We need to spend our money wisely, no mater where we made it, online or offline.The proper way to wisely spend and use your money is to create a list of things that are the most important for you and your family.
Set the rules how much you will spend online or offline, and remember, don’t buy any domain names or hosting just to set up some something.
I know that there is always something that pop up and require to be payed immediately but that should also need to be wrote down in the list for monthly spendings.
First pay the most important things for the business that brought you the revenue in the first place, then everything else.And also have in mind to save something for maybe some future projects.
image credit: lawineaux
Since money that you will save can help you to start something other and to try out your luck in some particular field.Don’t rely only on one source of your income, you think…oooh I made enough money online now I can just chill….wrong!
There are expense that need to be payed, taxes and much more, don’t get yourself in position where you did something illegally.Because then, all the money you earned will disappear, and probably your family money too.
Not that I have experience with illegal things, but you heard what happened to megaupload and Kim dot com. If he just knew how to spend money Wisely and to invest in long term projects then nothing of that would have happened.
Don’t brag about your cars and houses and how much money you make, that’s not wise decision at all.First make sure that money you’re about to make is 100% legal and that you will be able to increase that revenue in years to come.
You will be able to make money online illegally and fast, but that same money will vanish at the same speed.
Once you spend it, it’s over, no more money, so invest it smart, invest it in your field or similar type of business, so you can make it more valuable. Create your own rules and business opportunities, don’t get yourself in postion to depend from someone else money and income.
Always save enough and create income streams that are going to last long without having you to maintain it.
Let’s start from first online revenue, I remember mine, it was about $800 dollars from different affiliate programs. And I was soo much excited that everything looked more beautiful for me, I started spending my money online buying useless stuff that I thought I will need.
Man I was wrong, at the end I spent almost $600 in only 3 days and then my online business suffered, but I managed to fix everything by investing in long term projects which are still online, and 5 years passed since then. And those investments payed off, now every dollar that I make online has it’s own purpose, maybe it looks cheesy to you, but that just how the world keeps spinning around.
I managed to get more business and more partners because they knew that money is in safe hands.
So the lesson is: save and spend wisely, give other people opportunity too, don’t brag, give value, pay important things first and stay focused.
Without foucus and long term goal you can get lost in in your sweet and first online revenue. And if you don’t want to create multiple streams of income then put your “eggs” in one basket and take good care of them.
That’s it from me today, hope you will manage your online finances even better and don’t get fooled, online income and making money online can be so tricky.