Lucy Banks, an Australian single mum who ditched her corporate job in 2019 to create content full-time for OnlyFans, was looking to make a bit more money to support her family. Mission accomplished: Banks’ earnings totaled $300,000 this past year, and she is projected to clear $500,000 in 2023.

“There is a lot of hype around the mega-paydays on OnlyFans, and much of it is true; the top 1% of earners do bring in more than $20,000 monthly, the top .1% is in the neighborhood of $100,000 monthly, and the top celebrities make millions monthly – it boggles the mind to think about it,” explains Banks, who sits atop the .8% of OnlyFans creators.

“However, it takes a lot of time, work, commitment and a thick skin to get to those numbers. While the top 5% of creators may be making pretty good money, the other 95% isn’t making much of anything at all. I’d like to shatter that ‘easy money’ myth right now. There’s no way around it; you really do have to put in serious effort to see serious results.”

But what happens if the big money DOES start to roll in? “Remember, modeling on a platform like this can feel like winning the lottery if you’re among the top earners – but this windfall will be short-lived. Fans are fickle, the service can decide to ban adult content – again – and your fortunes can fall as quickly as they rise in a business like this. You want to ‘make hay while the sun shines’, so to speak, and keep doing this work while it’s fun.”

Banks advises enlisting the help of financial professionals and staying focused on the future. “I’ve tried to be smart with my money; I’ve bought a house, a reliable car and I’ve paid school fees in full for the entire year upfront. It’s important that I was able to have that stability for my kids. Now I’m looking at investment properties and hope to have a few under my belt in the next few years. Hopefully I’ll be able to retire before I’m 40.”

• You can follow Lucy Banks on Twitter at @itslucybanks.