Find Out What The Absolute Number 1 Cause of Financial Problems Is for Online Marketers

shiny object syndome and  financial problems
Photo by Emily Bernal on Unsplash

What is the number one cause of financial problems of online marketers? There is one issue that concerns many online marketers, and it has the potential to wipe out their finances and leave them in debt if not addressed. 

This condition is known asShiny Object Syndrome‘  and causes financial problems.

It affects all levels of marketers, and when combined with ‘lifestyle creep,’ it may really put a strain on your resources. Don’t worry if you don’t comprehend these terms. You will by the end of this article.

Shiny object syndrome is a scenario in which marketers are eager to get their hands on every new and popular product/course/etc. that comes their way. They are enticed by the hoopla and bogus promises of quick and easy money.

A beginner, for example, may decide to start a speciality site and earn money through affiliate marketing. He receives an email regarding a course explaining how an e-commerce genius makes $3,232.45 per day solely by drop shipping after setting up the blog and publishing about 4 posts.

Wow! That’s a shining object!

The novice abandons whatever he is doing and goes off to purchase the e-commerce course, which could cost anywhere from $27 to $1,997. Many marketers incur debt as a result of charging these costly courses to their credit cards.

What they don’t comprehend is that it will take much longer to generate money utilising the way advocated by the expert than it will take for the credit card bill to arrive – which will most likely take 3 weeks to a month.

The marketer will then pay the minimum on the card and end up paying interest on the bill for an extended period of time. Even though the product is inexpensive, it is almost always a waste of money.

Why?

Because the marketer has rushed off to buy a new course on publishing profits with Kindle or Etsy Millions with arbitrage or some other new course that hits the market before he can earn money with the e-commerce course.

It never ends since new and dazzling items keep appearing… And the marketers continue to spend without understanding one simple rule: you only make money when you sell.

You should concentrate on selling, whether it’s your own or other people’s items. More must be produced than consumed. Then and only then will you make money.

You will also avoid becoming indebted and will not be jaded into believing that all online marketing is a scam.

You must see your project through to completion. Leaving a business halfway through to start a new one will leave you broke and with a slew of unfinished projects.


lifestyle creep and financial problems
Photo by Obi Onyeador on Unsplash

Let’s talk about ‘lifestyle creep’ now…and why it can cause financial problems.

The term “lifestyle creep” refers to the phenomenon in which your costs rise to match your income. For example, if your salary grows, you may purchase a better car, begin eating at more costly places, and so on.

As your spending rise, so will your bills, and you’ll discover that your financial condition doesn’t improve because you’re still not saving much money. Even if you make more money, you may still be in debt and live paycheck to paycheck.

Lifestyle creep can also affect your internet business. For example, if you were previously utilising a cheaper page builder with a one-time price, you may now prefer a new page builder that charges you $97-$197 each month.

Is this new expense truly necessary?

No… But because everyone else is using it and talking about it, you want it as well. And you buy it.

Your expenses have now risen. When you combine lifestyle creep with shiny object syndrome, it quickly gets quite expensive.

Marketers earning 4-5 figures a month are continuously thinking that they need to better their skills and end up spending more and more money on expensive courses… perhaps they believe they require many sources of income.

If you can afford the additional instruction, that’s great. However, if you go into debt to purchase the courses with the goal of growing your bottom line in the future, you must be prepared for the interest rates that the banks will slap on you if you do not pay your bills in full.

Remember that no matter how successful you are as a marketer, the banks are always stronger than you – and if you default on your debts, you can be sure they’ll come after you and make your life a living nightmare.

Final thoughts on financial problems and avoiding them.

    • Allocate no more than 20% to 30% of your earnings to self-improvement.
    • Make sure you pay off all of your debts first.
    • Avoid incurring excessive expenses in your business.
    • More expensive solutions are not always ideal and sometimes you only pay for the brand name.

Concentrate on one strategy until you’re successful… Furthermore, it is usually preferable to save enough for a course so that you may pay for it in full rather than purchasing on credit.

If you err on the side of prudence, you will be able to generate money online while avoiding debt and financial hardship. That is the best course of action.

“Simplicity is the ultimate sophistication.” – Leonardo da Vinci


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Mike Gaudreau

Mike Gaudreau is the owner of The Wealthy Boomers, a site devoted to helping seniors make money online. Mike resides in Montreal Canada.

You should assume the owner of this website probably has an affiliate relationship and/or another material connection, to any suppliers of goods and services that may be discussed here and may be compensated for showing advertisements or recommending products or services, or linking to the supplier’s website.

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