Started by Paul Myers (who deserves a ton of respect for doing so), this thread has become a kind of huge repository of ideas to make money when you’re in a crunch. It’s literally overflowing with good advice!
However, just the way it’s important to take the right kind of action when you are desperate for money, it’s also important that you avoid doing certain things.
According to me here are the things you should NOT do when you’re desperate...
1. Assume too much: Seriously, this has to be one of the most common mistakes people make in times of desperate need. They assume too much about everything, and end up getting the wrong picture. This cripples them and stops them from taking any real action. So don’t do it - because you have absolutely no idea what kind of opportunities are out there. Instead of assuming, take some action, and you will know for yourself what works and what doesn’t.
2. Waste time: Do I need to even mention this? When you’re desperate, you don’t go ahead and waste time day dreaming or loitering around the Internet watching YouTube videos all day long. You simply avoid everything that wastes your time and focus on taking some real action. Remember, the more time you waste by procrastinating, the worse things get.
3. Try to find a shortcut: I won’t say that there are no shortcuts to success. If there weren’t any, then the Million Dollar Homepage guy wouldn't have made a million bucks in like four months. However, shortcuts are short lived. Besides that, in your quest to find a shortcut chances are high that you will make mistakes. And mistakes are costly in terms of time. So when you’re desperate, don’t try to discover a shortcut, but rather go for something that is proven to make money even if it is hard for you.
4. Re-invent the wheel: Don’t try to do things in a new radical way if you’re desperate. Why? Because a lot of times re-inventing the wheel isn't necessary. You may feel like you’re “smarter” by doing things differently than others. But what if your new route/method/path/way doesn’t work? Be smart and look around for stuff that has already worked for others. Take it and use it for your advantage because you’re short on time.
5. Overlook existing assets: What do you already have in hand that you can make use of? What kind of assets have you built over the years that you can leverage? Your existing website, newsletter list, customer list, connections, even your Warrior Forum account are ALL an existing asset that you put in me and effort to build. Don’t ignore them, but leverage them to the max.
6. Underutilize existing skills: Just the way you shouldn't overlook your existing assets, you shouldn't ignore your existing skills. No matter what type of skill you have, whether it is writing, designing, sketching, public speaking or teaching magic tricks to a monkey - you should always try to encash it first. Always.
7. Try to game the system: It’s very easy to slip towards gaming a particular system so that you can avoid the hard work and make easy money fast. But what many people forget is that the system is almost always stronger than your gaming skills. For example, if you try to game Google, you may find success for a while, but your rankings can go overnight with one algorithm update. So instead of trying to find loopholes and trying to game a system - work with it. Help it. Get along. Give it what it wants and it will give you what you want.
8. Avoid networking: Why do you want to be alone when you’re desperate? Networking with other people in your field, people who can help you, should be your top priority. Building the right connections can get you a job, a new project, a joint venture or at least something that can get you out of the rut. So go out there and talk to people - not just on the Internet, but off it too.
9. Be too picky: No I’m not saying to take up whatever comes your way just because you’re desperate. But at the same time, don’t be too picky about the opportunities you choose to accept. Sometimes a small opportunity can lead to a big one. Besides that, when you’re in dire need of money, even the tiniest amount can do wonders.
10. Ignore the power of referrals: Tapping into your current contact list and asking them to refer you to their contacts can be really powerful. Regardless of how you choose to make money, you should get people who already know you and trust you to refer you or your services or your products to people they know.
11. Have your fingers in too many pies: Focus is really, really important. If you try too many things in a short period of time or try to jump from one thing to another quickly then you won’t really achieve anything. You don’t have much time so you have to make the most of it. So decide on one thing that you want to do and stick to it. Give your everything to it. Even if you fail somewhere, don’t just quit and move to the next shiny object.
12. Rely solely on the Internet: While the Internet is a great place to make money and build a real business, there are times when you have to look beyond. If you rely solely on the Internet, you may not be able to get the money as quickly as you need it. Look for offline work that you can do. There’s a ton of information related to offline marketing/business/work available right here on the Warrior Forum, which you can make use of.
13. Underestimate yourself: Finally, don’t underestimate your own abilities/skills. Be confident about who you are and what you can achieve. Understand that failures are a part of success. The more you believe in yourself in such desperate times, the easier it will be for you to face hardships and taste true success.
That’s about it. Feel free to add your own thoughts/ideas/tips or anything that’s helpful.
Thanks for reading!