Rags to Riches, Riches to Rags

byNicholasRice

389 followers

8 years ago

I recently had an internet marketer ask me to coach him. He told me his story and it is one that is all too common. He explained how he had built an online business from nothing to more than a half million dollar empire in only about 2 years. He worked very hard at his business, but he actually lucked up. He fell into his niche at exactly the right time. It was a perfect storm of timing, hard work, and luck.

In two years, he had gone from nothing to making over $350,000 each year. He was going on trips, buying expensive cars, and upgraded his house. His wife was able to stop working and stay home with their children. Things continued going well for about 6 more months. Then the sky fell. BOOM. It was over.

The niche this internet marketer had gotten into become obsolete over night. Think about something like Vine. It was an incredible marketing tool for so many people and then in one day, all their users were told the platform was going away. Something similar happened to this internet marketer and everything he worked for was gone. He had some money saved up, but his expensive lifestyle ate up much of his money and wealth. It took him some time to adjust to living back in the real world.

Before long, he was having to consider getting a regular job. He wanted to try internet marketing one last time, which is why he contacted me to help him get started. I have now gotten him on a plan where he will be back to making good money within 6 months.

The point of the story isn't to explain to you how I'm going to get him back on track. The point you need to take away is one that even the most successful internet marketers sometimes miss: DIVERSIFY. Take your money and make it work for you. While you are generating income, find another way to generate income. If you don't, you may end up like my new friend. Create multiple streams of revenue so you always have a Plan B. And a Plan C. And a Plan D. And... well you get the point.