What Should You Do With The IM Money You Make?
It occurred to me that we focus a great deal in Internet marketing on ‘how’ to make money, don’t we? But then we leave you hanging on what you should do with the money you make.
The most important advice I can offer you is to start investing in your future as early as possible and do not stop.
The longer you wait to begin saving and investing, the harder it will be for you to reach your financial goals and retire in wealth.
Thanks to compound interest, when you begin investing early your investments grow much more spectacularly than when you start late. For example, a person who places $2000 a year in an IRA starting at age 18 can retire with double the savings of someone who starts investing just 10 years later.
No matter how old you are, begin saving and investing as soon as you possibly can if you haven’t already. And save as much as you can.
Invest at least 10% of everything that you earn, right off the top. It’s called paying yourself first.
Lower your expenses. Don’t buy the new car if you don’t need it. Your current car might be good enough for another year or two or even more. There is nothing wrong with driving a 5 or 10 year old car and using the money you would have spent on a new flashy car to instead invest in your retirement.
Thinking of buying a bigger house? Think again. If your current home is large enough, why not invest your money into your future, instead of trying to impress your friends with a big house you don’t need?
Believe it or not, the majority of millionaires don’t live in mansions – they live in the house next door. You just never realize how rich they are because they’re smart enough to invest their money rather than flash it around with expensive toys that lose their value the moment they leave the showroom or store.
And one more thing – who has more stress: The person with the big house and the big mortgage? Or the wise person with the small house, no mortgage and a big bank account?