How Much is 5 Figures?
These terms are used in relation to the amount of money someone is paid. Since a five-figure number means five digits, a 5 figure income would be any amount above $10,000 and below $99,999.
When people work for the first time or begin their careers, they may be low earners. Jobs that offer a low salary often do not require skill or education. These salaries range from $10,000 to $40,000.
Most people earn a median five-figure salary. For example, a median earner makes more than $40,000 but less than a $70,000 yearly salary. Employees must have skills and experience to achieve this higher salary range.
Being in this high-earner club is challenging for some people. You must take home $70,000 to $99,999 a year to earn a high five-figure salary.
A 5-figure earner is average since much of the US population makes that much. Whether or not 5 figures would be considered a “good income” depends on multiple factors.
Real estate prices vary greatly depending on location. Variable expenses such as food and gas costs are location-dependent. Living in a city, you can expect to pay more for gas and food compared to the countryside.
When you are carrying high-interest debt, it often eats up the majority of your income. Whether you have student loans, car loans, or mortgages, these payments can burden other necessary expenses such as bills, groceries, insurance, and more.
While some people may think a five-figure salary is comfortable, for others, that may be different. This largely depends on your spending habits and the lifestyle you are leading. For example, a five-figure salary may be a comfortable annual income if you live frugally. Still, more than five figures are needed if you lead a lavish lifestyle.