What do you do with the leftover internet marketing money you have laying around?
The easy answer is, reinvest it back into your business. That doesn’t work for me because I very rarely do any outsourcing or advertising.
Okay, so what about financial goals? I already own a car, there are no specific places I want to travel.
I want a house. Actually I want a condo… I don’t want to have to deal with keeping up a yard or mowing the lawn or any of that stuff.
With a 30-year fixed mortgage at 8%, I could get a $100,000 loan for equal to the same rent I pay now, living in a 2-story townhouse, with no roommates. Okay great you say, what homes in California sell for that much?
There are condos down the street slightly larger than my apartment… PLUS a garage… that sold for $250k this summer… that are now $160k. If I can put $50k down, my monthly mortgage payment on that thing would be close enough to the rent I’m paying now for me to be happy.
So how have I been doing? Since buying my car with all cash in June (I should have had it financed… but that’s another story) I added $20k over time into a stock brokerage account.
With a little bit of work and a LOT of aggravation I built that up into $30k by December. I learned a lot along the way. I avoided so many of the usual stock trading newbie mistakes.
It was way too emotionally taxing to gain $1000 in the morning on some days only for the gains for the day to go back down to $0 by the end of the day. I would check several times daily, sometimes every 5 minutes.
What I learned quickly is that I was creating another job for myself. It wasn’t even a fun job. Either I gained some money and started worrying about losing it, or I lost money and worried about how I was going to get it back.
I was a freaking full-time gambler and I didn’t even realize it. So where do you stick your leftover money?
- Figure out a way to reinvest it back into your business. You need to find some way.
- Put it in a savings account and slightly beat inflation.
- Put it in a CD for a 4% yearly return.
- Invest it in an index fund or money market account for a 5% return.
I no longer daytrade.
Whatever you do, don’t create extra work for yourself. Don’t create an extra job. Your time is way more important than any amount of money.
What are your financial goals? (Seriously, post here and share them with me.)
What do you do specifically to reinvest your profits back into your business?
Would you still pursue internet marketing and create products for fun if you had all the money in the world?
