My Plan to Get Out of Debt and Become Wealthy

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By sumosalesman


Debt is no stranger to me. Since I went to college and lived for a few years with a woman who took her mother's advice to buy a new car on a job that paid $5 an hour after benefits, I've accumulated $15,000 in debt.

Here is what I've done so far and how I plan to keep reducing my debt to the point I'm free:

Things already done:

  1. Cancel all credit cards and not get any more, no matter what web applications I need to pay for. I've been sorely tempted to apply for ridiculous cards so I can use Google AdWords again, but with HubPage's awesome clickthrough rate (about 3-4 times better than my own), I think I should finally be able to use the remaining credit they allow (up to $200) to earn enough revenue for a secured bank credit card ($400) and advertise on an ongoing basis.
  2. Make my friends and employers toe the line and not get any extra favors for me unless they're really incapable of doing something for themselves. A thousand small favors can add up into entire days of lost productivity. And until you're free of your employers, that time isn't coming out of their schedules.
  3. Leave underperforming incentive-based jobs and make a solid base amount of money at a blue-collar job that pays the bills. My last employer, while paying me a very erratic biweekly wage, told me I would make $1,500,000 a year if I helped launch a certain web project. Well, here I am at my parents' place for the next two months with all my stuff because they admitted they spent my paycheck on groceries. Fortunately now that I am back to making a regular income I will be able to reinvest in my websites (see below).
  4. Make extra money on Second Life. I've taken up extremely complex scripting, set up an art gallery, and more.
  5. eBay. I've sold since 1999. For a while I had a good run with my boss, but I'm back to scrabbling for goods to sell. I'm still keeping my options open, but it may be a while before I really find the merchandise I need to sell. Drop-shipping has been hit or miss.
  6. Outsource. I have found a few good people in India and Sri Lanka who have been doing competent work for me to save my time and let me focus on the true money-makers.
  7. Use Joel Comm's resources. His AdSense guides, Twitter and ClickBank reports have all proved dead-on and innovative.

Platforms I will be working with and things I will be accomplishing soon:

  1. Clickbank. My next step is to compile what I've learned and sell it on ClickBank as an ebook.
  2. Writing lots on HubPages. Of course!
  3. Blogging -- in limited amounts. HP has been far more lucrative but I will be keeping my options open.
  4. Socially networking massively. I've barely scratched the surface and have a lot more to sign up for and promote from, though a few interlinked applications have begun to get me results. Everything I sell, I intend to promote through profile links, forum links, and bulletins.
  5. Using Craigslist to earn finder's fees for disadvantaged local shops.
  6. Using Edwin John's excellent resource How I Sell My Domain Names in conjunction with a lifetime membership on DNForum.com.
  7. Developing celebiq.com, celebrityvenom.com, 90210411.com, and others I own (they're just ideas attached to a string of letters, numbers and a .com right now, so no need to check them out... yet).
  8. Image sales through SmugMug, Cafepress, Zazzle, and Second Life.
  9. Further implementing the Four Hour Work Week's model of economic leverage, outsourcing, time management, automation and personal freedom.
  10. Investing.

It will be a few years before my debt is gone, but with enough trial streams of income I will be able to analyze them easily, eventually eliminate the lowest performers, and replace them with prequalified improvements.

Comments

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seamist profile image

seamist  says:
15 months ago

That was an excellent hub! Thank you for sharing your ideas. It looks like you've done a lot of homework in figuring extra ways to make money. I will defintely check into some of the things you've mentioned.

LouiseKnittel profile image

LouiseKnittel  says:
14 months ago

Very nicely written, Thanks so much!

gypsy10  says:
14 months ago

Some really good ideas. A really good hub.

ESAHS  says:
14 months ago

"Great Hub!"

"Allot of information with solid reasoning!"

"Personally manage my business debt by not having any outstanding business loans and paying for all my services up front!" "The reason being to extreme profit and no present or future losses!" I share your sold  reasoning concerning purchasing items that are beyond standard income!" "Believe it or not the key to having money is to spend it in ways to bring revenue which means not just to buy!"

"Low spending cost and high revenue returns and avoid get quick scams!"

"Two thumbs up!"

 

 CEO E.S.A.H.S. Association

ESAHS  says:
14 months ago

"Thank you for the comment and I also wish you wonderful, adventurous outcomes in the all things you do!"

"Never stop writing it might make you rich!"

CEO E.S.A.H.S. Association

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