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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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Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

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