Household income changes over time, with income gains being substantially larger for the upper percentiles than for the lower percentiles. All areas of the income strata have seen their incomes rise since the late 1960s, especially during the late 1990s. The overall increase in household income is largely the result of an increase in the percentage of households with more than one income earner. While households with just one income earner, most commonly the male, were the norm in the middle of the 20th century, 42% of all households and the vast majority of married couple households now have two or more income earners. With so many households now having two income earners, the substantial increase in household income is easily explained:
The Cost of Living Index compares the cost of housing, utilities, grocery items, transportation, health care and miscellaneous goods. According to Bankrate’s cost-of-living comparison calculator, you’d need to earn about $141,000 in Boston to have the equivalent of $100,000 in Houston. And if you were living on $100,000 per year in Memphis, Tennessee, you’d have to earn roughly a whopping $245,000 to maintain the same standard of living in parts of New York City. While salaries are often higher in cities with higher costs of living, they don’t always match up to provide the same quality of life.
In order to make sales you first need to find people to buy those products, right? For many people starting with the 7 figure franchise the topic of getting website traffic is going to be a little new to them and it’s something that can stump a lot of people. The truth is many people who try internet marketing will give up purely because they don’t have a way of getting targeted traffic to purchase the product or service that they’re selling/promoting.
Hey Brian! I don’t have an affiliate link in my review of it, but I think STM would be the better fit if product creation is your focus. As far as promoting the product once you created it – I think WA would be a good fit. But they’re pretty affiliate-centric, therefore there’s not much material regarding product creation (whereas there’s bound to be some with how experienced many of the contributors at STM are).
The problem with affiliate marketing, like many other home business options, are the so-called gurus and get-rich-quick programs that suggest affiliate marketing can be done fast and with little effort. Odds are you've read claims of affiliate marketing programs that say you can make hundreds of thousands of dollars a month doing almost nothing ("Three clicks to rich!"). Or, they suggest you can set up your affiliate site, and then forget it, except to check your bank deposits.
As for my young self’s income, I’ve told a few pieces of my story in comments for other FS posts, but here is some history that aligns with the content of this post and answers a couple of Sam’s questions: I can’t remember if I made over $100k by 25 or by 26, but was a millionaire by 27 due to a mostly lucky break with tech company stock options in the Roaring 90s. The path: I graduated high school as co-valedictorian, but will call myself #2 because the other guy took harder classes so deserves the #1 spot. I started college in mechanical engineering, hated it (and esp. one evil professor), switched to international studies, liked it. I got decent grades, partied a lot to make up for a choir boy high school experience, and worked all the way through college…full time my senior year…but just sweat jobs, no internships. Paid for college myself. After college, I traveled and partied a bit more, dabbled in a few different jobs and ended up convincing a small software company to pay for a basic software testing programming course in exchange for about 6 months of service (got that through casual networking inspired by a dose of nepotism). I wrote a test script they were able to sell, so negotiated an early break and landed a test engineer contracting job at a large software company via the worst interview in the history of interviews (the recruiter had to come get me in the parking lot as I was getting in my car to leave…the hiring manager’s closing question was an incredulous “…ummm…so, why should I hire you?” which I answered by jumping to my feet with both arms in the air to yell, “Cuz I’m the best!” He laughed and told me to get lost.). After a year at that job, I did a couple other tech contracting gigs, then converted to a full time gig with a pay cut for a junior mgmt job in exchange for lots of stock…which split 4 times in 12 months, thus the millionaire thing at 27. I lost 75% of that money via bad (a.k.a. zero) investment mgmt by 29, but had a fantastic time bouncing around the world adventuring and doing a little non-technology work (including teaching English in a Mexican university and training teachers in Los Angeles, both of which I liked). I eventually got married and went back to madam technology, but as I hinted above, this old whore (hey, “44” rhymes with “whore”..whaddyaknow..I’ll remember that for my birthday next week ;-)) has about run out of energy or interest for working the corporate red light district. I’ve created some other income streams, but want more of that before I leave tech and spend more time the way I now want to. This site is good inspiration for that.
Get good grades, go to a top school, get hired by a prestigious company in IT, finance or become a doctor, lawyer, engineer. DUH!!! Nothing Earth shattering that I didn’t know. If you don’t have the aptitude for those careers, you’re screwed for 100K salary I guess. Actually, you can become an entrepreneur, buy a franchise, write and sell a screen play to a hit movie, write a best seller, or offer specialized personal services to rich people (chef, trainer). Of course there’s also pornography. The sex trade makes billions.
I sometimes question choosing a career that was safe and paid well over chasing my passions. In a way, it comes down to passions now or passions later. If you earn big and save you can FIRE and the start your passion work then. Or you can be working on your (presumably lower paying) passions all along and wait until a more traditional age to retire.
For example, when mechanical engineers design parts of an airplane, the process can be tested and refined before production and sales. In the oilfield, companies are drilling up to 30,000 ft where the reservoir will never be seen by anyone. Yet, engineers must still construct models based on a few well points in the ground. Imagine filling in the entire map of San Francisco with just 4 known street intersections. This is why companies can spend $100 million on a single well and find nothing but rock and water.
“Just remember that your happiness, as measured by income will continue to grow until $200,000 and then stop because of government persecution and the bitter populace who want to keep you down. After you break $200,000 you need to start going into hiding. So if you discover after taking my advice that you are on pace to blow by $200,000 a year, don’t forget to create an exit strategy!”
The sub-title of the book is "Secrets for Blogging Your Way to a Six-Figure Income," so I was expecting the it to be mostly a "I got rich blogging and here are the ways that you can get rich quickly, too" type of book, but getting rich quick was not really the main focus of the book. There are a few chapters on money-making blogging strategies, but the majority of the book is devoted to helping you figure out how to run an effective blog. In fact, throughout the book the authors stress that most successful/profitable blogs are the result of years of work.
...It is essential that the duties of the positions be performed with the diligence that their importance requires. Inevitably, then, a society must have, first, some kind of rewards that it can use as inducements, and, second, some way of distributing these rewards differently according to positions. The rewards and their distribution become part of the social order... If the rights and perquisites of different positions in a society must be unequal, then society must be stratified... Hence every society... must differentiate persons... and must therefore possess a certain amount of institutionalized inequality.
Income is commonly used to measure affluence, although this is a relative indicator: a middle class person with a personal income of $77,500 annually and a billionaire may both be referred to as affluent, depending on reference groups. An average American with a median income of $32,000 ($39,000 for those employed full-time between the ages of 25 and 64) when used as a reference group would justify the personal income in the tenth percentile of $77,500 being described as affluent, but if this earner were compared to an executive of a Fortune 500 company, then the description would not apply. Accordingly, marketing firms and investment houses classify those with household incomes exceeding $250,000 as mass affluent, while the threshold upper class is most commonly defined as the top 1% with household incomes commonly exceeding $525,000 annually.
I searched on Google to find a way to make money as an affiliate marketer. This website is well-constructed and you spoke very clearly. You laid the foundation down for most people to understand, if they have basic reading skills. I never knew how to create a landing page until I came on this site. A whole lot is what I’m learning from this website of yours. Great Job!
Someone does not have to lose for someone to win. That is called gambling. An example; let’s say you go to a bank to borrow money to start a bakery. You bake a lot of cakes for a lot of weddings. Your customer wins because you baked an awesome cake for there wedding, you win because you got there money, and the bank wins because they got there money back with interest. Also, the bakery bought flower for the cake so there supplier wins, the supplier bought it from the distribution center who wins, the distribution center bought from the manufacturer who wins, the manufacturer bought from the farmer who wins. Everyone wins. Even the government who collected taxes on every step above won.
I see a lot of naysayers and people not even trying. I am by no means rich or in the 1% but I live comfortably. I am single mother with ZERO support from my child’s father or from my parents who have passed away. I own a cleaning business. I got an associate’s in HIM and I work remotely and received my credentials. Yes, I spent a couple thousand starting my business and finishing my education, but I have been reimbursed all of my startup cost and have a team of employees. I don’t work 40 hours a week. Maybe 35. I don’t do any of the cleanings for my company, I have employees for that. Not saying in an emergency I haven’t cleaned, but for the most part the business runs itself because I strategically put people in place to do so. It was not an easy road, but it was well traveled and worth it.
Several years ago when I started out try to make money online I chose a weight-loss product, built a pretty crappy site with WordPress, fashioned a ‘giveaway’ and an email series and linked it up to Aweber. I wrote several articles and submitted them to various directories then one day I was signing in to my AOL account when I saw an article on the Huffington Post about dieting. I wrote a comment along with a link to my website and pretty much forgot about it. The following day I was absolutely astounded to see that I had got 300 people signing up on my list. Over the week about 15% unsubscribed-probably as my email series was bobbins but by the last email contained a link to the product of which 17 people bought. As the commission was £42 (about $63 in those days) I made £714/$1071 with a crappy site, a crappy email series and a crappy comment. I (stupidly) have never done anything with it since-can you believe that? Anyway that site is still there and continues to make the occasional sale.
In contemporary America it is a combination of all these factors, with scarcity remaining by far the most prominent one, which determine a person's economic compensation. Due to higher status professions requiring advanced and thus less commonly found skill sets (including the ability to supervise and work with a considerable autonomy), these professions are better compensated through the means of income, making high status individuals affluent, depending on reference group.
Saw this article in my RSS feed, and I realized how I totally forgot to read it when it was published. Only one VERY IMPORTANT thing to add- if you are using an affiliate network, don’t hesitate to ask for a raise if the sales are decent in numbers. We did this a couple of times, and every time we managed to negotiate a raise. Imagine this- traffic stays the same, conversion rate stays the same, only commissions get higher. Nice, huh?
to answer the question – yes it is very easy to make 100k – or more. why don’t many do it? many do not know how to go about it (how to even start). that issue stems from education and awareness (no exposure to that environment). those with the awareness do not have the will, or desire as you called it out. it takes a combination of awareness, desire and action to get there. you are right in that anyone can get there – IF they really wanted to
On AlexisGrant.com, I often — but not always — write (affiliate link) after using a link, or flat-out tell readers I’ll earn a cut if they buy through me. Often, readers *want* to help bloggers make a living, so they might even be more inclined to use that link if they know you’ll benefit. I know when I sign up for a new service I often take a few minutes to go back to the blogger I first heard about it from, and click through their link so they’ll earn.
Measuring people by their GPA and academics is totally wrong, some young people have more wisdom than any college graduate and a better work ethic too. Also, people’s life histories count as well, I’ve met people who had shitty grades when young then became doctors at age 40 or a hair dresser who became a marine biologist at 35. You guys are really boxing people in. In the UK tradesmen are bringing in more money than most college graduates, so GPA’s really don’t do much and are a waste of time in many regards. 90% of all jobs out there require an average IQ, so it’s down to other factors that get you in a job. You can transform your life in a decade from one of mediocrity to one of massive success, if that’s what you want. Also, doing the education route and top job is miserable if you hate what you do, all the money in the world won’t stop you hating yourself after a while.
Thanks John and Sam – I’ll shoot this one over to my 22 yr old daughter who is about to graduate with an applied math degree. She plans to work for technology companies, probably starting with data analysis and visualization, which will pay over $100k within a few yrs depending on how much she wants to work. There isn’t any reason she can’t earn over $100k by 25, esp with me to help her get in (I’m in the biz…for maybe a few more years). I’m quite curious to see what kind of lifestyle she chooses. She’s smart and a good communicator, but she definitely isn’t the one yelling, “how high?” when some life-hating micromanager screams “JUMP!” :-)
This post was so helpful! I launched my blog in January and just started to try and monetize it in June. I’ve added some affiliate links for a few of the programs you recommended, so hopefully, I will see some results soon. I’m realizing that this is gonna be a harder journey than I originally thought, but thanks to bloggers like you I have great resources to guide me! Twitter.com/Disfordollars
First I want to just say well done with what you have accomplished. You have done an amazing job. I’m not really one to post a comment on blogs as I’m sure everyone says. But the thing that struck me the most about you is I can tell your a great individual. You love cats, as my wife and I do. We also have rescue cats. You are a very generous and honest person and that is most likely why you also have done well. Very authentic and honest. I’m in the process of building an affiliate amazon site. So I can relate to the content side of things. I’m already a customer of siteground but If I wasn’t I’d happily sign up through you. I have bookmarked your site as I’d like to come back and read a little more and keep an eye on your progress. Thanks for taking the time to write this post. It’s one of the best blog posts I’ve read. Take care Tom
Interesting article and dialogue. I went to a lower end UC, and graduated in Political Science, a major which doesnt pay right away. I instead got into direct sales for a cable company and made 130k my first year out of college by selling cable door to door. I made even more the second year. Been there for fooir years now – earning 100k-150k but dont see it going mucb higher. Not sure what to do to hit that next level. Toying with the idea of going ack for my MBA to take that next leap of faith but its hard to leave my income and incure a 100k debt for a goood business school. I agree, being motivated, working hard, being positive, not being a hard partier- but a hRd worker has helped me reach that sox figure mark. Thanks for the article.