Forum Moderators: martinibuster
The purchasing power of a currency has nothing to do with whether people keep chickens or turkeys in their back yards.
Purchasing power and cost of living are something complete different.
The question is only what living standard is possible with $1000 a month.
Purchasing power and cost of living are something complete different.
Purchasing power and cost of living are intrinsically tied to each other.
The question is only what living standard is possible with $1000 a month.
I'm trying to determine what living standard is possible with $1000 a month in Ghana. I don't know much about Ghana so I'm going to use a rough estimate of the purchasing power of a dollar in Ghana to gauge what the cost of living might be like.
The latest Big Mac index [economist.com ] doesn't include Ghana but shows that you can buy a Big Mac for $3.15 in the USA and $3.51 in the EU.
I found they can be replaced with bartenders and barflys.All you need is a pub with Wifi and you're good to go!
I'm not allowed in bars without supervision. :)
Besides, a WiFi connection isn't secure enough for my taste.
Too many factors to consider here....
My advice...
Work two jobs for as long as you can take it. Success is rarely easy and you might have to sacrifice a bit by staying at your job for a bit longer than you'd like. Follow your heart, you'll know when it's right to leave. Follow your mind, you'll known when it makes sense to leave.
401k employer contributions
Paid medical
Paid employee continued education.
Stock options
Financial stability (try to get a long term bank loan based on AdSense income alone)
Pension
AdSense won't be around forever. I would recommend leveraging that income to accelerate your long term goals. Maybe buy a house or invest some of the income into some stocks or bonds.
The way I figure it, kaymeis would already be full time on his site(s) if he could, even with his job. There is no reason you can't do both.
It may be cheap to live there and yeah you could probably go back to your old job if it all hit the fan, but your questions implies lack of confidence in the Adsense program or the stability of your site.
I would wait until you are totally comfortable. Build up some savings and when you're ready -you'll know it.
Some people have trouble when they're doing it full time, though. It's not an escape from your full time job, and it's hard to dedicate yourself fully.
I was a big seller on eBay from 98 to 2001. I had 25000+ feedback and did pretty well. I quit my real job in 2000 thinking I was losing money not selling more stuff. That was true for about a year. Then everyone and their mother decided that they wanted to work at home selling on eBay. They thought they could work 2 hours a day and make $100k per year. They killed my market. They looked at what the big sellers like myself were doing and tried to copy that.
Initially I was able to buy an item for $20 and sell it easily for $20-30. When the masses tried to mimic me they started selling the same item for $27. Then $25. Then they got bored and wanted to unload their merchandise and sole it for $20 or even less. That left me holding a lot of product that I couldn't even move at cost. If you look at the top 100 eBay sellers from 2000, you will find about 75% of those are no longer selling. I returned to the workforce late 2001 wiser but poorer.
Adsense and Google look like a similar situation. Its been out for a few years and there are some successfull people out there. That makes others think they can work 2 hours a day and make $100k per year. That brings out a lot of MFA sites that don't even competently provide information to their target audience. Sooner or later many advertisers will wake up and put an end to the party. Some sites will remain succesful but many will not be economically viable.
All this isn't trying to stop you from trying. I'm just letting you know that the Adsense wave will not last forever and if you are 20-25 you are crazy to think that you will be able to do this for the next 50 years.
Here's my "When to quit your day job" list for the risk-averse:
1. You have 6 months of salary in the bank.
2. Included in that 6 months of salary is enough extra to pay for medical insurance or other benefits currently provided by your job.
3. Your online income pays at least 1/2 as much as your salary, preferably *as* much as your salary.
4. Your skills are such that you can go back to working a day job quickly if need be.
My "When to quit your day job" list if I was single would be:
1. You have enough in the bank to pay 2-3 months of living expenses.
2. Your online income is enough to pay living expenses such as rent and utilities, but not necessarily food also.
:-)
JK
I'm seriously considering designing for other people and doin adsense and other affiliate programs at the same time..
That's what I am doing.
Good idea
guys,
If you're making $1000 per month for 6 months, Is it a good time to go full time or should I wait a while?
Quit your job now and start building your website. Stop working for somebody else. I quit my job in January and in the last 3 months I earned more with Adsense than I would make in 1+ year working for someone else.
