The internet is only going to continue to grow over the coming years. Men have dreams and fantasies of just a laptop and a beach full of stunning Brazilian women, with an endless supply of money coming in from passive income to foot the bill.
The problem is that there is a lot of bad information out there. Many people are out to sell their $5,000 online entrepreneur course and will sell every one of your dreams coming true if you invest in them. I’ll be the first to admit: I don’t know everything. But after three years of trying various endeavors online, I’ve finally found a system that works well for me. That’s not to say it won’t work for you, and no—I don’t have some super duper course that gives you all my secrets.
With that being said, in addition to what has worked, I’ve also found many things that haven’t. I’ve also found that there are some ways of making money online that I wouldn’t touch with a ten-foot pole. So before you book your apartment on the beaches of Rio, or in the center of Bangkok’s nightlife to bounce Thai women home—make sure you read this whole article.
#1: Daytrading
In the span of the last two years I’ve seen no less than three friends undertake this task and end up having to return to the corporate world.
The reason isn’t because the trading itself is technical. Far from the opposite, actually. Even the two whom I’d consider to be “non-technical” people said the actual trading itself isn’t difficult. The charts look like monstrosities at first, but quickly become manageable. The programs themselves are not much more difficult to learn than your average middle-end to advanced office software.
What seems to get everyone is the emotions involved. Losing $500 suddenly turns into $5,000 because it’s not easy to just walk away from losing $500. The end result is continuing to go further down the rabbit hole rather than just walking away (for the day).
The other emotion that’s easy to get wrapped up: that you don’t need much money. It’s easy to think that you can easily make $30 a day and live in a cheap place like Ukraine. However, it only takes one mistimed move to send you into losing $30 instead.
I always had an interest in doing daytrading eventually, but the horror stories I’ve been hearing have made me want to forget this. I’d much rather put a bit of money in to a mutual fund (or even BitCoin) from time to time rather than dedicating my days to the ups and downs of the market.
#2: Blogging
Seems a bit hypocritical considering I’m now making a full-time living off my own site. With that being said, I attribute the financial success of my own work to many things.
- Dedication—posting every single day, even as a one-man shop.
- Time—I’ve been doing it for over three years, and didn’t really make any money for the first 2+.
- Brand—putting my face out there made a huge difference.
- Luck—simple as that.
- Stubbornness—I frankly probably should haven given up sooner. I was lucky that I enjoyed doing it for free. Many other bloggers who were “up-and-coming” with me two years ago are now nowhere to be found.
It’s just the difficulty of blogging as a whole. The frustration. The days, weeks, months where you get fewer page views than your dog’s Instagram.
With that being said, I think everyone should have a website. I think everyone should practice writing. I also think small niche sites are a low time and cost investment that can result in a nice little piece of web real estate. And if they don’t pan out, you can at least get the experience of writing, design, and general business sense that will give you a leg up down the road.
#3: Freelancing (Long Term)
Here’s one I’m torn on. I do think that freelancing is the way to go, starting out. If you have $5,000 in the bank, no job, and want to move abroad—cool. You probably should start by freelancing, and not planning to build a passive income system before you run out of cash. That’s a lot of pressure and it may not be realistic in six months.
However, many people leave their corporate hellholes and become freelancers. Sure, they have a much more flexible life, but ultimately nearly everyone I meet who is freelancing has more negative than positive to say about it. I think freelancing is a great way to start and the money is guaranteed. Someday though, it’s likely you’ll burn out of it or hate it as much as you did your corporate job.
The one huge upside to freelancing: retaining clients. If you can get just a few clients who love you and want to pay you long-term to write, or maintain their website, you’re potentially in a great situation. You don’t have to take on the biggest time sink (finding the work) of freelancing. And you have guaranteed money. You can use that spare time to build the passive income streams that we all dream of.
Bonus Tip: If you end up going this route and do the conventional UpWork or Fiverr route, keep in mind that the beginning part is going to suck. It’s a numbers game, just like online dating. It will likely take you 20-25 proposals to get one measly job. Until you have 5-10 jobs (and feedback) done, you’re just going to be working for peanuts. Accept it as getting your foot in the door much like an intern. It will get better after that.
Closing Thoughts
Every time I do a private consultation with someone, many come in to that consultation with a common belief that making money online is really hard. That’s because there is truly so much bad information on the internet. It’s just information overload, people have no idea where to start. It’s not difficult, per se. With that being said, a lot of it is just a matter of putting in the work. If you want to quit your 9-5 because you don’t want to work 8 hours a day—forget it.
Making money online, at first, is going to take at least those hours, or more. The nice part about it is that you can do it spurts. Work 14 hours a day for week, and the just a couple the next. It’s all up to you. Over time, you can reduce those hours as you have more authority, retainer clients, or passive income.
Starting out though, there really is no shortcut to just putting in the work.
To learn more about online business and web design, check out Troublesome Solutions. For more travel and nomadic life, check out my niche site (a good example of an online business I would pursue), Eastern European Travel.
Another great post. Been devouring you’re articles related to online business because I’m at somewhat of a crossroads. I’ve done OK freelancing as a proofreader (independent contractor, technically) but I’m reaching the end of my tolerance.
“Someday though, it’s likely you’ll burn out of it or hate it as much as you did your corporate job.”
You summed it up perfectly. This is an important thing for guys looking to get into freelancing (on any online venture, really) to keep in mind. I’m here right now. Feel as though I’ll blow my brains out if I have to edit another master’s student’s shitty essay haha. Initially, the joy of being able to live location-independently overrode my job dissatisfaction, but it’s caught up with me now. I’m beginning to hate it as much as my former office job.
Blogging doesn’t bring in enough money to live off for me yet, and I’m finding myself more hesitant to jump into other online business ventures as I’ve recently had two fail due to a premature attempt to outsource.
Forgive the self indulgent rant, but most of all this is my long-winded way of saying thank you. Your content is helping me stay driven and clarify what my next moves will be while reminding me why I got into the online game to begin with.
Keep it coming.
Thanks man, I plan to keep it coming.
Would you say that it’s the same level of hatred as your corporate job? I honestly would love to know and do a post about this.
I appreciated reading your self-indulgent rant.
I used to do Fiverr years back. A couple times I’ve needed extra cash and logged into my old account. Then I’d immediately remember how much I hated it and log off.
“had two fail due to a premature attempt to outsource”
Not enough people talk about this. Nobody really understands the most basic elements of finance. For instance, is it worth paying $5 or $10 to outsource content if your articles aren’t bringing in $5 or $10 already? Clearly not, but people still do it.
I think they are all in a race to be the next Tim Ferriss, but who could blame them?
I think you could theoretically make a ton of dough off Fiverr if you automated everything.
Only applicable to graphic design and maybe editing.
Great post as always! Funny, since I plan on doing the last two you mentioned. A blog and freelancing as a copywriter. I enjoy copywriting but eventually the goal is create something the market wants. I have 3 months of paid terminal leave from my military job starting in May (separating from the Navy). I’m quitting a job I am very very good at and can retire from to do this, most think I’m insane. Of course I’m not waiting until May to do something.
I have read many books over the last 3 years and have had a website for the last year and a half. I’ve spent alot of time writing and know what I’m after. I flew to LA to meet Victor Pride and other Bold And Determined readers at a BBQ. You have to hang around greatness to be great. I’m going to the B&D seminar happening in Las Vegas next week.
Most guys will never ever, go to those extremes, the fear of risk consumes them and they burn out. Every day of freetime I get, I work 18 hours, I ask myself “Do you want to win or not?!”. You need that drive. My blog and another business has turned over a small profit for me. Hardly anything at all, but hell, I can say I HAVE made money online and it ain’t that hard, just do the damn work!
Marcus,
I’m going to ask this and I mean no offense, and hope you don’t take it the wrong way.
But seriously, do all of you guys going to these BBQs and seminars think you’re all going to find success doing the exact same thing?
Best,
Kyle
Most definitely not.
Over half of the guys there had no intention of starting a blog and had totally different businesses in mind or had decent trades. There was a Pro Poker player, MMA fighter, a few traditional business owners, bloggers, salemen, military etc.
The point was readers of B&D getting together to have a good time and share ideas. My success is my responsibility, I can’t speak for the other guys but I will do whatever it takes to get there.
The seminar? It’s Vegas baby! Plus I get to hang around like minded people and pick up some information. But that’s just it, its all information. Implementation and execution are the only things that matter.
That’s still nearly half! So…20-25 guys all targeting the same niche and audience, one that is already quite saturated.
I’m actually working with the pro poker player 1-on-1 now.
Just looked at your post about it (https://bloodfireandsoul.com/achilles-myrmidons-nwr-army/):
“Marcus, my bank account went to 0 just to attend. But… I got to meet the Shogun himself, meet other Ronin, and get inspired and fired up to move forward this 2017 as a result. So I definitely feel you on surrounding yourself by people who achieved or on their way to greatness. This to me is priceless.”
^ That, to me, is just the stupidest thing in the world.
Not trying to be a hater, that stuff isn’t for me. Someone was trying to talk me into going to it. That’s an entire weekend that could be spent experimenting to see what works and doesn’t. To me, seminars are just an excuse to not do the work. Hamstering.
Do appreciate the reply and your comments in general. I’m feisty about this topic, I’ll give you that. Feel free to let me know if you’d like to talk privately.
Cheers,
Kyle
No sweat man, I like hearing other views, always open to new ideas.
“Not trying to be a hater, that stuff isn’t for me. Someone was trying to talk me into going to it. That’s an entire weekend that could be spent experimenting to see what works and doesn’t. To me, seminars are just an excuse to not do the work. Hamstering.”
I love that comment – i.e. I think of how I “waste” a weekend wanting to go out or do other things…hell, even read business books or (gack) self-help inspiration books.
When really…it’s just simple – DO THE WORK, try, experiment, action steps. take action, take action, take action.
I’ll have to remember that when I see those Fakebook and Insta-sham photos of people living “fab” lives.
BTW, I liked your recent post about the Instagram girl. It’s funny how we forget the motive…like, are these people being paid to pose with brand name items?
Yes, it’s mental masturbation. Glad you can recognize it!
Hey Kyle,
Thanks for sharing. I agree and don’t agree. I think there is a market for every type of business. IF you are different, better, faster or cheaper. The problem is, most people do same thing and expect results.
VP is using these “ronin”s and they create same articles as a “blog artist”. Cold showers, body building, etc. They are not different.
For example, your blog is different. I see you have a voice and most importantly “you are living the life that you are writing about”. This is why Thisistrouble.com stands out.
Leo, thanks. “I see you have a voice and most importantly “you are living the life that you are writing about”. This is why Thisistrouble.com stands out.”
That means a lot, really. Thanks.
You’re right – how many different ways can you possibly take a cold shower?!
Can I ask, what are your preferred income streams? And how many income streams do you have?
This site you’re on makes me solid money now. Affiliates, my own products/books, and consultations.
The rest of my small niche sites (UkraineLiving.com, EasternEuropeanTravel.com, the others are secret) make me some coin as well.
They also are worth some actual money if I sold them – typically sell value of a site is 10-20x what you make monthly. I have 8 sites all in various stages of development.
I also dabble a bit with BTC. And finally, occasionally I still do take on web design jobs…but they have to be for the right clients and the right price.
I am not crazy about freelancing. I see it as the same as I do with a job. You have to convince other people why they should hire you instead of hiring someone else. It is difficult and frustrating. I would rather do what I want or do what others want, finish the product(s), and put it on sale. I await those who are interested.
Sometimes, doing what others want does not satisfy them. They are going to want or expect more from you. That is why I want to do what I want or do what others ask me to do initially. Also, some people do not know what they want.