What are the problems in doing IM full time ?

BassTrackerBoats said:
1. No employer is paying into a pension for you (and very few IMers probably set up their own pension)

They are nuts if they do not... IM is a business like any other.

2. No sick pay - if you get taken into hospital suddenly, money stops coming in (unless you have automated income)

Or Passive income... my passive income is over 18K a month and I'm no rocket scientist.

3. In some parts of the world, no insurance that your employer pays (doesn't matter to me in UK)

I honestly can't address that outside the US but we have insurance in my home for my family in the USA.

4. Getting a mortgage - most banks will discount IM income completely as they don't see it as stable, so loans/mortgages/credit etc become more difficult.

I could get a mortgage tomorrow if I wanted to as in the USA they use tax returns... again I fail as to other countries and their lending criteria.
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Quite practical limitations of IM and all related to financial aspect. Your experience has a lot for us to benefit from.
 
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With the economy in the crapper, flaunting your wealth can be dangerous.

Seriously, you are painting yourself into a target.
 
Neighbors think you are afraid/scared of people due to 12/7 on front of computer doing IM and not socializing..

Fuck! i hate that feeling.
 
Getting bored and demotivated at times because there is noone else around!
 
The problem for me is that I still haven't generated a stable, residual income. I am involved with a couple of long term projects that earn very little at the moment. If SEO strategies don't work out, it is extremely frustrating to see a lot of hard work go away for nothing.

Sometimes, it is difficult to dedicate time and effort to those SEO projects as I need to work on more immediate things like article writing to earn money that will keep cash flow positive. I hope things will change for the best when I have one solid passive earner. That will allow me to scale up my IM efforts to solely focus on creating other passive income sources.
 
You have to work hard if you start with 0$ but eventually things start to brighten up and you will be raking in cash.
 
(1) Convincing others that you are doing something legit and not going around scamming people.
(2) People don't tend to respect you and ask you to get a real job, no matter how much money you are making.
 
BlueLemon said:
(1) Convincing others that you are doing something legit and not going around scamming people.
(2) People don't tend to respect you and ask you to get a real job, no matter how much money you are making.
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'I agree, when I say that I earn money online, the first question is how much ? Once I tell this, their next query is "Is it legal" ?
 
dcuthbert said:
Not many serious answers here, but for me financial security is the main issue.

1. No employer is paying into a pension for you (and very few IMers probably set up their own pension)
2. No sick pay - if you get taken into hospital suddenly, money stops coming in (unless you have automated income)
3. In some parts of the world, no insurance that your employer pays (doesn't matter to me in UK)
4. Getting a mortgage - most banks will discount IM income completely as they don't see it as stable, so loans/mortgages/credit etc become more difficult.

Because of these points, I disagree with BTB. However, I don't use IM as my main source of income, so I could be wrong. I would be genuinely interested to hear how the full-time IMers get around these.
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You set your own financial security in this game. I run my business like a business and pay myself a salary every week. I fully fund a Roth IRA for my wife and I, as well as have a general IRA for investments and put money aside for rainy day just as anyone should be doing.

As far as getting insurance, my wife works at the hospital and she carries our medical/dental insurance.

As far as mortgage/credit is concerned, I purchased a new home last year and have financed 3 vehicles over the years, including a new $70K suburban for the growing family last month.

All of this while supporting a family of 4 (5 on Friday :) ) and enjoying golf once or twice per week.

My income streams are IM and a start up hosting company. It is all how you handle your money and run your business. If you cash out every success, you will never make it. You need to reinvest and reinvent your business every chance you get.

Get a plan, stick to it and work it. You will make it if you focus on the end game.

Now if I could just get over the freaking boredom, I would have it made! Makes no sense, but I am bored as hell with this.
 
IM is my only hope to bring me where I want to be
 
williamk said:
You have to work hard if you start with 0$ but eventually things start to brighten up and you will be raking in cash.
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Is it true in Post-Penguin time also? It was easy earlier..but to rake in cash is much more difficult now. Isnt it true?
 
blackhataffiliate said:
You set your own financial security in this game. I run my business like a business and pay myself a salary every week. I fully fund a Roth IRA for my wife and I, as well as have a general IRA for investments and put money aside for rainy day just as anyone should be doing.

As far as getting insurance, my wife works at the hospital and she carries our medical/dental insurance.

As far as mortgage/credit is concerned, I purchased a new home last year and have financed 3 vehicles over the years, including a new $70K suburban for the growing family last month.

All of this while supporting a family of 4 (5 on Friday :) ) and enjoying golf once or twice per week.

My income streams are IM and a start up hosting company. It is all how you handle your money and run your business. If you cash out every success, you will never make it. You need to reinvest and reinvent your business every chance you get.

Get a plan, stick to it and work it. You will make it if you focus on the end game.

Now if I could just get over the freaking boredom, I would have it made! Makes no sense, but I am bored as hell with this.
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I am a noob joining IM full-time now. Maybe this is not the right time, esp after Panda-Penguin. What I am hearing is that few months/years ago...IM was very profitable (BH). But it would be tough now. What r ur thought on this?
 
Staying up all night and sleeping most of the day. I don't know why, but I do my best work at night. I think it because its seems so peaceful and there aren't many distractions. It feels as if the only people alive in the world are me and all of you bhw members when its 4 am and i'm still up.
 
xedricity said:
problems with IM? well, for me I CAN'T FIND A WORKING METHOD FOR A NOOB LIKE ME!
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This man, seems like a lot of what I find that would be possible for me is either a scam, a waste of time, or it's been crippled by Penguin/Panda. Hopefully I find something good soon, then I can start complaining about all the drawbacks to making tons of money online.
 
I would imagine (and find that) one of the largest disadvantages in working IM full time is the lack of a social life - by this I mean meeting others on the job and forming business connections.
 
The Biggest Disadvantage of IM -

99% people fail.

The Biggest Advantage of IM -

99% People fail.

(Less Competition) :D
 
krishnaverma said:
I will start with one point. In my opinion, it is hard to convince the parents of a working girl for an arranged marriage if you are into IM full time (or you do not have a real job)..
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Just ask them to whom they want to marry their daughter ? To a Job or to a person ??
 
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