A six-figure salary is a career goal of almost anyone. For some reason, when we set down to pot out our career, that is the number that sticks in our heads as equating to success.
A six-figure salary sure looks like a lot, whether that be $150,000 or $650,000. But what kind of lifestyle comes with that salary?
The truth is it can be both a good thing and a bad thing depending on how you choose to spend that salary. If you spend all your money on luxury items, that six-figure salary lifestyle may look good on the outside but be hard to maintain.
However, if you are good with your money, you should be able to live comfortably with a few nicer things in life.
Of course, that all depends on the cost of living and your lifestyle, as we said. Understanding that is key is why we have decided to give you a little insight into what a six-figure salary lifestyle can be.
What Is it Like to Make Six Figures?
The lifestyle that a six-figure income brings with it is dependent on two factors – location and lifestyle. It may seem like six figures will go a long way and afford you a pretty cushy lifestyle, but if your area’s cost of living is high, it might mean you are just eeking by.
For instance, a six-figure salary in, say, New York is not going to be nearly as nice as, say, if you lived in Memphis. This is because the cost of living in each of these cities is drastically different.
But when looking at that salary level on an average cost of living city, you may find you are living a rather nice life.
This amount of money coming in yearly could allow you to drive a nice car and live in a nice home. Most that have this salary and live in a place that is not too expensive can travel and explore new adventures more than someone living paycheck to paycheck.
What Do People Spend That Money On?
So if you are lucky enough to have this salary coming in, what is typical for you to spend your money on?
That depends on you and what you think of as a necessity. For many of us, this type of salary encourages us to buy a new car, a bigger and better home, or take some trips.
But in the end, what someone with a six-figure salary spends their money on really depends on them. Some will find fulfillment in purchasing new things, while others will focus on building those one-of-a-kind experiences.
Things That Six Figure Salary People Don’t Buy
For people just now getting into this salary bracket, one of the questions that might come across is how to spend their hard-earned money. But instead of thinking about what to buy, the better question might be what shouldn’t be bought.
People trying to get the most out of their six-figure salary tend to use it for the basic necessities first. This means they stay away from purchasing lavish gifts for themselves and others.
Is a Six-Figure Lifestyle Overrated?
Having a six-figure income is not a bad thing. But with the cost of living increases that have happened on a global scale, this amount of money does not go quite as far as it used to.
So you might feel good about achieving this milestone in your life, but you may not get everything you think you will.
So a six-figure salary is amazing, but it might be overrated in some aspects. The truth is a six-figure salary depending on where in the spectrum you fall, will not necessarily give you a luxurious life.
Is a Six-Figure Salary Still Considered Good?
As we said, whether a six-figure salary is good depends on what type of lifestyle you want to have and where you live. Understanding this, you will be able to determine if you need to set a new goal for making more money.
It will allow you to live a pretty comfortable life in most places in the world. So as long as you live in a place with a decent cost of living, a six-figure salary is definitely still a good thing to have.
Final Thoughts on Six Figure Salary Lifestyle
A six-figure salary lifestyle really depends on the individual and where they choose to live. All in all, though, the lifestyle should afford you the ability to have a nice car and home while living comfortably with little stress to be had in the financial sector of your life.