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Why do you consider a good annual income?

Discussion in 'BlackHat Lounge' started by a-jani, Dec 30, 2014.

  1. a-jani

    a-jani Junior Member

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    Why do you consider a good annual income that would make IM worthwhile as full-time career?

    10k? 30k? 50k? 100k? 200k? 300k? (all USD)

    Would love to hear your reasons and what you consider a "good" income in this industry.
     
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  2. christianbed

    christianbed Jr. VIP Jr. VIP

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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.
     
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  3. safex

    safex Jr. VIP Jr. VIP

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    300K Yearly I consider a Good Income.
     
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  4. BlackFrost

    BlackFrost Junior Member

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    I'd consider a good income to be at least equivalent to what you'd make working full time on minimum wage, so it would depend where you live; in UK I'd be aiming for about £12k (say US$18k+) in Australia something more like $36k+ (say US$30k+), while I could be wrong I've heard some countries like Lithuania you'd need about US$300/month
     
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  5. timothywcrane

    timothywcrane Power Member

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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.
     
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  6. dadangle

    dadangle BANNED BANNED

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    Really, if you can make more than 15-20k a year, you at least have the equivalent of a full time, minimum wage job here in the U.S. I don't make my entire living with IM, but I like to shoot for 50k a year minimum.
     
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  7. DFWi Reaper

    DFWi Reaper Regular Member

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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
     
  8. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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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)
     
    Last edited: Dec 30, 2014
  9. dadangle

    dadangle BANNED BANNED

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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.
     
  10. ZennoBlaster

    ZennoBlaster Senior Member

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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. :p
     
  11. proxygo

    proxygo Jr. VIP Jr. VIP

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    i think a decent income should be enough to help with the bills
    put food on the table, and a bit left over to save for a rainy day
     
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  12. Arghkane

    Arghkane Newbie

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    Haha I live in Texas too, anything less than 35k is suicide.
     
  13. DFWi Reaper

    DFWi Reaper Regular Member

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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.
     
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  14. gtull2

    gtull2 Power Member

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    I would have to net at least $200k to do it full time. Makes me puke just to write that. 30 years ago I would have said $10k.
     
  15. DFWi Reaper

    DFWi Reaper Regular Member

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    What would change your mind? The low goals originally, the cost of living, or personal taste?
     
  16. mswriter

    mswriter Newbie

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    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.
     
  17. serpmover2014

    serpmover2014 Regular Member

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    Anything less than $250k a year needs work. So, thats what im going for in 2015. At minimum $250k.
     
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  18. reoman

    reoman Junior Member

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    Lets see average median household income in my area is $120k. That's is just average, I would say anything above $250k is "good".
     
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  19. SEORasta

    SEORasta Senior Member

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    I am very simple. Bills paid w/o losing sleep and extra for BS....so about $5-6K per month and I am fine.
     
  20. DFWi Reaper

    DFWi Reaper Regular Member

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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.