Making Your First Dollar Online Is A Mind Game + Ethereum Update
98: What it takes to make it and ETH news.
Welcome reader! Good news about TikTok shop schemes and the new regulations they have set. The important change is that the new requirement for TikTok shops is now down to 1k followers. Making things much easier for those who have not started or felt discouraged from starting. Today’s topic? We will start with the ETH update and discuss what it takes to make your first dollar online. It's not science. The formula for success is simple. Requirments? Right mindset, dedication, working hard, and persistence.
Most don’t possess any of those.
Ethereum Update
Should anyone be surprised at this point? No one should be. If the rumor above is true, you can expect ETH to blow up more. In case it’s not true and they postpone it… That’s a sign you should invest heavily into Ethereum over the upcoming few months before they approve it - it’s just a matter of time. For those who were DCA-ing into it. Congrats. The majority should hope things are not getting official and they still have time to buy more. Things should be pretty self-explanatory. Finishing the update with an interesting 20%+ graph in the last 24 hours.
Back to the main topic.
What It Takes?
Fundamentals: You already know why you need side income and why you need to spend your time building operations. It’s hard not to repeat our core principles without boring the old readers. Still, considering how many new ones there are… We must incorporate the fundamentals here and there. The proper path to freedom is not investing more cash into assets or cutting your living costs. The path to freedom is having multiple side incomes generating cash. Side operations, WiFi money, or side income - they are all the same. Not getting into any other reason - start building one. Both short and long answers are the same. You want to build at least one alongside your main income.
Mindset: This is where things get interesting, and the majority give up. You must be insane to put work into something you are unsure will work out. Luckily, if you consume proper material and read pages like ours. Things do get easier. No matter how cheesy it sounds, the first step in making money online is to realize you and your skillset are good enough to make it. Having internal self-belief that you are good enough is the only way you will be able to put your product out there and push it to others.
Limiting Mindset: This is the problem for the most. Suppose you are not convinced that what you are doing is good "enough" or that you as an individual are ready. You must work on that before trying to make any money online. This is the first step of your journey. It’s a hard concept to grasp. Self-realization is difficult to digest if you have even a bit of morals. Doubt, consciousness, and other limiting beliefs must be conquered before seeing the bigger picture. You have super-intelligent individuals who never achieve anything because they limit themselves with their internal self-beliefs - we are sure you know at least a few of those. The more intelligent you are, the harder it is for you to pull it off. Most think this take is a meme - but after some time, you realize it’s not.
Winning Mindset: Being on the opposite end of the spectrum for comparison is not optimal either. We live in an age where everyone can create and push a product out to the public. Where does that bring us? The market is saturated with low - mid quality products. What traits do all of those creators share? They think their product is good enough. Considering how much they sell, this is not far from the truth. Go out there and get access to a few resources. Avoid getting proper material from experts such as Dan Kennedy or John Carlton. Go for the average random Money Twitter guru offer. After browsing a few of them (extra points if they are in the same niche), it doesn’t take rocket scientists to realize how mid they are (at best). All of them follow the same pattern approach. Your goal should not be to push your products or make them look the same. Your goal should be to browse through those to build confidence. To give you an angle, you can use it to position yourself better. Destroying internal limiting beliefs and building from there. Understanding they are not any better than you. Yet you are still sitting in your bedroom, overthinking the smallest details that don’t matter. That’s how you should view it. If the market is ready to pay for your competitor's products - that tells you everything. The other option is trading time for money. It's not the best, but it works and can help you get things off the group. Remember, the mental part is where 80% of the game happens. It all comes down to the internal battle, developing strong self-beliefs, and realizing that others are not better than you.
There is no man above me or below me. - Ron Lynch
Time: When you don’t know what you are doing, results take time. Applies to all areas of life. This should not be part of the article, but we felt obliged to include the time component. Crucial element that goes hand in hand with the mind aspect. When starting and doubting yourself, you will also battle impatience - meaning your mind will give you one more reason to give up on the initial ideal. You saw the "better opportunity", or your favorite guru posted the new best business model. In 90% of the cases, it’s grass is always greener on the other side moment. This is something you should fight against. When should you give up? Never. If your current strategy is not working - change the angle. Don't change a business model requiring you to start from the zero. That’s an option, but in that case, add a few more months before you see yourself making that first online dollar. Patience is a virtue and will give you an advantage over your peers.
Action Steps - Methods
Now that the mindset part is out of the equation, there are ways to structure your approach to make it easier. Your first step in the money-making game is to understand that you are chasing the "aha moment". For the majority, the “aha moment” is their first dollar. The realization that is possible to make money using the internet and understanding that there are no barriers to further scaling. Once you experience it there is no coming back. What vehicle will you be using to achieve that?
Different angles require different approaches. Since you have minimal experience and aim to make your first dollar online, do something that will present you with the least friction. Regular readers know we have been bullish on the short-form meta and affiliate schemes you could pull in multiple ways - Reddit example. Not saying methods such as e-commerce or agency work are bad. Yet, they require different skill sets and more knowledge to pull them off. Resulting in a bigger time investment. Not saying that the same principles do not apply to the affiliate. But things have never been easier with short-form content.
Our goal is not to go into methods - but to provide you with a general approach.
Method #1: One of the best ways to build up confidence and achieve your first dollar online is by selling someone else product. This way, you are eliminating a big part of your problem. You will only rely on the mental part + driving the traffic to an already proven product. Eliminating the building part from the entire process. How will you drive the traffic? There are multiple ways: organic, paid, and social. Knowing how to drive it is a good skill to learn. Exactly what has been outlined in the article link above.
Method #1.5: You won't hear this from your favorite guru. When "famous" marketers are unsure if their offer will be a flop or if they are protecting their brand. You know what they do? They use pseudonyms. Creating a new persona to push the offer - releasing the content under a different name. If you are having a hard time accepting failure and struggling with the mind part of it… This is one way you could bypass it. What is the worst that could happen if you pushed a PDF book under a name that doesn’t exist? Zero consequence and one less reason to avoid a limiting mindset. The method itself is much harder than method #1 in comparison.
Method #2: Trading time for money. The idea overall is bad - not scalable. But if you had to choose income vs. no income, you know which one you should choose. No discussions. The idea behind the method could not be simpler. Do you have the skills others are ready to pay for? Open any website offering freelance work. Offer your services. That’s what it takes - keep in mind days of no portfolio are behind us. It’s not as easy as it used to be before the lockdown, but it’s still the method you could use to expand your horizons and bank the initial dollar. Don’t limit yourself here. People are ready to pay for the most random stuff if you can do it well and deliver it. Also, approach it to build long-term connections - you are building your contract work portfolio.
Method #3: Slow one but one that pays off in the end. The funniest part about this method is that both method #1 and method #2 could be leveraged once you combine it with this. All of us are good at something or at least passionate about something. What you want to do with that is that you want to leverage it. How? By building up the personal brand about it. Before you roll your eyes. Realize that this is where the future is heading. Not just where the future is heading but where we are now. If you don’t believe we are in the personal brand era, look at what happened when the famous YouTube called Humane AI Pin a bad product. The product is terrible and overpriced. The damage that was caused? Millions lost. What’s the deal with building a personal brand? Leverage down the road. You found the product you believed in and supported? Sign up for their affiliate offer. Since you have x number of followers, are you ready to help them with their problem? Here is where your affiliate links come into play. What happens once you help them with their problem? You get rewarded. Congrats on your first online money that was made. Negative with this method. It takes months, but once the ball is rolling… Hard to stop it. Wondering where to start? Read on the approach you could use.
Summary: Everyone can make money online once they realize that the first dollar is all about mental models and the internal battle: building confidence and chasing the "aha moment." Are you not feeling 100% or unsure how you could help others? Start selling other products and building from there or trade your valuable time for it while doing the contract work. Both will work in the end. The methods and approaches you can find here are not rocket science. Quite the opposite. They are shallow but will be a solid base for building confidence. Requiring from you the minimal input. Helping you build up your confidence and showing you it’s possible. The real battle you are having is the one with yourself.
Next week? Article discussing social skills and the importance of learning them. Social skills impact the quality of life, but they don’t get enough attention, especially now that we are entering the era of everyone being a generalist - jacks of all trades, masters of none. Which skill will technology not be able to help you with? Social skills.
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I appreciate how the article is very straightforward. Minimal jargon.
Felt like someone spoke staring at me in the eye. 100% effective.