Summary

The article discusses strategies for earning money on Medium.com, emphasizing the significance of making the first $10 and how it can lead to earning$ 100,000 through the platform.

Abstract

The author reflects on the journey of becoming a successful Medium writer, highlighting the importance of the first $10 earned as a pivotal moment. The article breaks down the concept of "1,000 True Fans" and its relevance to Medium writers, explaining that earning$ 100,000 is achievable by consistently engaging a dedicated readership. The author uses personal experience to illustrate the potential of short, helpful, and well-written articles to generate income, and encourages writers to join the Medium Partner Program to monetize their work. The piece also touches on the idea that once a writer starts earning online, it can lead to a change in mindset and approach to writing as a sustainable career.

Opinions

The author believes that making the first dollar online can be transformative, leading to a pursuit of further income through writing.
The concept of "1,000 True Fans" is seen as a viable path to financial success for writers, with the idea that a dedicated fanbase can sustain an income.
Medium's payment model is acknowledged as challenging since the $5 monthly membership fee split among writers means that 1,000 true fans on Medium alone won't suffice for a substantial income.
The author suggests that by producing content that engages readers for an average of 1:30, which aligns with Medium's average visit duration, writers can maximize their earnings.
There is a speculative opinion that Medium's algorithm may favor certain topics or writers, similar to how keywords affect pay on platforms like Google AdWords.
The author compares Medium's payout rates favorably to YouTube's, suggesting that Medium pays a premium for reader engagement.
The article conveys optimism about achieving significant income through writing on Medium, proposing that with enough quality content and reader engagement, a six-figure income is attainable.
The author emphasizes a shift in mindset from viewing writing as a poorly compensated profession to recognizing its potential as a lucrative online career.

What You Need to Know in Making Your First $10 on Medium.com

And why this number could be your golden ticket to making your first $100,000 as a Medium writer

Guilty!

Whenever I wake up and see a story about how much a writer does online writing on Medium.com, I read it.

My reasons for writing remain the same. But my goals are different now. As I become more serious about writing, it is part of my writer’s journey to find ways to sustain myself. Making money on Medium.com is one of the many ways I know I can make money online, but I have to make it fast.

While reading “Once You Make a Dollar on the Internet, There Is No Going Back to Normal” by Tim Denning today. I am convinced that it is true what Jack Butcher said in his tweet.

“A tiny goal that will change your life: Make $1 on the internet.” — Jack Butcher

The first article that made me $10 is about my journey in Medium curation. “What You Need to Know About “Chosen for Further Distribution” in 3 Minutes” and I can only summarize it in three parts as to why it has gotten “viral”:

Storytelling.
It was helpful.
It was short.

What You Need to Know About “Chosen for Further Distribution” in 3 Minutes

Did it boost my most-read article of the year?

medium.com

While we writers do a lot of reading. Like many, we skimp through articles. To be honest, I do. And the blog post that has made me $10 is only a 3-minute read, enough for most people to skimp till the end.

1,000 True Fans

The concept of 1,000 True Fans has fascinated me ever since I read the essay years ago. It still resonates with me to this very day. Here is the link.

A true fan is defined as a fan that will buy anything you produce. — Kevin Kelly

Here’s how the math works. You need to meet two criteria. First, you have to create enough each year that you can earn, on average, $100 profit from each true fan.

The magic number is $8.33 a month, which each of your true fans is willing to pay for your product and services.

Medium Writers Need 1,000 True Fans

Here is the not-so-good news. Each paying member here on Medium.com pays $5 a month, so even if you have 1,000 true fans here, the math doesn’t add up.

Remember, only a part of the $5 membership goes to the writers. The pot is divided among the writers who are part of the Medium Partner Program. If you have not signed up yet, go ahead and become a writer who gets paid.

But there is another way of looking at things. There is always a silver lining, right?

What if I tell you it will only take 12,000 readers to make you $100,000

I really hope my math is correct :) Continue reading.

Again a disclaimer, these are my numbers based on my article that made me $10.

My article so far has made $12.42 / 547 minutes (9:07:00), then each minute of reading is $0.023, which is roughly 2 1/2 cents.

Suppose 1,000 people will read 50% of a 3-minute article, which is 1:30. In that case, it falls within the Similarweb data that shows on Medium.com, the average visit duration is 1:44, a minute, and 44 seconds.

Each article, if read by 1,000 paying Medium readers will earn me $36.

Again, these are my figures. I know there are some topics where the pay per minute goes higher. Think of it like Google AdWords. There are topics just like keywords that pay more.

While there are no advertisements herein Medium, could the algorithm be ranking keywords, issues, or writers? ( just my own opinion, call it a wild guess.)

So, Medium.com is paying a premium vs. YouTube at $36 per thousand. YouTube pays anywhere from $3.40 per thousand to $40. The data is according to this article from Business Insider.

Let Me Crunch the Numbers for You

If these numbers don’t excite you, there is more. All it will take me is to have 234 articles or stories that will earn me $36.

234 articles read by at least 1,000 “true fans” every month for 12 months. Then voila! I will make my $100,000 goal, but that is before taxes,:)

234 articles x $36 x 12 months= $101,088

Takeaway

I have been writing for months here on Medium. While I remain a writer at heart, I don’t have plans to be a hungry writer, and I seriously hope the same goes for you.

By breaking down my goals into smaller parts, the dream turns from;

impossible to

possible

into

I’m possible.

By breaking old habits, by changing mindset, by believing in yourself. I can make my goals become a reality, and that is to start making money online as a Medium writer.

And while money isn’t everything, it does pay for the coffee. I hope you got something out from reading my story, and I hope to see you in the comments section.

Let me leave you a quote from Tim Denning;

Start with $20. Graduate to $40. Then see where it takes you. Money isn’t the point — how you think about time is.

The Medium Partner Program

If you are new to Medium, the only way to make money as a writer is to become part of the Medium Partner Program.