How Much Is a 7 & 8 Figure Salary (Examples & Explanations)

If you’re obsessed with making money and earning millions, you must be aware that a 7 and 8-figure salary is a pretty decent amount and something worth aspiring for. Here’s how much 7 and 8-figure salary is:

With a 7-figure salary, a person earns from 1 million dollars to 9.9 million dollars. Whereas, a person with an 8-figure salary makes from 10 million dollars to 99.9 million dollars. So that’s A LOT of money, and such people are called millionaires. 

A figure is a number, such as 2 or 3. The number of figures means the number of digits you type, such as 200,000 has six digits. So if someone earns $200,000, they earn a 6 figure salary. Similarly, in 7 and 8 figure salaries, there are seven and eight digits respectively.

Now that we know what a figure is, let’s discuss in detail a 7 & 8-figure salary.

In this guide, I will discuss the breakdown of the 7 and 8-figure salaries into hourly income and what jobs pay these figures.

What Jobs Pay 7 Figures In a Year?

Here are some jobs that pay 7-figure salaries annually.

  • Investors
  • Investment Bankers
  • Athletes
  • Movie Stars
  • CEOs
  • Entrepreneurs
  • Business Consultants
  • Real Estate Agents

Earning a 7 figure salary is quite hard, but with determination, the right skills, and experience, you can also reach the goal.

» You can also read my post: How To Get Motivated To Make More Money

A Breakdown of 7 Figure Salary 

To understand how much a 7-figure salary actually is, let’s break it down to an hourly to monthly income. Below is the table of what you earn per hour, day and month to have a 7-figure salary.

SalaryAmount
Annual Salary$1,000,000
Monthly Salary$83,333.33
Biweekly Salary$38,461.54
Weekly Salary$19,230.77
Per Day Salary$3,846.15
Hourly Salary$512.82
Total Work Hours Per Week37.5 hours
Tax Rate (USD)($431,967)
Income After Tax Deductions$568,033

This calculation is based on the assumption that one works 7.5 hours a day, 5 days a week, and 52 weeks a year. The assumed salary is $1,000,000 annually. 

Now the salary might vary depending on the extra work hours or leave, or working on holidays. 

The total tax applicable on a 7-figure salary in a year is $431,967 after which the net income is $568,033. 

Here’s a breakdown of the tax:

TaxAmount
Federal Income Tax$328,164
State Income Tax$72,534
Social Security$9,114
Medicare$21,700
SDI (State Disability Insurance)$31.20
FLI (Family Leave Insurance)$424
Total tax$431,967

This table shows the breakdown of tax for a 7-figure salary.

Famous People Who Earn 7 Figure Salaries

Here are some examples of real-life people who are making 7 figure salaries in a year and are doing quite well in life:

  • British financier Nathaniel Rothschild made a yearly income of $1397817 in 2018.
  • Famous Indian cricketer Virat Kohli made $1 million in 2020.
  • American actor, Tom Hiddleston, known for his character Loki, makes $2 million annually.
  • American movie star Zendaya makes $2.5 million in a year before taxes. 

How Much Is an 8-Figure Salary?

An 8 figure salary has eight digits in its amount such as $10,000,000. If you’re earning anywhere between $10,000,000 to $99,999,999, then you’re earning an 8-figure salary. Most people who have a net worth of 8 figures are affluent with investments and stocks.

People may find it easier to earn eight figures by investing than by finding a job that pays an 8 figure salary.

However, there are jobs that can help you make 8-figures in a year including the benefits, bonus, and commission that come with that job. 

» Maybe this also could be of interest to you: Top 10 Best Passive Income Books « Rated & Reviewed

What Jobs Pay 8 Figures In a Year?

If someone is making 8 figures solely from a job, then they are pretty much at the top of their game. Here are the jobs that make you 8 figure salaries in a year:

  • Hedge fund managers
  • Senior software engineers
  • High-profile football players, athletes, etc.
  • Startup founders
  • Influencers
  • Project managers
  • CEOs

A Breakdown of 8 Figure Salary 

Now that we know how much an 8-figure salary is, let’s learn about how much you have to earn hourly or monthly to have an 8-figure income annually. 

The chart below lists the 8-figure salary per hour, day, and month. 

SalaryAmount
Annual Salary$10,000,000
Monthly Salary$833,333.33
Biweekly Salary$384,615.38
Weekly Salary$192,307.69
Per Day Salary$38,461.54
Hourly Salary$5,128.21
Total Work Hours Per Week37.5 hours
Tax Rate (USD)($4,634,967)
Income After Tax Deductions$5,365,033

The chart is based on 7.5 hours of work, 5 working days in a week, and 52 weeks in a year. The assumed salary is $10,000,000.

You can take your own assumed salary and working hours to calculate your own breakdown of income on Talent.com

To know how much tax you would be required to pay, according to the USA, take help from the chart below as it breaks down the tax payments. 

The total tax applicable on a 8-figure salary in a year is $4,634,967 after which the net income is $5,365,033. 

TaxAmount
Federal Income Tax$3,658,164
State Income Tax$734,034
Social Security$9,114
Medicare$233,200
SDI (State Disability Insurance)$31.20
FLI (Family Leave Insurance)$424
Total tax$4,634,967

This table shows the breakdown of tax for an 8-figure salary.

Famous People Who Earn 8 Figure Salaries 

These are real-life examples of people who earn up to an 8-figure salary annually. 

  • The CEO of NIKE, John Donahoe II earns up to $32.9 million annually. While the CEO of T Mobile, CEO G.Sievert earns $54.9 million per year.
  • Former professional wrestler, Dwayne The Rock Johnson earns around $87.6 million while comedian, Ellen Degeneres earns $84 million/year. 
  • The famous Brazillian footballer, Neymar earns $95.5 million, and American football player, James Harden makes $47.8 million. 
  • The famous YouTubers PewDiePie and Mr. Beast earn up to $12 million and $54 million annually, respectively.

» Read my blog post: 9 Insane Passive Income Examples » (How to Do It RIGHT)

How to Increase Your Income? — Investment and Saving Tips

Earning 7 to 8 figures annually doesn’t happen because of just one job. Some people create multiple sources of generating revenue and profit to create a net worth of 7 to 8 figures or even more.

So how can you create several sources of income while balancing work and life altogether? Here are some tips on how to increase your income as well as how to save your money

Invest Smartly

One of the best ways to increase your sources of income is to invest. How do you think people are earning 6 to 7 figures even after retiring? By investing in dividends, ETFs, or mutual funds.

Investment requires patience, you need to invest money for a long period of time to get a profit or double your money such as compound interest.

Creating a diverse portfolio of investments is a must-have if you want to keep earning as an investor.

Plus, investing requires thorough research in order to avoid risking all of your money, so be sure to weigh all the risks and benefits to invest smartly. 

Invest In Real Estate 

Investing in real estate and becoming a landlord is yet another way to increase your income. It is a bit time taking and requires you to manage tenants and their issues but it’s a great source of income.

For this, you will need enough money to buy a property, and pay tax deductions and appreciation. But if you already own a property, what better way of putting it to use than to rent it out and earn a steady cash flow. 

Keep Track of Your Cash Flow

To save your money effectively, you need to know just how much you are spending monthly.

To keep a good tab on your spending, start keeping a diary to note down your monthly income and expenses.

This should include all of your monthly bills such as rent, fuel, phone bills, and even something as little as your monthly Netflix subscriptions.

Doing this will help you pinpoint the things you don’t use but end up paying for. Such as the subscription services that you can not find the time to use.

You may also be spending a lot more than you need to on your monthly grocery runs. Avoid spending money on impulse. 

This will easily help you save at least $1000 in a year. 

» Maybe this also could be of interest to you: 9 Easiest & Simple Tips: How-To Save $10,000 In A Year

Create a Budget Plan

Budgeting helps one plan how much money they will spend monthly and how much of it goes into their savings account. Deciding how much money you will spend and on what things can help you save quite a lot of money. 

Most people have misconceptions that budgeting takes away the fun parts of spending hard-earned money.

Keeping the bills and rent aside, your monthly budget can help you save up money for your favorite hobbies such as traveling, eating out, going to the cinema, etc. 

You just have to spend according to your planned monthly budget. 

FAQs — 7 and 8 Figure Salary

Is a 7-Figure Salary Good?

A 7 figure salary isn’t just good, it’s GREAT! It’s a perfectly paved road to financial freedom and independence. A 7 figure salary is an achievement that many people spend their lives chasing. 

If you are earning a 7-figure income, you are basically a millionaire and according to research, you’ll be ranked amongst the top 8% of earners in the USA.

Along with that, a 7-figure salary will help you live freely and happily.

So if you are thinking about earning 7 figures income, keep working hard.

Is 8 Figure Earner Rich?

Yes, people who earn 8-figure salaries are filthy rich and are called multimillionaires because they make multiple million dollars in a year. So, yes, that’s QUITE RICH!

Can You Retire After Earning an 8-Figure Salary for 10 Years? 

You can live comfortably retiring after earning an 8-figure salary for 10 years. If you’re good at managing finances and live a minimalistic life, you can even live for 15-20 years on your retirement budget.

If you have effectively saved your money for the past 10-15 years, you can live an easy and comfortable life after retiring earlier than you intend to.

Plus, you can invest somewhere to keep earning passive income to further help your finances.

» Read my blog post: 27 Better Passive Income Ideas for Developers

Final Thoughts

Now that I have told you everything you need to know about a 7 and 8-figure salary, hopefully, it will help you generate your career path smartly.

You just need the right expertise and a spoonful of determination to get to your desired salary.  

Continue your side hustles until you reach your desired income goal.

About topworklife.com

Hi’ my name is Simon. I am the owner of Top Work Life.

Together with a my team, I write content about income generating ideas, entreprenurship and growth as a person

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