Becoming Financially Independent

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boblikestacos666
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Mon Jul 06, 2020 3:01 am

@chado Have you considered trying to get a FAANG recruiter job? Vast majority of them pay six figures.
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AGF
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Mon Jul 06, 2020 6:11 am

chado wrote:
Sun Jul 05, 2020 11:22 pm


Ideas:
- start a self help site similar to KYIL/GLL (not my favorite idea)
- build a social media following on IG/YouTube and transition that to something else
- ?
Both terrible ideas in my opinion. Self help sites / blogs take ages to make money. Success stories like KYIL are very rare and usually only possible if the founder has good writing skills, a lot of experience in what he his writing about, and a great believable story the readers can identify with. And even then you need to put in countless hours just to make a few hundred $ per month in the beginning. All of it extremely hard to do if you do it next to your 8-5 job. Building a social media following and making money from it is even harder because it is more difficult to monetize and there is a lot of noise in the space.

If you want to build an online business, you always have to think in terms of TRAFFIC and OFFER.

Offer = what you are selling and how profitable is it?. Can either be your own product (digital or physical) or somebody else's product (but then you'll only get a small commission). With a social media following or a self help site you are limited to affiliate products in the beginning, so it is hard to monetize (that's why I recommended @KillYourInnerLoser to create his own digital product by recording an online course). Needless to say, your offer should be something your target group desperately wants. Your offer also determines how many people you need to reach in order to make your desired amount of money.

Traffic = the people seeing your offer. So your website visitors or people finding your social media profile. Here the important question is: "how do I get eyeballs onto my offer and how many eyeballs do I need"? With self help sites and blogs it mostly comes from organic Google searches (takes a long time to rank on Google) or through backlinks in other forums and you need a very high number of eyeballs (= website visitors) because your affiliate commission typically is very small. That means you have to do high volume in affiliate sales. With social media profiles it is even harder to get eyeballs because there is no such thing as SEO or posting backlinks in other places. In other words: those kinds of business models require a lot of work and a lot of time (don't expect to make any significant money in the first year) and you'll get very little money in return. Better alternatives would be business models that only need a very low volume of eyeballs or business models where you can buy traffic in a profitable way (e-commerce), but that requires a lot of expertise in paid traffic.

With the "Traffic + Offer = Money" formula you can dissect almost every business model, regardless of whether it is Amazon or KYIL, GLL or even my way of making money online. For me it is like this:

Offer = Facebook ads that make my clients more money. One client who stays with me for a year is worth 25k - 50k to me. That means I need relatively few eyeballs onto my offer compared to a blog selling an affiliate product with a $20 commission.

Traffic = people I manually reach out to + people who got referred by previous clients

As you can see, this is a much simpler business model with fewer moving parts. The offer and traffic components are more simple and yet more profitable compared to starting a blog or a social media following.

For Amazon it would be this:

Offer = product market place people love. Amazon gets a small commission on every sale (that means they need high volume)

Traffic = people go to Amazon because they remember the brand (the same applies to Facebook or Netflix but is the exception in the online business world)

For Amazon, the big challenge was to build the brand to a level where people would just return to Amazon over and over again. If Amazon didn't have all this free traffic they have now, it would be impossible for them to be profitable because they are only making a small commission on every sale on their platform. Same applies to Netflix and Facebook (even though those two had it easier because they offer entertainment).


chado wrote:
Sun Jul 05, 2020 11:22 pm

@AGF I would also be curious how you got involved in the e-commerce side of things and making $8-10k a month.
By pure luck. In my last year of university, I was looking for a summer job and stumbled upon a guy who was looking for a web designer. I reached out to him and said that I had built a website with Wordpress before (that was a blog I tried to build but failed for the above mentioned reasons). He trusted me and gave me the job. I made €1,000 in one week and my mind was blown (€1,000 was a lot of money to me back then) that I can make money online that easily. So I continued to do web design on the side while going to university. Eventually I dropped out a few weeks before graduation and went all-in on web design. Then one of my web design clients asked if I know how to run Facebook Ads. So I learned FB Ads and discovered that it is a much better business model than web design. Once I made the change to FB Ads as a service, my income jumped from $3k per month to $8k-10k per month. Now I am working exclusively with e-commerce business and I can see that their business model might be superior to mine (especially when it come to scalability). So I might change to e-commerce in the future.

I guess it was a mix of learning new skills and jumping on opportunities whenever I felt it was worth it. I started with my own blog / niche site, jumped to web design when I realized it was better to make money and then jumped to Facebook Ads after I realized it's an even better business model.

I think the key to success for me was that I started while I was still at university. That way I had almost no risk but also a lot of time to invest into this business. It also helped that I dropped out of university and immediately moved to Thailand to keep my living costs low. That allowed me to work full-time on building my web design business even though I wasn't making that much from it back then. This wouldn't have been possible if I stayed in my own country since living expenses are much higher there. If you start an online business, you want to be able to cover your living expenses as fast as possible. Because then you can quit your job (of course only if you online income is stable) and work full-time on your online business. This is when real growth happens.
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AGF
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Mon Jul 06, 2020 8:21 am

KillYourInnerLoser wrote:
Mon Jul 06, 2020 8:15 am
chado wrote:
Sun Jul 05, 2020 11:22 pm
start a self help site similar to KYIL/GLL (not my favorite idea)
If this isn't your favourite idea, DO NOT do it. This site has been the hardest thing I've ever done, and you should only do it if you're willing to go through fucking hell to get there. I basically haven't had a life for the last year and a half, and I've been stressed out of my mind, as I wrote about here. You will only succeed at writing a blog if you have a hunger/need to share with the world (I'm willing to go through absolute hell because it means I get to help people - I absolutely NEED to do this). If you don't feel the same way, don't start a blog.

There's a million other ideas. I just threw together a quick article for you:

Lots of Ways to Make Money Online
This is 100% true. Blogging was hyped way too much in the last years. It is now the worst business model for people who want to make money online, in my opinion. Same goes for wanting to become a Social Media Influencer or Youtuber. You need to be extremely passionate and put in a shit-ton of work to be successful. 10-15 years ago was the perfect time to start a blog or a Youtube channel because there wasn't much competition around and it was fairly easy to rank on Google and Youtube. Nowadays everyone wants to make money from Youtube or Instagram and the majority of people don't bother reading long articles anymore and instead just want to consume everything in video format. Even the most successful Youtubers don't make much money directly from Youtube but instead from their own digital or physical products or because they get sponsored by big brands.
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AGF
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Mon Jul 06, 2020 9:07 am

KillYourInnerLoser wrote:
Mon Jul 06, 2020 8:26 am
Yep. I absolutely started my site TO HELP PEOPLE - because I was nagged by 30 or so people over on the GLL forums. "Andy, you help out so much here, you should write a blog". Money was the last thing on my mind, and it's only in the last 6 months I've started making anything. I still can't pay all my bills (though I'm getting there) - and I've written 152 articles at this point. Not to mention my Tinder series is 130,000 words in total - that's the length of 3 or 4 books.

Blogging is NOT easy. It's rewarding as hell if you genuinely love helping people and genuinely love sharing your ideas/writing. But it's not going to get you rich easily, and you'll quit within the first 3 months if money is your goal. I made literally ZERO dollars my first 3 months.
Even the most successful Youtubers don't make much money directly from Youtube
Yep. Without exception, every successful YouTuber I follow now HAS to use sponsored content and Patreon donations to make money - youtube ad revenue is basically dead for all of them.
Have you thought about using your Tinder guide (or other articles) and sell them as an ebook on Amazon? Could be a new source of website visitors as well. And with the community you already built, you could probably get 20-30 five star reviews on Amazon within a month pricing the book at $0.99 and then later increase the price to $9.99

I once wrote a 100k word ebook on a very specific topic and then repurposed the content of the ebook and built a niche site out of it that made $300 per month from affiliate products with less than 30 blogposts in total. Then sold the site for $4,000 to a friend.
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Forticks
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Mon Jul 06, 2020 7:59 pm

chado wrote:
Sun Jul 05, 2020 11:22 pm
Those of you that are on the path to wealth, how did you get started and what are some good ideas?
Been thinking about this a lot. I'll be graduating next year with an engineering degree and I do NOT want to stay in the rat race my whole life. I might go into sales engineering (you can make crazy money from commissions) or get a cubicle job for a couple years while I build up money to invest.
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Defguy
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Mon Nov 02, 2020 11:19 pm

I am in sales, specifically Mortgages (it operates a LOT like realtors, lower barriers to entry and job consists of chasing customers and convincing them to work with you rather than someone else). My recommendation is if you don't know what you want to do, like REALLY know what you want to do, build the #1 skillset out there which is Sales. The skills are transferrable, and at the highest level you can make millions of $$ a year. I am technically W2 but have the option to start my own brokerage and be self employed... lots of flexibility in Sales.

I sell mortgages, that's $200,000+ product, Cyber Security is a $400,000+ product, Medical Equipment is a $1,000,000+ product, Government Contracts are a $10,000,000+ product, Venture Capital and Investment Banking are Billion Dollar Products.

Will Freeman and WallStreet Playboys have been the biggest motivator for me getting into sales, and if ANYONE has an excuse for why they cant pound the phones, its me (hint: look at my user name). Don't get into low level sales, get a GOOD sales job in a niche, learn to sell while getting paid. Then branch off when you're ready to start a business or upgrade to selling a more expensive product.

Also, If anyone is in banking or real estate please send me a PM
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Thebastard
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Thu Nov 05, 2020 7:15 pm

Some very good intel in your thread buddy. I am kind of in the same boat as you, trying to decide the most sensible choice for making money. You are definitely in good hands, that is for sure! I am not sure if you are familiar with Caleb Jones/Blackdragon but he is well into the whole location independent online business stuff. His core recommendation is niching correctly.
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Mr Available
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Mon Nov 30, 2020 12:53 am

I'm going to go the boring route and say it's all about ownership at the end of the day.

My next door neighbor paints houses for a living. While he has a mountain of paperwork to fill out he is responsible for purchasing supplies and hiring. If I have to venture a guess he makes at least 6 digits per year.

My career goal is going to involve helping people out and consequently getting paid what I'm worth. I've worked a lot of deadend jobs and I don't want to do that again. In the industry I'm aiming for I can eventually sell my firm for millions. It might take me 6 months of turning the heat off or taking cold showers but fast forward 10 years from now and I will NEVER have a greasy middle aged manager tell me what the fuck to do.

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Mr Available
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Tue Dec 01, 2020 12:43 am

I was really stressed out today and not as productive as I normally am. I have a really bad headache right now.

https://www.njlifehacks.com/summary-thi ... leon-hill/

I already read Think and Grow Rich but a very quick review along with following through with what Hill proposed.

I signed up for a couple mastermind groups. I got accepted into one program and I might accept in a couple weeks. As far as mentors go there's an organization called SCORE that provides mentors in the industries you're trying to break into. I also sent out a couple emails to people for advice.

Another word of wisdom I like that I read somewhere: "I don't know more than you, I learn as I go."
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