And I think this is even more important for a full-time entrepreneur, who does need a cushion of cash to cover varying commision checks, lag times when they might be waiting for checks, etc. Even if money is temporarily interrupted, the kids still need to eat and the rent/mortgage still needs to be paid.

I’m sorry that I misunderstood what you meant. Having English be my second language I sometimes take things literally that isn’t supposed to be. So in conclusion it seems like we agree after all 🙂

Mikael Riecks last blog post..VIP Vet Insurance is the one most Vets Prefer

Yes, I’ve read his books; I’m not a member of his fan club though.

What I say “money in the bank is the best security”, don’t take me so literally as to think I mean a savings or checking account. I mean, set aside a portion of money that is not earmarked for consumption. It’s the pool of money from which you build your wealth, by setting it aside from money you need to just pay the bills and get by.

Until you break out of the “paycheck to paycheck” lifestyle, you aren’t going to be free to chase after opportunities, whether you view your set-aside money as “excessive cash” or as a layer of security.

Even before the current crisis, I knew of numerous people who gave their lives to corporations only to be pushed out close to retirement. I’ve also known of people who lost substantial chunks of their savings or the value of their investments during other economic downturns.

In this current economy, even Warren Buffet (assets down about 30-35%) and other investment gurus have lost money. But they haven’t lost their knowledge and creativity.

In spite of the world economy, usage of the internet is growing. Having an online business today is the equivalent of starting a business in the early 1900’s in the U.S. There’s a pretty good chance of being very successful even if you do have a few hiccups. Just because the market still has a lot of growing to do.

Thanks for the encouraging words, we all need them right now.

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Now the reason I commented on your statement is that you stated it as a FACT and from your point of view that might be true. We all have our perspective on how “things are” and that determines our situation and you can say whether something is “right” or “wrong”.

So all I’m saying is that I’m find with the fact that you find “money in the bank to be the best security” for you. But to state is as a fact that applies to everyone is not true.

I hope that clarifies things. 😉

Mikael Riecks last blog post..VIP Vet Insurance is the one most Vets Prefer

??? Rich people wouldn’t agree???

Since by definition rich people have a lot of money tucked away in some form or another, I don’t see how they couldn’t agree. Whether they’ve got their money in a MMA, invested in the stock market or in real estate (coughKiyosakicough) is beside the point.

I follow Warren Buffett over Robert Kiyosaki anyway.

It’s a lot easier to feel secure when you’ve got positive cash flow and some cash reserves tucked aside than if you don’t. It’s a lot easier to take risks too — at least from a practical standpoint. I’m not talking about the psychology of it.

And it’s fundamentally sound business. For internet marketers, it means you don’t have to sweat temporary dips in revenue.

“Money in the bank is the best security”

is true or not is totally other discussion but if you study books about or written by rich people you will find that they don’t tend to agree. 😉

I can especially recommend Robert Kiyosaki’s books (the Rich Dad, Poor Dad series). He is a terrible writer but he has some exceptionally valid points that anyone can benefit from if they can grasp them.

Mikael Riecks last blog post..More Than Pet Insurance vs. Vet Insurance

Worried about the insecurity? The key is to not just diversity your eggs, but to save a percentage of every internet dollar you make — 10-20% minimum. Personally my goal is to tuck aside 25% of everything I earn online (not a dollar yet, and plan on doing this and the day job for a while or until there isn’t a day job anymore.)

Money in the bank is the best security. Knowing how to go make more of it is the next best thing.

“Real jobs” are only an illusion of security — good for the current moment and not much else.

I have my own story, I have only ONE blog and I only monetize with ONE program= Google Adsense. Unfortunately, the blog is going down to sandbox and I only get some cents (sometimes zero, sometimes a dollar) a day, earning a month is just about $6, not even enough for living in a day 😀

I frustated and neglected my blog. But I believe someday I will get my first money online. Then I monetize it with Paid Review and earn my first dollars from Internet 🙂 Although I don’t do paid review anymore (because somehow I feel guilty using blog for the paying post) and Google was really kind to give my blog the second chance in Search Engine after 9 month buried in sandbox.

After that, I buy several domains and make lots of blog. I make dozens of Squidoo lens in some accounts and start make another money by promoting affiliate program.

IMO, there is NO real secure jobs in this world. But I’m doing Internet Marketing because I Loooove it! No other job can beat potential income of Internet Marketing, flexible time management and Lifestyle. Don’t you agree? 😉

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The Internet is a wonderful place that offers so much opportunities. The downside of the internet is that the rules are constantly changing and one day you find yourself with one less income stream.

But, as you said, it’s ok because you should have 20 more that still hold strong.

That’s why I think that unlike an off-line job, the internet offers a way to be secure. It’s just a matter of your initiative to take advantage of that way.

Cheers,
Alex

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Wonderful reminders. I used to tell my kids, and now I write it on my sites:

“Don’t be more dedicated to any person or organization than they are dedicated to you.”

Off Topic: What is the best ebook on article writing and writing in general? Not necessarily on making money, just how to write better. Something to compliment my One Week Marketing course.

For sure, like many readers here, I have been laid off, made redundant, got fired, had my sites hacked, lost accounts, been banned, had employees take the p*** and steal from me, been robbed etc etc etc…

But in it all, every single time, without fail, there has been opportunity. The trick is to see it.

All around you are little golden nuggets that will change your fortunes. You only need to pick up one at a time and not try to get them all.

Lastly, the only real business you need to deal with is YOURS.

I remember somewhere I read once.

‘There are 3 kinds of business… Gods business, other peoples business and your business.

You have no hope in changing Gods business, dealing with other peoples business will take forever….. so sort out your own business and concentrate on that’

Karl

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Mikael –

You read my mind!!! I was just closing out my day (finally – at almost 3am…lol) and it hit me that I forgot to put in my post that knowledge is one thing that NO ONE can take away from you. Once you learn it – you OWN it – and it simply becomes a matter of “rinse and repeat”.

When I was younger and used to complain about going to school or how dumb I thought an assignment or a class was, my grandmother would always say, “Get your education – always keep learning. Knowledge is the one thing that no one can take from you. It’s yours forever.”

Now, she DID forget to mention that as we get older and have kids, we tend to lose brain cells…..lol….but I now know what she meant.

If you make a great lens and it goes “POOF”, you already have all you need to make a good blog or hub or whatever on the same topic. You already know WHAT converts and HOW to convert it. Sure, it’s a pain in the butt, but it’s really ‘small stuff’ in comparison to other things.

We can’t live in fear… and we can’t work in fear.

Thanks for the great comment!

Jennifer
~PotPieGirl

Sure we would all have a problem if the Internet closed on us but then again, so would we if the earth got hit by a giant meteor. You’ll not get anything out of living in fear so why even bother?

Learning how to drive traffic and make money online is something that nobody can take away from you and as long as you keep learning (IMPORTANT POINT – which a lot of people do not practice) you’ll stand a (far) above average change of coming out successfully on the other side.

Great post Jen!

/Mikael

Mikael Riecks last blog post..More Than Pet Insurance vs. Vet Insurance