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Earnings of F1 Drivers

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  #1 (permalink)  
Old 28-09-2008, 11:15 PM
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Default 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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Old 29-09-2008, 12:09 AM
Tom--
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Default 2803

They are living life on the fast track literally and figuratively.

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Old 29-09-2008, 12:22 AM
Wealth Journey--
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Default 2804

I think the emphasis on who earns more is like trying to keep up with the jones.

From all the success stories or top earners in each industry, it is important to know that they are paid handsomely because THEY ARE THE BEST AMONG THE CROWD. For the few F1 drivers that are paid millions, they are a crowd of F1 drivers being paid like normal wage earners..trying to break into the TOP. Think of all the golfers in the world who are getting by and not earning like Tiger Woods or whoever is in the top.

So, we should focus on becoming the best or one of the best... and i'm sure your money will come.

It's silly to identify where most people's wealth come from... focus your energy not on comparing wages but to:-
1) Set a target (Have a revenue stream of in X years)
2) Identify the ways you could achieve that (have a job, have a business, investing for the long term etc)
3) Break down goals in step 2 into manageable bits.

Earning $10k monthly is not hard if you are willing to work on other money-producing ventures instead of knocking off at 5pm from your official day job. I'm not advocating internet marketing or other get rich scheme.. I'm saying you could try to do some biz with ur friends ..that might become a revenue stream. On top of that, try to invest for the long-term..

I'm sure you will be financially better off in 5 years.

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Old 29-09-2008, 11:58 AM
passerby--
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Default 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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Old 30-09-2008, 10:07 PM
Asbjorn 13--
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Default 2812

Well, there is a big chance for a crash.
Who would take the risk of earning big money and a big risk to die?

Remember that F1 is the hardest sport ever, just imagine. One fault, and you are off the track.
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Old 02-10-2008, 12:10 AM
don--
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Default 2818

i like wealth journey's post.
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Old 20-10-2008, 04:49 PM
jim--
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Default 2969

i make more than them
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Old 14-11-2008, 05:13 PM
skeptic--
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Default 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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Old 14-11-2008, 07:14 PM
5m10y--
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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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