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Old 10th July 2017, 12:12 PM   #1
therival58
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Lightbulb Anyone tried money making strategies online?

I've followed libertarian personality Tom Woods for a bit on the blogosphere, and he's written a lot about trying to help the little man get out of poverty through online money making opportunities. Strategies include niche blogging, including affiliate links, managing user traffic, etc.

Check it out:
http://happyearner.com/the-three-ste...s/?omhide=true

Just wondering if any of you have tried ditching the 9-5 and tried to make a living online.
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Old 10th July 2017, 12:28 PM   #2
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Originally Posted by therival58 View Post
I've followed libertarian personality Tom Woods for a bit on the blogosphere, and he's written a lot about trying to help the little man get out of poverty through online money making opportunities. Strategies include niche blogging, including affiliate links, managing user traffic, etc.

Check it out:
http://happyearner.com/the-three-ste...s/?omhide=true

Just wondering if any of you have tried ditching the 9-5 and tried to make a living online.
Haven't done this but like most such 'strategies' it probably works for some who can scrape out a living, a few will be remarkably successful and the rest fail.
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Old 10th July 2017, 01:07 PM   #3
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I'd say the same, for every person succeeding there will be 100+ failing. Kinda the same as making money performing with your band or as an artist. It's not impossible, but far from the surefire way some would suggest.
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Old 10th July 2017, 01:36 PM   #4
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If by "succeeding" you mean something like "earning enough to leave your day job", my guess is that the ratio of successful vs. failed attempts is way worse than 1 in 100.
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Old 11th July 2017, 10:02 AM   #5
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Usually the guy selling the "secret" succeeds, everyone else fails.
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Old 11th July 2017, 10:20 AM   #6
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I did it.
Different kind of life, one I'm more suited for.
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Old 11th July 2017, 11:37 AM   #7
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Originally Posted by therival58 View Post
I've followed libertarian personality Tom Woods for a bit on the blogosphere, and he's written a lot about trying to help the little man get out of poverty through online money making opportunities. Strategies include niche blogging, including affiliate links, managing user traffic, etc.

Check it out:
http://happyearner.com/the-three-ste...s/?omhide=true

Just wondering if any of you have tried ditching the 9-5 and tried to make a living online.
Depends on what qualifies as 'online'. I am shifting toward an early retirement at my current employer (a telco) with the intention of growing my writing revenues to compensate. It's all fiction, through a publisher, nothing online. As a matter of fact, I decided not to even do Facebook or Twitter, no social media. Distracts from my actual writing (as does this forum - my one indulgence that I permit myself... for now).



There are thousands of these "how to blog" formulas - another example I came across this week is the Minimalists, who have their "how to start blogging for money" workshops, and my Canadian Authors membership gives me access to their online tutorial "How to make blogging a career" and there was a WordPress booth at the writing convention in March (they have a free workshop for new signups), and so on.


The main obstacle to success with those happyearner forumlas is that not everybody has anything interesting to say. There's usually a step in the formula something along the lines of "Find a niche topic that nobody else is covering," which is great unless you are not involved in anything niche. There's a risk of just degenerating into lowest common denominator. ("I have thoughts on the topic of Men's Rights.")

And even if you are, it's good for awhile, until you start earning, and 50,000 other bloggers with your niche experience latch onto your topic, since you've proven it's lucrative. And even if you are, there's also the troll problem. Women are especially exposed. A friend of mine (moved to a relatively remote Gulf Island) shut down her "raising kids on an island" blog after too many death/rape threats against herself and kids. (see my note above about deciding to ditch social media as part of my writing pursuit)
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Old 11th July 2017, 12:10 PM   #8
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Talked to a guy who said he made a living as a day trader. Said he traded in airline stocks. Was very hush hush about the whole thing but we traded cards and he invited me to go to eat out at some buffets with him. Apparently he likes crab legs. I declined but do have the card. Day trading? He said he likes small cap stocks. They have small cap airline stocks?
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Old 11th July 2017, 01:42 PM   #9
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Originally Posted by Trebuchet View Post
Usually the guy selling the "secret" succeeds, everyone else fails.
This, and day trading is just a kind of gambling.

Last edited by ahhell; 11th July 2017 at 01:45 PM.
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Old 11th July 2017, 04:26 PM   #10
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Originally Posted by blutoski View Post
Depends on what qualifies as 'online'. I am shifting toward an early retirement at my current employer (a telco) with the intention of growing my writing revenues to compensate. It's all fiction, through a publisher, nothing online. As a matter of fact, I decided not to even do Facebook or Twitter, no social media. Distracts from my actual writing (as does this forum - my one indulgence that I permit myself... for now).



There are thousands of these "how to blog" formulas - another example I came across this week is the Minimalists, who have their "how to start blogging for money" workshops, and my Canadian Authors membership gives me access to their online tutorial "How to make blogging a career" and there was a WordPress booth at the writing convention in March (they have a free workshop for new signups), and so on.


The main obstacle to success with those happyearner forumlas is that not everybody has anything interesting to say. There's usually a step in the formula something along the lines of "Find a niche topic that nobody else is covering," which is great unless you are not involved in anything niche. There's a risk of just degenerating into lowest common denominator. ("I have thoughts on the topic of Men's Rights.")

And even if you are, it's good for awhile, until you start earning, and 50,000 other bloggers with your niche experience latch onto your topic, since you've proven it's lucrative. And even if you are, there's also the troll problem. Women are especially exposed. A friend of mine (moved to a relatively remote Gulf Island) shut down her "raising kids on an island" blog after too many death/rape threats against herself and kids. (see my note above about deciding to ditch social media as part of my writing pursuit)
For reference, here's the Minimalists' version: [How to Start a Successful Blog in 2017] (in only 5 steps!)

However, they're realistic about the commercial viability:

Quote:
Money. You should not start a blog to make money. We need to get that out of the way first. If your primary objective is to replace your full-time income from blogging, forget about it. It doesn’t work that way. Do you think that Jimi Hendrix picked up his first guitar so he could “supplement his income”? No, he didn’t. Rather, he did it for the love of it, for the joy and fulfillment he received, and the income came thereafter, much later actually.
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Old 11th July 2017, 07:36 PM   #11
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Originally Posted by ahhell View Post
This, and day trading is just a kind of gambling.
When I'm King of the World, the capital gains tax on day trading will be 1000%. Buy for $100/share at 8:00AM, sell for $120/share at 10:00AM, tax is $200/share.

Day trading provides NO benefit to society. Kind of like gambling, now that I think of it.
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Old 11th July 2017, 10:27 PM   #12
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I was an Amazon Affliliate for awhile on the Silver Age Comics blog. I still remember being jazzed to discover that somebody had clicked through to Amazon and bought a pair of $159 boots for which my commission was $11.

But that hit aside, I didn't make much money and Amazon changed the URLs about three years back, which meant I would have to edit hundreds of blog posts to update.

I did help a couple of friends out with links from my blogs that brought them Google page rank (moving them up the search engine results). Screw Loose Change actually had a page rank of 7 at one point (as a comparison, Ford.com, the website of Ford Motors was also a 7). One of my friends moved from not in the top 100 search results to #1. I call him free beer for life .
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Old 12th July 2017, 12:48 PM   #13
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Originally Posted by Trebuchet View Post
When I'm King of the World, the capital gains tax on day trading will be 1000%. Buy for $100/share at 8:00AM, sell for $120/share at 10:00AM, tax is $200/share.

Day trading provides NO benefit to society. Kind of like gambling, now that I think of it.
I agree that it's very similar to gambling, but I can't really separate it from regular trading, which is also arguably sort of gambling. (I have a coworker who has never invested, "because the stock market is a casino"). I don't see a justifiable cutoff timeframe (hours? days?).

Unrelated to day trading, I'd like to see realized capital gains taxed at the income tax rate.
Gains minus losses = net income, tax accordingly. Likewise for dividends.
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Old 12th July 2017, 10:22 PM   #14
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I once examined a stock trading system (by applying it to past prices) to see if had any merit. That's the closest I came to trying something.

As a result, to this day, my inbox is flooded with scheme sellers who's sole mission in life is to make me rich.
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Old 13th July 2017, 06:46 AM   #15
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Originally Posted by psionl0 View Post
As a result, to this day, my inbox is flooded with scheme sellers who's sole mission in life is to make me rich.
That right there is why I can't understand why anyone who bothers to put any thought into the matter falls for these schemes.
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Old 13th July 2017, 08:33 AM   #16
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When (unlikely) I get senile, I might try something like those.
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Old 13th July 2017, 08:55 AM   #17
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I remember during a long-term period of unemployment, when we almost lost our house, those schemes started to sound plausible. Desperation will do that to you.

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Old 13th July 2017, 09:03 AM   #18
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Originally Posted by Beady View Post
I remember during a long-term period of unemployment, when we almost lost our house, those schemes started to sound plausible. Desperation will do that to you.
Well, yeah. I understood the attraction of quackery when my wife was seriously ill some 12 years ago. I suppose this is the financial equivalent.
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Old 13th July 2017, 09:15 AM   #19
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Originally Posted by MinnesotaBrant View Post
Talked to a guy who said he made a living as a day trader. Said he traded in airline stocks. Was very hush hush about the whole thing but we traded cards and he invited me to go to eat out at some buffets with him. Apparently he likes crab legs. I declined but do have the card. Day trading? He said he likes small cap stocks. They have small cap airline stocks?
Local routes and contract fleets, probably. They often operate under a franchise for a larger carrier's brand.

For example, that "United" fiasco with the beat up doctor was not actually a United plane. It was a smaller airline company (small cap) contracting a United route. (Republic Airline?)


ETA: this is not to say that day trading them makes sense.
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Old 13th July 2017, 01:09 PM   #20
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Originally Posted by therival58 View Post
I've followed libertarian personality Tom Woods for a bit on the blogosphere, and he's written a lot about trying to help the little man get out of poverty through online money making opportunities. Strategies include niche blogging, including affiliate links, managing user traffic, etc.

Check it out:
http://happyearner.com/the-three-ste...s/?omhide=true

Just wondering if any of you have tried ditching the 9-5 and tried to make a living online.
Why would I? That's not how he made whatever he has made. He makes his money writing Libertarian/Right Wing diatribes and promoting get-rich-quick schemes for anyone that'll pay him off.
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Old 13th July 2017, 03:01 PM   #21
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I made ~$40,000 in 2004-2005 playing online poker. I never quit my day job though, and a good thing, as I lost about $20,000 (all of my playing bankroll) in 2006. I mostly played structured limit holdem, and the games were ridiculously soft in 2004-2005. I started playing online in 2002, played the smallest games, and was losing at first, then got better and kept moving up to bigger limits as my bankroll grew. Even the biggest games at that time were very soft.

I thought about quitting my day job and going full time, but I just couldn't believe that the people I was beating could sustain their losses, and I was right. The games started getting a lot tougher in 2006, and I failed to adjust adequately. I went from shark to fish. It was a great opportunity, and I made some profit, but failed to quit or change strategy when I should have.
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Old 13th July 2017, 10:55 PM   #22
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Originally Posted by timhau View Post
That right there is why I can't understand why anyone who bothers to put any thought into the matter falls for these schemes.
It was quite a long time ago when data mining was not as aggressive as it is today and simply clicking on a link didn't automatically put you on an advertiser's list forever.

The problem is that even though I didn't download or buy anything, that one click all that time ago was remembered and is the source of all the advertising I receive today.

It probably wouldn't have made any difference today anyway. Recently I was looking for something for sale on Gumtree and now every web page that isn't ad-blocked has ads for similar items on Gumtree.
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Old 14th July 2017, 09:43 AM   #23
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I think it's safe to assume that any "get rich quick" scheme offered for sale is a scam. It it really worked, why are they trying to sell it to anybody that will buy it rather than using it and keeping their mouths shut?
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Old 14th July 2017, 10:01 AM   #24
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Originally Posted by CORed View Post
I think it's safe to assume that any "get rich quick" scheme offered for sale is a scam. It it really worked, why are they trying to sell it to anybody that will buy it rather than using it and keeping their mouths shut?
Not that I subscribe to any 'get rich quick' scheme, but I don't think the fact that an author would be selling the formula necessarily means it's invalid. The formula could create entrepreneurs that would not compete in their direct marketplace, and therefore, this would be a second income.

More money is more money.
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Old 24th July 2017, 07:01 PM   #25
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Originally Posted by blutoski View Post
I agree that it's very similar to gambling, but I can't really separate it from regular trading, which is also arguably sort of gambling. (I have a coworker who has never invested, "because the stock market is a casino"). I don't see a justifiable cutoff timeframe (hours? days?).

Unrelated to day trading, I'd like to see realized capital gains taxed at the income tax rate.
Gains minus losses = net income, tax accordingly. Likewise for dividends.
It's very different. Done correctly, over a reasonable amount of time, regular trading generally results in a decent return on investment. The problem is that good trading is a long-term prospect and people who try day trading aren't trying to retire comfortably, but are trying to get rich now. It is a completely different mindset.

As an accountant at a midsized firm, I have yet to meet a successful day trader who was not part of a large investment organization with the resources to make it work (even then, most are really short-term traders, operating positions over weeks and months). If fact, when I thought about trying day trading, no one at the firm I've talked to about day trading knows a long-term, independent, and consistently successful day trader. That quickly dissuaded me considering the people I work with are well connected and smart.
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Old 24th July 2017, 09:28 PM   #26
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Originally Posted by blutoski View Post
Not that I subscribe to any 'get rich quick' scheme, but I don't think the fact that an author would be selling the formula necessarily means it's invalid. The formula could create entrepreneurs that would not compete in their direct marketplace, and therefore, this would be a second income.

More money is more money.
The issue you would find if you delved deeper in is that there are basically 3 kinds of 'earn money online' blueprints that would be sold. Most obvious bull that the poster above referred to are written up by competent copywriters, laying out earning potential, earning screen shots and a step by step 'method' that is supposedly making them X amount per day/week/month etc. 'How I earn 500$ per day spending 5 mins on YouTube!'

Those are mostly rehashed and resold by people that can't make money themselves. Or see an idea that makes sense to make money, but they can't/don't/won't implement. But to his point, no one gives away a working method unless the sale of said method is worth more than the method itself.

Other ones are basically the same as each other, in that they offer workable advice that is grounded in useful knowledge, but leave out anything ground breaking or important that simply googling wouldn't have given you the information on. These are sold as either a list building generation method, low price point, introduction level knowledge to get people interested and into their sales funnel. Or are sold as high end step by step courses, at higher price points, also into a much more lucrative sales funnel. Think one on one coaching/retreats next step.
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Old 25th July 2017, 12:33 AM   #27
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Money is easy to make online:

Step 1: Come up with cute name and idea
Step 2: Get venture capital
Step 3: Who cares, go out of business and keep venture capital
Step 4: Sell to Google?

I made it through step 3, with some friends, a few years ago. We didn't mean to be grifters, it just happened that way, which is why my resume doesn't have Chief Marketing Officer on it, even though I certainly was one. The "keep" part was also mostly "blow through cash trying to make idea vaguely work, and then have the market drop out on us," but we all ended up going home with some money, so I do consider it grifty.
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Old 30th July 2017, 12:25 PM   #28
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Originally Posted by rdwight View Post
The issue you would find if you delved deeper in is that there are basically 3 kinds of 'earn money online' blueprints that would be sold. Most obvious bull that the poster above referred to are written up by competent copywriters, laying out earning potential, earning screen shots and a step by step 'method' that is supposedly making them X amount per day/week/month etc. 'How I earn 500$ per day spending 5 mins on YouTube!'

Those are mostly rehashed and resold by people that can't make money themselves. Or see an idea that makes sense to make money, but they can't/don't/won't implement. But to his point, no one gives away a working method unless the sale of said method is worth more than the method itself.
Well, or they're using it but they've maxxed out the method's scaling. For example, I'm shifting to writing, so I have paid for workshops that teach me to build a writing business, by people who have successfully built a writing business. The bottleneck for their process is that they can only write one novel at a time, maybe three per year. These workshops are additional revenue, because using the model has reached its earning limit.



Originally Posted by rdwight View Post
Other ones are basically the same as each other, in that they offer workable advice that is grounded in useful knowledge, but leave out anything ground breaking or important that simply googling wouldn't have given you the information on.
That and a lot teach formulas for monetizing content, but are obviously unable to advise on how to create content in any detail. I'm reminded of the Monty Python sketch where the guest's topic is "How to cure all known diseases." Step one: learn how to cure all known diseases. Step two: Jolly well go and do it, then. In these examples, it's "Come up with great content that people want to consume, no suggestions about how to do that. But here's how to monetize it, in great detail."



Originally Posted by rdwight View Post
These are sold as either a list building generation method, low price point, introduction level knowledge to get people interested and into their sales funnel. Or are sold as high end step by step courses, at higher price points, also into a much more lucrative sales funnel. Think one on one coaching/retreats next step.
Yep. Or even more creatively, the Tom Vu approach: hold very affordable seminars on an island where your family secretly owns all the transportation, amenities, restaurants, and hotels, and basically make money through the guest accommodations.
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Old 6th August 2017, 07:05 AM   #29
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Originally Posted by Trebuchet View Post
When I'm King of the World, the capital gains tax on day trading will be 1000%. Buy for $100/share at 8:00AM, sell for $120/share at 10:00AM, tax is $200/share.

Day trading provides NO benefit to society. Kind of like gambling, now that I think of it.
I agree with this idea!!!!!
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Old 6th August 2017, 07:08 AM   #30
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Originally Posted by timhau View Post
Well, yeah. I understood the attraction of quackery when my wife was seriously ill some 12 years ago. I suppose this is the financial equivalent.
You are right!!!!!
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Old 13th August 2017, 03:34 AM   #31
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I met a girl who makes her living by posting on instagram.

I'm not sure how much she makes, but she seems to be doing okay.

She's drop dead gorgeous and a talented athlete, with about 1.5 million followers, though. So probably not applicable to everyone.
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Old 16th August 2017, 11:33 AM   #32
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So basically just a bunch of thirsty betas & cucks following. Gotcha.
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