Have you ever heard someone say that they’re five figures? It’s an everyday expression. However, comprehending can be challenging if you don’t know what people refer to by numbers.
Put, earning five figures makes anything from $30,000 to $99,999 a year. The numbers that people refer to are the figures you will find.
Take a closer look! There are 5 figures in 10,000 (and any number up to 99,999). This is why we use 5 numbers to discuss this range of numbers.
What is it that you mean when you have five figures?
Five figures mean making anywhere from $10,000 to $99999. You can think that earning more than $99,999 places you in the six-figure category (as you earn less than $1,000,000 since it’s seven figures, and the list goes on).
If someone is talking about making a certain number of money, they’re talking about their annual earnings. To calculate the amount they earn each month, you’ll need to divide the figure by 12.
For instance, if a person declares they earn a five-figure income and make $12,000, they earn $1000 per month.
What is exactly a five-figure income?
There’s no precise match for the 5-figure figure because it’s a generalization. Anyone who earns five figures could be making $12,000 or $85,000 annually.
Often, we hear about six figures when discussing salaries since there’s a distinct difference between earning five and six figures. However, some people speak about wages in the 5-figure range; if they do, it’s best to ask them further about what they earn.
Most of the time, earning five figures places you at the bottom of the income scale, but it will depend on where you live.
Does a five-figure income count as an amount?
It depends! The first step is determining how much is involved when we speak of 5 figures. Then, it would help to decide where you’d like to live with this money. It might not seem that expensive for a nation in the first world; however, that same amount can provide decent living conditions in other regions around the globe.
However, you could earn $31,000 but still speak of 5 figures. That’s an American average income. In the same way, the American median salary (how much a family will need to make a comfortable life) is $67,000, and that’s five figures!
Overall, five figures aren’t an enormous amount. However, it’s not peanuts also. A single person can accomplish plenty with five figures in third-world countries. On the other hand, five figures might not be enough for raising children in some first-world nations.
What are people spending their 5-figure amount on?
Five-figure earnings may not be enough to sustain yourself, which means you’ll be spending the most money on food and bills and trying to make it through the day. If you’re in the upper end of five-figure figures (like $80,000), it is possible to have the luxury of things you might not otherwise have, like the purchase of a mortgage. It’s dependent on whether you’re at the lower or upper-end of five figures.
In the same way, you can thrive with five figures (no matter what) If you’re single and choose to move to a cheaper area. The first world is costly, and some parts of the world are highly affordable and secure.
Is it hard to get five figures?
Americans can earn five figures on the minimum wage when they work 8 hours, 5 days per week. The same is true in Europe. It’s not as simple for the rest of the world.
The only option Americans need to earn less than five figures is to work part-time or work for themselves. The minimum wage for America is $7.25 per hour. That amounts to the rate of $58 every day, 290 for the week and $1,160 per month. That’s $13,920 a year – five figures!
How do I make 5 figures?
If you reside in America, it is necessary to be able to earn a minimum wage to get a 5-figure income. Others from different parts of the world might have to work harder and obtain a degree from a university or be in a highly intense field to get the barrier of a 5-figure salary.
If you’re from a third-world country and want to make five figures, you can relocate to a more prosperous nation. However, it is essential to be prepared with your documents as otherwise, you could find yourself earning less than minimum wages and far from making five figures.
What can a five-figure salary mean to you?
A good 5-figure income could buy you a home, an automobile, food, and others. It could also provide enough money to purchase food items and leave you with the position of borrowing money for everything else. Keep in mind that a salary of five figures is a broad figure that can represent a lot or just a tiny amount.
For Americans, five figures may be sufficient. If you have a position in the higher range of five figures, this might not be enough for it. There are cities where life prices are such that you’ll need to earn six figures to live comfortably.
Are there people who make more than five figures?
Absolutely! Many people worldwide earn 6, 7 or up to 8-figure incomes. Professionals who work in the competitive field earn six figures. Celebrities, famous individuals, and prominent business people make 7 or 8 figures.
While many people make more than five figures, achieving that level is challenging, but it isn’t impossible! Earning 6 figures or higher requires a lot of skill and determination. It’s possible to do it, but it’ll take some time.
Five-figure salaries range between $10,000 and $99,999. It can be a significant amount or little, based on the amount you earn and the location you reside in. Five figures can be easy or difficult.
It’s the reason people often discuss six figures instead of five when they talk about large pay – it’s the most significant number!