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The 13 top financial mistakes people make

nitromarketing.com — An interesting blog post shares the "13 Financial Blunders Newly Successful Internet Entrepreneurs Almost ALWAYS Make"

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  • phenomgill, on 10/18/2007, -5/+0Thanks Kevin for pointing these out. I just can't figure out if you have a Private Investigator or a spy camera on me?
    I'm guilty of these mistakes :-)
    • masalai, on 10/18/2007, -3/+0Dude, your telling the truth!! I was wondering if Kevin was a "fly on the wall" in my office...

      I'm gonna have to get my office debugged, either that or find out what Kevin's favorite choice of beverage is and next time he is eavesdropping to just announce himself so I can at least quench his thirst.... :)!

      Matt
      • vegascoop, on 10/18/2007, -0/+2Holy crap. I do not know what is more lame-- the article or these ass kiss comments.
  • bwells104, on 10/18/2007, -5/+0Great blog Kevin. Needed to read that more than you know!
  • LFNNS, on 10/18/2007, -5/+0The first one applied to me... can't wait to see the rest of them!
  • masalai, on 10/18/2007, -5/+0Hey Nitro Team, once again you have provided some great insight into how people (ME!!!) run their online businesses.

    I'm sure some if not all of these tips come from personal experience! Thanks a million for sharing your insights with us 'up and comers' and for making those mistakes for us!

    Keep the good content coming!
  • wwip, on 10/18/2007, -5/+1I can relate to having a few huge income tax bills :-)
  • everylist, on 10/18/2007, -4/+1Hey Kevin, excellent article. I learned the lessons a few years ago, "If you can't make the final payment, don't make the down payment" ;-) And, never forget your silent partner "Uncle Sam". Thanks for the reminder, everyone needs to hear this information... and more than once.
  • listpro, on 10/18/2007, -4/+0Great article. I managed to refrain from "future spending", but I remember well the painful come-uppance of failing to plan ahead for taxes my first year in business for myself.
  • shirazkhan, on 10/18/2007, -5/+0Kevin, great advice. The first one I can see a lot of people making, but the second one is something that could escape everyone since it requires education. I still have a lot to learn about taxes. Thanks!
  • mhope76, on 10/18/2007, -4/+0Great post;I love the idea of earning interest on my taxes!
  • Sharon07, on 10/18/2007, -5/+0Good post, Kevin. I can relate to the tax predicament and your advice to build good habits is key. I also like the idea of earning interest on the money I'll be paying toward taxes!
  • internetlawyer, on 10/18/2007, -4/+0Nice post, Kevin. More entrepreneurs should treat their online business like a business instead of a hobby. Your advice points them in the right direction.
  • BlazeFelton, on 10/18/2007, -4/+0Those Nitro Guys just keep tellin' it like it is! Always great information from them!
  • InertiaEnt, on 10/18/2007, -4/+0Good Post Kevin,

    Another question that pops in my mind is how much money should you be setting aside?
  • didyousmellthat, on 10/18/2007, -4/+0You don't completely suck. Not as bad as DidYouSmellThat.com
  • jaymethunt, on 10/18/2007, -3/+0ING direct *is* a terrific bank - best rates around and I use it, too!

    Thanks for the terrific post,

    ~Jayme
    http://www.furheads.com
  • intergen, on 10/18/2007, -2/+0Great Stuff Guys - I ran into number 2 this year! I put the Taxes off and filed late - Oct. 15th. Thankfully I had a great Tax Guy. But I am looking forward to more info about #2 for sure! I've been doing the 1099 - entrepreneur thing for about 3 1/2 years - financially independent. Sounds good but is definitely tough unless you've got good info and backup like you guys are providing.
    Also a shout to David Ledoux at www.didyousmellthat.com - that guy rocks I'm doing his intern program and love it. No he didn't ask me to post this! :)
  • writewaysol, on 10/18/2007, -2/+0I'm forever grateful to my CPA who warned me about Mistake #2 at the beginning of my entrepreneurial adventure. Excellent post!
  • brandonwatkins, on 10/18/2007, -3/+0Excellent advice as always Kevin!! Better to learn from others than make our own mistakes.
  • investorm, on 10/18/2007, -2/+0I like this blog and this post could potentially save you hide from a world of problems with THE TAX MAN.
  • BigMoneyRick, on 10/18/2007, -2/+0Falling into these "gotcha's" can blind side any budding entrepreneur.
  • gdibello, on 10/18/2007, -3/+0Thank you Kevin, great post! I can relate to the future spending mentality, thank you for pointing it out
  • stacybell, on 10/18/2007, -3/+0So true!

    It is all too easy to get caught up in the Future Spending allure
    as the mindset moves towards unlimited abundance and financial freedom.
  • tracyrob, on 10/18/2007, -2/+0Excellent advice, hope the rest of the series will contain more of the same. Now I just need to generate enough money to even worry about being taxed on it.
  • rbenns, on 10/18/2007, -2/+0Hey Kevin,
    This was a great post. It's great because I could visit 10 Internet Marketing Seminars this year and most of the people speaking would not be this truthful and transparent. Most of us are stuck in the past or the future and never really experience the NOW. One of the ways we are lured is by someone telling us to look at our return on investment. So we invest now with the hopes of earning income of the future. Income that is far less than we projected or not at all. I have been a future spender most of my life and it caused some real financial woes. The first 2 mistakes are so intertwined that you can't separate the two. A person who is wise with his money is usually someone who practices good tax planning strategies and vice versa. But you can sell an expensive new car to someone who can't afford it talking about future spending or tax planning. You can only sell it to them telling them how great they will look and how much more prosperous they will be. Thanks again for your candidness and transparency.
  • juanbuitrago, on 10/18/2007, -3/+0I really liked this article, thanks for the info!
  • FemmeFilmmaker, on 10/18/2007, -3/+0Hey Kevin! Could not agree with you more. Well... maybe a little bit more. ;-) Seriously, though, I've had my share of challenges with "future spending," even though it wasn't that far into the future I was projecting. And as far as taxes, I'd rather not talk about that. It's a somewhat painful subject. :-( I think I'll go do some tapping now. ;-)
  • bitronman, on 10/18/2007, -2/+0Boy does this wake you up! Who else needs this? Let them know!
    Thanks David
  • markberry555, on 10/18/2007, -2/+0Hey Everyone!! Call Ing Direct and ask them to start implementing a new line of Business CHECKING accounts!!! They don't yet! They should start!!!
  • geotheladiesman, on 10/18/2007, -2/+0Excellent article... especially the part about taxes. Having done that mistake many a years... it's important to have the mindset that you need to save for taxes. Not doing so will get you caught in this endless loop that seems forever. Thanks to Kevin, I'm returning my new plane that I purchased with my saved tax money... JK, but had I purchased it, you bet I'd be returning it to save for Uncle Sam.
  • htwtmg, on 10/18/2007, -2/+0I'm not the only one??? Gee Whiz... And I know better.. thanks for pointing out my rationalization.
  • kpickard, on 10/18/2007, -3/+0Thanks Kevin for the info! As a closet entrepreneur I find myself guilty of both of these issues. I always thought that investing into your business should pay off down the road. However I've learned the hard way... when to invest. The tax issue is a big one as well. I believe most people put that off, thinking that they can catch up later when the good times roll in. I understand now that this practice should be done from day one. Actually earning money on that stockpile of money for Uncle Sam... is... brilliant! I can't wait to have that problem.
  • niccay, on 10/18/2007, -3/+0Thanks for the info Kevin!!
  • theinfotainer, on 10/18/2007, -3/+0Thanks for the heads up Kevin. I'll be sure to spread the word .... invaluable stuff as always!

    John Gordon
    the Infotainer
  • GreenPea99, on 10/18/2007, -3/+0Kevin:

    Great info. I am just starting my internet business. www.greenpeapillow.com and I will make sure to print this article out and refer to it often.

    Thanks
    Matt
    www.greenpeapillow.com
  • NwLifestyleMntr, on 10/18/2007, -3/+0Ahhhh ... you must be reading my mind! Been there, done that!
  • dankelly, on 10/18/2007, -2/+0Thanks Kevin! Great Advice!!
  • abenixon, on 10/18/2007, -2/+0Great stuff - the tax info is so true - feels like it is all yours at first.

    Lovitch
  • ezdogma, on 10/18/2007, -2/+0Fo shizzle. Peace out.
  • arembee, on 10/18/2007, -2/+0Another great article I'm adding to my library collection for reference. In fact I think I'll post these on the wall.
  • richgustavson, on 10/18/2007, -0/+6OMFG I think I just stepped into a SPAM wormhole.....help someone pull me out!!!!

    P.S. Do they think they fool ANYONE????
  • Smight, on 10/18/2007, -0/+3To be fair, It looks like he or possibly they have been planning this one post for several months creating user profiles and just waiting for the perfect opportunity. So what it lacks in believability, it makes up for with forethought.
  • Bwell, on 10/18/2007, -2/+0Nice to see good tips for financial wellness. Thanks for the reminders -- I'm lucky my CPA is a believer in all of it and keeps me steering clear. Yes, good habits and discipline work wonders!
  • Momotcb, on 10/18/2007, -2/+0Great stuff. Thank you. We can never have enough information on financial stuff.
  • bearie, on 10/18/2007, -2/+0Good tips! I wish I had applied them sooner. Hopefully others will learn from them.
  • txrainmaker, on 10/18/2007, -2/+0Kevin, Matt, and the Nitro Team Rock. We Digg You.
  • PiGuy, on 10/18/2007, -0/+4Holy crap, spam ahoy. Ban everyone of these wankers.
  • reichick, on 10/18/2007, -1/+0Great post, I really enjoyed it and I think it serves both
    the seasoned and the unseasoned entrepreneur in that it
    is a reminder to the seasoned investor and a warning
    to the non-seasoned investor.
  • adoncraigs, on 10/18/2007, -0/+0What this guy says about "future spending" is one of the most intelligent things I read in a long time.

    It explains one of the mechanisms by which people get enslaved by debt, and reminds me of some of the more intelligent posts one can find on cutting edge blogs, such as the thing about the new economy and the "Five Rights" on the "Internet Marketing Secrets Unveiled" blog, at http://internetmarketingsecretsunveiled.blogspot.c ...
  • mbrunner, on 10/18/2007, -0/+0Great article...
    I take some good ideas from that article to learn more and expand my biz...
    "Viva la nitromarketing.com"
    Digital Greeeeets from Germany
    Michael
  • emargurus, on 10/18/2007, -0/+0Very true!
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