David Houde, Corritta Lewis, Christopher Stroup
Landing a higher salary can be life-changing, said four Americans who've reached this pay threshold over the past decade.
Due to rising prices in the past few years, a six-figure income doesn't go as far as it used to, but for many people, it's allowed them to splurge on travel or establish financial security.
Most Americans aren't six-figure earners: The average annual salary for full-time workers was about $82,000 as of November, the latest data available, per a New York Fed survey.
Business Insider asked four people who've made more than $100,000 annually about the biggest benefits of having a six-figure income. BI has verified their six-figure earnings.
David Houde first earned a six-figure income in 2015. This year, he's earning roughly $144,000 annually as a software engineer. The 48-year-old, who's based in Michigan, said boosting his earnings made him less hesitant to spend money.
"Even when grocery shopping, I used to try to keep a running tab of what I was spending," he said. "When I felt like it was getting too high, I'd start making decisions on what I could put off until the next time."
House said he occasionally relied 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's based 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."
Additionally, Stroup started his own financial planning business: He launched it in September after leaving his job in August. He said he's 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 expects to earn over $100,000 in combined income this year from his prior job as a financial advisor and his business.
Corritta Lewis first earned a six-figure income in 2018 and said her salary has doubled over the past few years. In 2023, she earned roughly $280,000 across her consulting job and a travel blog she runs on the side.
The 35-year-old, who's based in Orlando, told BI the extra income has allowed her and her wife to travel the world, plan for early retirement, and save for their son's future.
"We both graduated with crushing student loan debt that delayed our lives, so we want to ensure he is not in that situation," she said.
However, there is a significant downside to her higher income: "lack of time," Lewis said. Rising up the pay ladder has required her to sometimes put in long hours. The end of the year tends to be a particularly busy time — she said she's recently been working between 50 and 60 hours a week.
"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 hopes to be able to pivot to part-time work in a few years after growing her savings further.
Similarly, for John, a millennial based in California, making more money has come with additional responsibilities.
He first earned a six-figure income in 2018 working in the IT sector and is on track to earn roughly $250,000 this year across a full-time and part-time job, both of which are remote.
John said one of the biggest impacts of his six-figure income is that he's been able to help out his family financially.
"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 due to fears of professional repercussions.
Even with these additional expenses, John said he has enough money for himself and worries 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@businessinsider.com.
