How Much Do You Need To Earn Online?

September 20
Post No 212

It's almost two months since I first landed in Hive. I wasn't sure how much I can earn from that platform. However, even in the past six or seven weeks, I am still in the process of exploring the full potential of that platform.

So far, the biggest amount that I earned from one article is $44.80. Followed by my introductory post which earned $20.86. I had two more articles that earned at least $30 combined. The rest of my twenty-something posts hardly earned a dollar each.

However, as I observe the other articles on that platform, some even earned more than $100.

Greetings once again my read cash friends. Last week, I started pondering how much can I earn online from my content each day. $5? $10? $20? A hundred or even more? Then I came to a point where I changed my question to "How much do I need to earn online?"

This is one of the lessons that I learned lately. I mentioned this in my article: https://read.cash/@JLoberiza/crucial-lessons-i-learned-about-personal-finance-e410461e

I know that the daily earning potential online can be as high as a thousand dollars a day or even more. That is if, we can tap the right platform most effectively. At the moment though, I am earning online through my written content and photos only... well... plus my digital illustrations. In the past few months, however, my monthly earnings dropped below $60. In other words, I'm only earning about two dollars a day or less.

Can I increase my earnings? The question is, how much do I want to earn per day?

How Much Do You Need To Earn Every Day?

Have you ever asked yourself how much you need to earn each day?

As for content creators, we earn from our articles and other content. But from what I have observed, there are some of us, including this author, who is quite satisfied with just about any amount we earn. Any extra income is welcome for many of us.

However, sometimes, the earnings are not enough.

How To Determine How Much You Need To Earn.

I want to emphasize NEED, not want. Surely we want to earn maybe a thousand or ten thousand dollars a day. But, then what? If we focus on the NEED, we have the absolute reason why we want to earn such an amount. Start with the basics by answering this first question.

How much are you spending a month on the necessities? This includes utility bills, food, travel expenses, etc...

Then answer the following questions

• How much are you paying monthly for your debts?

• How much do you want to save per month? (I say start with 10% of your monthly income)

Image by Steve Buissinne from Pixabay 

So let's say, your monthly expenses are about PHP 20,000.00. Then you have a debt in which you are paying PHP 2,000 a month. That's a total of PHP 22,000.

That means you need to save PHP 2,200.00. That's equal to PHP24,200

And oh, don't forget to pay your taxes. To simplify things, let's just say, that's another 10%. That will now be. PHP 26,620. Let's round it off to PHP 30,000. (So I don't need to bring up the calculator to make the computations. hehe),

This means I need to earn PHP 1,000.00 a day. That's just about $20.00 a day.

(Errr... I think some government employees are earning more than that. And some are spending more than that.)

In this example though, I assumed you have your own house. But if you are renting, then you have to add that amount. Also, I did not include in the computation how much you are earning from any other sources of income if you have any like your regular job.

In Closing

Often, we get satisfied when we earn even a little extra cash. However, by the end of the day (or month), we realized that we need to earn more. Thus, it is always best to determine how much we NEED to earn based on our basic expenses.

A little bit of warning though, always stick to the NEEDS. More often than not, the biggest pitfall why people fail to manage their finances is, that they tend to spend more when they started to earn more.

As for me, I need to earn at least $40 a day to start with. That's been my goal for months, and that's what I need to keep in mind every single day. The next big question is... HOW?

Let's strive to achieve our dreams.

Thanks for reading.

Image Credits

Lead Image: Image by Tumisu from Pixabay  with modifications