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Do most marketers die broke?

by tradermike2008
31 replies
Was listening to a presentation by a big name IM guru and he made the statement that most of all of the old school direct mail marketers died broke and most people in internet marketing are or will go broke.

HE said the people get addicted to making sudden money in campaigns and never take the money they make to invest and create a real business or asset. They just get addicted to the sudden money then blow it until they need more and then do a campaign.

You think this is true?
#broke #die #marketers
  • Profile picture of the author dvduval
    I don't think all internet marketers are working short term programs. It's true that people who do a lot of short term programs are more likely to have a "roller coaster" when it comes to making money, but often people find their niche and settle into more long term profits.
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  • Profile picture of the author Brad Gosse
    I would say I spend plenty of time chasing the kind of big scores that have made me fortunes in the past.

    I get little scores along the way though. I have been milking one big score constantly for 7 years though and I still look for more every day.

    I can see some people getting a big score then never seeing another. I know plenty of those one-hit-wonders
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  • Profile picture of the author BlueStar
    Banned
    Originally Posted by tradermike2008 View Post

    Was listening to a presentation by a big name IM guru and he made the statement that most of all of the old school direct mail marketers died broke and most people in internet marketing are or will go broke.

    HE said the people get addicted to making sudden money in campaigns and never take the money they make to invest and create a real business or asset. They just get addicted to the sudden money then blow it until they need more and then do a campaign.

    You think this is true?

    Many marketing gurus did die broke or not financially well off.

    My mentor Gary Halbert was Rich, Poor, Rich, Poor, always up and down. I'm not sure how much money he had when he died a few years ago but I would guess not much.

    I know of many successful people, business owners, etc... who have made millions and lost it. Some never recovered.

    Frank Lloyd Wright died broke and many others.
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  • Profile picture of the author CaptainLou
    For me it's been "Slow and steady wins the race", and it's not how much you make but how much you bank and invest.

    I want my money to be working for me so I can just live the "Internet Lifestyle" and travel the world!
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  • Profile picture of the author Black Hat Cat
    Banned
    I believe a lot of these marketers are one product launch away from bankruptcy.

    As for dying broke, so what? You can't take it with you, so you may as well spend it all while your alive.
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    • Profile picture of the author David Hooper
      Originally Posted by blackhatcat View Post

      I believe a lot of these marketers are one product launch away from bankruptcy.
      Not sure it's that extreme, but I know plenty are living "launch to launch." Most are not making as much money as you'd think.
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  • Profile picture of the author Headfirst
    go big or stay home. or something.

    It's all about planning and self control.
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  • Profile picture of the author mikemcmillan
    The most exciting life is one that exists at the edge of chaos--it the fluxing boundaries between the safe and the uncertain. It's a rush. The big guys have big dreams and that means big risk. I respect those who have made it and lost it more than those who never tried. Dance the dance of life as if no one were watching you.
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  • Profile picture of the author MADINAZ
    This is probably true because as internet marketers we are addicted to the sale. We pump money into our projects and start to take on more and more searching for the next big thing. Kinda like the way a gambling addict just can't stop putting money in that slot machine. We're never satisfied with what we earn always looking for more
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  • Profile picture of the author MikeGriffith
    People who make millions and die broke are usually the ones who never learned the art of investing...or something.
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  • Profile picture of the author dndoseller
    "Most" never make money in the first place.
    "Most" ones that do die broke.

    I learned a while ago that the goal is not to be like "most" people!
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  • Profile picture of the author AndrewCavanagh
    Making a lot of money doesn't mean you're going to keep that money or that the method you're using to make that money will endure.

    Generally speaking very savvy MARKETERS who understand the principles of marketing rather than just a few strategies will keep making money even though the methods they use may change dramatically over the years.

    Whether they take steps to keep that money or invest it wisely is a whole different topic.

    Dying broke is more about how you organize your assets and income so they are still there when you're no longer able to work.

    It has very little to do with whether you're a marketer or you have some other kind of business or profession.

    Kindest regards,
    Andrew Cavanagh
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  • Profile picture of the author TimGross
    There's an obvious solution: Don't die.
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    • Profile picture of the author Woody C
      Originally Posted by TimGross View Post

      There's an obvious solution: Don't die.
      Duh!

      I believe that what the guy in the presentation was saying was that most marketers knew how to teach and/or use the information on other's businesses (consulting) but few knew how to use it in their own lives. Or not.

      Therefore they were still trading time for dollars while other's were profiting from their advice.

      The key is to use what you know to set up your own residual income sources.

      Many marketers are good at what they do, mainly advertising and consulting, but are pretty awful business people.
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  • Profile picture of the author chrisnegro
    Most marketers are geniuses with ideas and creativities...but terrible in operations/management and focus. This is thee common personality traits and profile of a typical marketer.

    If most marketers understand this (and make adjustments) they typically succeed. You need to put the right mentors around you (who are strong where you are weak), discipline your mind to focus, dial in, and concentrate on one or two methods until you can make money. Once you make money, add other methods that you can outsource and make money off of the people you outsource to.

    The problem with most marketers is they can't focus and if results are not seen quick they jump ship and try another method. Thus the typical pattern of a marketer.

    Not all...but typical -- this would could explain why most marketers die broke as you say! In fact, my mentor who is a successful retired Messianic Jewish Millionaire (who still gets paid to sit on many Boards in the Chicago Land area) says this "I've seen very few marketers who made money"

    Success to you in 2009,

    Chris Negro
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    • Profile picture of the author Fernando Veloso
      Originally Posted by chrisnegro View Post

      Most marketers are geniuses with ideas and creativities...but terrible in operations/management and focus.
      That's why me and my wife are a solid peace of artillery.

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      • Profile picture of the author chrisnegro
        Originally Posted by Fernando Veloso View Post

        That's why me and my wife are a solid peace of artillery.

        Nice Fernando....my fiance are planning on becoming this type of tandem. Its good when you have balance in this area.

        Success to you!

        Chris Negro
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  • Profile picture of the author Stefan Vee
    "Easy Get, Easy Go"
    That applies not only to Rich Internet Marketers
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  • Profile picture of the author valtex
    it depends on each individual
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  • Profile picture of the author tradermike2008
    I'm a stock trader and the same thing goes there. There are tarders who make a million a year and then go broke. The problem is lifestyle. They make the money and then upgrade their lifestyle so they have to make another million then don't. Then go broke.

    I guess it could be the same thing with IM marketers too.

    You need to put money aside into other investments when you make a big score.
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  • Profile picture of the author Igor Kheifets
    Originally Posted by tradermike2008 View Post

    Was listening to a presentation by a big name IM guru and he made the statement that most of all of the old school direct mail marketers died broke and most people in internet marketing are or will go broke.

    HE said the people get addicted to making sudden money in campaigns and never take the money they make to invest and create a real business or asset. They just get addicted to the sudden money then blow it until they need more and then do a campaign.

    You think this is true?

    I disagree, because many of IMers, do Residual Income.
    That means that we all have resiual-long term goals
    for our lifes.
    The ones who aren't marketing educated yet, those are
    the ones that have the potential to stay broke, simply
    because they have no clue about what they are doing...

    Igor
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  • Profile picture of the author MichaelHiles
    A lot of the time, I drive around in my $800 1983 Silverado crap brown rusty farm truck with big mudder tires. I wear my cargo shorts and tee shirts, and my boonie hat that my dog chewed a hole in.

    "Better to be a fool with the crowd than wise all alone." (or something to that effect) - Balthasar Gracian
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    • Profile picture of the author Kevin Riley
      I died broke. But then they let me have a golden harp and I get a really posh cloud.
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  • Profile picture of the author tommygadget
    Just because you can make money does not mean you can manage it. This goes for all people in all walks of life. Oh, and part of this has to do with the fact that it is much more fun to spend money than it is to earn it.

    TomG.
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  • Profile picture of the author LB
    Most successful people quietly make money and never label themselves as "marketers"...

    I honestly think that being well-known is a double-edged sword. It's nice to be on top, but when you're down the crowd will love kicking you just because it makes them feel better about their failures.
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  • Profile picture of the author Ryan Shaw
    the 80-20 rule still applies; and the fact that 95% will die broke; its about investments and saving properly a portion of your income
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  • Profile picture of the author Raydal
    I don;t know about marketers but I know it's said of those who win the
    lottery--most die broke.

    For marketers, if you spend your money because you are sure that you
    can make the next million as easy as you made the last one then you
    can end up in a lot of trouble living that way.

    I know Gary Halbert has already been mentioned, but I've heard Dan Kennedy
    make the same comment about him, saying that he was poor at managing his
    money.

    If you live above your means then it can easily happen to you.

    -Ray Edwards
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  • Profile picture of the author tamaradaria
    You know that's a scary thought if
    it's true.

    But I have to admit that when I began
    looking for ways to make money online,
    I had no idea of how to set up an infrastructure
    to bring in a constant, steady flow of money.

    That's the key.

    You have to keep building so that if
    one source dries up you have another
    one to take its place.

    You gotta stay on top of the game IF
    you don't want to die broke!
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  • Profile picture of the author chrisnegro
    One of the most powerful truths is not your ability as a marketer...but rather your ability to market your marketing services and products.

    Success,

    Chris Negro
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