Is "six figures" still a lot of money?

12 years ago

Hi Shawn,

It's still a large chunk of cash for a majority of the population in the US, not to mention a life changing amount in most other countries.

No, it won't work for someone already close or above that amount, but it could be considered more effective because it's believable. The mental jump from say someone making $75,000 a year now to making $100,000 does not present as much subconscious objection as say $75k a year to $9,000,000 which would be more likely to create a "yeah right" type of response.

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Steve Hill

12 years ago

A six-figure income could be as high as $999,999, which is not chicken feed.

Perhaps a good way to express it today could be "mid six-figure income" or "upper six-figure income."

Specifying a 7-figure income potential for a biz opp/make money at home niche is probably going to raise credibility issues, but six figures is still believable (and seems even more believable for people already close to that).

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colmodwyer

12 years ago

Perhaps you could use a more stable money than Fed dollars... "Get Paid 1-ounce of Gold Everyday Filling out Surveys in Your Spare Time!"

Colm

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RedShifted

12 years ago

Depends on your socio-economic status and how you were raised.

If you grew up poor, and spent a lot of your earlier life poor, then six figures will likely be a lot regardless of whether its low/mid/high six figures.

If you grew up a rich, spoiled, brat, it will likely mean nothing to you.

I grew up poor, and even though I make low six figures now, it still feels like a lot of money to me.

(probably because I'm a frugal *******)

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chrisbiz4444 12 years ago

What business are you in
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BudaBrit

12 years ago

I make 6 figures every month! Shame it's in Forint!

For 95% of the world, $100k is still a lot of money. Hell, for 23m Forint, I could buy 3 properties, rent them out, live on the rent income and then go on holiday for 2 months with the rest!

I also saw a wealth inequality chart today: 80% of Americans have just 7% of the wealth. The climb from the 80%s to the 90%s is so much harder and anything that can help you get there.

Perhaps use that instead: "break into that top 10%"

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deezn 12 years ago

My wife made more than 6 figures as an insurance adjuster (she only worked catastrophes and worked night and day so it wasn't much hourly but cumulative it was) and I made close to 6 figures at my old job. So it was over $200,000 a year for a couple years.

After taxes (I'm in California), student loans, and other bills it wasn't a lot. We were comfortable for sure, and lived well, and did things we wanted to do. Able to put away a little.

But in San Diego, or San francisco, it's not a ton of money. And somewhere like New York City you're borderline asking for welfare.

She's since transferred from that position this past year, I quit my job and opened my practice this year, so our income isn't up to that level ... yet. Oh and we bought a house too so I need to get better at copywriting!
But that's why I'm in this forum.
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- ewenmack 12 years ago
  
  Shwan,
  I'm thinking to take it a step beyond the obvious,
  which is to name a figure.
  
  Take it to how the money will take away a pain.
  
  The pain of the job he hates.
  The time she is away from her young child.
  Not being able to be the man who fully provides for his family.
  
  See how the money connects with a primal urge?
  
  Best,
  Ewen
  
  Thanks
  
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konakid

12 years ago

I think six figures is a ton of money for most people. 95% of people in this world would be ecstatic to have that.

However, if you live in an expensive area or spend lots of money you could burn through 6 figures very quickly.

It's all about perspective really.

Personally, I would be happy with 6 figures. I don't need much to be happy, and valuable experiences and people over work and money.

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gjabiz

12 years ago

My 40 years in the Biz-Op markets...taught me:

Avg. US income, still around 32k a year, 16 bux an hour and in a bell curve of Biz-Oppers most less than that by far...but, the money especially in the headline still attracts attention...the pitch is also for Financial Freedom, which is the illusion, in my opinion.

Work at home moms want to be home with their kids...for most the money is supplemental...for those who need to make it their "job"...than it must be QUICK AND EASY, SPARE TIME

Men under 40, it is about being in CONTROL...they hate either their boss or job.

Men over 40 look for something easier, something they too can control but without the 60-70 hours a week it really takes to make a Biz-Op successful.

Most of the Biz-Op crowd understands squat about taxes and liability issues or the hidden costs of operating a business. They don't know it takes almost 160k to net 100...

If they gross 100k, after taxes and expenses, they may net 60 with a good accountant.

Not that long ago Biz-Op ads were required to put in the not typical disclaimer.

If I were writing copy, sure the 6 figure has an appeal, but I'd back it up, even build on a foundation of "independence" and being your own boss.

As always, testing to the target reveals the answer. I doubt if a Donald Trump is going to get excited over 6 figures unless he doesn't have to lift a finger to get it...the seekers, however...

Well each Target has her/his own needs/wants...so TARGETS before copy...

gjabiz

PS One of my favs was the DuVall ad with the headline...

$100,000.00 in 90 DAYS

Hard to beat that one.

Originally Posted by shawnlebrun

So, I just read a pretty interesting stat in our hometown newspaper yesterday.

It said that a family with 2 kids must make $80,000 a year, in combined income, JUST to make ends meet. Just to pay rent, bills, and have enough left over to eat.

That's not too far off $100,000... which at one point seemed to be a dream income. These days, it doesn't seem like much at all, I guess.

I know for sure that most people in my town won't make that.

So, does using "six figures" still work as well in the biz opp/make money at home niche?

Does "six figures" still have the same emotional punch? I know in most nice neighborhoods these days, a million bucks won't buy you a half-decent home.

so... when does using "six figures" just make prospects yawn instead of getting excited?

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rimam1

12 years ago

6 figures is STILL a big deal.

I work for a hospital in Chicago and we have lots of med students and residents who expect to make $115k to $150k as primary care physicians (surgeons and specialists can make 2 to 3 times that amount).

But they STILL go through 4 years of college, 4 years of med school, 3 years of residency, and sometimes a fellowship, just to make $150k to $250k.... not to mention the debt.

So yes, 6-figures still means a lot.

Now if you could show someone how to make a PASSIVE 6-figure income while still keeping their day job to pay off debt, take fancier vacations, save for college, invest, donate to charity... that would be BOSS.

Raza

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Andre Slater 12 years ago

The only people who think six figures is not a lot of money is people who make well above that figure for an extended period of time... They would have to bring their state of living up to that point and beyond to say that 6 figures is not a lot...

I am sure the 99% of the population still thinks this is huge amount of money. Only 0.5% of the world population are millionaires... So, yes millionaires may feel like 6 figures is basically being broke (TO THEM )

When combining household incomes to equal out to 80k, that is a whole different subject, first to make 40k a year with a job, you basically have to kill yourself working to make it or you have to have major degrees to even get a chance at the job. So if you make 40k and your wife makes 40k and you have a family it's not a lot, especially if you have debt...

Let's say that 1 person makes $8,000 a month... This is huge and that income enables you to live the best life possible if you know how to manage it...

Good Budget $8k
Normal Home (4-5 bedroom) Good Space
Normal Car ($20-40k) lease or low rate
Cost of living (normal don't live way out means)

Bad Budget $8k
Huge Home (6-10 Bedroom) Mansion like
Expensive Car ($50-$100k) Exotic
Cost of living (everything magazine like) Super High

So 6 figures is huge unless you can't budget your money or you have a family where you have to portion that money to them...

Me personally getting to six figures is my goal. This is why me and most people surf WF to learn how to get to 6 figures... This goal is something I can work toward completing... I know I can reach 6 figures easier than 7-8 figures... Once I get to 6 then I move to 7 and up.

Most people you ask "how much do you want to make" are going to say 10k a month, not 100k a month...
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Mark Pescetti

12 years ago

I only do six figures on most years.

But I live simply.

I couldn't care less about stuff;

I'm all about freedom.

That's one of the reasons I love copywriting.

I can do it from anywhere.

So I spend most of my spending money on traveling.

Besides...

Being stuck in Mount Shasta blows more than a cheap...

Well...

You know.

Mark

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deezn

12 years ago

Andre, you must subtract 30% or even more for taxes.

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Andre Slater

12 years ago

Originally Posted by deezn

Andre, you must subtract 30% or even more for taxes.

Thanks... I do know about taxes... But 100k with taxes vs 20k with taxes I would take 100k all day long... The original post of this thread was not about 100k before or after taxes... It was asking if 6 figures is a lot of money? Which I say yes taxes or not...

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deezn

12 years ago

Originally Posted by Andre Slater

Thanks... I do know about taxes... But 100k with taxes vs 20k with taxes I would take 100k all day long... The original post of this thread was not about 100k before or after taxes... It was asking if 6 figures is a lot of money? Which I say yes taxes or not...

I understand that, but my point was, $8k per month in some areas of the US is not a lot of money. I was specifically referring to your examples of someone with bad and good budgeting and more specifically this statement:

So 6 figures is huge unless you can't budget your money or you have a family where you have to portion that money to them...

I was just adding a caveat to your statement. It is a lot of money to a lot of people but in a lot of areas it isn't. NYC, SF, LA, hell even in San Diego. Welcome to Southern California where $100,000 salary will get you a nice condo sometimes, unless you move to the sticks and commute.

So when I said don't forget taxes, it was just an addendum to your examples (not a direct refutation, objection or anything).

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Written

12 years ago

Originally Posted by shawnlebrun

a family with 2 kids must make $80,000 a year, in combined income, JUST to make ends meet. Just to pay rent, bills, and have enough left over to eat

I'm sorry, but I call bullshit. What kind of lifestyle are these folks leading that they can't get by on about $5,000 a month--and that's giving a lot of allowance for taxes and day-to-day bills--to spend on just 4 people? Each person really costs over $1,000 a month in upkeep?!

I'm legitimately interested in where this number came from now. Could you please post an excerpt from the article you read?

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marciayudkin

12 years ago

What kind of lifestyle are these folks leading that they can't get by on about $5,000 a month--and that's giving a lot of allowance for taxes and day-to-day bills--to spend on just 4 people? Each person really costs over $1,000 a month in upkeep?!

Depends on where you live and who your reference group is.

In a big East Coast/West Coast city or in many keep-up-with-the-Joneses suburbs, six figures barely lets you get by. However, in other parts of the country, six figures puts you up among the very highest earners in your town.

A couple of months ago the Boston Globe had an article where they quoted a 60-ish single man living somewhere close to Boston who had a million dollars in savings and said he can't afford to retire and will have to keep working. I find it hard to imagine what his "needs" are. Most people could retire several times over if they had a million dollars in the bank, plus Social Security and a house they already own.

Marcia Yudkin

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deezn

12 years ago

I can talk from experience because my last job my starting salary was $60,000 (granted it was in 2005) for the first year. After California taxes and withholding, with no 401k contribution, my take home pay was around $3,000.00 a month.

I survived. I was comfy. I was able to put a little away. But I was also single. Rent for a 1 br apartment in an older but safer part of town is at least $1,000.00. Nicer apartments are at least $1,500.00, 2 bedrooms. Leaves me $1,500 a month for me. Cell phone, car payment, gas, food, trying to find a wife etc. Lol (married now). I could spend that money pretty quickly.

This is in San Diego. LA, Orange County and San Francisco are going to be much worse. You have to move inland for housing to be cheaper (Riverside, San Bernardino, Stockton, you know, cities that are on the verge of bankruptcy).

California really does a number on your paycheck. I suspect no income tax states such as Nevada, Texas and Florida is much easier on a paycheck, and couple that with cheaper housing, the cost of living is better. $80,000 will really get a family of four going in parts of Texas. In LA they're almost living paycheck to paycheck. LA is hard too because you are forced to live near your job with their murderous traffic.

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max5ty

12 years ago

A 6 figure income in today's world isn't much.

Ever seen a show like "The Housewives of..." 6 figures won't get you in the club.

6 figures a year isn't poor, but you won't get into the country club.

Most earning 6 figures are living in trailer parks. I think there's a show on T.V. now about a trailer park.

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marciayudkin

12 years ago

Most earning 6 figures are living in trailer parks. I think there's a show on T.V. now about a trailer park.

Having a 6 figure income probably puts you closer to the medium income range in most communities.

Nationally, this is WAY off base. According to Wikipedia, U.S. median household income was $50,502 in 2011. This is not individual income but household income. The average price of a house in the U.S. in 2010 was in the $200,000s.

People who live in trailer parks are probably living on $30,000 a year or less.

Marcia Yudkin

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Andre Slater 12 years ago

wow this post is getting heated...

Of course if you live in an expensive area like parts of Cali or NY, yes it is expensive and 100k is nothing in those areas, but it is your choice to live there.

It's expensive because people can pay it and that area charge more for everything, because of the lifestyle, but it is a choice...

In my city 6 figures gives you the ultimate experience... A million dollar home here in my city is pretty much a mansion, but if you were to go 2 hrs away to Atlanta, GA 6 figures is not as impressive.

If I chose to move to Atlanta, I will make sure my income matches how I want to live...

I know that 6 figures is a lot of money, because majority of the population don't make that figure by themselves.

I worked in sales at a job for 12 years and I was making between 40-60k and some of my co-workers were making around the same and some made 80k+ and some of the 80k people were buying 500k homes and brand new luxury cars, while I stayed in a beautiful 2 bedroom apartment with a rent of 500 vs their 1500+ a month. So it's really about if your trying to keep up the image or your really trying to be wealthy...

Wealth boils down to assets, not your taste... I am personally trying to build assets and homes are not assets.

Also how many jobs pay 100k a year? Not many and the ones that do, put you through a rigorous application process where you have to be ultra qualified with degrees, training, and experience. Why do companies make people jump through hoops for a job that pays 100k??? Because they don't want to pay and if they do pay they want double their money's worth...

Just my 2 cents... Good convo everyone... I love WF
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max5ty 12 years ago

Originally Posted by marciayudkin

People who live in trailer parks are probably living on $30,000 a year or less.

Marcia Yudkin

LOL...Marcia, guess it didn't come out right, but I was joking when I threw that last sentence in.

There's a new show on T.V., I think on Discovery about a trailer park. Don't know why but once I started watching it I couldn't turn the channel. Most probably haven't seen the show yet but the people in it are hilarious.

I agree with you though, most are probably living on what you said, or less.
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lynnswayze 12 years ago

Originally Posted by max5ty

Most earning 6 figures are living in trailer parks. I think there's a show on T.V. now about a trailer park.

^ And this sort of thinking is why our lawmakers are so out of touch.

(Although people do actually think this, I'm sure.)
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ronrule

12 years ago

It's more about what you spend than what you make.

Several years back I was pulling a salary of about $108k, and had all the "toys" to show for it ... 3 cars, motorhome, $2k mortgage, typical yuppie crap. And every month that whole paycheck would go out the window making all of those payments.

I got turned on to Dave Ramsey in 2008 and it changed how I looked at money. Got rid of what we didn't need and paid off the rest - it was a long road but worth it because now, even though I'm making more than I was back then, I could live on a lot less if we ever needed to. Nothing is guaranteed... my wife is a stay at home mom and we have 3 kids, if I was injured or something and lost my ability to generate an income, she wouldn't be able to get a job that replaces it. But she wouldn't have to because we don't have to worry about anyone showing up and taking our stuff, it's all paid for.

And I did buy the "toys" back later, only with cash this time. Changes your whole perspective... most people shop by payment, not by price, but it's actually pretty easy to save money and pay cash for the things you want when your paycheck isn't going to banks every month.

What's "a lot" is relative to how you've spent it. I felt broke making $108k, but today I could live the exact same lifestyle on less than half of it.

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Bruce Wedding

12 years ago

Originally Posted by shawnlebrun

That's not too far off $100,000... which at one point seemed to be a dream income. These days, it doesn't seem like much at all, I guess.

...

So, does using "six figures" still work as well in the biz opp/make money at home niche?

Does "six figures" still have the same emotional punch?

so... when does using "six figures" just make prospects yawn instead of getting excited?

I believe, when you look at your prospects for offers promising income, yes, six-figures still carries a lot of weight. Even though prices have gone up, salaries have remained pretty level for the past 30 years. The middle class has become the lower-middle class.

As for the rest of the discussion, people are talking about perspectives. Rich is always defined as "twice as much as you make or more".

Once you get to six figures, you'll realize it's not as much as you imagine. I haven't made less than six figures for the past 20 years and I've never felt "rich".

But to answer the OP question, yes, I think it still works well. And what are your options? You can't sell "7-figures" because it's not believable. I suppose you could go to monthly numbers like "20,000/month"

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deezn

12 years ago

True, 6 figures is a lot to one group, not another. For example, in my niche, legal marketing, telling a brand new attorney you will show him how to create a 6 figure practice from scratch, will get you noticed.

Selling expensive coaching to established lawyers, all who make close to 6 figures already, or much much more than 6 figures, won't have the same effect.

I've seen a lot of lawyers already making $250,000 but are miserable because they have clients they don't like working with, they work 60-70 hours a week, can't take vacation and have to take all clients coming in because they don't know if they'll have clients 6 months from now.

Some have turned this around and have doubled their salary, some making 7 figures, expanding their staff and office space while reducing their hours worked AND being picky with their clients, firing clients who they do not like.

If I were to ever offer any services to my niche, I'd make sure whatever product targets one or the other, not both.

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lynnswayze

12 years ago

Originally Posted by shawnlebrun

So, I just read a pretty interesting stat in our hometown newspaper yesterday.

It said that a family with 2 kids must make $80,000 a year, in combined income, JUST to make ends meet. Just to pay rent, bills, and have enough left over to eat.

That's not too far off $100,000... which at one point seemed to be a dream income. These days, it doesn't seem like much at all, I guess.

I know for sure that most people in my town won't make that.

So, does using "six figures" still work as well in the biz opp/make money at home niche?

Does "six figures" still have the same emotional punch? I know in most nice neighborhoods these days, a million bucks won't buy you a half-decent home.

so... when does using "six figures" just make prospects yawn instead of getting excited?

#firstworldproblems

I have four children. Six figures motivates me. To answer your question, though, one has to sort through quite a bit.

How do you (or others) define a "good" standard of living?
How much debt do you have?
Where do you live?

I live in Indianapolis and a six figure salary would do me nicely. I can buy a very decent home for $100K. Apartments large enough for my family run about $1k/month. I can buy a mansion for $250K. Now in California or Arizona or New York/New Jersey... six figures won't go as far.

I think it really depends. I am not the type of person who is motivated by yachts and crap. I just want to pay my bills, be able to actually afford daycare and good schooling for my kids, pay off my student loan debt, and be able to live within my means and actually have a savings account and donate to charity. But I'm a realist. *shrug*

FYI - I am able to feed our family and live reasonably for about $50K combined income per year. We have a lot of debt that isn't paid, but we aren't living in a trailer park or in a dumpy part of town. And I have four children.

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Is "six figures" still a lot of money?

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