Discussion in 'My Journey Discussions' started by Sherb, Nov 11, 2017.
aha, I would be your 1st when you re-start your content writing service
Do you view your businesses as being connected in any way? With that many things going on I would be tempted to find ways to vertically integrate them, for maximum return.
But, it sounds like your strategy is focused around diversification, and each separate business being a form of wealth generation.
It's always interesting to see how others manage multiple businesses like this, especially when they have a career. Nice.
Wish you a Best of Luck Sherb (Y)
That very much depends. If I (we) make $12,000 in a month on average currently, I estimate that $5,000+ would go to monthly household expenses and $2,000 to business expenses/reinvesting.
Budgeting for 2018 I'm hoping for the following monthly expense levels:
$2,200 for mortgage/property taxes/HOI
$800 on groceries (we eat a lot of meats and vegetables and cook at home frequently)
$300 for utilities (water, sewer, trash, electric, Internet)
$1,000 payment on the wife's med school loans
$250 for gas for the two vehicles (both paid off)
$500 for miscellaneous purchases for the two of us and/or the dog
$250 for entertainment and going out to eat
$1,000 for outsourcing
$1,000 for miscellaneous business expenses
Things like car insurance, flood insurance, pest control, fertilization, etc we pay for quarterly or annually.
I'm honestly hoping that I can hit at least $20,000 per month average with expenses at or below $10,000 per month. It'd be nice to have at least an extra $120,000 to play with for things like savings and improvements to our home to increase the property value.
That's my goal! A lot of them are either brands themselves or are brandable. And I was referring to Bitcoin Cash, although right now that investment is making negative returns.
Thanks a ton!
Haha I'll let you know, thanks!
A lot of my businesses I roll up as follows:
One overarching LLC (already formed and renewed for 2018)
Large umbrella buckets for the affiliate sites/money sites, local services, ORM service, writing services, and additional sites and services. Everything falls under one of those five.
Thanks so much!
Thanks for the inspiration, I hope you achieve your goals. I have money invested with Vanguard too which is giving me a nice return - beaten the inflation rate in the UK despite the sharp rise due to brexit.
Also, have you considered dropshipping or Amazon merch?? I have heard people are making big money in these.
I wish you the best of look mate. I did something similar last year, however, problems you will find is that once you are successfully growing each project, your time is gonna diminish.
I now find its best to grow, test and once you find a winner, focus 100% on that.
Like you say, too many eggs, to many baskets. Keep it stupid simple bro!
Furthermore, those websites you do grow, if they are profitable. Your at a cross roads.
You either flip the sites or outsource the work to others, whom can continue growing your websites.
Been there, done that, got the tshirt.
I decided to outsource but headaches come with managing people.
In theory, it's brilliant! In practise, totally different.
Even outsourcing requires time, hiring multiple freelancers, managing.
We all only have so much time in a day.
I just dedicate my time to growing one site now.
What kind of SEO services do you provide for 500$?
wow, for sure you are ahead of most of people your age. An llc at this point with the structure you have is impressive. Wish I had that integrity and discipline at your age.
are you auto-liking posts?
haha. you are. that's great.
For slow, steady, and reliable investing, I can't think of anything that is more stable than a solid Vanguard index fund. Solid choice!
I'll be 100% honest with you, that is one bandwagon I will never jump on. For some reason, I am not a fan of merch sites/dropshipping/shopify or anything like that.
I wish I would have done that. Once I started getting ideas and diversifying, things got out of hand, and now I'm looking at over 100 websites stretched across a good 20+ different projects.
Standard stuff at a higher quality level and stronger client support. Site maintenance, onpage and offpage SEO, complete site overhauls, SERP tracking, social media management, content writing, PBN posting, outreach posts, etc etc.
Thanks a lot! The LLC I did to protect my ass, and my assets. The niche of ORM I (used to be) in was full of shady characters prone to frivolous lawsuits.
No, I get a lot of alerts throughout the day, and tend to like pretty much all the posts in threads I start. I truly appreciate contributing to discussions.
You love spreading ideas out, dont you
good to hear. i'm new to bhw and skeptical, given the scrupulous nature of most of them. Yours are promising. But, given the job security why don't you pump more of your money into your websites.
Been a big fan of yours @Sherbert Hoover I'm a directory site owner myself also and been running for a few months now. I was wondering your directories are paid listings and if so what strategy you use to get paid listings on a new directory when you don't have many listings or traffic to back you up?
Good luck Sherbert, you deserve success! If your weed directories materialize let me know. Im launching an online shop for cbd oil flower and extracts. All legal in Switzerland hehe.
I'll be doing my best to distract you with fun posts in the lounge... Erm... I wish you the best of success.
To buying property in Iceland! Prost!
I've got my spreadsheet all configured for January 2018. Checked the mail a couple days ago and there was a check from overflow from our mortgage escrow account to the tune of close to $5,000. So that's a good start I'd say. Happy New Year to us.
I was also able to call up one the customer support of one of my old (locked) 401k's. I was able to get it unlocked, and instead of dealing with the hassle of a rollover from company to company, I just changed my allocations to 100% Vanguard again, but a different large-cap fund than the others. As far as Vanguard investments go, the current numbers are:
~$3,200 in VFIAX - Around since 1976, 18.48% return in 2017
~$7,000 in VINIX - Around since 1990, 18.44% return in 2017
~$14,900 in VTSAX - Around since 2000, 18% return in 2017
The top 5 holdings in all three of these are Apple, Microsoft, Amazon, Facebook, and Johnson & Johnson.
I contribute 10% of my pre-tax income into the VINIX account, and my employer adds another 3% on top of that. That being the case, this account should increase by around $7,000 or so without any interest based increases. I'd like to see that account hit $15,000 by the end of the year.
I plan to contribute $10,000 or more to the VTSAX account in 2018. Enough to where after any interest income (which will hopefully be in the green for 2018), the total is closing in on $30,000. Fun fact, if I get it to $30,000 and the fund maintains its return average of 10.45% per year, and add $15,000 to it each year, by the time of my wife and my hopeful retirement in 2045, it would be at almost $850,000. In just one account. The VINIX, if I get $7,000 added annually to it and it compounds at the same rate, will be at almost $375,000. That's enough to withdraw $50,000 per year forever at a 4% conservative withdrawal rate.
Thank you! I aim to not disappoint.
It's a living!
I'm pretty risk averse. If the websites and online stuff were our sole source of income, I'd be more inclined to reinvest more. But we pull in over six figures together with just our day jobs, so I'm trying not to kill myself with even more dependence on project investments.
Thanks a ton! The directories will be paid listings. I plan on going for broke with the marijuana sites and sending normal mail, personalized for each dispensary. The local one close to my house I will drive by early in the morning and tape letters to doors. The other one for my city I will probably direct mail blast to businesses only with EDDM.
I'll be in touch!
I've got my eye on a few budding condo complexes in Akureyri. Relatively reasonably priced for Iceland. Livin' the dream sir!
I plan on doing seminars and workshops that are industry related and digital marketing focused for the types of businesses I want to target in order to raise brand awareness and authority. I'm working on our concept city now which will have around 175 listings or so in about a week, free. I am to pump money into Facebook PPC to build our fanpage and build brand awareness and drive initial traffic. Once I have about 3-6 months of traffic and engagement analytics I'll move onto new cities. My idea is to then do the similar style of seminars and workshops and focus on mail campaigns, probably with a short summary of our directory and some statistics from our concept city. I have the idea to do a quick personalised local seo, smm and ORM audit report if they sign up on board for a year and perhaps even upsell digital marketing services again building authority in my niche. I'd like to produce digital marketing guides also to distribute which will help build authority. I'm not sure if you have Skype or not but if you're interested I'd be interested in sharing some ideas and talking over progress? Would be nice to talk with someone doing a directory as it's one of those niches that doesn't have a whole lot of information or community online.
After reading this, I realize you and I are two sides of the same coin in alot of ways. Our approaches are similiar in some aspects, and completely different in others. I dig it, I wish you the best of luck this year.
One of the few threads I'll listen too. Good luck OP.
I noticed around the thread people said you were young but really at what age do you think you can start making $ online if your committed
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