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Putting "Make $XXX Per Day!" In Perspective

Discussion in 'Making Money' started by Cnotey, Dec 19, 2015.

  1. Cnotey

    Cnotey Power Member

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    I just wanted to write out a thread to put something in perspective for some of the newer folks, and maybe even some of the vets here.

    Here on BHW, and in a lot of other IM forums, income is calculated by day. (e.g. $100 per day, $500 per day).

    When seeing numbers this way, does $100 sound low? Does $1,000 per day sound like an "attainable" goal?

    When you calculate your $XXX per day, most people lose perspective in comparison to the rest of the world, and even your own peers.

    I just want to put some of these numbers in perspective, so you can learn to set reasonable goals and be proud of what you've done so far:

    $100/day = $36,000/yr which is about what someone making $18/hr at a day job makes. Also puts you in the top 1% richest people in the world. (http://www.globalrichlist.com/)
    $500/day = $182,500/yr which is more than most people, even in the US makes. Families who make this much are usually a dual income earners both with at least a bachelors degree. Puts you in the top 0.05% richest people in the world.

    $1000/day = $365,000/yr this much puts in you the official definition of "upper class" by U.S. metrics. Almost no one in the U.S. makes this much money. Puts you in the top 0.02% richest people in the world.

    This helps me put my income in perspective. I usually measure by week or by month. When I measure daily I say to myself "Oh I only had a $350 day today". But when you put that into a yearly perspective it's over $125k a year.

    I'm not saying don't have big goals. All I'm saying that if you're making $200/day, that's a lot of money! Start with reasonable goals and then work your way upwards. Chances are, you won't be in the top 0.05% and 0.02% richest people in the world....
     
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  2. eXclusivejobs

    eXclusivejobs Junior Member

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    Well articulated and great perspective. Hit small goals and set larger ones all the time.

    I remember starting off just wanting to make $1/day because I thought $30 extra a month could buy me some free beer in college.
     
  3. drew32091

    drew32091 Junior Member

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    I've thought about this on multiple occasions. Even making $25- $30 a day is great. That is what the average minimum wage worker makes. That's been my goal for a while when I go on little IM adventutes
     
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  4. Sythix

    Sythix Senior Member

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    In IM its always important to break down the math, you can't really figure out your ROI without it. Whenever I get a working method, even if it doesn't make much, a couple bucks a day even, I like to figure out what to expect after 30 days. This lets me guage whether I want to continue or not. Is this is this amount of work worth $xxx per month? With a small method that only makes a few bucks a day I would have to be at least doubling my money every month or I would can it. But that is just me. Some boonies are happy with $100 a month. Always good to put it into perspective, keeps you grounded.
     
  5. mogambo

    mogambo Registered Member

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    That makes a lot of sense. Break the big target into small achievable targets and you will reach your goal.
     
  6. abhi007

    abhi007 Jr. VIP Jr. VIP

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    I liked the way you have explained the funda :)
     
  7. Euphorix

    Euphorix Supreme Member

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    Very relatable. Directly before the OP posted this I spoke with a 4 member group that makes a combined mid to lower xxx/month. Pretty intense stuff

    We're so fortunate :)
     
    Last edited: Dec 19, 2015
  8. Jerry48

    Jerry48 Newbie

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    Well put. Feel free to write more posts. Valuable info.
     
  9. Tosmekop

    Tosmekop Supreme Member

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    Don't forget ROI.
     
  10. Divination

    Divination Power Member

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    The global rich list website is bollocks.

    There are 700 million people in Europe, 36 million people in Canada, 300 something million in the US, and more in NZ/AUS. Think about the living conditions of the aforementioned countries. China has a lot of big earners now as well.
     
    Last edited: Dec 19, 2015
  11. MermaidMurder

    MermaidMurder Regular Member

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    Yeah that is where everyone messes up. They don't take into account the overhead and costs of workers. I have seen people get wrecked by hosting costs on a bunch of sites many times...
     
  12. Cnotey

    Cnotey Power Member

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    We don't live as well here in the US as you would think. 1/5 Children here in the US lives in poverty. Remember there are 7 billion people on this planet. At a world GDP of $70 trillion, and considering the fact that a few thousand people account for 70% of the wealth in the world, the average income in the world is about $10k a year, or about $27/day.

    It's not "bollocks" as you say. Read from any other source and you'll see incomes for everyone around the world.

    Additionally, my point was a little higher level thank you are thinking.

    Just trying to point out that $250/day is a lot of money to most people. At that income level you are making about $91k a year. Which is about what someone with a master's degree makes.

    We need to stop measuring IM money by the day. It takes earnings out of perspective to the way the rest of the world measures income. People come here thinking they will make $500/a day to start, which is just not reasonable, statistically. Shit I don't even make that much, and I make about $160k a year. Which equates to about $440 a day. And I have a degree and 15 years experience in my day job field.

    Start with smaller goals. $50 a day, $100/day, even $200 a day. But don't start off with a goal of "I'm going to make $1000 a day!"
     
    Last edited: Dec 19, 2015
  13. Hawkster

    Hawkster Jr. VIP Jr. VIP

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    I started IM roughly 8 months ago - been here since 2013 but pissed about for a year before getting serious.

    Started with a goal of $10 per day, and im making roughly an average of $50/day with some days reaching $200+

    Main source of income is from a product review site.


    I owe that achievement to BHW and its members. Without you guys i wouldn't be making anything.


    Next year i hope to be fully self employed - and im confident i'll achieve that.



    There is something pretty much all newbies are told when they open an introduction thread, and that is to 'read' through the forums, trouble is most newbies don't want to be told that, they want to be told how to make money NOW. Its those people that will go on to fail or give up.

    I was one of the newbies that listened to that advice - and im glad i did.


    Cheers BHW
     
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  14. Divination

    Divination Power Member

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    Ugh I've been trying to look for my source for the US income distribution and can't find it.
    I remember I had this same discussion with one of my teachers and showed them the source from census.gov, and they were surprised that this "great source!!" (globalrichlist) is actually bs.
     
  15. Cnotey

    Cnotey Power Member

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    Being from the UK maybe you would prefer a local source?

    http://www.dailymail.co.uk/news/art...obal-elite--half-worlds-richest-live-U-S.html

    http://www.bbc.com/news/magazine-17512040

    http://www.nccp.org/topics/childpoverty.html

    I can quote sources all day. It's fairly common knowledge.
     
  16. Divination

    Divination Power Member

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