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DPChallenge Forums >> Business of Photography >> It's impossible to get wealthy doing photography
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07/07/2013 12:16:50 PM · #1
Or is it? Found this excellent article on the subject.
07/07/2013 12:34:54 PM · #2
Overall, pretty good, but I will say that photographers do have equity in their business in the form of their image copyrights...they have value and can be sold. There may not be much value in images of weddings or Sr. Portraits, but the rights to other images can retain value.

Also, the point, made half seriously, about having a spouse with a good paying job and benefits is not something to be taken lightly. One of the most significant barriers to people starting their own businesses in the US is the unavailability of reasonably priced health insurance.
07/07/2013 04:20:09 PM · #3
excellent article. right in line with "how do you make a small fortune in photography? start with a large one..."
07/07/2013 04:37:29 PM · #4
It's kind of sad. It used to be that the guideline for a viable career was to put a little money aside each year and retire to a reasonably secure old age in a house you own free and clear with a little pension set by. NOW it seems nobody wants to be satisfied with anything other than "wealth", and obviously it's just not POSSIBLE for all citizens to end up "wealthy". But the way things are going now, it seems like you can't hold your own unless you're surging ahead, and that's a scary feeling.

As for photography's potential as a wealth generator, that's obviously pretty low, I do agree with that analysis. But, at least up until recently anyway, it was a perfectly viable career that one could retire from with a reasonable amount of financial security. To the extent that this is no longer true, it's a sort of sad commentary. And it's not just photography that's coming up short in the balance :-(
07/07/2013 04:41:19 PM · #5
Originally posted by Bear_Music:

It's kind of sad. It used to be that the guideline for a viable career was to put a little money aside each year and retire to a reasonably secure old age in a house you own free and clear with a little pension set by. NOW it seems nobody wants to be satisfied with anything other than "wealth", and obviously it's just not POSSIBLE for all citizens to end up "wealthy". But the way things are going now, it seems like you can't hold your own unless you're surging ahead, and that's a scary feeling.

As for photography's potential as a wealth generator, that's obviously pretty low, I do agree with that analysis. But, at least up until recently anyway, it was a perfectly viable career that one could retire from with a reasonable amount of financial security. To the extent that this is no longer true, it's a sort of sad commentary. And it's not just photography that's coming up short in the balance :-(


Some folks are smart enough to recognize that there are things that are far more important in life than wealth. Or, rather, that the best wealth isn't monetary.
07/08/2013 09:16:22 AM · #6
Originally posted by Cory:

Originally posted by Bear_Music:

It's kind of sad. It used to be that the guideline for a viable career was to put a little money aside each year and retire to a reasonably secure old age in a house you own free and clear with a little pension set by. NOW it seems nobody wants to be satisfied with anything other than "wealth", and obviously it's just not POSSIBLE for all citizens to end up "wealthy". But the way things are going now, it seems like you can't hold your own unless you're surging ahead, and that's a scary feeling.

As for photography's potential as a wealth generator, that's obviously pretty low, I do agree with that analysis. But, at least up until recently anyway, it was a perfectly viable career that one could retire from with a reasonable amount of financial security. To the extent that this is no longer true, it's a sort of sad commentary. And it's not just photography that's coming up short in the balance :-(


Some folks are smart enough to recognize that there are things that are far more important in life than wealth. Or, rather, that the best wealth isn't monetary.


Money only buys a certain amount of happiness. If you're homeless, sleeping in a box and eating out of dumpsters, the money to provide yourself food and shelter will bring you more happiness. Once your basic needs are met, more money is not going to bring more happiness. In fact, studies have shown quite the opposite.
07/08/2013 10:33:16 AM · #7
I had same discussion with an event company owner and he said the same, how much you can make by just doing wedding or any other event because at the end photographs would not be photographers property. as per his math, a photographer who does work all solo won't make more then $60-$70K in a year if he/she gets a work every week. interesting article!
07/08/2013 10:49:22 AM · #8
I think there is probably a natural limit to how much money a person can make per year working alone at anything. The bigger money comes when other people are working for you, & when your business plan says something other than "get as much money as possible."
07/08/2013 10:52:07 AM · #9
Originally posted by pixelpig:

I think there is probably a natural limit to how much money a person can make per year working alone at anything. The bigger money comes when other people are working for you, & when your business plan says something other than "get as much money as possible."


That makes sense to me except to reach to that state first an individual have to start from somewhere. He/she cannot open a business one fine morning and say Let me hire folks because again all the insurance and other details would kick in.
08/09/2013 08:26:00 PM · #10
When what you sell is TIME and you are the only supply of it your income will be limited. Now if you sell stock the POTENTIAL is there to get rich as you're not trading your time for money, but selling a product, which can be made once and sold over and over.

While I believe it's possible to make money in photography, it's difficult to 'get wealthy'. It's possible - but then it's possible to make $10m to play baseball for a year.
But only a handful of of people on earth do it. So while possible it's not realistic. Same for getting wealthy in photography.
08/09/2013 08:44:52 PM · #11
Originally posted by Bear_Music:

It's kind of sad. It used to be that the guideline for a viable career was to put a little money aside each year and retire to a reasonably secure old age in a house you own free and clear with a little pension set by. NOW it seems nobody wants to be satisfied with anything other than "wealth", and obviously it's just not POSSIBLE for all citizens to end up "wealthy". But the way things are going now, it seems like you can't hold your own unless you're surging ahead, and that's a scary feeling.

As for photography's potential as a wealth generator, that's obviously pretty low, I do agree with that analysis. But, at least up until recently anyway, it was a perfectly viable career that one could retire from with a reasonable amount of financial security. To the extent that this is no longer true, it's a sort of sad commentary. And it's not just photography that's coming up short in the balance :-(


He's not talking about making it rich. He's talking about real basic business practices. The simple fact of the matter is that most photographers think that their photography skills will be enough to get them through, and they don't think that they need to bother with the business of photography.

You don't need to be a superstar to be a successful business.
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