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These 7 Things Can Ruin Your Efforts of Making Money Online

These 7 Things Can Ruin Your Efforts of Making Money Online

We all know that many people are making good, great and even tremendous livings, all from behind their computer screens. For that reason alone, most of us should be past the whole “making money online is a scam” frame of mind. This ideology should be long gone and pushed as far out of our brain as possible. There is absolutely no excuse for this way of thinking unless perhaps you happen to be one of those old timers that had to walk 20 miles every morning to school in the snow. Ever heard that story before?

We can give them a pass. Anyway, in all seriousness, I wanted to write this for myself, the people just getting started, and even the people that are well on their way in their internet marketing/blogging/online venture of any kind. The hardest part about earning an income online is how much bad information there is on the web. Which is why I’ve created a free guide to increasing your income online, for people just starting out that want to know their options. The truth is, the people that are usually spewing this information are typically just trying to sell you something, and they don’t care if you make money or not. Here is my list of 7 Ways to Screw up Making Money Online.

1. Lack of Direction

Maybe you’re a newbie and just found out that you can make money online, and you’re lost as to how to do it. You may be researching on Google and YouTube, watching different videos of people telling you that this is the way, or that’s the way, etc. The amount of time that you can spin around in circles like this when looking for information is endless. The first step to getting rid of this problem is to get these ‘get rich quick’ schemes out of your head. I’m not saying that there aren’t ways to make large amounts of money online fast because there are many. But it’s much better to focus on developing and building a marketable skill online and become a master of that one thing. That’s the fastest way you are going to reach your goals. Period.

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2. Too Many Directions

There are so many different strategies to make money online, and you try to learn every skill instead of just mastering one. This one is dangerous and will continue to stunt your growth online for as long as you allow it. You need to do some soul searching and research.

What are you good at? What do you enjoy doing? Do you like writing? Consider starting a blog or offering freelance services as a writer on websites like iWriter. Do you know web design or want to learn? Watch all the YouTube videos you can on learning basic HTML and building a site on WordPress. Once you’ve developed your skills, you can offer website design and development services to local businesses or freelance on sites to get your name out there and build a client base. The important thing is to get started and gain some traction, or you’ll lose your enthusiasm.

3. Following the Wrong Leader

I was blessed, when I first started my journey online to have a good mentor and coach. Make sure that you use your better judgment on this one. Do your homework on someone, and make sure they know what they are talking about before you put your business and your future in their hands. Make sure that what they’re saying resonates with you, and they’re not just trying to sell you something.

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4. Lack of Focus

Have I mentioned that you need to focus on one thing? This is the silent killer when it comes to online entrepreneurs, it is extremely hard to have a laser focus on one particular thing when you have so many emails, videos and ads being shown to you offering the latest and greatest product or strategy to become a billionaire overnight.

Remember in heading two we talked about too many directions? You need to audit regularly where you are spending your time. If you are trying to build up your reviews on iWriter and develop a good name and reputation for yourself, you might not want to spend hours a day learning about opening up an Amazon store, see where I’m going here? Half of getting what you want means knowing what you’re going to have to sacrifice or give up to get it, then making that sacrifice over and over.

5. Lack of Money

There might not be many people out there who are actually telling you this, but you are going to need some money to get started. The amount is really minuscule though compared to the barrier of entry of basically all other business models out there. In a recent article, I talk about how I quit my job and moved to Denmark with no money but by this time I had already spent time learning and mastering my trade and had established a client base for myself.

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What I recommend for everyone just starting out is to keep your day (or night) job, and if you don’t have a job then get one! Even though the costs are low compared to other businesses, you still need to invest in yourself and your learning.

6. You’re Not Working Hard Enough

You’re going to have to work at this just as hard or harder than anything else that you’ve ever wanted in your whole life. Do you want a location independent business that you can run from anywhere? Make money while you sleep? Travel the world and work from your laptop? Ok, then you’ve got to ask yourself what you’re willing to give up to get yourself there.

When I first got started, I was working two jobs and going to college full-time, and I was tired. You know what the problem with that excuse is? The universe doesn’t care if you’re tired. It doesn’t care if you’re sick, hungry, upset or whatever other excuses you might have up your sleeve. As the great late Jim Rohn says, “You get paid for bringing value to the marketplace”. So what did I do? I found time. I basically didn’t leave my house for a whole year (as far as whatever free time I had). I studied and watched everything that I could get my hands on my chosen subject, while simultaneously applying it. That last part is key so read it again, so you don’t miss it!

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7. Giving up Before The Miracle

Internet marketers pockets are lined full of money from people who bought their product or course and never even opened it! I remember when I heard the statistic that it was something like 60-70% of people that buy a course never even actually open it up!

Think about how crazy that is for a moment.

You need to sit back and realize that there are TONS of people online really doing it! That have created a lifestyle business for themselves and you can too. You are no different from them besides the hours of work that they have put in mastering their skill. It’s all about setting goals for yourself and then working like hell until you achieve them. I wish there were some magic formula because I would be using it myself. But there isn’t. What there is, is good old fashioned hard work and discipline. My question to you is, are you going to be the 60-70% of people that resign to do something and never follow through OR will you be the other 30% that is living their dreams? The choice is yours.

Featured photo credit: Luis Llerena via pablo.buffer.com

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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