A 6-figure salary is a goal many people aim to achieve at some point in their lives , however, many people do not get to actually achieve it. Nowadays, earning 6 figures a year does necessarily not equal to a rich life, but it does bring some comfort and stability to it, so what does six figures really get you?
How much is 6 figures in money?
Any amount from $100,000 to $999,999 falls into the 6 figure category, this is quite a wide range.
A person who earns $100,000 a year, gets a monthly income of $8,333, now depending where in the United States you live, this can be a little or a big amount of money depending on where you live.
Rent
Places like New York, Los Angeles, Miami are known to have the most expensive rents, and while someone could be making 6 figures a year, a good chunk of it could be going to just rent if they reside in one of these big cities. Texas, Missouri and Kansas are more affordable states to live in.
Taxes
The more money you make, the more takes you’ll pay. This is not great, I know, but it’s something to definitely keep in mind when making 6 figures a year, nonetheless, not all is lost, usually a lot of people are able to get some of the tax money they paid once they claim their annual income tax return, it’s recommended to get professional help but nowadays you are able to do this online by yourself.
Comfortable Lifestyle
A 6-figure salary lifestyle is a dream come true, with the correct budgeting, this income can give you access to vacations, a better vehicle, a bigger home, and better quality of life overall.
Paying of Debt
A lot of people in the United States have student loan debt, which is really hard to pay off.
The average monthly payment for a student loan is $400 a month, having a 6 figure salary can help pay off this debt.
Save Up
Having a 6 figure annual income does not mean you have to spend it all, a smart move is to save up to invest in the future, or simply to have a backup in case of an emergency.
Investments
Rich people are rich for a reason, a big income usually comes with bigger spending, however, if you want to grow your money, it’s best to invest it. There are many ways to invest your money, either stocks, crypto coins, savings accounts, the point is to generate more instead of having it sit there in your account waiting for it to be spent by you (those Amazon deals are terrible for my savings account!).
Time
This is your most precious asset, a lot of people work over 10 hours a day in an office, coming home tired, burnt out and without energy to do anything enjoyable. Making 6 figures a year can mean more free time to do the things you love, spend time with family, practice a hobby, possibilities are infinite.
Does this all sound like a dream to you? Well it’s very much possible and easier than you think!
I have personally been through the journey of becoming a 6 figure earner and although it has not been easy, I have mastered my skills as a Permanent Makeup Artist and entrepreneur and I now have the blueprint in order to achieve this much dreamed income!
Being a PMU Artist is the most rewarding thing I have ever done, but more than that I love teaching my students how to become independent and work for themselves instead of someone else!
Join one of my upcoming workshops to find out how to make 6 figures a year as a Permanent Makeup Artist, check the dates down below!
