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!Important! Money you make is NOT the money you own

Discussion in 'BlackHat Lounge' started by duzkerotzki, Apr 8, 2014.

  1. duzkerotzki

    duzkerotzki Regular Member

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    Hello together,

    i have been into IM for a few years now and gathered a lot of experience. You can read my old threads earning my first dollar. I am now between 10k-15k per month. Well, in this time I have learned a lot which many newbies forget about. This thread should give the newbies some advices and important points they should NOT forget about.

    ================================================

    1. Don't spend your first money on private things. Save it up for future projects. You can spend money on clothes, cars etc. once you make a killing.

    2. The money you make is NOT the money you own. As you are making money you are forced to pay taxes. This is a fact many newbies forget about. Dependent on your location you should inform yourself about the different forms of organizations. The taxes are different from country to country and have been the death for many companies.

    3. Also note: in some countries you have to prepay taxes.

    4. If you find a method that works - scale it. Think big. Think out of the box. Think about automation if possible.

    5. Don't be afraid to spend money. Spending money is a problem for many people. But you should always be aware of what could be possible if it is spent wisely. Don't spend it for bullshit.

    6. Try & error. Only reading won't bring you any step further. Many people make the mistake to read and keep reading. But they don't really try the methods or stop immediately if they see the first problem. MAKING MONEY IS NOT EASY. Nobody says that. If you want money you have to WORK. Think about what YOU want to ACHIEVE. Do you want to stream a movie in the evening or do you want to do something for your FUTURE, manifesting your dreams into reality? Our time is limited. Don't spend it for useless shit. You can do that once you achieved financial freedom.

    7. Why do you want to make money? Because it is freedom! The greatest thing about financial freedom is not the cars, or the house, or the watches. It is the freedom you have. You can do whatever you want whenever you want. You are free. You can sleep while others are working. You can fly to other places of the world if you want to. You can fly to the suborbit. Think about it.

    8. Save your money. The world is hard and changes extremely fast. Methods stop working. You can go to hospital. Whatever. Always remember to save enough money for the bad times. There will always be times when you have less money or need some money urgently.​


    I think these points are really important. Also don't forget about the mindset. Many people stopped dreaming - instead you should do everything in order to fulfill your dream. Thanks.

    duzkerotzki
     
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  2. RankSnatcher

    RankSnatcher Regular Member

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    The biggest difference between the winners and losers is - taking action!

    Winners take action.

    100% Agree: Many people make the mistake to read and keep reading.
     
  3. SocialMediaManager

    SocialMediaManager Elite Member

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    I fully agree
    i have learned it hard way after 4-5 years :(
     
  4. birdy23

    birdy23 Jr. VIP Jr. VIP Premium Member

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    It really reminds me of the past when I was just starting up. I saved as much as I could from the money I earned and sometimes skip a meal or two in a day.
     
  5. Conor

    Conor Jr. VIP Jr. VIP

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    Excellent points, especially #6. I'd take a wild guess and say that 90% of this forum is full of give-up-ers. If you want to make money, stick to it, until you start seeing results. A day, a week, and even months of hard work are not always enough. If you don't live and breathe your work, and do whatever it takes to succeed, you won't make it.In my opinion, at least.
     
  6. prab1996

    prab1996 Elite Member

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    it's making money section and you posted a lounge thread here.

    ask a mod to move it.
    -=-
     
  7. oOULTiMATE KhANOo

    oOULTiMATE KhANOo Regular Member

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    Excellent post man! truly eye opening and puts a lot of things into perspective.
     
  8. lancis

    lancis Elite Member

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    9. Dont save your money. Financial crisis is gonna leave you with nothing, its much better to invest than to save your money in the bank. Money may lose all of its value in a matter of a day, property will lose only part of its value.
     
  9. duzkerotzki

    duzkerotzki Regular Member

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    I agree, but investing isn't always the smartest solutions as you have to be liquid sometimes. There's no time to sell the house first for example. But generally investing is a good idea. Thanks for your point.
     
  10. Apricot

    Apricot Administrator Staff Member Moderator

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    Moved to lounge as requested.
     
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  11. BlingFiles

    BlingFiles Regular Member

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    I totally agree with this, I also advice everyone to diversify Investment. For example once I have a good sum of money I wouldn't invest it all in a single asset but rather in several ones like real estate, established websites & so on..
     
  12. tonib

    tonib Power Member

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    As seen in every "how to make money online" eBook... "Many people make the mistake to read and keep reading." - yes, they keep reading crap like this instead of working. Take me for example - I should be working, but instead I am wasting my time typing this post.
     
  13. TheUnborn

    TheUnborn Elite Member

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    Excellent Post, I totally agree with all the points you mentioned and i like this one that "Money Makes You Free "
     
  14. mitchiebear

    mitchiebear Junior Member

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    Number 4! Automating if possible! \m/
    Currently building my 10$ a day journey without doing anything