Daniel Wai is a fitness coach and personal trainer who has gained popularity on social media for his impressive physique and workout routines. He has also attracted media attention for his rumored relationship with TV personality Ariana Madix. But how much does Daniel Wai earn from his fitness career? What is his net worth as of 2023? In this article, we will explore Daniel Wai’s income sources, expenses, assets, and net worth.
Income Sources
Daniel Wai’s main source of income is his fitness coaching business. He offers online and in-person coaching services to clients who want to achieve their fitness goals in a creative and enjoyable way. He specializes in fitness and lifestyle changes catered to each client’s needs and preferences. He also has certifications from NASM and NSCA, which showcase his expertise and credibility in the fitness industry.
According to Nextau, Daniel Wai charges around $100 per hour for his online coaching sessions and $150 per hour for his in-person sessions. Assuming that he works 40 hours per week, he can earn around $4000 per week from his online coaching and $6000 per week from his in-person coaching. That means he can make around $10,000 per week or $520,000 per year from his fitness coaching business.
Another source of income for Daniel Wai is his social media presence. He has over 29,000 followers on Instagram and over 13,000 followers on TikTok, where he posts videos and photos of his fitness regime, lifestyle, and personal life. He also does endorsement deals with various brands, such as Myprotein US, Lumen, and TEN THOUSAND. According to Influencer Marketing Hub, Daniel Wai can earn around $174 to $290 per sponsored post on Instagram and around $65 to $108 per sponsored video on TikTok. Assuming that he posts one sponsored post and one sponsored video per week, he can earn around $239 to $398 per week or $12,428 to $20,696 per year from his social media platforms.
Expenses
Daniel Wai’s expenses include his living costs, taxes, business expenses, and personal expenses. He lives in New York City, which is one of the most expensive cities in the world. According to Numbeo, the average cost of living in New York City for a single person is around $1,500 per month, excluding rent. The average rent for a one-bedroom apartment in New York City is around $2,800 per month. That means Daniel Wai spends around $4,300 per month or $51,600 per year on his living costs.
As a self-employed fitness coach, Daniel Wai also has to pay taxes on his income. According to SmartAsset, the effective tax rate for a single person earning $500,000 per year in New York City is around 37.5%. That means Daniel Wai pays around $187,500 per year in taxes.
Daniel Wai’s business expenses include his equipment, software, marketing, insurance, and other costs associated with running his fitness coaching business. According to Fit Small Business, the average startup cost for a personal trainer is around $15,000. The ongoing costs for a personal trainer are around $1,000 to $10,000 per year, depending on the size and scope of the business. Assuming that Daniel Wai spends around $5,000 per year on his business expenses, he can deduct them from his taxable income.
Daniel Wai’s personal expenses include his hobbies, entertainment, travel, and other discretionary spending. He is a fan of anime, comic books, and video games, which can cost him around $50 to $100 per month. He also enjoys spending time with his family, friends, and rumored girlfriend, which can cost him around $200 to $500 per month. He also travels occasionally, which can cost him around $1,000 to $5,000 per trip. Assuming that he spends around $500 per month on his personal expenses and around $10,000 per year on his travel expenses, he spends around $16,000 per year on his personal expenses.
Assets
Daniel Wai’s assets include his cash, investments, and properties. He has not disclosed his exact net worth, but according to Nextau, it is close to $500,000 as of April 2023. Assuming that he has a 50/50 split between his cash and investments, he has around $250,000 in his bank account and around $250,000 in his investment portfolio. He may invest in stocks, bonds, mutual funds, ETFs, or other securities that can generate passive income and capital appreciation.
Daniel Wai does not own any properties, as he rents his apartment in New York City. However, he may have plans to buy a property in the future, as he has expressed his interest in moving to Los Angeles, where his rumored girlfriend Ariana Madix lives. According to Zillow, the median home value in Los Angeles is around $950,000 as of April 2023. If Daniel Wai decides to buy a property in Los Angeles, he may need to save up more money or take out a mortgage.
Net Worth
Daniel Wai’s net worth is the difference between his assets and his liabilities. His assets are his cash, investments, and properties, while his liabilities are his taxes, living costs, business expenses, and personal expenses. Based on the estimates above, Daniel Wai’s net worth can be calculated as follows:
Net Worth = Assets – Liabilities Net Worth = ($250,000 + $250,000 + $0) – ($187,500 + $51,600 + $5,000 + $16,000) Net Worth = $500,000 – $260,100 Net Worth = $239,900
Therefore, Daniel Wai’s net worth is around $240,000 as of April 2023. This is a respectable amount for a fitness coach who has been in the industry for a decade. However, it is not very high compared to some other fitness influencers who have millions of followers and net worths. Daniel Wai may need to increase his income sources, reduce his expenses, or diversify his assets to grow his net worth in the future.