10 Reasons Why Most People Fail to Make Money Online
The idea of making money online is hugely tempting for anyone. Yet, far more people fail to do this than succeed. Why is this? And what are the common pitfalls to avoid?
The fact is that it is easier than ever to build profits on the internet using Matched Betting. So why do so many people get it so badly wrong? Why do they make nothing instead of building up their own fortune from scratch? Some people even end up losing money in this way.
There are many different reasons why this happens. While they vary from one person to the next, there are some common issues to be aware of.
The Wrong Mind-Set
Perhaps the biggest problem for most people is with their mind-set. If you want to make money online then what is your overall approach to money? The truth is that you make have the wrong way of looking at it.
The majority of us grew up without riches all around us. If you come from a modest family and have normal friends then you won’t have seen lots of money. The same applies to school, where you won’t have learned the mind-set to make money.
Being able to make a lot of money simply doesn’t come naturally to most people. We are taught from an early age to look for a steady job. Buy a house to live in. Start a family and earn enough to support them. These are the goals that are typically put in front of us.
Yet, when we do this we limit our potential to make money. To put it simply, we don’t add enough value when we do this. To make a substantial income you need to look for value. This is part of a successful mind-set that you need to learn.
Change your mind-set and you will change your life. You need to truly believe that you can make money. Other people have done it, so why can’t you?
Not Being Committed Enough
How committed are you to the idea of making money? You are probably keen to do this. But are you really willing to go the extra mile? Being committed means knowing what you want to do and then sticking to it.
Some people make the mistake of hopping about from one idea to the next. This usually leads to not doing any of the things well. You can see countless opportunities slip through your hands if you don’t settle on one of them.
Try not to dabble briefly in too many different things. There are so many ideas and distractions out there that this is a real danger. Instead, look to settle on one money-making idea that you truly believe in.
Another possibility is that you just give up too soon. No money-making idea gives you a fortune instantly. In most cases, you need to work at it over time. If you aren’t totally convinced and committed you may just throw in the towel. How many people give up when they are close to making their big breakthrough?
If you choose a good idea and are committed enough you should succeed. You shouldn’t be thinking of excuses or alternatives before you even start. Have faith in what you do and focus on making it a success. Once you become an expert you will start to see the results.
Part of this also comes down to setting the right expectations. If you are realistic from the start then you are much more likely to succeed. Enjoy each small achievement along the way and use it to stay motivated.
Not Having a Mentor
Who is it that guides you through this process? If the answer is no-one then it is time to re-consider. Basically, every skill and each piece of knowledge can be passed on. Ideally, you will have a mentor who does this.
Let’s look at it in another way. Are you doing something completely new and revolutionary? Unless you are, there is someone out there who is already an expert.
Learning from them is going to make life so much easier for you. Why take the hard approach of learning everything alone? You need to make good use of the knowledge that is already out there.
Reading books and watching videos are great ways of learning. However, it is even better to have someone you can speak to and ask questions of. Don’t forget that someone else has already solved the same problems you will meet.
Not Being Clear About Your Goals
Why are you looking to make money in the first place? This might sound like a really obvious question. But far too many people fail to ask it of themselves.
Do you want to give up work? Retire early? Get a better lifestyle? There are too many different reasons for making money to list them all here. The important point is that you need to know why you are doing it.
Is it a strong enough reason? If it isn’t then you will probably give up at some point. You need a reason that pushes you on even when you are tired or frustrated.
This means that one of your first steps is to consider your goals. If you just want money for the sake of it then that isn’t a good enough reason. There needs to be some powerful motivation in place for you to get started.
As I said earlier, it is now easier than ever before to make money. However, the people who do this are those who make a real effort. If you don’t know what you want then how can you achieve it?
Then there is the point of how you want to earn the cash. Do you want to just work a few hours a week? Or do you want to work full-time? Are you happy studying hard to learn the skills? Are you comfortable taking risks or not?
If you aim for more profits than are realistic, you will end up disappointed. This means that you may give up. Even if you get a decent amount like £500 a month, it might not seem like much. Not if you were expecting £2,000 or more.
On the other hand, what if you aim too low? In this case, you may settle for too little. Let’s say that the £500 mentioned earlier is achievable. But you aim for only £250. You may settle for that amount when a little extra effort would have doubled it.
Not Looking Long-Term
Are you planning to just make some money for a month or two? Or is it something for the rest of your life? If you only want to earn for a short period it is unlikely to change your life.
Let’s say that you want to get a new lifestyle. In this case, you need a long-term approach. It is no good making money just to make the next couple of months easier.
You need to look for something that is going to give you long-term benefits. Where will you be in 5 years’ time if you do this? What about in 10 years’ time?
That doesn’t mean that you will be doing exactly the same things in a decade’s time. However, it does mean that the overall approach can be used for a long time.
Let’s look at the example of matched betting. The bookie offers change over time. This means that your strategies need to evolve in step with them. Yet, the overall approach is going to keep on working if you stick with it.
Giving Up After Failure
What will you do when you have to face up to failure? The fact is that most of us need to accept failure at some point. What happens next will define how much success you get in the long-term.
There are many ways of failing. Most people who make a fortune fail numerous times along the way. There is often no way of avoiding this. So you can’t start off by thinking that you will never, ever lose money.
Will you choose a low-risk, proven strategy? There is no doubt that this lowers the chance of failure. However, it won’t make it go away altogether.
You may make a bad decision. You may make a typing mistake that costs you money. You might rush through something without understanding it well enough. It is very difficult to always avoid something going wrong.
Successful people react well to failure. It makes them more determined than ever before. They learn from their mistakes and improve based on them.
Unsuccessful people will usually give up too easily. Whether you lose £1, £10 or £100, you might see it as a sign that this isn’t for you. In fact, a lot of people start off already imagining and expecting to fail.
It is important to remember that you will probably fail at some point. However, this is only going to be a temporary setback. You will be prepared to adapt and react to any type of temporary failure.
Failing to Use Your Time Wisely
We all have a limited amount of time to make money. Can you dedicate 2 hours a day? 2 hours a week? The first step in this point is to work out how much time you have.
You then need to look for a system or strategy that suits you. What method lets you use your time in the best way? What approach can you safely say that you have time for?
Once you have the right strategy you need to make it work. This means putting in the hours that are required. You will get faster as you become more of an expert. You are unlikely to find time-saving shortcuts, though.
Using your time wisely means focusing on what needs to be done. If you have 2 spare hours in the evenings and 3 bets to place then don’t get side-tracked. Don’t end up watching TV while you flick between betting sites.
You need to make sure that you are using your time to the best possible effect. This is especially true if you don’t have a lot of free time.
As part of this point, you also need to choose your projects wisely. Do you choose something that makes you a small amount each hour with no risk? Or do you aim for higher profits but with more risk?
You know how much time you have to do this. You also know what suits you best. Make a smart choice and you are well on your way.
Not Being Positive Enough
How sure are you that you will make money? There is no benefit to being blindly optimistic. However, you shouldn’t be negative or indifferent about what you are doing.
Find out enough about it to be positive and confident. You need to start off with a great frame of mind. If you have serious doubts then you are more likely to give up easily.
The best way to do this is to do enough research. Find out what exactly you will be doing to make money. Has it worked for other people? How much did they earn? Are there common mistakes to avoid?
Once you understand all of these points you are ready to go. The answers you find will reassure you that this is a good decision. Therefore, you can feel positive about your approach to making money.
Of course, there is also the risk of being too optimistic. This is usually when someone doesn’t do enough research. If you give up your job in the hope of earning a full-time income you need to be sure that you are going to get it.
Your positive attitude has to be grounded in reality. It isn’t about being positive for the sake of it. It is about knowing that you are starting a solid, profitable venture in the right way.
A Lack of Patience
How long will it take you to earn some money? For some people, any wait is far too long. They want results and they want them yesterday.
However, most money-making schemes require a degree of patience. Maybe you need to learn the ropes. Or perhaps you will have to wait for the serious money to roll in.
Are get rich quick schemes a scam? Well, if the promises seem to be too good to be true then they probably are. A good system will typically require you showing some patience.
It may take you some time to get your first income. Or it could be that you will earn only a modest amount each day. Either way, you can’t expect to build a fortune in little time.
What if you know that you are very impatient by nature? Maybe you know that you won’t be able to slowly build up money without getting restless.
In this case, you may decide to go for a higher risk scheme. Perhaps you will be happier to lose money occasionally in exchange for some bigger wins.
For most people, a better idea is to set out a realistic roadmap. Maybe you will look to earn £20 per day. Is this realistic? If it is then this will work out as £140 each week. That is over £7,000 a year. Here’s a simple system that makes £500 a month.
If you can see the overall benefits it should help you to stay patient. You can then get into the rhythm of slowly building up your fortune. Invest or spend it wisely and you will feel the benefits early on anyway.
Failing to Take Action
Finally, we have perhaps the biggest and most common mistake. How many times have you seen a money-making idea that sounded good? There are tons of them around, so the chances are that you have seen a fair few.
What did you do next? The chances are that you did nothing. We each let an incredible number of opportunities slip through our fingers each year. This simply comes down to not taking action.
What do you need to do to get started? You might need to watch a few videos. Or read some blogs. You then may have to pay some money for a subscription or for the right tools.
In every case, you need to make a move. You need to take some action. The money isn’t going to just start rolling in without you doing anything about it. You are the person who needs to do something.
Are you ready to take action? If you aren’t then you need to consider what you need to feel comfortable. Do you need more information? Is the timing not right for you yet?
At some point, you will need to take action. This is when you take the first steps to turn your dreams into reality. Without this action, your hopes will never turn into real profits.
Avoid all of these common errors and you are on your way to making money. This isn’t something that is impossible. Go about it in the smartest way and you won’t regret it. Indeed, you will soon be wondering why it took you so long to start.