Effective July 24, 2009, according to the US Department of Labor, the minimum wage is $7.25 per hour and I want to graduate to that hourly wage.
No, I haven’t lost my mind. $7.25 an hour is a very attractive hourly rate for a freelance writer earning residual income. Think about it for a minute.
Residual income knows no workday boundary. Residual income is earned 24 hours a day, 7 days a week, day in and day out. If I were earning $7.25 per hour in residual income, I would earn $174 per day, $1,218 per week $5,278 per month and $63,336 per year.
Some folks get up every day, put on their work clothes, commute to work, spend 8 to 10 hours a day at work, come home tired only to repeat the same routine day in and day out and they don’t earn $63,336 per year. To top it off, they earn more than the $7.25 minimum wage (or so they think).
Slow Residual Increases
Unlike the traditional job market where I might not get a raise or I might not even get to keep my job, I’ve found online writing to be just the opposite. Granted, my starting “salary” is very low. I started at an entry level writing position and my first year I earned a whopping .17 an hour. When you really think about it, it’s not too bad for a newbie. After all, I didn’t have a clue about SEO and keywords (I didn’t really start getting the hang of it until about a year or so later – I’m a slow learner).
My second year I earned a raise and earned a whopping 82 cents an hour (an increase of 482%). Just think of asking your boss for a 482% salary increase.
In my third year, my hourly residual rate increased to 1.85 per hour. That’s an increase of 225%. Now that I’m starting my fourth year, so far I’m hovering around $2.44 an hour (I just realized that I earn about $17 when I sleep every night – that’s over $5,000 a year while sleeping).
When traditional jobs are disappearing and folks have to learn to live on reduced salaries, freelance writers (especially those who earn residual income) stand to earn more money each year.
Keep in mind that I’m not writing at full tilt. I write when the urge hits. In January I was prolific, but in February I slowed down. I’m not so sure what March will bring since I still seem to be in goof off mode (try operating in goof off mode for a month or so at a real job).
Where am I Going with This?
I guess what I’m trying to say is stick with it. Hopefully you will reach the minimum wage mark a lot faster than I will. If you’re just starting out, there are so many websites and blogs available that offer great information on how to earn money residually. Spend some time learning and some time writing. I truly believe in the long run, you (and I) will meet and exceed the US DOL minimum wage.