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Life Lesson for the Upand Coming Winners and the Current WInners in IM

Discussion in 'BlackHat Lounge' started by BassTrackerBoats, May 25, 2011.

  1. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    Ok guys... I'm going to share something with you that you absolutely should follow and if you do follow it you will be set up very well.

    I don't do bad in the IM business with my sites... I make some decent cash from my sites... nothing spectacular but decent... upwards of 12K a month these days.

    Previously, I owned a variety of brick and mortar businesses and had a couple of them that really took off and generated serious revenue... I hope that you all have success like that and even better in whatever business model you are working, whether online of offline.

    Here's the deal though... just because you make real good money, don't live like you make real good money. Live like you make average money... don't buy a new car just because you want one and can afford it... buy a used one in decent shape and put the rest of the cash away in investments and savings accounts.

    I'm not offering investment advice or suggesting how to invest your money, I'm just saying it makes tons more sense to make 200K a year and live like you are earning 40K a year.

    I'm saying don't buy a new Audi A8 and take out a loan, I'm saying buy a modest ride and pay cash and still make the car payments but instead of paying the bank, pay yourself and put that money in an account of sorts that draws interest.

    Debt sucks and borrowing against a depreciating asset sucks more.

    Don't be the guy that buys the biggest house on the block just because you are making good bank today... be the guy that buys an adequate home in a reasonable neighborhood and save the difference in mortgage payment.

    Debt Sucks and being house poor sucks more.

    Forget the term "Live within your means" and start following the mantra "Live WAY within your means".

    The guy around the corner thinks you make no money? Who cares!

    Your brother-in-law thinks you are lazy just playing on your laptop all day. Let him!

    Your cousin says your car is not as nice as his? Fine, I can live with that.

    Build your base of cash... build it bigger than you would think you would need... let that cash work for you in terms of interest/investments/rental properties/mutual funds/etc and let it work for you for a long time... forget that you even have that money.

    Once you have much more than you will ever need, you will never need and neither will your family.

    You may have seen me say, "Content is King and backlinks are Queen and together they make nice children".

    Well Cash is King and investing it is Queen and together they make a nice base for the rest of your life.
     
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  2. pkalico

    pkalico Junior Member

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    well put, trying to get outta debt right now and it SUCKS!!!!
     
  3. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    I haven't been a fan of being in debt for years... I made 229,000.00 in 2006, my last year with a full time brick and mortar business, and lived in a home that I paid 108,000.00 for in 2000.

    I could have gone and bought a huge showcase home or I could have lived like I was making 40K and banked the rest.

    I didn't buy the showcase home.
     
  4. Patel

    Patel Senior Member

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    Strong words BTB
     
  5. ContentCreation

    ContentCreation BANNED BANNED

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    Great words BTB, i appreciate your share, however ..

    I can't ever see myself living like that. I have always been a 'live everyday like its your last' kinda person! I know people say that all the time, but i actually do live everyday like its my last!

    I have the same way of thinking as the rapper Wiz Khalifa, as weird as it sounds .. il quote a lyric of his, and that is kinda the philosophy i live by:

    'Spend it all, when you die you can't take it with you'

    I dont live by that lyric, im just quoting it to prove a point. But i will always be a person who lives life on the edge, and spends up to live my life to the fullest!

    Wise words though :)
     
  6. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    Too bad, because I have read enough of your posts to say that you are a real likeable guy and following this philosophy would set you up for life.

    Plus you're a Yankee fan and anyone that is a Yankee fan, even if he lives across the Atlantic, is alright in my book.

    Kick the ideas around, Contentcreation, and you may start to think a little more conservatively.
     
  7. DigitalGangster

    DigitalGangster Regular Member

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    Honestly , i read way too many posts here about what you should do to get there. But when that moment comes i always laugh at the dumb responses most people post here when they read a successful thread. The truth reality is that most upcoming IM'ers are actually very young successful people most of them are in college some are even under age. Trust me i ve had a successful time when i first started and i can say from personal experience that blackhat money lasts until the method or the system works one small change can send your whole setup crashing down. I wish that i would have known this back then and i for sure wouldnt have spent all the money thinking it was easy to get that i could do it again and make more money, the sad truth is that spending my money recklessly didn't really make my situation better . Now that am recovering and making as much as i was making , i feel like a lot smarter with my money and i already planned on the next more passive ventures that my money will go to so I wish to be more "Cash Rich Poor House" . Fuck that i am way too young to get a house now i much rather prefer to live on a 3rd or less of my monthly income preferably less so i can have some breathing room when the harsh times comes. Besides its a very good way of increasing your networth by reinvesting in websites and long term projects. BassTrackerBoats is definitely right you can't really expect to grow if you dont reinvest back and live within your means.
     
  8. Monrox

    Monrox Power Member

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    Boatsie, it depends on where you live. In most of Europe you never actually 'need', it doesn't matter whether you have a job or not. If someone can't afford medical coverage, living costs, food etc., the gov steps in. And it is not some second class service, it is what everybody else gets for his taxes. E.g. a jobless person gets the money to rent a home up to 150 sq. ft., if it's a couple they can have up to 300 sq.ft. living space paid for and so on. It includes the expenses for electricity, heating, water too. Plus some cash for anything else (like $700) per needy person per month.

    On the other hand if you prefer to pay for it all yourself, not only you don't get a break, you get slapped with huge taxes on anything monetary that you own/earn from wise investments. In this regard you either have a cool car and a big house and are paying the bank or you don't have anything and are paying the taxman. Most of the rich people I know simply started stockpiling gold in vaults after they bought whatever luxury they wanted. Anything else just reduces their wealth. It is an iteresting world with so many diametral differences
     
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  9. ContentCreation

    ContentCreation BANNED BANNED

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    Haha, i may have to start following your philosophies, just because of the fact your a Yankees fan :p

    But i can totally understand your post, and the importance of planning ahead and building stability in the long run, but im only 19, can you blame me? ;)

    The lifestyle of fast cars and loads of girls has kinda become a self fulfilling prophecy for me, its what 90% of males my age dream about! But i bet as i mature, and get older i will start realize that there is more to life.

    I guess that's where the term 'coming of age' comes from right? :)
     
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  10. 1337WuLF

    1337WuLF Senior Member Premium Member

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    Fantastic words of advice BTB.

    This is my exact plan.
     
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  11. OnlineGodfather

    OnlineGodfather Senior Member

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    Wow man, thats a really good advice for people imo. Anyone who will keep this in mind will have a good life thats for sure... thats how people should be doing. Nice one.
     
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  12. imth3one

    imth3one Newbie

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    I'm in the same age group but I agree with every word BTB said.
    I made tons of money at young age, spent it all and now I'm back to square one because those money making methods changed and I didn't invest or save.
    Now I realize it's not just about banking but thinking long term. Also the reason I hardly bother with facebook app traffic, spamming cpa's and more on authority websites
     
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  13. cnick79

    cnick79 Jr. VIP Jr. VIP

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    Great advice for people looking to retire. Personally, I would like to have the money in the bank and then be able to live off the income. Then again, I'm also greedy so if I had 1 million in the bank, then I would want to make it 2 million.

    Your advice is great and all, but what's the point in money when you're not spending it? I'd rather be old and poor and have lived my life driving nice cars, going to nice restaurants, taking nice vacations, all while I am young enough to enjoy, rather than being old sitting on a stock pile of cash.
     
  14. usdachoice

    usdachoice Regular Member

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    In June 2008 I convinced my wife to read Dave Ramsey and start living off of beans and rice. We sold our house in the suburbs and moved into a small apartment with our child. We sold over 200 household material items on craigslist including one of our cars. We paid over 100K off in school loans, credit cards, income tax, and personal loans in three years.

    We currently have a combined income of 300K, rent a reasonable apartment in the city with ZERO debt. After all utility bills are paid we now have an excess of 10K+ per month. And BTW when we started this our income was half what it currently is. We both focused on earning extra money (instead of thinking we were rich at 150K and could buy everything) and I started IM in my free time since I was not spending any money.

    Set a goal and put your head down and don't look up until you are done....everytime

    I could not agree with BassTracker more and I call it living like my grandparents. They paid cash for everything and they eat simple foods (but that is another rant.) The bible says Debtor is Slave to the Lender... I'm not a religious man but I don't care to be anyone's slave especially to the Master'scard.
     
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  15. eochoa8

    eochoa8 Junior Member

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    Awesome words to live by OP. Even though I make a decent amount from my day job, if I had invested and saved my money since my teens, I would have been much, much better off right now.

    I made a few bad choices. And being in debt sucks.

    So if you're making good money right now. Or even if it's not much, save and invest. And if you have any money left, by all means spend it. Enjoy it. You deserve it.

    Thanks for the post. And good luck to all.
     
  16. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    I haven't heard or read any of Dave Rameys' things in a while but I think his basic premise is as solid as a rock.
     
  17. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    I'm young enough to enjoy the money that we have earned, have two very nice cars, paid for, a home we live in, paid for, a condo on the Ocean just above Daytona Beach Florida paid for, a condo on the west coast of Florida paid for and I am just 53 years old.

    Your thought process of "what's the sense of making the cash if you can't enjoy it" makes sense but you may not know what old is but old is certainly not 53.

    BTW, 2 million is not a lot of money anymore.
     
    Last edited: May 26, 2011
  18. usdachoice

    usdachoice Regular Member

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    I like "Who wants to keep up with the Jones, the Jones are F**king broke."


    If anyone is suffering from the affliction called debt, Dave Ramsey is the cure (insert affiliate link here) I also just made that up so anyone is free to use it on one of your sites. 8))
     
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  19. adbot

    adbot Power Member

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    Yeah you still got a couple good years left BTB. In all seriousness though, Ive done it both ways and have to say it feels better to have the money under your mattress or in the bank than it does to have the flashy watch or car. Thanks for sharing, you always have something of value to add to BHW.
     
  20. jb2008

    jb2008 Senior Member

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    BassTracker, that is some brilliant advice there mate. I am an up and coming IMer. Hell, I make so little that you could hardly call me a IMer at all. But if I do make it, I am going to follow your advice and do exactly as you say. I was thinking about this as well but I decided I was getting ahead of myself, I mean why the hell worry about what I am going to do if I am making $10k a month when I have so many sites to make and rank. It's true, especially among guys, the testosterone fuelled desire to be the best, have the flashiest car, live the most luxurious lifestyle... It can ruin even the richest of fellows. I just want to be okay, that's all. Not saying I'm not ambitious, but I know there is always going to be someone better than me so why worry about trying to outdo them. That kind of competition is unhealthy and counterproductive. At times self-destructive.