Nah, it isn't as bad as it sounds. At .05 cent per sit and go, you have to win 20 of the matches to make $1, you need $12,000 to free up the $120 bonus dollars you won, so assuming you win 100% of the sit and go's for .05 cents per game, you only have to play 240,000 sit and go's to free up your 120 bonus dollars. However, realistically speaking, you're probably going to win more like 75% assuming you're very good so you should probably add about another 50 or 60,000 sit and go's to the 240,000 and make it an even 300,000 just to be safe.
If you were to play, say, 20 a day, 7 days a week that's 140 every week or 560 a month. If you never took a day off and maintained a constant 75% winrate you could have that 120 bonus dollars converted to real money
in just about 44 years and 7 months. Not bad. Good luck.