I currently have one website earning about $10-$20 per day. I was thinking of using this money and buying the services of someone to write articles for my site at about $5-$6 an article. Would this be a wise investment for me? That does come out to be about 2 unique articles a day or 60 articles a month. What kind of gains should I expect to realize from this? And what time frame should I expect before I realize such gains?
I'm honestly not sure about the gains possible. The articles themselves would probably help your pr if they were written well and provided good content-rich pages. You could also get some extra traffic if you had someone submit them to article directories too. Couldn't give you an honest estimate as to how much you would actually get though.
If you're relying only on your current traffic and links in order to monetize those extra articles, it may not prove too successful. However, I still think it would be a wise investment, at the very least you could spend the time replicating your current site in a different niche and getting it to the same revenue level.
I aim for this model with my blogs. I want to reach the point when I can outsource writing the articles and spend my time on another project. The hardest part for me is to find the right person for the job. If your income from the blog covers the costs for hiring a writer plus there is still something left then I would definitely go for it (assuming you have a reliable writer of course).
i would suggest you to reinvest back the money. It's better that you use the money to do other things. U could invest the money in buying links too. It may be wise to split up the money into different services, not just the content