7 Make Money Mistakes
Avoid 7 mistakes make money online seven make money online mistakes if you want to become the registrar of servicing. How to make money online using strategies and tactics from my real online businesses that get results like these so in today we’re going to get into what you need to avoid if you want to consistently build your wealth and I’m the oldest man in the world I had to learn these lessons the old-fashioned way by actually making these 7 mistakes and if you don’t avoid these 7 mistakes.
I can guarantee you’ll be poor by the time you’re 30 40 50 forever. Avoid these seven mistakes and you’ll be able to reach your goal. it might just make your money-making potential limitless so you don’t miss any more strategies and tactics you need for your business journey and as we go through this article comment below any questions at all and it’ll personally answer you in an upcoming so this is one that pretty bad and is especially bad among young people and that’s not saving or investing.
Now according to business inside the typical millennial defined as 24 to 39 years old has less than five thousand dollars in their savings account and a survey by insider and morning console found that while 70 percent of millennials have savings account 58have a balance of under 5 000 millennials are financially behind and it seems to be for the most part because of 2008.
financial crisis the annual salary of a millennial today is an estimated 20 lower than the average salary for a baby boomer. At the same age so the net worth of Americans aged 18and 35 has decreased 34 since 96. the economic issues of the last decade can’t be fully to blame though.
Save and Investing Money
Because we all know we should be saving and investing. Sowe can grow our money but most of us aren’t doing it and it’s not our fault we aren’t taught financial literacy in school and it can be easy to waste the money on things that don’t help us. We spend our money on entertainment eating out getting wasted and passing out. Where we should actually be investing our money into assets that make our money work for us and build that passive income? So we all think we don’t earn enough to save and invest. But if you actually sit down and do an order of your financial situation it’s likely you’ll find a way to cut back on your expenses.
So you have something left over to saveand invest even if it’s a small amountit’s worth it in the long run. If youinvest 100 per month with averagereturns you’ll have 114 thousand dollarsin 30 years at 7Which is a lot more than if you justkept it in your savings account or spentit on popping bottles at the club.
So let’s take the united states for simplicity Warren Buffett has said the economy as measured by gross domestic product can be expected to grow at an annual rate of about three percent over the long term and inflation of two percent would push nominal GDP growth to five percent stocks will probably rise at about that rate and dividend payments will boost total returns to between six and seven percent and beyond that long-term data for the stock market points to that seven percent number as well so for the period 1950 to 2009. If you adjust the s p 500 for inflation and account for dividends the average annual return comes out to exactly seven percent check the data for yourself now past performance is no indication of futures results I took all of that from the simple dollar investor blog.
I have no more money to invest that’s really true but in case that is sadly the only way is to find more ways to make money. But there’s no way you’re going to be the next rags to riches story unless you take advantage of compound interest by managing your money properly and really cutting down on expenses. But it’s not just a failure to manage your money if you want to make money online not managing your time is just as detrimental to your success. Because your time also has a compound interest effect going on. If you’re always investing your time into things that actually won’t move the needle won’t help you achieve your goals then you’re not going to achieve them.
So I’m not trying to take away your precious Netflix and popping bottles at the club but quite simply the less time you invest in achieving your goals the longer it’s going to take for you to get there. If you keep thinking that it’s just going to happen for you one day you’re just going to wake up and suddenly start doing things that lead you towards that dream you’re dead wrong because making progress is always going to feel uncomfortable you need to have the discipline to do the right thing at the right time.
So you really need to put together a timetable that sets out everything you do in a day in time blocks and stick to that timetable give yourself a punishment for failure and even partner up with an accountability buddy with a similar dedication to their goals. But the next major make money online mistakes not learning new skills.
learning new skills is a hard path because it takes consistent effort over time to get better at something you should really choose one specific focus for learning a skill. that will help you make money online then go all-in on focusing on learning that specific skill dedicate a bit of time each day to implementing and learning will go a really long way in helping you reach the promised land but it’s not enough to just learn and make money online skill. That will help you build a real online business the next mistake to avoid is not building a side hustle you can learn all of the information you like.
But if you’re not implementing that information then there’s no way you’re going to be able to achieve that thing you want you to need that part-time or full-time job to cover your expenses and give you some additional income to save and invest but usually, those two will come after you build an additional income stream through aside hustle having a job really allows you to feel comfortable while working on your side hustle or side business and that gives you the extra income. That you need to reinvest into that business and grow it over time. So if you constantly take action on building aside hustle then you’ll eventually be able to turn it into your main hustle going into student debt for worthless college degrees.
Now I’m not hating on college degrees or saying college is completely worthless but if you’re looking to make money online or build a business for yourself then college simply isn’t the way to go even though you’re going to learn a lot and have a great time popping bottles before going to the club. Because you’re poor from the crippling student loan debt. But seriously student loan debt has reached record levels.
Because of the cost of college which has more than doubled since the the1980sas of 2019 student loan debt reached a national total of1.5 trillion according to student loan hero millions in the graduating class of 2018have an average student loan of 29 800mine personally was basically 60 dollars new Zealand dollars.
When I graduated from university as I’ve told you guys many times I don’t regret it. Because it helped me learn how to think and take action on that thinking. So it definitely helped but I don’t think it’s worth sixty thousand dollars unless you’re going to directly use the degree for something. So on top of that is getting rich quick thinking if you search make money online on youtube you will see all of the rubbish content on how to make money by watching videos writing doing nothing easy fast and free now you can’t really blame them.
Because they’re just doing it because it works sadly I mean more people click on it everyone falls into this magic bullet get rich quick paradigm of how can I make the most money with the least effort possible in the fastest way possible and I use the clickbait approach as well in my marketing.
Because you’ve got to meet people on the level that they’re at in order to bring them up to where they need to be otherwise they won’t even pay attention now the fact is those who put in the work consistently are the ones. Who makes the most money over time of course adjusting for black and decision-making capabilities but human nature gets the best of us we want it all for nothing. But that’s simply just not how it works now in order to make money online and build a successful job servicing business. You need to manage your time effort and energy this is something.
I talk about a lot on this website but that’s because it is crucial to your success in anything if you’re not budgeting your time energy and money then you’re going to fail quite simply you’re going to run out you’re going to waste it you need to remember that every second minute hour day month year that goes by you’re either moving up or you’re moving down and you need to make the right decisions. Put in the planning manage all of your resources and budget everything.
So that you’re moving towards your goals and not further away from them but also moving towards your goals efficiently while also enjoying life at the same time decide how bad you want it and make sure your actions match up with your thoughts now in a case if you haven’t done it already.