up extra space in your house for rent on Neighbor or Airbnb.
- Negotiate with creditors to lower your interest rates or monthly payments.
How do I go from five figures to six figures?
To go from five figures to six figures, you’ll need to make some changes to get to a hundred thousand dollars. You can start by looking into high-paying jobs that are in demand.
Here are a few apps you can join and look for high-paying jobs:
Could I become wealthy on a five-figure income?
Whether you can become wealthy on a five-figure income depends on your spending habits. If you can live frugally, it is possible to amass wealth on a smaller salary.
However, if you tend to spend extravagantly, saving and investing your personal earnings will be more challenging.
How do I start a business when I’m low on funds?
Starting a business when you’re low on funds can be difficult, but it can be done with some creativity and hard work.
Here are a few tips:
- Have a clear idea of what you want your business to be and research to see if there is a need for it in your area. We have plenty of unique business ideas you can look into!
- Start small and keep overhead costs low. You can consider only online businesses to spend less money starting a business; there are plenty of low-cost businesses you can start.
- Network with other entrepreneurs and ask for advice. There is no shame in admitting that you’re starting from scratch and seeking help from those who have been successful.
- Utilize online resources such as websites, forums, and blogs that offer free or low-cost information and services.
- Stay positive, and don’t give up! It takes hard work and dedication to start a business, but the payoff can be worth it.
Can I create passive income?
Yes, there are many ways to create passive income on five-figure salary jobs. The key is making money without actively working for it.
Some examples include investing in real estate, stocks, or other forms of securities; creating a business with recurring customers; or renting out property or equipment you no longer need.
There are many ways to make a good living and have a stress-free life on 5-figures as a yearly or monthly income. You need to be creative and willing to work hard.
There are plenty of high-paying jobs and opportunities to start your own business and work from home where you can make 5 or 6 figures with some time and effort! Join Steady today and see what job opportunities you find.
And if you’re looking for ways to create passive income, investing some of your current income can change how much money you have to your name.
So if you want more out of your working hours, consider these high-paying 5- and 6-figure jobs and watch your income figures increase for the better.