- Four Americans recounted their experiences with six-figure salary has affected their lives.
- Increased wages have enabled them to go traveling, clear their student loans, and enhance their interpersonal connections.
- But landing a higher salary has come with long hours and more responsibilities.
Landing a higher salary can be life-changing, four Americans who've reached this pay threshold over the past decade said.
Rising prices in recent years six-figure income may not extend as much as before, but for numerous individuals, it has enabled them to indulge in trips or build up their financial stability.
Many Americans do not have earnings of six figures or more according to a survey by the New York Federal Reserve Bank found the average annual salary for full-time workers was about $82,000 as of November.
Business Insider sought insights from four individuals who have earned over $100,000 yearly regarding the primary advantages of their financial status. six-figure income . BI has verified their earnings.
The perks include enhanced relationships
David Houde first earned a six-figure income in 2015. This year, he's earning roughly $144,000 annually as a software engineer The individual, aged 48 and residing in Michigan, mentioned that increasing his income reduced his reluctance to make purchases.
I would usually maintain an ongoing total while doing my grocery shopping," he explained. "If the amount seemed to be rising too much, I would begin deciding which items could wait for the subsequent trip.
House mentioned that he sometimes depended on credit cards to purchase items, which accrued debt when he couldn't pay off the balance. Now he has enough money to not only pay off his credit card but have plenty left over.
Christopher Stroup, who first made $100,000 in 2014, said the pay bump helped him pay off his student debt.
The 33-year-old, who lives in California, said his income also enhanced his relationships with friends and family. He can afford to regularly travel with them or dine out at restaurants with them.
"I even have an annual goal to make it to Europe at least once," he added. "None of that would be possible if I weren't earning at this level."
Stroup also started his own financial-planning business, which he launched in September after leaving his job in August. He said that he'd had to put a lot of money into his startup but that he'd saved enough in recent years to both invest in his business and meet everyday expenses. He said he expected to earn more than $100,000 in combined income this year from his prior job as a financial advisor and his business.
The benefits might be accompanied by increased duties.
Corritta Lewis first earned a six-figure income in 2018 and said her salary had doubled over the past few years. In 2023, she earned roughly $280,000 across her consulting job And a travel blog that she manages additionally.
The individual, aged 35 and residing in Orlando, informed BI that the additional earnings have enabled them and their spouse to explore global destinations, prepare for an earlier retirement, and secure funds for their child’s upcoming years.
"We both left school burdened with substantial student loans that put our life plans on hold, so we're determined to make sure he doesn’t find himself in that same predicament," she stated.
However, Lewis mentioned that her increased earnings came with a notable drawback: "not having enough time." As she progressed up the salary scale, she often found herself needing to work extended hours. Year-end periods tend to be especially hectic for her — she stated that she had been clocking between 50 and 60 hours per week lately.
"I do not have as much free time to spend with my family," she said, adding, "I am trading my time today to reach a specific retirement goal."
She said she hoped to be able to pivot to part-time work in a few years after growing her savings further.
Similarly, for John, a millennial in California, making more money has come with additional responsibilities.
He initially achieved a six-figure salary in 2018 through his work in the IT sector Moreover, they are set to make approximately $250,000 this year from combining their efforts at a full-time position with a part-time role, both of which can be handled remotely.
John mentioned that one of the most significant effects of earning a six-figure income has been his ability to provide financial support to his family.
"I pay for my mom's rent and for the majority of my sister's medical expenses," said John. His identity is known to BI, but he asked to use a pseudonym over fears of professional repercussions.
Even with these additional expenses, John said he had enough money for himself and was worrying less about his finances than he did earlier in his life.
"I could afford a decent quality of life without having to look at the prices of things, he said. "Given that I don't have a college degree, this was very freeing for me."
Are you making over $100,000 a year? Are you willing to share your story and the impact this income has had on your life? If so, contact this reporter at jzinkula@Pawonation.com .
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