Want to know how much is 7 figures in money? A lot. In this article, I break it down:
- What it means to have a 7 figure salary or income
- What professions earn 7 figures
- What it takes to build 7 figure business
Just like 6 figures, the umbrella term of 7 figures is quite misleading. Someone making $1000,000 a year cannot fairly compare with someone making 9 times as much, yet both individuals can correctly claim to be making seven figures.
What Currency Is Used When Referring To 6-Figures?
When referring to 7 figure income, the currency associated with it is usually in USD.
So, to claim to be making seven figures in another currency, you need to be making 7 figures in USD equivalents. In low economy countries where their currency is 100 times less than the US, you need to make 9 figures to become a 7 figure earner.
7 Figures Meaning— How Much is 7 Figures in Money?
A 7 figure income is one in the range of $1000,000 and $9,999,999. Of course, these are extreme ends, and the persons generating the highest extremes are way wealthier than those in the lowest extremes of these figures.
Thus, 7 figure earners can be further classified as follows:
- Low 7 figure earners: $1000,000— $4,000,000
- Medium 7 figure earners: $4,000,000 — $7,000,000
- High 7 figure earners: $7,000,000 — $9,999,999
Decimals (or cents) in income do not count as figures. Thus, if you are making $999,999.99, you are still a six-figure earner and not otherwise.
So, simply put, a person is said to be earning seven figures if:
- Their income is in the range of $1,000,000 — $9,999,999
- The income is the USD
- The figures that make up 7 figures are whole numbers
How Much is 7 Figures Monthly?
When broken down into monthly payouts, 7 figures income falls in the range of $83,333.33 to $833,333.25. These amounts are huge and are only made by a select few.
What is a 7 Figure Salary?
How much is a 7 figure salary? When used in salaries, a 7 figure refers to the annualized income before taxes that’s between $1000,000 and $9,999,999.
Now, it’s crazy to think that some jobs are paying 10M in annual salaries, but there are!
After taxes, low 7 figure earners may actually be 6 figure earners.
7 figure Jobs and Careers: Who Earns 7 Figures?
Most of the individuals who earn 7 figures are business owners and investors with different holdings in several companies.
There are, however, few jobs that pay 7 figures in salaries, and include:
- Investment Banking
- CEOs and other C-level executives
- Enterprise Sales Account Executives
- Private Equity Managing Directors
- Star Movie Actors
- Corporate lawyers
Businesses That Make 7 Figures in Annual Income
To make seven figures running a business, you need the right business, the right team, the right channel and the right customers.
Here are some business ideas if you want to make 7 figures:
a) Start an on-demand SaaS business
SaaS is becoming more competitive, but there is still room for niched segments. In SaaS, UX and functionality are critical, so if you are not an experienced developer, you’ll need to hire the best of skills to develop and continually improve your product before releasing it to the public.
With the right software that does what it claims to do so well, and a throughout, planned and excellently executed launch, you should get enough customers to get you to 7 figures in a few years.
b) Create a Marketplace
Marketplaces like Fiverr, eBay, Etsy, and Amazon are multi-billion-dollar businesses, and you too can have a piece of this industry by crafting a solution that serves a particular audience.
An online marketplace is a platform that connects buyers and sellers. You make money by charging processing fees and commissions on sales generated through your platform.
Though competing in the general marketplaces is tough, you can grow quickly by focusing on a given demographic. Some booming marketplace ideas right now are:
- Rental marketplace (dresses, fashion, bikes etc.)
- Talent marketplaces
- Experience marketplaces
- Niche marketplaces
c) AI Writing Applications
Artificial Intelligence is finding its way into various aspects of our lives, from communication, writing to crafting business emails. In fact, these AI Writing tools are making a kill right now, raising millions in seed round capital with ease.
To enter this industry, you need a team of savvy tech developers who will create highly intuitive UX and UI experiences, improve the GPT-3 model and modify it to implement the solution you want to create. Some of the areas you want to explore to make 7 figures with AI writing tech include:
- Generating personalized texts for cold email and LinkedIn intros using the website and LinkedIn profile URLs only (Writecream does this really well)
- LinkedIn personalization and automation (Scalenut does this well)
- Ad copy generation
- Chatbots etc.
d) Ad Agency
Running an agency may not be a suitable 7 figure business, but if you can target fortune 500 companies, then this idea can be worth 7 or even 8 figures.
These companies spend millions of dollars in ad spend every year, and it only makes sense for them to optimize their ads so that they are not running their ad spend down the toilet. This is where your business comes in. You need a team of experts in Facebook and Google ads who will help your clients get better results.
Your team will be responsible for advising the clients on which ads to create, overseeing the ad idea generation and production, setting up PPC campaigns, monitoring performance and improving the ads as and when necessary for better performance.
Characteristics of 7, 8 and 9 Income Earners
There are a few traits that most 7 income earners have in common, including:
To make 7 figures a year, you need to be willing to take risks. Founders and CEOs take calculated risks in their businesses so as to scale quickly and make more money for the stakeholders.
Risk-taking involves knowing which risks are worth taking and which ones aren’t. As an executive, you don’t want to make a decision that might cripple the whole business if things don’t turn out as expected.
At the same time, as a father, you don’t want to channel all of your kid’s college funds into a business.
b) Constant Improvement
7 income earners are always looking for ways to improve themselves in terms of personal growth and business opportunities. They are more likely to:
- Enroll in premium masterclasses and online courses
- Listen to productivity, mindset, financial and investment podcasts
- Attend high-end events and training
- Set goals and implement them.
The key to making 7 figures is making yourself worth the pay. If you are employed, then finetuning your skills will lead to better business decisions and hence better business. If you are a founder of a company or a business owner, then working on yourself will enable you to make smarter decisions in regard to risks, investment opportunities, and general management and coordination.
Also, personal growth will enable you to live a life and not just bury yourself in work. You become a better father, a better mum, a better partner, a better sibling… this peace with self also translates to how you conduct business.
c) Action Takers
What’s better than planning, is taking action. Remember that nothing moves until you do. 7 figure earners know this by heart. They discern what needs to be done, figure out how it can be done, double down on how it should be done more effectively, devise a plan and then execute.
Whether developing a new product line, entering a new market, adding different marketing channels, 7 figure earners always make sure to seize opportunities as and when they appear. In a world that’s more competitive than ever, you can’t snooze.
You now know how much 7 figures is worth and even gotten some business ideas worth exploring. If 7 figures feels like a stretch, that’s because it is. Here are some business ideas that won’t make you millions, but they are easier for anyone to start.