How Much is 4 Figures (4 Figures Money)?
How much is 4 figures when it comes to income?
When you are talking about a 4-figure income, you must take into consideration the amount of time it takes to make the 4-figure income. The difference between an annual 4-figure income and a weekly 4-figure income is huge! Let’s compare different annual income levels, and how your approach to finances will differ.
How much is 4 figures in annual income?
If you are only making four figures a year then you are considered a very low earner. Most people earning between $1,000 and $9,999 in yearly income are working a part-time job or making under $5 an hour which is currently illegal in the United States.
Teens and young adults
Most people earning a 4 figure salary are going to be teens and young adults, or a stay at home parent working a part-time job.
For young adults working a part-time job, it is best to focus on making good financial decisions to keep your spending in check while building full-time careers that can sustain you moving forward as an adult.
You need a budget to track spending
You are going to need a budget to keep track of your spending and keep from going into debt. A four-figure salary is not a lot of money, so it is important to be mindful of your spending.
Find ways to stretch your dollar
There are a lot of ways to save money, such as couponing, eating out less, and driving a less expensive car. Unless you are a “super saver” you are going to find investing to be almost impossible with an annual salary of 4 figures.
How much is 4 figures in monthly income?
When it comes to 4 figures in monthly earnings, it’s important to break it down between low, mid, and high earners. This is because each group has different priorities and goals.
Low four figures
For low earners, making between $1,000 and $3,000 in monthly income, the focus should be building your career and earning potential. You are making enough to sustain your lifestyle but will have very little left to produce wealth and invest in your future.
Mid four figures
For mid-earners, making between $3,000 and $6,000, the focus is on maintaining their current income while building passive income strategies on the side. By investing in real estate, or the stock market, you can start to build a passive income stream for you and your family.
High four figures
For high earners, making between $6,000 and $9,999, the focus is similar to mid-earners but with more disposable income, to build wealth and passive income even faster. Don’t let wasteful spending keep you from building wealth so you can work less and spend more time with your family.
How much is 4 figures in weekly income?
Just like with a monthly four-figure salary there is a vast difference between a low weekly four-figure salary and a high weekly four-figure salary. Though once you are making over $1,923 a week you will be making an annual six-figure income, and at that point will be doing better than the vast majority of people!
So now that you are making over $2,000 in weekly income, you should switch your focus to increasing your wealth. By using a budget and being smart with your spending, maxing out your company 401k should be well within reason for someone making four figures weekly.
As we move to weekly earnings in the high four figures, amassing large savings should be your main goal. With an increase in disposable income, building wealth and retiring with over one million dollars should be within reach. This is also an annual salary in which looking into investing in a life insurance retirement plan or LIRP makes a lot of sense.
How much is 4 figures in daily income?
If you find yourself making more than 1,000 dollars a day, congratulations! You have joined the ranks of the elite! This exclusive group makes up less than one percent of all earners in the United States.
Once you eclipse making $2,740 a day you will have entered into the realm of seven-figure incomes!
Making 4 figures a day comes with a lot of benefits but also has its disadvantages you may have not thought about.
You'll pay high taxes
What does this mean for you? Well, for starters, you can expect to pay a lot in taxes. Of course, there are ways to minimize your tax liability, but even so, being a member of the elite comes with a financial price tag.
People will dislike you
Additionally, you can expect to face some scrutiny from your fellow citizens. It can be tough to connect with people who have an average annual salary of over $350,000 when you’re struggling to make ends meet. So, if you find yourself among the elite, be prepared to face some jealousy and resentment.
How to increase your income
Are you tired of living paycheck to paycheck? Is your annual income only four figures? If so, there are a few things you can do to bring in additional income.
Educate Yourself
It’s no secret that in today’s economy, a college degree can make a big difference in your earning potential. But did you know that there are other ways to increase your income by working on your education?
Even if you’re not looking to go back to school for a higher degree, there are plenty of continuing education courses and professional development programs that can help you expand your skill set and earn a good salary.
Start a business
Starting your own business is certainly one way to increase your average income. But it’s important to keep in mind that building a successful business takes a lot of hard work and dedication.
It’s not something that you can just do on the weekends or in your spare time. You’ll need to put in long hours and make sacrifices if you want your business to be successful. But if you’re up for the challenge, starting your own business can be a very rewarding experience.
Start a side hustle
Today, it seems like everyone has a side hustle. And with good reason – a side hustle can provide a much-needed financial boost. Whether you’re looking to save for a big purchase, pay off debt, or simply have some extra spending money, starting a side hustle is a great way to make it happen.
But what exactly is a side hustle? In short, it’s an online business or side job that you can run alongside your full-time job. And the best part is, there are no rules when it comes to what kind of business you can start.
Whether you’re selling handmade goods on Etsy, providing freelance writing services, or even just washing windows, a side hustle is a great way to go from a four-figure earner to five figures in a hurry.
One of the best ways to sell handmade products is to start an online store. You can sell products you make yourself or resell products you purchase from wholesalers. There are so many products to choose from, and with a little creativity, you can find a niche that many other businesses don’t. For example, custom keychains are a good choice. Check more on GS-JJ.com.
Conclusion
How good a four-figure income is depends on how fast you are making those four figures. If you are making 4 figures a year, you need to focus on education and getting started in a career with good earning potential.
If you are making 4 figures a week or day, then it is time to focus on building wealth and passive income so that you can eventually retire and enjoy your life and family. No matter where you are on the financial spectrum, there’s always room for improvement. So keep working hard and smart, and you’ll be sure to achieve all your financial goals.
