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28-09-2008, 11:15 PM
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Earnings of F1 Drivers
The world's first F1 night race - the Singtel Singapore Grand Prix - just ended with Renault's Fernando Alonso coming in first, followed by Williams' Nico Rosberg, and McLaren's Lewis Hamilton in third position.
As usual, we're concerned with the all-important question: How much do F1 drivers earn?
According to a Times Online article, Hamilton earned £1 million (S$2.6m) last year, and is now on a 5-year contract with McLaren that's worth "at least £70 million".
That is about S$37 million PER YEAR! And this does not include bonuses and endorsements.
Even more shocking is Kimi Raikkonen - last year's world champion. He is "estimated to be earning around £25 million (S$65.5m) a year over 3 seasons with Ferrari".
Wow.
http://www.salary.sg/2008/earnings-of-f1-drivers/
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29-09-2008, 12:09 AM
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2803
They are living life on the fast track literally and figuratively.
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29-09-2008, 11:58 AM
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2805
these f1 drivers are really having it good huh? fast cars, hot babes and big money. let's not forget that they even get to travel around the world for different races.
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02-10-2008, 12:10 AM
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2818
i like wealth journey's post.
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20-10-2008, 04:49 PM
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2969
i make more than them
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14-11-2008, 05:13 PM
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3256
wealthjourney's post is totally irrelevant to the topic. Sure, we could all earn more, but the point of the article is that f1 drivers earn so much, given their only skill in life is to race a car!
Let's say I was a teacher, hard working, intelligent, etc. If I followed his steps, and became the BEST TEACHER in the whole WORLD, does anybody on this page think I could earn S$65.5 million in 2009? 2010? yeah, didn't think so. which is more useful to the world? f1 drivers or teachers? which can heal lives? doctors or soccer players?
yeah, thought so.
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14-11-2008, 07:14 PM
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3257
I see where you're coming from skeptic. But doctors and soccer players differ in terms of scalability.
Adam Khoo explains this well in his book Secrets of Self-Made Millionaires--in it he uses an example of a heart surgeon vs. Madonna. For a heart patient, it's obvious that what the surgeon can do is many, many times more valuable than what Madonna's songs can do for him.
But a surgeon can only heal one patient at a time. Madonna can make millions feel good listening to her music. She _scales_ a lot better than a heart surgeon.
Same goes to teachers vs. racecar drivers. When you said the BEST TEACHER in the world, you're thinking about somebody who's really good at teaching, but teaching one class at a time. Therefore, just like the heart surgeon, he is limited because he cannot scale further.
But let's expand the concept of teacher a bit beyond those who teach within the academic walls. Let's pick Anthony Robbins. He teaches people, but most importantly, he SCALES like nobody's business. The amount of money he generates from one of his seminars would probably take an NUS professor, say, 15 years of hard work and saving?
In short: CAPABILITY x SCALABILITY == PROFIT
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