Why do you consider a good annual income?
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christianbed
Elite Member
- Aug 17, 2011
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Depends on where you live, how many dependents you have, retirement goals, etc. It is really a broad question.
There are the digital nomads who are happy to move around the world, live out of a backpack, etc. My feeling is that they don't need very much to live that lifestyle. However, it strikes me as a lifestyle that appeals to bachelors who are in their 30's or younger. So what I'm saying is that while basic IM is a great way to fund your travels, the scene changes once you get married and have kids...now you need a house and car, and saving for your child's education and retirement requires serious cash.
For some, a 'good income' is any amount that is equal to or greater than what they could earn in a so-called 'real job'. This means it would be answered differently if you're a bin man or a GP.
You can also live on a whole lot less in some countries than others, so again, it depends.
For someone living in a major world city, I'd think you'd probably want to shoot for $100k/yr.
There are the digital nomads who are happy to move around the world, live out of a backpack, etc. My feeling is that they don't need very much to live that lifestyle. However, it strikes me as a lifestyle that appeals to bachelors who are in their 30's or younger. So what I'm saying is that while basic IM is a great way to fund your travels, the scene changes once you get married and have kids...now you need a house and car, and saving for your child's education and retirement requires serious cash.
For some, a 'good income' is any amount that is equal to or greater than what they could earn in a so-called 'real job'. This means it would be answered differently if you're a bin man or a GP.
You can also live on a whole lot less in some countries than others, so again, it depends.
For someone living in a major world city, I'd think you'd probably want to shoot for $100k/yr.
BlackFrost
Junior Member
- Jan 21, 2012
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timothywcrane
Supreme Member
- Apr 25, 2009
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I would consider "good" as a scale term, to be somewhere around 150% median regional wage where it is able to give you the lifestyle a 150% median wage in the USA would give you (as this is my vantage point). I would say that because I have lived elsewhere where the average wage was well below here in the US as well as above, but the lifestyle was comparable at below US average standards for both wage earning levels. I have also lived where wages were much lower but at 150% of regional wages (not US) I lived like a king.
So the dollar amount is reflective only to the lifestyle it can obtain.
So the dollar amount is reflective only to the lifestyle it can obtain.
DFWi Reaper
Regular Member
- Nov 10, 2014
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Not sure where dadangle lives, but 15k-20k a year wouldn't even let me survive on rice where I live as in Texas.
My goal is to build income up to 50k-60k in IM (while working another job).
Then if I can hit 100k-120k I may debate going full IM.
But a good annual income to me, or comfortably living, would be 250k-300k
My goal is to build income up to 50k-60k in IM (while working another job).
Then if I can hit 100k-120k I may debate going full IM.
But a good annual income to me, or comfortably living, would be 250k-300k
Capo Dei Capi
BANNED
- Oct 23, 2014
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Decent income is 1200*(the average rental income of local area/33).
Good income is 1200*(the average rental income of local area/25)
Great income is anything over 1200*(the average rental income of local area/10)
Good income is 1200*(the average rental income of local area/25)
Great income is anything over 1200*(the average rental income of local area/10)
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dadangle
Junior Member
- Sep 6, 2014
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Northern Indiana mate. I've got some family in Allen Texas and I understand where you're coming from. If they lived here, they'd be wealthy. But there, they're just normal.
ZennoBlaster
Senior Member
- Jan 17, 2014
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Still thinking of getting back into pig farming? I heard you can turn shit into cash, like over the Warrior Ranch. 
Haha I live in Texas too, anything less than 35k is suicide.
DFWi Reaper
Regular Member
- Nov 10, 2014
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Yeah this is the single man life
Cheap 1 room apartment maybe 500-600$ + 100$ for utilities, electricity, internet = ~$7500/y
Food at say 20$ per day if you're buying your own food and cooking = ~$7200/y
Gas for car, assuming you have a paid off car and don't drive much, 100$/m = ~$1200/y
These are just 3 essentials for living and you're already at ~$15,900/y
Then another 25-30% in taxes, so you'd need ~$20,000
Not including other bills, insurance, car insurance, etc etc...
Living is expensive lol
Yup, it definitely is! And you're struggling at best.
DFWi Reaper
Regular Member
- Nov 10, 2014
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What would change your mind? The low goals originally, the cost of living, or personal taste?
This is something that will vary from individual to individual. As someone mentioned previously, you should be able to pay your bills, have food and other necessities, while having some money that you could use for fun. Additionally, if IM is going to be the full time job I would suggest having an emergency fund and putting away money into retirement accounts. For me that would mean I would need to make between $150,000-$200,000 a year. This would also be factoring in the taxes that would have to be paid on the money.
serpmover2014
Regular Member
- Sep 5, 2014
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Anything less than $250k a year needs work. So, thats what im going for in 2015. At minimum $250k.
DFWi Reaper
Regular Member
- Nov 10, 2014
- 272
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Anyone here actually make these figures though? I know most won't respond due to being spammed to death from "HOW DO YOU DO IT" pms, but I am curious who on this forum makes 6 figures, and even $250k+
I know people make that, but being new to IM, I'm curious how much the "above average" IMer makes.
I know people make that, but being new to IM, I'm curious how much the "above average" IMer makes.