One of the most appealing aspects of starting out in internet marketing is that it involves little to no cost at all. You can start with a single domain name and hosting – or you can even make use of free sites like Squidoo and only pay once the earnings come in. How is it, then, that so many of us end up wasting so much money?!
It’s mainly down to hype and impatience. We hear someone earning more money than us, working fewer hours than we are, and we want to know how. We want to copy their ’solid’ method and we want to see results for ourselves.
There’s nothing wrong with wanting to improve yourself, and I’m a great fan of the saying ‘work smarter not harder’. But when it comes down to spending on internet marketing products, my experience is that 99% of them will cause me to waste time rather than move forward.
Here are some questions to ask yourself when you get the urge to spend:
Did You Give the Old System A Fair Shot? When you’re about to buy into a new system that promises you online riches, have a think about whether you gave all the other systems you’ve previously bought into a fair shot. Chances are you tried for a while and gave up – I’m very guilty of this one myself. This is why I pledge to spend at least a month of real work on any one system before buying into any others.
Are You Really Missing Out By Not Buying? I know many people think they’ll miss out if they don’t buy up the latest system as soon as it’s released – I certainly fall victim to the hype and sales pitches too. But I’ve started to realise that buying something new, no matter how amazing it will seem, simply detracts from the projects I’m working on, and ultimately I lose out.
If I Wait Until Tomorrow, Will This Domain Still Sound As Good? I’m definitely guilty of buying more domains than I can handle. If you’re about to buy a new domain name, the biggest thing I’ve learnt is to hold off and think about it for a little longer. This doesn’t work in all situations – perhaps you’ve found a goldmine of a keyword as an available domain – but in many cases I’ll go back to see the domains I wanted to buy and realise they weren’t all the ‘incredible’ ideas that I’d originally thought.
Will This Last for More Than A Couple of Months? This can be hard to judge, but I’m starting to realise that some internet marketing guides just don’t last. Why? Because so many copies get sold that just about everyone is following the system. And, if any of the activity is less than white-hat, search engines quickly take notice. This doesn’t apply to every product, but look carefully for any dodgy signs.
Do You Really Have to Follow Someone Else to Be Successful? Whilst I earn a living online, I’m still learning in terms of earning a passive living. However, one of the most important things I’ve come to realise in the last year is that you don’t need to follow someone else exactly to see success. Missing out on a product, and doing things your own way, could end up paying off.
Is It All Hype? This is the biggest issue in terms on online spending. Hype is everywhere. Any sales letter will use special tricks that absolve them from directly lying to you, but they’ll be making suggestions that often far exceed what they really have on offer. The best way around this is to wait. If, in a few months time, success stories come out, and trusted internet marketers are still recommending the product after the hyped up launch then you’ll still have a shot.
This is easier said than done, but one thing I’ve learnt from the $100s wasted on internet marketing programs is that most of them are hyped up to target newbies who don’t know any better. We all have to be newbies at some stage, but hopefully by now you can start to develop some kind of barrier to weed out what really works.
Can I Afford It? This probably seems like the most obvious point of all, but it really isn’t. In my mind, having ‘extra’ money ‘laying around’ in my PayPal account encourages me to look at it as something to spend on products. However, I’m now going to stick to a system that says I can only spend x amount each month on services, products or whatever else. I’m also withdrawing my money from PayPal regularly, not only to stop me wasting it, but also to protect it from any sudden Paypal ‘freeze’.
I’ve got a lot to learn, but I’ve just set myself a resolution to stop wasting money. Most often I’m disappointed with material that’s far less detailed than I would have liked, or systems that stop me concentrating on what I already know.
NOTE: I wanted to add that there are many great guides out there that are worth every penny and, as Des said in the comments below, some are even free! You may need to try a few before you really understand what’s best for you. Just spend wisely 
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Forest (4)
Loren Jaslyn (4)
Des @ Affiliate P... (3)
Eric (3)
John (3)
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December 2nd, 2009 at 3:20 pm
Great post Ruth, and I bet this rings true to a lot of us.
There’s loads of things I’d like to try which I know will be more interesting for me than my main project currently is. But…I know I haven’t finished putting in all the hard (and sometimes boring) work I need to to make it succeed.
I’ve only bought one “guru guide” so far, though I must say it has proved really useful to me. However, I will be sure to wring every last drop of value out of it before I set it aside.
Also well worth noting that there are some really good free ebooks from some of these guru types which can give you some great tips as a newbie.
Twitter: webcareergirl
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December 2nd, 2009 at 3:48 pm
Des they are some good points, I’m going to add them to my post. The truth is there are some great guides out there, but being selective and making sure you put the work in is important. It’s great your guide seems to be working out. And maybe you’ll try a few more before you find the best way of doing things. I have just wasted so much money in the last few months that I’m really looking to cut back now!
Twitter: frugalzeitgeist
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December 3rd, 2009 at 1:01 pm
Yeah every point is important here. I am finding that some of the best methods I use are still some of the first that I learned. I only actually recently started purchasing IM products and to be honest I am going to stop again as it’s not doing any good… I seem to be better off following my own ideas and just working with other people.
As for domains!! Yes I need to cut down on this…
Twitter: webcareergirl
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December 4th, 2009 at 8:10 pm
Yeah in some ways I think the first things I learned are useful to me too simply because a lot of products say the same thing, but in different ways. It doesn’t mean that one is necessarily a rip off, or one is ‘right’, but I guess when you learn more you have less need to buy. Unfortunately sales pages often make you think there is a need! It sounds good that you’re following your own ideas – I think this is my main goal for 2010 the more I think about it.
December 3rd, 2009 at 1:30 pm
Excellent article! Count me into the “Domain Buyers Anonymous” club
I really, really, have to cut down on that one also! SY
Twitter: webcareergirl
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December 4th, 2009 at 8:11 pm
Thanks for your comment – it’s so hard to cut down on domains! Recently I’ve got all my old domains and made sites to flip out of them because I’m so sick of them sitting there doing nothing!
December 5th, 2009 at 3:36 am
I am sort of getting sick and tired of people saying you NEED to spend big bucks in order to succeed online. While I agree in a way, I don’t believe you need to buy the latest and best marketing tools out there.
There are many GREAT blogs which are producing quality, up-to-date information that you really don’t need to purchase anything to get a good grasp of how to succeed online.
Having said that, there are some great products out there which are worth the money. I find that most informational products are basically just information which is already out there packed in a presentable and easy to follow way which hopefully gets users to get into action. This can be a real time saver than trying to get all the information for yourself and definitely worth the money!
There is an information overload and just recently I unsubscribed to most of my email lists I had subscribed to as there was too much going on. I have a TON of ebooks that I would like to read, I really don’t need to be going out and finding MORE.
You should only go out and find MORE is when you’ve put all the information you’ve got into action and you’re in a rut and don’t know where to go next. Then is the time to seek some more info, or buy a new product to get you to the next level
Sarge | BeginnerBlogger.com
Twitter: webcareergirl
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December 7th, 2009 at 2:28 pm
You’re so right there. I personally agree and think it’s well worth paying to get an organized eBook even if all the information is already out there for free. Because the structure often makes it so much easier to take action. That said, I find I’ve wasted so much money on similar eBooks, as well as those that I juts haven’t taken the time to work on properly and do justice.
Twitter: Kidgas
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December 6th, 2009 at 12:48 am
Great post. I am taking the approach of earning the income at free sites to start and then seeing what may come out of using those earnings to purchase domains and work from there. So far, I have spent no money, just lots of time.
December 6th, 2009 at 5:05 pm
That is the best approach! Congratulations, so many people spend the money they don’t have
SY
Twitter: webcareergirl
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December 7th, 2009 at 2:29 pm
I agree, very great approach Kidgas. And, by waiting to spend, you also have the benefit of honest reviews of programs, rather than hyped up reviews that are just trying to cash in on a product launch.
December 11th, 2009 at 9:57 pm
Well companies have marketing budgets – some recommend 10% of your income. I think on that logic it’s good to invest in new information if it grows your business. Only problem is that most who end up on the converyer belt of buying aren’t earning (or spending more than they end) which makes it a bit pointless!
I think it should always be a goal to apply exactly what’s included in the product, put it into practise and now you have experience, something to talk about and can help others.
Cool post!
Twitter: webcareergirl
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December 12th, 2009 at 10:27 am
Thanks for stopping by, Allen, you are so right – the conveyor belt of buying is a good term! I feel like I was stuck in it, but now I am earning and watching how much of that goes into new products. I have never really followed many products through properly, so that’s my plan like you said before buying anything new.