High paying job vs. Internet marketing

15 years ago

Hi Sean,

I can really feel where you're coming from - I was in a similar position a few years ago, $100k of debt and an 'ok' job earning $60k which I could do in my sleep - but I was doing a bit of IM and knew for my debt to go any time soon I needed to change something.

I did BOTH - I changed jobs and added another 50% to my salary and got more focused on IM so that I had 2 plans both supporting my plan for revenue and ditch the debts.

Fortunately it worked out great for me and I now travel a lot and my debts are gone.

I would suggest that unless you're sure your IM revenue can ramp up and get your debts gone quickly - that you consider a career move for more money and just try to leverage your IM in any way (outsourcing and JVs etc.)

I'm sure you'll get there but sometimes you need the stability of an income in order to be around to see your IM business take off.

Good luck

Regards,

Andy

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Derek Pankaew

15 years ago

Can you take the job and do IM on the side?

I worked in car sales at one point, which was a 40+ hour a week job which was very energy intensive. I still managed to get some work done on the side until I could leave my job.

Cheers,

- Derek

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mattpaul2000 15 years ago

That is a great story Andyhenry!

Completely agree, you can only use IM as your full time income once it
takes care of your financial needs as a bare minimum other wise stick to your day job and build up your IM business on the sidelines. Think of it as a hobby to get passionate about.

Regards

Matt
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davebo

Banned 15 years ago

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JohnMcCabe 15 years ago

Here's an off-the-wall idea for you...

If the debts for your failed business are classified as 'business debts', meaning debts owed by a separate business entity, would it be possible to sell the failed business to someone who needed a tax deduction?

This came to because I recently read a story about someone buying a failing sports franchise, and part of the purchase was taking over the existing debts.

If you could sell a $40K debt for a dollar to someone who needs the tax break, you would both be way ahead.

If the debts are on your personal accounts, or personally guaranteed, well, never mind... (Emily Litella, SNL reference)
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Zach Zufall

15 years ago

Hi Sean,

I would usually say start hustling...but you have a lot of debt, man. And you haven't paid down any of the principal in the last 3 years. Suck it up, get a higher paying job and live frugally for a year.

There's no guarantee that your internet biz will bring in significant money in the first 6 months or even a year. You can't afford that being in so much debt.

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Bigsofty

15 years ago

The first thing I have to stress, and hate to be a party pooper but it has to be said, is that what you're reading on the news is fake cr^p.

The economy is tanking and will continue to tank. The "stimulus" stuff will succeed brilliantly - as shoving wealth into the hands of the well-connected while bailing out those that screwed up too much. It will do nothing for the average Joe and things are going to get worse before they get better.

Much worse. We haven't even seen the inflation yet.

Your absolute No1 priority must be to clear those debts while clinging on to any half-decent income source you can get.

When an economy goes bananas, and it will, nothing is fixed. That includes "fixed rate" debts. Right now your interest rates are artificially low but with a stroke of a pen they could go ballistic.

Find the best job you can get and spend at least the next year doing little but paying off those debts. Not minimum payments, I mean pay them off.

If you try to build a business now you're building it on quicksand let alone poor foundations. Don't even try.

B. <-- spreading happiness and joy wherever he goes...

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SeanyG 15 years ago

Originally Posted by Bigsofty

If you try to build a business now you're building it on quicksand let alone poor foundations. Don't even try.

I was agreeing with everything you said up until this statement.

Everyone seems to be answering the same. Your answers make sense.

Andyhenry - Your story gives me inspiration. Check your PMs.

Derek Pankaew - Its funny that you mention car sales because I did that before. I was good at it, working at Lexus and making lots of sales, but I HATED it so I left. I'm glad that I did. I would like to find something less high pressure and less mentally / physically exhausting.

mattpaul2000 - It is already a hobby I am passionate about so that works out!

davebo - Thanks for putting things in such simple terms: "The job was fine...40 hours, short commute, good benefits". Thats exactly what I need right now! 60k+, good benefits, and a short commute.

Zach Zufall - You're right. There are no guarantees and I can build it up on the side until its guaranteed.

JohnMcCabe - I LOVE the idea! I will speak with my accountant about this soon!

rayb01571 - How has your experience been with that company? What are the benefits of working with a company like this. I have been told that I should be weary of those companies.

Thanks for all of your ideas and support! It seems like everyone is on the same page here...
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rayb01571

Banned 15 years ago

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Andyhenry

15 years ago

Originally Posted by rayb01571

I feel your pain Sean. I have over $60,000 worth of debt and I contacted Cambridge Credit Counseling and I will pay them a monthly payment and they pay my creditors at a reduced interest rate. I will be debt free in 4.5 years.
I have begun an Internet marketing business, which hopefully will keep me out of debt permanently.

I realise that these companies offer a useful service - I used one myself when the phone calls and letter got too much for me when I was burdened with debt.

However, all they're actually doing is the same thing you could do for yourself - except they're charging you as well.

In reality what seems like a way out is really adding to your debt.

The way they're getting your interest rates reduced or frozen is by calling the people you owe money to and telling them that you can't afford to pay the full amount and that you're dealing with your creditors on the basis that you pay them all what you can afford.

If YOU did this - they'd reduce/freeze your interest in just the same way - it's how the industry works. They want their money and they'd rather take lower payments than have you declare yourself bankcrupt and not get any of it.

I understand if you'd rather just leave it wrapped-up nicely and let them deal with it (I really do understand), but I thought you should know that you don't actually have to rely on companies like that to get your situation dealt with.

Regards,
Andy

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SeanyG

15 years ago

Originally Posted by Andyhenry

In reality what seems like a way out is really adding to your debt.

I understand if you'd rather just leave it wrapped-up nicely and let them deal with it (I really do understand), but I thought you should know that you don't actually have to rely on companies like that to get your situation dealt with.

Thats what I figured too Andy. I've already made the calls and moved debts to lower interest vehicles and bargained down some interest rates.

It sounds like I don't need to go this route.

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jan roos

15 years ago

Originally Posted by SeanyG

Hey guys,

I hope you are doing well.

In my life right now a big decision needs to be made and I think you guys would have some GREAT insight on it!

Here is where I am at now:

- My PURPOSE in life right now is to setup a business that will allow me to travel and set my own schedule. Traveling is a huge passion of mine. One thing I really miss about running my own internet business is being able to set my own schedule around my life. I want Freedom of time and location again. I am a born entrepreneur. Setting up my own businesses has always got me fired up to wake up in the morning.

-Whats holding me back is $40,000 in debt from a previous failed business. This has been hanging over my head for the last 3 years and it has stayed around the same amount. The payments make relying on a new business for income almost impossible.

-$2500 living expenses including all debt interest and minimal payments

- I am working on setting up a business right now. Selling info products to DJs through list building, free content and then selling them products / continuity programs. I am very passionate about the DJing industry (its one of my favorite hobbies) and internet marketing in general.

- I recently landed myself a job that has some benefits to it (fun aspects) but it pays nothing and takes up 40 hours per week. I realize that this is settling because I don't enjoy the job much and I don't get paid much either. $3000 per month which covers my living and debt payments.

- I have my degree in business and lots of experience so I can get a high paying job.

Here is my question.

Now that I have realized that I have do something about my current working situation, I need to decide between:

1) Finding another job. I can find another job that pays double what I am making now. This would make a significant impact in my debt and if I am spending the time at a 'job' it might as well be a high paying one if I don't enjoy it either way. This option is yelling at me "Hustle!!! Work a high paying job AND make other time for working on the business."

2) Find part time work somewhere that will cover my living but will allow me time to really focus on getting internet businesses set up. I won't make any progress on paying back debt but the idea is that the business will be able to do this one day (6 months, a year....two years from now).

Hustle vs Freeing up time to focus?

I'm leaning towards hustling...

Your thoughts are appreciated.

I look forward to your reply!

~Sean

Have you read the cash cow thread yet? If you were good at selling cars you could easily make a ton of money with the offline gold method. Just an idea that might be worth looking into.

Cheers

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SeanyG

15 years ago

Originally Posted by jan roos

Have you read the cash cow thread yet? If you were good at selling cars you could easily make a ton of money with the offline gold method. Just an idea that might be worth looking into.

Jan Roos,

Thanks for the message.

That thread immediatly caught my attention and I did a lot of reading about it. It caught my eye for a few reasons:

1) I am strong in sales.
2) I have a huge network of friends here in Vancouver and am pretty connected in the business community. I know a lot of resteraunt owners, small business owners etc.
3) I have always got energy from helping people and connecting with people. It seems as though this is a big part of this business - consulting with business owners to improve revenue.
4) This directly applies to what I want to do (info product IM) so even though it isn't as passive as the info product business I want to set up, it still doesn't seem like as big of a waste of time as working that is unrelated to IM.

That being said, a friend advised me not to get into this because then I would be trying to build up 2 different businesses (DJ products and this offline one).

He also made a good point saying that I don't know if I could make $5000 per month using this business model...

I think that the off line business could be a great option but these are two valid points against going that route.

What are your thoughts?

Thanks

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DeontaWalker

15 years ago

Hey sean,

My thoughts are this, I worked my pants off and have to sit and deal with people I really didn't like and didn't like me. I had to stay there, because, I knew that in order to make money you have to have money to spend for your business. I agree with what was said above about balancing both your job and your business.

When it comes to today's economic situation you probably need to stay at your job in till you feel your other business is really taking off the ground. There are a lot of people out there that have lost their jobs and are losing jobs still.

I believe you should have yourself a little backup just in case things don't work out the way you want it to, so you can always have something to lean forward to if all else feels. That's what I did anyway. I balanced everything and put up with a lot of stuff just to get what I needed and now I am free and work from home doing things all my way.

But that just my .2 cents

Deonta

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Bigsofty

15 years ago

I say don't even try because we both know what will happen...

You'll be spending money on your new business, money you have to accept you cannot afford at this time.

Yes it's an investment and will pay itself back over time and the rewards can be huge and all that good stuff - but none of it is certain, while what IS certain is that you already have debt.

If we were talking about $4000 sure, but not $40,000.

Yes, you CAN make a heap with a Wordpress blog and a $5 hosting account but if it were simple and easy we both know you'd already be doing it.

You asked, I answered. I never said you'd LIKE the answer....

B.

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SeanyG

15 years ago

Originally Posted by Bigsofty

You'll be spending money on your new business, money you have to accept you cannot afford at this time.

If we were talking about $4000 sure, but not $40,000.

Yes, you CAN make a heap with a Wordpress blog and a $5 hosting account but if it were simple and easy we both know you'd already be doing it.

You're right by saying that if it was that easy, everyone would be doing it. That being said, I think I am strong at the parts of this business model where most IMs aren't (cold calling, face to face selling and networking skills) that would make it work.

The business model that was mentioned above costs nothing to start except for my time. I already have all of the knowledge, skills, contacts etc to get it rolling. The costs (awebber, hosting, design) get passed along to the client. I even already have nice dress clothes from working at Lexus for meeting with new clients hahha.

What my friend was referring to was spreading time & energy between two businesses instead of just focusing on one.

Thanks

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Kevin AKA Hubcap

15 years ago

This is a question only you can answer. You know our position, your debts, assets and liabilities but more importantly you know you.

We are all brothers and sisters at arms here but it's up to you to forge your way.

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SeanyG

15 years ago

Originally Posted by Kevin AKA Hubcap

This is a question only you can answer. You know our position, your debts, assets and liabilities but more importantly you know you.

We are all brothers and sisters at arms here but it's up to you to forge your way.

Ultimately you're right!

Thanks

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IMChick

15 years ago

There have been a lot of comments on the job-no-job threads here in the past couple of days. My number one thing to watch out for before you do IM for 100% of income is to be debt free. If you're not debt free, you can't have the discussion yet. To become debt free, it sounds like you're on the right track, so keep it up. Try to find the blog by Amy Bass. She did the IM route to pay off debt publicly, her accomplishments are really something to admire.

A steady paycheck while you're doing part time IM with someone else paying for benefits and fringe is a significant safety cushion. Why not go for the job for a bit, sort it all out, and then wake up one day after the IM stuff is humming along and say "hey, i don't need the job any more". Much better than worrying, no?

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qwertybu11

15 years ago

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AndyCamden

15 years ago

I would personally go for the higher paying job, pay down some of my debt, and then work on my IM business on the side and do a lot of outsourcing to take some of the workload off of my hands.

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DeanJames

15 years ago

Sean,

In your shoes I would grit my teeth and use the skills in the marketplace I currently have to double my salary. I would then work on the IM business in my spare time and save as much as I could from the high powered job you hate during this time.

Once my income level outside of my job was equivalent to what I needed to pay bills and live I would then quit the job and go into IM full time. However, I wouldn't do this unless I had a few months 'spare money' in the bank backing me up as you don't want to 'wing it' and then find you have to go find a 9-5 job again. You want to do it once and do it properly.

Build up a business in IM first that has momentum before shelving the job you hate. I would not go for the part time job option that pays less. Get paid for your skills and have the IM biz building up in the background. That way, every day at work you will know you are one step closer towards leaving that job and you can smile inwardly knowing this.

Good luck!

- Dean

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Joel_Holtzman

15 years ago

1.) Security
2.) Debt Reduction
3.) Business

That is your order of priorities. Take my advice, please, when I tell you to save the $, reduce the debt and then outsource as you continue to earn a good living. When THAT pays off long enough, then you can venture on your own but make sure it is paying you off first!

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Liz Sullivan

15 years ago

Sean,

You mentioned you could get a high paying job if you wanted. Why not get a job first, and carry on IM with some (or a lot of) outsourcing on the side?

You'll definitely have some free time with a regular office job. I have plenty of friends who manage IM and regular day jobs simultaneously. Once you get your IM system up and running, you can give your boss the boot!

Thanks

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clarissa25

Banned 15 years ago

i am in the same situation, and I am just trying to get internet marketing going and look for a job at the same time.

Thanks

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Li Weng

15 years ago

If you're that much in debt, I think the better option
for you is to go with that job which will pay you double.

It gives you a bit more security and stability.

Once you've cleared your debts, then you can start
working on your online business on the side, and build
it to a level where you can comfortably quit your job.

You know you'll need to invest in your online business
as well, so being in debt doesn't really help.

Thanks
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Gmaster 15 years ago

This type of situation need us to triple our effort on both job. Currently im still in debt and hope all this problem will be settle down by end of this year.

So, just get a real job and part timely your internet marketing.
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Bigsofty

15 years ago

"A bird in the hand is worth two in the bush".

Wise old words them.

You say you can click your fingers and get a high paying job. My advice still stands, get clicking. However what I really must stress is do not under any circumstances get yourself into a position where you NEED that click because things are getting worse.

I double-guarantee, with brass knobs on, that's the one time there won't be any such jobs available.

Another issue to consider is that high paying jobs tend to have employers who expect continuity in employment - and won't look kindly to a resume where you goofed off in some part time job for a few months.

Be it 6 months or 6 years, you'll face the same "going back to work" hurdles. The jobs you can get right NOW are not necessarily the same as the one you'll end up with later if you leave that field.

B.

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OmarNegron

15 years ago

Maybe you should clear your debts first because that is a burden to have over your head.

But always hustle. It's the feeling of being comfortable that is scary and can allow you to lose your hunger....

Keep it up

Omar!

Thanks

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High paying job vs. Internet marketing

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