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Minimum Wage vs. This? [Official Thread]

Discussion in 'BlackHat Lounge' started by macdonjo3, May 6, 2010.

  1. macdonjo3

    macdonjo3 Jr. VIP Jr. VIP Premium Member

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    Ok guys, this is the question every new member of this forum or any other IM forum:

    Could you make more money with minimum wage?

    Lets see, in canada minimum wage is around $9.25 or something. I think that is student wage but i don't know, its close enough. So an 8 hour standard day is $74. Now, how much time you put in before you make any money? I am a failing IM and you can see I have been in this since November 09. The total money made is $110 ish. I spent 5 hours on it some days, others just a few. Lets use an average of 2 hours, every day. 2 hours = $18.50. From november to april is 6 months of 30 days. 30 day x 6 months x $18.50 = $3330. So in my case it is $3330 vs. $110. What is everyones thoughts on this?
     
  2. gbmack

    gbmack Power Member

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    i have two thoughts on this.

    1. IM is not for everyone.

    2. you could keep going, and you might just get lucky.

    just because others are successful doesn't mean it's for you.

    i'm reading a book about rich people and there's a good quote that i'll paraphrase "go into a business of your expertise. i failed in every business other than the business of my expertise"

    keep in mind that a good 95% of people fail in IM.

    4% only earn 5 figures and below.

    the other 1% earn 6 figures + a year, sometimes a month.

    even though these statistics are made up, i'm pretty sure they're accurate :)

    and jesus. dont go into a minimum wage job.... at least work for goldman sachs and bank 600k a year wanking off to porn!
     
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  3. killxp

    killxp Junior Member

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    Probably has gone through everyones' mind before achieving success or giving up. Peter2002 has this sig:
    People Never Fail At Internet Marketing - They Just Quit Before Success Happens

    Thats pretty much my opinion on the matter. If you think that $110 is bad, imagine this, thousands of people try IM for a year and never make $1, not even $0.01! Yeah, $110 is nothing to brag about but if you can make $110 then you can make $220, $440, $880 ...

    If you have bills to pay and need a guaranteed income then get a job. Anything, preferably something you don't need a resume for. That way you can give it up the moment you are comfortable with living off of your online income.

    Just my thoughts,

    Kind Regards,
    killxp
     
  4. Bolo334

    Bolo334 Junior Member

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    I always loved made up statistics especially in this business.

    FIND OUT WHY 99.991% OF MARKETERS FAIL!
     
  5. renkman

    renkman Newbie

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    97.35% of all statistics are made up
     
  6. bobbys

    bobbys Regular Member

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    I'd like to offer an alternate view:

    All throughout life we're taught a hollywood fairy tale mentality that anyone can succeed at anything if they just never
    give up, keep on trying, never surrender, etc etc. Life has taught me that in reality, this just isn't the case.

    Some people have personalities, lifestyles or mindsets that simply cannot be adapted to IM. Internet marketing is hyped
    too often as a get rich quick, fast/easy money, "make thousands while sitting in your underwear from home!"
    scheme so of course, in theory, it appeals to almost everyone. Then people do a bit of digging and eventually find
    forums like BHW and within a few weeks they're convinced that if they just buy scrapebox and xrumer, create a 3 post
    blog and spam the shit out of the internet that they can build an empire of blogs and retire from the hundreds of thousands
    they'll make in "passive income" from adsense and affiliate offers.

    I don't think gbmack's estimated figures of 95% of people failing and giving up on IM are too far off reality, at least as far
    as the number of people who are able to make a sustainable income from IM and not just $100 a month from adsense.

    I never like to discourage people from something they have their heart set on, but it's heartbreaking to see people's hopes
    built up to the point that they believe they can quit their 9-5 job and live the high life with IM if they just put enough time
    and effort into it.

    The truth is that no matter how much time and effort you put into something, sometimes you're going to fail or at best attain
    mediocre results because it's not your cup of tea. Then it becomes a matter deciding if you should keep trying to get blood
    from a stone. Like the OP said, had he held a simple minimum wage job and worked only 2 hours a day he would have made
    $3300 in the last 6 months vs the $110 he made from this. So after taking his opportunity cost into consideration (the value
    of his time) he actually lost $3190 so far.

    I hope all this doesn't sound too pessimistic :dizzy: just remember to always keep your opportunity cost in mind when
    deciding whether IM is really for you...
     
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    Last edited: May 6, 2010
  7. astral_stardust

    astral_stardust Newbie

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    Sometimes it's not about getting rich fast like all those spam emails promise. I work extremely hard to be able to make about the same online as the average minimum wager does, but as long as I can financially survive everything's fine. The most important thing to me isn't getting rich but that I'm a million times happier working at home than I ever could be wasting a third of my life at some meaningless service job.

    It never hurts to try and make more though, and the room for expansion is another bonus to doing this type of work. It's great to get paid for the quality and quantity of work you do, as opposed to spending a fixed number of hours at some job place whether there's something to do or not.
     
  8. ShareTip

    ShareTip Junior Member

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    Truth always hurts, for the majority of people.

    There is always a market for fairy tales.
    Those who sell fairy tales make money off of those who try to turn fairy tales into reality. The former get rich, the latter go broke, in the majority of cases.

    This is true not just for IM, but for almost any trade. The difference is in degree.

    It may well be much easier and more profitable teaching people how to succeed in IM than actually trying to succeed. The same with stocks, futures & options.

    You're likely to make far more money trading GOOG (both long and short) than trying to nickel and dime to death via adsense.

    In business of risk, my bets tend to be with the house and the croupier, not the high roller.
    It is far better to be in control of uncertainty, than to have uncertainty gain control.

    But then Black Swan exists, though admittedly rare.

    JMHO

    YMMV
     
  9. DebtFreeMe

    DebtFreeMe Regular Member

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    I think it really depends on how long you are willing to train and learn. Just look at college, people spend $20,000 or much, much, more for 4 years. That is actually a negative return if you only look at those years, but once they have done that, they can go on to make much more money.

    Sites like BHW are here, with plenty of low and high level information to help make money online. The question is are you the guy that is going to drop out half way through your education, or do you keep going and find the key that gets you where you want to go...

    For me, I have set a 5 year time frame to making $50 K a year online (not much for some, but enough for me to live on with my other investments), and then I will re-evaluate where I'm going. Of course by then I should also have my Masters in Economics. So, I'm ready with a back up, but I am learning new skills on here every day, so we'll see where I am in 5 years...
     
  10. Micallef

    Micallef Supreme Member

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    Nice reference to the black swan, I've read Taleb too.

    You need to be fully engaged in IM for it to work. You need to love the work, be emotionally invested in it. I get a real sense of satisfaction as I see my sites climb the Google serps. It's not just about the money I might make from the position. I actually really like what I do - I like spamming, I like building links, I like keyword research.. ok admittedly I hate writing content, but luckily I no longer have to do that myself.

    You need to be able to make enough to pay for food and rent and internet. Then, cloister yourself at your PC, give up the slave-mill 9-5, and dedicate yourself to really finding out what this Google bitch is all about and how to beat it. This was the first step to the freedom I enjoy now.
     
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  11. seanjohn

    seanjohn Regular Member

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    Stop trying to push crap. It's as simple as that.

    If you sell something you truly believe in, even if you don't sell a single unit, you will keep trying to find new ways to sell it until it SELLS, because you have PASSION.

    If anyone tells you that they met enormous $uccess on the internet without doing any hardwork, do not listen to them. They are lying.

    IM can be viewed in 2 ways: 1) The study of marketing on the internet and 2) A tool that helps you accelerate your goals (profit, research, etc). Please do not confuse the two, as I have done for a while.

    Are you really passionate about internet marketing? Do you wake up early and goto bed late because you're just so excited to do internet marketing? If not, maybe you should look into doing something that does ... and THEN use IM as a tool to market your passion. ;)
     
  12. ShareTip

    ShareTip Junior Member

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    I agree with seanjohn & Micallef.

    IM is a valuable expertise, if mastered well. It can help in any form of marketing and communication that one needs to do.
     
  13. ShareTip

    ShareTip Junior Member

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    I agree with seanjohn & Micallef.

    IM is a valuable expertise, if mastered well. It can help in any form of marketing and communication that one needs to do.
     
  14. kumansk

    kumansk Regular Member

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    go back to your 95
     
  15. keverone

    keverone Junior Member

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    Exactly right!!!
     
  16. Panther28

    Panther28 Elite Member

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    what i have found that if you work a 9-5 and find yourself addicted to IM when you come home at night instead of drinking at the pub, watching 5+ hours of TV then you will make as much as you want. Pretty soon, your mind will explode, and you'll say why am i working 9-5 at this job, when i'm making more money doing my IM full time, of course you have to prove it with the numbers.

    Some people just prefer to do other things lets face it. One of my trusted mates, who will meet me ever 6 months for a quick smoke, never wants to come and work for me full time, even though i'm offering him good money, and he's an unemployed bum, and he always complains of no money. Some people prefer to do other things than make money. No offense, to anyone who does, just upto them at the end of the day.
     
  17. biks

    biks Power Member

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    LOL - A whole FIVE HOURS huh?

    There's your problem right there.
     
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  18. CoyoteAssassin

    CoyoteAssassin Elite Member

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    It's hard to only spend 5 hours a day on it at the beginning but there will come a point where you find yourself spending more and less on some days as your system is in place. You always need to take a vacation and clear your mind as that is a great time for new ideas to arise.

    But back to the OP question.

    Work a job that you know will get you paid. As Chris Rock said, "I don't care what you do, just get paid to do it." Your job is a great way to support your IM work. You need money to get going.

    I think most of us have had days where we make $0 and other days were we make our two-week pay in one day. It takes both to be successful as both help you develop your program.

    Again, do something that will get you paid. If you flip burgers and are successful at IM, move to IM. If you flip burgers and are good at managing a store, manage a store...
     
  19. ForeverNever

    ForeverNever Power Member

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    I'm glad this is the official thread.

    Now I will know that all the other threads comparing minimum wage to internet marketing are crap.
     
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  20. RamChaturvedi

    RamChaturvedi Supreme Member

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    So you are considering that you started earning 9$/hour from the first day you step into IM??? I bet you didn't even know the power of BHW on your 1st day and also what actually IM is and you take it as 9$/hour!! That's weird!! :)

    It took me around 2-3 months to understand everything and then took me another 1 month to make a blueprint,setting up of blogs,approvals in CPA & Adsense and all other shit!!!