The quickest ways to go broke...

35 replies
Aye Warriors

You know, I remember at the age of 15 when I first got started in IM and I
made my 1st $85 commission check. It was no other feeling ever. Now, at the
age of 15, I had several choices on how to spend this money. I could of easily
threw it away on a new Playstation game or on something else that would bring
in no return at the time.

I learned a valuable lesson quickly...

Instead, I took $70 out of the $85 check and spent it on a Text Link Advertising
campaign that brought in $595 for the duration of that campaign. I was excited
and decided IM was what I wanted to do from that point on. Now, the point I'm
trying to bring home is that, you have to SACRIFICE at times in order to gain.

I hear people saying all the time, well - I don't have money to put into my
business at the moment. Then, they turn around and buy the new IPhone 5.
Priorities are backwards, and sad to say, they wonder why they go broke.

It doesn't take money to make money, but it takes money to make a LOT of
money. If you want to want to get ahead in IM or any business, you are going
to have to spend at some point. It may sound like a lot to spend $300 on a
Solo Ad or $100 on a Text Link Advertising, but you have to think of the long-
term benefits, spending that $100 could possibly bring you $300 if you know
your websites conversion.

One big mistake people make is taking all the money they make from their
business and spending it on things that only fills a temporary void, but will
never bring any type of results back to the table. Most people will never tell
you this, but if you look at any of the well known marketers, they had to
sacrifice to get where they're at. They had to spend a decent amount of
money on trial and error to get there.

To make a long story short. When you put money back into your business and
back in to your training, that's when you will start to get ahead. That's when
you will start to learn how to leverage the money you make to have it make
more money for you, over and over and over.

Once you learn to acquire this skill, you learn how to flip what you have to
double, triple or even quadruple your profits and create even more leverage.
This is how it's done. Then, with the money you've made back, you will have
more options on buying the things you want. If that means, no redbox DVD's,
no $500 cellphone, or anything that you don't need at the moment that you
can do without in order to spend on what you do need and will bring in return,
it has to be done.

Key point being, Invest in yourself and your business for the long haul. In the
beginning I've went countless nights/days without having what I needed with
the knowledge in mind that I'm investing in myself and business and I will be
able to spend and double my investment, therefore being able to get it later.

Believe in yourself, invest in yourself, sacrifice and good things will come
#broke #quickest #ways
  • Profile picture of the author entrepreneurjay
    Well said!

    Free traffic can make you some money ( POSSIBLY A LOT ) but you have to invest more of your time, which is our most valuable asset. ( Your trading more of your time in exchange for money. )

    Free traffic makes you money slowly, while paid traffic can make you a lot of money quickly, if you do it right!

    Do both, and try to find some paid traffic sources that can make you a good R.O.I.
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  • Profile picture of the author marc7
    Nice points Terrance...!

    I think the word investment scares people sometimes... We want things NOW, not later!
    Instead of putting 1/2 or 3/4 of a profit back into their business some will spend it a gaming system or something.

    Instead of looking at the term "Investment" as a dark thief in the night, look at it as a guiding light that will eventually make you wealthy...
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  • Profile picture of the author Christian Chan
    Your text formatting is all over the place.

    Edit: It had to be my iPhone.
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  • Profile picture of the author jayruggs
    I completely agree with you there. I can ba a scary thing to even think about investing money into an online business because there is no guarantee that you will get a return on your money. But, when you are investing a percentage of earned money, you are not really out any more than if you had only earned a percentage in the first place. Reinvesting is the best thing anyone can do to really make some serious money online and anyone who has made a living online will attest to that.

    Here's a great way that I found to reinvest without feeling like you are out money.....

    Decide on a percentage, I started with 50%, but you can go higher or lower depending on your needs, to invest back into my business, and I will automatically deposit that percentage of any money earned into a separate account that I completely forget about until I find the investment opportunity I am looking for. This way, I do not feel like I am spending any money because the money was never in my hands to begin with.

    Good luck everyone!
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  • Profile picture of the author HeatherH
    This is something that isn't considered often enough, considering how frequently the saying "you gotta spend money to make money" is. It can be hard to part with your hard-earned dollars, but investing is extremely important to good returns.
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  • Profile picture of the author tylerjaysen
    dude such a cool post man..and so true..

    ...taking your earnings...and re-investing back into your business...and scaling and tracking...is the recipe for making big money online...

    ...I remember when I first made money...and was so excited...and throughout that month I made over $1600...and kept thinking of all the ways I was gonna spend that money once I got it....

    ..Instead of taking 20% to put back into advertising...I blew all of it....ughh...

    ...I soon realized that investing back into your marketing....like 20%..is the smartest thing I ever did....
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  • Profile picture of the author Jackson Tan
    a lot of people earn their first dollar and got carry away thinking that they can scale to greater heights doing the same thing. it is not totally wrong but the key is reinvesting and increasing your efforts.
    currently i reinvest everything back until i get a proper stable income
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  • Profile picture of the author MilkerFocus
    good threads!
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  • Profile picture of the author provitall
    If you want to go broke quickly buy some $1,997 "can't miss" programs from the "gurus"
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  • Profile picture of the author scarob2
    Another mistake I think marketers make is going for the big kill instead of building a business. We have been brainwashed into a push-button mentality.
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  • Profile picture of the author Zend
    Most people will be scared to spend their hard-earned money into something with no guarantee result. But the brave and smart one will breakthrough it all and smile in the end.
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  • Profile picture of the author Thomas W
    I say whats the point of making money if you can't SPEND IT.

    I think saving money for retirement is over rated. Life is too short. Have fun
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    • Profile picture of the author BloggerDeen
      Originally Posted by Thomas W View Post

      I say whats the point of making money if you can't SPEND IT.

      I think saving money for retirement is over rated. Life is too short. Have fun
      I very much agree with you. I will say that saving some money will help but that don't mean not buying anything. We are into IM for that EXTRA CASH and that EXTRA CASH is going to buy me EXTRA THINGS which I may not be able to buy with 9to5 job.
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  • Profile picture of the author Pcity
    amazing thread and it really puts things into perspective, what you need and what you want is completely different.
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  • Profile picture of the author Michael Ten
    I think of the time, energy and hard work as an investment rather than a sacrifice.
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    • Profile picture of the author Chaddy
      Right now if I made enough I would take half of it and put it in the bank for taxes and the other half I would use for advertising.
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  • Profile picture of the author Christian Chan
    This Terrance guy really speaks the truth.
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  • Profile picture of the author garveyonweb
    Real sense. Excellent. Thanks.
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  • Profile picture of the author seotothecore
    If you ever plan on doing anything online, you have to reinvest everything you get for about 5 years. Then you can go ahead and start spending...
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  • Profile picture of the author Andrew Davis
    Nice post Terrance!

    I can surely say that my online Profits only really began to skyrocket when I began investing a lot more in my online businesses.

    I was relying on free traffic for a long while, but I eventually saw for myself that investment can bring greater returns, and much more quickly.

    -Andrew
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    • Profile picture of the author Steve B
      Terrance,

      "Key point being, Invest in yourself and your business for the long haul."

      I agree, with the following qualification: you have to invest in the right things.

      Many Warriors "invest" in lots of WSO's and other products that they think will move their business forward. But many of those purchases end up either not working as advertised, or the buyer never quite gets around to giving the product a fair test.

      I remember this saying: "The success of any business is inversely proportional to the size of the owner's new desk."

      Point being of course, that you must invest in things that are truly going to move your business forward.

      Thanks for the thread.

      Steve
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  • Profile picture of the author RyanLow
    Well said Terence. It is imperative for everyone who wants to start to be successful in their endeavors or starting something new, to have the aim to stay and invest in the long haul. Never be sidetracked by all the new "shiny" stuff that comes out every time and again. Good thread
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    • Profile picture of the author Folofa
      Well good, because I am relatively new to the business and that's exactly what I have been doing. I have been putting 100% back into the business because right now for me, it's not so much about making money as it is to BUILD my business . I know in time , the money will come. The key is to keep plugging away and never quit...EVER!!!
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  • Profile picture of the author jeffreydale
    A valuable lesson to learn at 15. Good tip mate!
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  • Profile picture of the author JL8
    Great thread.
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  • Profile picture of the author nav123
    I would like to add on that another mistake most marketers they don't focus on implementing one method and track their traffic sources in order to invest wisely.
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  • Great Motivation!
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  • Profile picture of the author sonnt
    Yes, thank you for your advice!
    Just invested in myself
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  • Profile picture of the author wnatc1
    You learned a valuable lesson early in life. Thanks for passing it on.
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    wnatc1 aka Tim Cleaveland

    The price of anything is the amount of life you exchange for it.
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  • Profile picture of the author Matt Mood
    I think most IMers start out trying to make additional income while they work a regular job. In that scenario it makes even more sense not to take any income out of the business for a while, and re-invest 100% as long as you can. If you make the right choices on what will help make you more money in the long-term, you will be replacing that full-time job faster than you know it!
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  • Profile picture of the author gary lee
    Matt Mood is exactly right. Many IMers start out doing this on the side while working a regular job to pay the bills. That way they can start out with no initial investment except for their time while learning. It is still very important for them to re-invest even 100% of their IM earnings for as much as possible. This way their business can grow to the point that they can tell their boss "see ya" and start their full time IM career.
    That is the difference between people that really make it and people that bitch that there is no money to be made in this industry.
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  • Profile picture of the author solomos
    Great Thread! I need to ask a question on this but i ll open a new thread.
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