I NEED TO MAKE 50.000$ A MONTH BEFORE I QUIT MY JOB!

14 years ago

I had a job/salary ... once. It didn't take much for me to walk away! Motivation to move on is everything. You can figure out the bills - if you have the motivation to.

I figure most can walk away from their jobs if they clear around 3-4k a month (many less). From that point you have to have the guts to make it work.

Entrepreneurship is not for everyone. If you need the structure that the corporate life brings, stick with a job. Structure is limited in the high-flying world of IM.

Now, im off to feed the baby, continue home-schooling the other kid, and I need to write 4 articles today! Howz that for structure?!

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skibbz

14 years ago

Originally Posted by MilesT

I had a job/salary ... once. It didn't take much for me to walk away! Motivation to move on is everything. You can figure out the bills - if you have the motivation to.

I figure most can walk away from their jobs if they clear around 3-4k a month (many less). From that point you have to have the guts to make it work.

Entrepreneurship is not for everyone. If you need the structure that the corporate life brings, stick with a job. Structure is limited in the high-flying world of IM.

Now, im off to feed the baby, continue home-schooling the other kid, and I need to write 4 articles today! Howz that for structure?!

haha good one man

some people are stuck to the corporate structure like zombies they are gonna have to die working for someone else

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pheonix44

14 years ago

because of the comparative insecurity of online self-employment

With respect to you Alexa, I don't think you could call this job market secure.

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Alexa Smith

Banned 14 years ago

Originally Posted by pheonix44

With respect to you Alexa, I don't think you could call this job market secure.

I did wonder about that when I made the comment, to be honest. My feeling was, though, that internet marketing is so insecure and the success-rate probably so low that anything paying a salary on which a family's dependent for their survival is probably comparatively more secure. I'm slightly hypocritical alleging this, I admit, having a mortgage myself and having internet marketing as my only income-source, but there you are ...

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DireStraits

14 years ago

Originally Posted by Alexa Smith

I did wonder about that when I made the comment, to be honest. My feeling was, though, that internet marketing is so insecure and the success-rate probably so low that anything paying a salary on which a family's dependent for their survival is probably comparatively more secure. I'm slightly hypocritical alleging this, I admit, having a mortgage myself and having internet marketing as my only income-source, but there you are ...

Out of curiosity, Alexa, what makes you feel that internet marketing necessarily provides an income that is less secure/dependable than that of a "regular" job?

I totally understand and agree that the success rate is so low for people to try to enter the world of online money-making, but if you're lucky enough to be part of the group who knows what they're doing, and are already earning a nice income, why should it be more prone to "drying up" than the income earned by those working in/for probably 50%+ (totally pulled that number out of my rear end of course, but you get what I mean) of other businesses who provide products and services which are equally "unnecessary" for the survival, well-being or happiness of an individual or society as a whole?

I mean, we all need access to things such as food, medicines and medical supplies, etc, as these are all integral to our survival and well-being, right? But for every business that brings to market (as a manufacturer, supplier, or retailer) such necessary commodities, there seems to be many more whose products and services exist primarily only to provide entertainment, novelty-value or convenience, etc, but aren't strictly needed.

We've seen many well established businesses get into trouble or kick the bucket admist this recession, and many of those people (of which there were many) who were unlucky enough to have lost their jobs as a result have struggled to replace them with one that provided them with a comparable or better income, if they have at all.

I guess what I'm saying, in a nutshell, is that the vast majority of products and services offered by all businesses--online and offline--are unnecessary. As such, they seem just as at risk of being shunned by the consumer in a time when they're prone to tightening their purse strings against spending on things which aren't strictly "necessary", as are those offered and promoted by internet marketers. If the demand for something goes down, does the who, where and how of any business which happened to be servicing that particular demand really have much bearing on the fact its revenue (and thus the incomes of all who rely on it) is, most probably, going to dwindle or die off?

In fact, one might argue--at a stretch--that demand for products within many of the popular internet marketing sectors (relationships, health, making money, etc) could rise during a time when ones attention drifts from other more trivial things (frilly drapes, Venetian blinds, Lambretta accessories, exotic holidays, etc) to those which are considered more fundamentally important?

I don't in any way wish to be pedantically challenging your comments of course, as I have a deep respect for you and your contributions to this forum ... I'm merely curious as to your assessment of the merits, risks and overall nature of "what it is we do"

(P.S. Sorry if my writing is hard to understand. Arff had affew ales

)

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Alexa Smith

Banned 14 years ago

Originally Posted by DireStraits

Out of curiosity, Alexa, what makes you feel that internet marketing necessarily provides an income that is less secure/dependable than that of a "regular" job?

I don't think it's necessarily less secure.

But clearly if you look at 100 people with a job and a salary and ask how many of them will be making a living from their job and salary in a year's time, the answer is far higher than the equivalent number out of 100 people who are setting up a new internet marketing business, isn't it? "Our" earning-a-living rate is clearly far lower. This is all I was saying.

Originally Posted by DireStraits

if you're lucky enough to be part of the group who knows what they're doing, and are already earning a nice income, why should it be more prone to "drying up" than the income earned by those working in/for probably 50%+ (totally pulled that number out of my rear end of course, but you get what I mean) of other businesses who provide products and services which are equally "unnecessary" for the survival, well-being or happiness of an individual or society as a whole?

No reason at all. I agree with you there. But the thread's about how much you need to be earning before you give up a job and a salary. So we're not comparing an established internet marketer with an established job/salary holder, are we? We're comparing the two incomes of one person who has an established job/salary and a new internet marketing business, I think?

I've never had a job or a salary, or wanted one; I'm on your side.

But at the same time, I can imagine that someone with, let's say, a spouse and 2.4 children and a dog and a mortgage and all the ongoing financial commitments that all of those things entail (especially the dog) would want their internet marketing income to be very secure over a pretty long period before giving up the job/salary, don't you think?

It's easy, I think, in an economy like this, to say "jobs aren't so secure" ... but what percentage of people earning a salary now will still be earning it in a year's time? Ok, there can be job losses for all sorts of reasons, but the percentage isn't all that low, surely?

I suspect we're actually disagreeing about very little, really, here?

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4morereferrals

14 years ago

But at the same time, I can imagine that someone with, let's say, a spouse and 2.4 children and a dog and a mortgage and all the ongoing financial commitments that all of those things entail (especially the dog) would want their internet marketing income to be very secure over a pretty long period before giving up the job/salary, don't you think?

As one of those someones with 4 kids, 3 cars - teenage drivers, and another teen driver on the way, living in Southern California ... AND a skeptical spouse who still just cant believe that $$$ appearing in a Paypal account makes all that much sense ...

I can assure you that the concern over a being able to keep repeating success on a ongoing monthly basis is pretty damn important. Important to both health, stress and happiness, and marital status.

I guess we could uproot the kids from their jr high, and high schools, the younger girls would get along anywhere ... and dash those teens aspirations in athletics and scholarships and network of relationships - all so one could "prove they had the guts" to step out and go full time in IM, and move to a lower cost of living state - like say BFE Idaho [ sometimes I want the hell out of socal and the pretentious BS everywhere [[ but on my terms ]] ]

You never know - it could come to no choice in the matter for anyone.

A lot of forum bravado from single folks and others living in the sticks where $3k a month is living large ...

I see not much wrong with planning the transition and making sure things are going well before kissing off the $$$ supply.

But yeah - where theres a will theres a way. I think I spend more time build the IM business in my SPARE time than a lot of full time peeps ... sleep is a luxury atm.

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Zabrina

14 years ago

I feel that internet marketing is actually more secure. I know too many people who are floundering and begging every employer in their area to give them work. If one income stream dries up, a wise IM'er will have several more in place to survive until they can open up another.

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success_89

14 years ago

Originally Posted by Zabrina

I feel that internet marketing is actually more secure. I know too many people who are floundering and begging every employer in their area to give them work. If one income stream dries up, a wise IM'er will have several more in place to survive until they can open up another.

agreed theres always the hungry group of people "insert hungry niche" which can be the stream of income..... simple really... find a pack of hungry people and give/feed them what they need

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Suzy 29

14 years ago

In todays economic climate nobody is really safe in a normal job. I think if somebody believes they can make the jump from 9-5 it is a worthwhile decision $50000 a month could eventually come in time after some hard work.

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skibbz

14 years ago

Originally Posted by Suzy 29

In todays economic climate nobody is really safe in a normal job. I think if somebody believes they can make the jump from 9-5 it is a worthwhile decision $50000 a month could eventually come in time after some hard work.

while in that 9-5 job one should be building their online income on the side and try to match or surpass their monthly income before quitting. IM takes time and hard work but if you have not been laid off as yet its a good time to start preparing yourself incase of the worst

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gfsocial

14 years ago

I completely agree with most of the stuff said in this form.. My old 9-5 job was a horrible waste of my life.. I spent more time with co-workers than friends and family... now i do a few website edits.. and everything else is automatic..

Take the plunge ..

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Kay King 14 years ago

When I see a post about "I need to make $XXXXXX a month so I can quit my job - I always wonder if they earn anything close to that on the job.

I had a conversation with a friend that went like this:

Him: I need to make $2000 a month to quit my job - is that possible?

Me: Yes

Him: Actually, I guess when you consider taxes and insurance and other benefits I really need to make $4000 a month before I quit. Could I do that if I work hard online?

Me: Yes, it would take some time to stabilize $4k a month but definitely doable.

Him: Great, I'm going to plan and get started. Though I think I should probably aim for $8000 a month and build in a safety cushion. Could I reach that level in 60 days? Would $10k be better?

Me: Keep your job.

Of course $10k is better - but not as your first goal when all you need to quit your job is a steady $2k a month. Could he earn $8k a month in time? He probably could.

He's smart and has good ideas - but emotionally he's highly dependent and insecure. Those traits are probably why he hasn't moved up to a higher salary at work - he needs frequent feedback and becomes anxious if he has to make decisions. Chances are he'll never feel "safe" working for himself no matter how much he earns.

For those who haven't done anything yet - it's a lot of fun to dream of riches but sometimes big dreams can price you out of the market.

Decide how much you NEED to support your current lifestyle - divide that by 12, add 25% (to cover benefits) - and make that number your monthly goal. You can always increase your goal and aim higher as you go.
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Vogin

14 years ago

The fact is that "normal job" isn't really wise or secure at all.

When you work for yourself, you and you alone determine the possibility and rate of your success.

When you work for anyone else, you are not 100% entitled with the responsibility, thus you are dependent on somebody else and it can turn badly very quickly - you know, others often fail to see things as you do.

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indchris

14 years ago

The best advice I can give you is that it takes a lot to survive as an successful entrepreneur.. at least till you setup your own show of some kind that brings in regular income, even if it is a couple of thou. Once you've done that and learned the nuts and bolts of surviving in it under ANY circumstances, that's the time to quit. Also always good to have something going on offline too, not online. I quit my job long back and am better off because of it.. but there was no gain without pain....plus it is always a good idea to have people to fall back on, more than money. All the Best.

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Aaron.Scott 14 years ago

Nothing is secure no matter what you are going to do. I used to look at the problems with my job, with starting a business, with anything really. I was talking to my step dad who is a real estate mogule of sorts about a business I thought about starting but thought it was have to many problems. He said simply "there are problems with everything, you just need the guts to figure them out"... it was so true!
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George Wright

14 years ago

People I know who live off of, say, $4,000 a month could probable live off of $2,500 if they were realistic about it.

Transportation to work, Work Clothes, Lunch every day, and various other expenses do add up to more than most are willing to admit or are aware of.

Don't forget Starbucks at break time. That alone can be a couple of hundred a month.

George Wright

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Tsnyder

14 years ago

I hold these truths to be self evident...

1. It is possible to earn $50,000/mo online. There can be
no rational argument against that truth. We know it can be
done because it has been done.

2. If they don't quit their "day job" at some point before reaching
$50,000/mo there is a better than even chance they will never achieve
that goal.

3. The only true security one will ever enjoy in life is that which
they create for themselves.

Tsnyder

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ZaraK

14 years ago

But clearly if you look at 100 people with a job and a salary and ask how many of them will be making a living from their job and salary in a year's time, the answer is far higher than the equivalent number out of 100 people who are setting up a new internet marketing business, isn't it?

Two years ago, maybe.

These days? The "security" of either is about the same.

If I had a nickel for every person I've met over the course of last six months who was laid off from a seemingly secure position, after years at their company, then I wouldn't even need to make money with IM. I'd already be rich.

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ZaraK

14 years ago

Most of the time people have hangups about quitting their jobs because they are concerned with things such as health insurance. But I have found that saying you need to make a huge amount of money before you quit your job is really an excuse. If you are making only a few grand a month now then why would you need such a huge amount of money to walk away from your job?

Health insurance is not cheap.

It is particularly not cheap when a family is involved, or if a person has a pre-existing condition or has ever been seriously sick in their lifetimes.

I landed quite unexpectedly in the hospital last year for a few days. Cost to me, without health insurance, would have been 25K. If you don't have 25K just laying around with the dust bunnies under the bed, then you need insurance to cover against the eventuality. Unless you're ok with just declaring bankruptcy, or letting them take all your assets and THEN declaring bankruptcy.

Which, in the US, will add anywhere from 500 to 2000 more a month to your expenses.

I suspect you have much to learn, grasshopper.

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Doug Wakefield 14 years ago

Cutting out the costs associated with the job would put my needs as quite a bit less.

I pull in about 1k a week at the job. Take home about 600.

Bills hit me for about 1200.

Gas hits me for about $8 a day, 6 days a week.. so $48 a week.

Add in lunches and drinks, that are all bought individually as I am feeding one instead of the family, and you add on another $7 a day (adding in breakfast and coffee since I work long shifts). There is another $42.

Thats all before the special clothes, shoes, etc needed (not counting car maintenance that is higher since I drive more often).

I would imagine that I would only need about $2400 a month to walk away, though I will be honest and say that I will not walk away until I have eliminated (or reduced) my highest drain on my pocketbook. So by then you can take me down to $1900.

Of course I would need to get things rolling fast to help pay for taxes, but since I overpay now as a form of savings (big deductions) I have some breathing room.

Let's be honest though, once you achieve an income stream that would cover that, as long as you built things to be scalable this would be a non issue.
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- lstoops 14 years ago
  
  Originally Posted by Clintoc
  
  Let's be honest though, once you achieve an income stream that would cover that, as long as you built things to be scalable this would be a non issue.
  
  Totally agree here. It is important to have a plan. It's not wise to quit something that is paying the bills until you know without a doubt that you can make enough to pay your bills online.
  
  As long as you have the right perspective about being in business for yourself and you have income coming in then you feel ready to leave the job that you hate. It's not even an issue.
  
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pheonix44

14 years ago

Health insurance is not cheap.

It is particularly not cheap when a family is involved, or if a person has a pre-existing condition or has ever been seriously sick in their lifetimes.

I landed quite unexpectedly in the hospital last year for a few days. Cost to me, without health insurance, would have been 25K. If you don't have 25K just laying around with the dust bunnies under the bed, then you need insurance to cover against the eventuality. Unless you're ok with just declaring bankruptcy, or letting them take all your assets and THEN declaring bankruptcy.

Which, in the US, will add anywhere from 500 to 2000 more a month to your expenses.

I suspect you have much to learn, grasshopper.

It may not be cheap but it should not be the only reason you stay in a job you hate or pursue internet marketing full time. I guess I am lucky because I am single with no kids. But health insurance is an issue that was brough up here before, if properly handled it will not be a problem.

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ZaraK 14 years ago

"if properly handled it will not be a problem."

And what is proper handling in your world?
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pheonix44

14 years ago

Knowing what you can afford and what you cannot afford. Knowing how much money you make on a consistent basis so you are able to get a plan that will give you and your family enough coverage to handle basic things like doctor visits and dental. Serious incidents are rare and they can happen, if you do not have a pre existing condition your rates should be low. If you have a pre condition then your rates will be through the roof. In any case having a job is not going to take care of this problem 100% either. You may save some money, but you will still be on the hook most likely for some of the costs if you have a serious condition. Shop around, do a little research and see what would work.

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ZaraK

14 years ago

Originally Posted by pheonix44

Knowing what you can afford and what you cannot afford. Knowing how much money you make on a consistent basis so you are able to get a plan that will give you and your family enough coverage to handle basic things like doctor visits and dental. Serious incidents are rare and they can happen, if you do not have a pre existing condition your rates should be low. If you have a pre condition then your rates will be through the roof. In any case having a job is not going to take care of this problem 100% either. You may save some money, but you will still be on the hook most likely for some of the costs if you have a serious condition. Shop around, do a little research and see what would work.

As I pointed out in my previous post, most people will be paying between 500 and 2000 per month for their individual health insurance depending on previous insurance, general health, age, and size of family. It's not about what you can "afford", it's about what IS, and those costs need to be factored into whatever your budget is.

Having a GOOD job with GOOD insurance provided by the employer certainly does take care of most of it. The only went $1000 out of pocket last year, with a hospitalization and lots of follow up doctor visits. Having a shlub job with junk insurance doesn't.

Shop around, do a little research....I recommend you do the same. I don't know if you are a US citizen or not, but there is a huge health insurance problem in the US today, and health care "reform" has not fixed the insurance problem, nor will it.

Lack of health insurance is only perceived as a non-problem by the very young or those without families to provide for. I must assume you fall into that bucket because you display a very cavalier attitude about a very real concern for most people.

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AndrewCavanagh 14 years ago

That's a very tough question for me to answer because I haven't had a job for so long I honestly can't remember what it's like (except for that nagging feel that I really, really didn't like it).

I think everyone has different comfort levels when it comes to risk.

Most people would never have done what I did in the early days to survive without getting a job.

And that's okay.

I might have got a job myself instead of struggling through if I thought anyone would hire me...lol.

The other side of this...complaining about your job when you're not doing everything you can in your spare time to change things...that's just plain annoying.

There's an old Australian saying (or there should be)...

YoCaGeRSOYA

You can't get rich sitting on your arse.

Kindest regards,
Andrew Cavanagh
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- proactive1 14 years ago
  
  LOL Andrew, unless you were sitting on your arse ten years ago buying gold.
  
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proactive1

14 years ago

Originally Posted by pheonix44

How many of us have heard people say things like this in this very forum? Most of the time people have hangups about quitting their jobs because they are concerned with things such as health insurance. But I have found that saying you need to make a huge amount of money before you quit your job is really an excuse. If you are making only a few grand a month now then why would you need such a huge amount of money to walk away from your job? I thought the same way at first but then I changed my mind. I saw that what I was saying was based on insecurity for the most part and doubt. How many of you know people who think like this, and do you believe it is only an excuse to not invest fully in Internet Marketing?

Unfortunately, considering a worsening economy (regardless of what you hear in the media), you may not have a job to quit!

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rickjamesinfo

14 years ago

well, first of all I would say to that person if you love what you do then its not a job. But that's kind of obvious. But I would also say that if you have a job, make decent money, and its fairly easy work, then why quit. Starting an online business is easier than ever.
Still, if you are unhappy with your job because they make you do actual WORK, then you probably won't be successful with a home business and you will certainly never make $50,000 at anything!

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pheonix44

14 years ago

Having a GOOD job with GOOD insurance provided by the employer certainly does take care of most of it. The only went $1000 out of pocket last year, with a hospitalization and lots of follow up doctor visits. Having a shlub job with junk insurance doesn't.

Buddy I do not know if you mean this as some sort of a personal attack or what. But you can have a "GOOD" job all you want. Fact of the matter is those of us who have the stones to run businesses where we are in control are not concerned about paying high health insurance.

We make enough money where this cost is minimal and the time we gain along with the freedom is worth 500 to 2000$ a month. If everybody who has a successful business now never had the stones to get started because they were concerned about health insurance where would we be?

Bottom line is if you can make good money doing this full time, then hold onto the job and do this part time. Once you have enough money and you are sure about the income you can make then walk away from the job. I understand some people love their jobs and that is fine, but saying you need to make insane amounts of money to quit or using health insurance as an excuse is just that, an excuse.

I am done addressing you as I did not come here to argue with you, your tone is disrespectful and full of venom.

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Shannon Herod

14 years ago

But at the same time, I can imagine that someone with, let's say, a spouse and 2.4 children and a dog and a mortgage and all the ongoing financial commitments that all of those things entail (especially the dog) would want their internet marketing income to be very secure over a pretty long period before giving up the job/salary, don't you think?

I had a wife, a kid and a dog when I decided to go at this venture full-time. The first few months were rough because I was use to having the extra income from my job, but I was quickly able to replace my income and much much more.

I think the only secret to Internet marketing is work. People are spending all their time trying to find the magic button that takes "work" away. Fortunately, that is never going to happen.

So, if you are willing to hunker down and work your butt off I think the odds of success are really good.

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ScottieScott

14 years ago

Maybe people say that because that is what they are making right now, and need to cover bills. Anyone can walk away from a job and start over, but how many have credit cards, car payments, mortgages, college for kids, etc.....?

Yeah "I will walk away from my job making $120,000 a year so I can make $28,000 a year in IM. So what if I can't pay any of my bills, and forget about my family, we have a van to live in.

Just because someone can quit an $8/hour job while, living with their parents, for IM just goes to show that they don't have as much to lose.

I am glad you have been able to be successful in IM, and built a fortune. Try this. Give away all of your websites, affilitate plans, products you have produced. Do you have a mortgage? Car Payment? Utilities? Start from zero with all of these and see if the bank says "That's ok, just pay us when you are successful."

Even if you were able to make a fortune in 3 months, you have missed payments and your credit is in the toilet.

My point is, maybe the amount that is set 'arbitrarily' is not so arbitrary, but rather the equal amount to what they are making in a job.

And yes, there are some that think they need to be making a million dollars a month just to be secure - IM is not for them. They should keep their job and dabble for vacation money. In that respect you are right - the amount set is an excuse to not give 100%.

Personally, I have calculated what I would need to make DAILY to repace my current salary and have enough insurance to protect my family. It is a pretty lofty goal. If I went into IM thinking that I had to make that much by a certain date, my brain would turn on me and say, ummm, no way. Break it down into what your brain will believe. The end result can even be the same. My goal is not to replace my job with IM though.

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ScottieScott

14 years ago

Another note: I am sure that there have been many, many people that have jumped into IM with the sink or swim mentality,and have had all of the things that I mentioned - a mortgage, cc payments, car payments, college, etc. and have been more successful than they ever though they would be, exceeding their previous salary by miles.

Congratulations - you are one of the few that have the guts to make a run at that. I have not put in enough work part time to have a solid business plan that makes money - but once I do, then I just need to 'lather - rince - repeat" as they say.

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GuerrillaIM

14 years ago

I think you have to careful with topics like this. When someone decides to take the plunge into working for themselves it should be because they are ready for that risk and should be aware of the possible consequences. I would never urge anyone to give up their job, I would feel pretty bad if they did and then things didn't work out.

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ZaraK

14 years ago

"I am done addressing you as I did not come here to argue with you, your tone is disrespectful and full of venom."

Good.

Because you are not hearing what I am saying. I do understand what you are saying. Yes, it takes stones to start a business. Check. Yes, you can become very successful in doing so, check. Yes, you can make so much money doing it that the 2K in health insurance is just another small nitty bill, check.

But lack of health insurance is not a small hurdle to overcome for a rank beginner who is taking the leap into the unknown. What I have heard you say is that it is not important. And really, you are right when you are young, healthy, and have nobody depending on you but you. But it IS important when you are older, have a family, or have ever been sick enough to go to the hospital. To call it an "excuse" is far more disrespectful to people's real lives and real issues than your perception of my tone could ever be.

But you won't be answering this, so that's awesome

Thanks

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I NEED TO MAKE 50.000$ A MONTH BEFORE I QUIT MY JOB!

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