August 31, 2011, 5:00 am

2 Terrible Mistakes I Made That Will Haunt You For The Rest of Your Life if You Don’t Wake Up

by: The Financial Blogger    Category: Business,Career
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You probably didn’t notice but I was on vacation for the past 2 weeks and just came back to work this Monday. Those were real vacation as I left with my family for Virginia Beach. I did bring my laptop and BlackBerry but didn’t use them to work on my sites. I rarely do this but for 2 weeks, I barely answered my emails and comments on my blogs. Since I work with my brain all the time, I needed a time where I could shut it down completely and enjoy the small things of life such as a sand castle contest!

 

While I was getting some rest, I got stuck by a lightning: I’m making 2 terrible mistakes this year. I left my day-to-day tasks long enough to look at my online empire differently. I was shocked by the results of my reflexion. I’m sharing those 2 mistakes as you probably do them too. Regardless if you are doing it with your blog, your career, your sideline or simply in general, I’m sure you do at least one of those 2 major mistakes.

 

#1 I’m Getting Lazy

Don’t get me wrong, I work a lot. I work 4 days a week at my day job as a financial planner and 1 full day on my online empire. For the past 3 years, both my career and online are growing exponentially. I’ve managed to reach a 6 figure income at the age of 28 and I am now making 6 figure online too. The problem is exactly where my success is:  it is becoming too easy.

 

If you ever hustle very hard for a long time and you have a great structure in your business or throughout your career, you will eventually be successful. This is exactly where you need to be very careful. Closing new deals at work became easier since many clients trust me now and refer me their good friends. Making money online has become easier too as my blog network is growing and I have a few niche websites earning money too.

 

But when everything is running smoothly and the money is coming in, most human being will tend to surf the wave instead of looking for the next big one. So I just noticed that I have been working on keeping my routine instead of bursting out of my comfort bubble to do some serious creation. I have tons of projects on paper that I didn’t start yet and tons of todo’s that have not been even looked at. I’m getting lazy because I feel that my business can keep growing without me working. Well this ain’t gonna happen! There is a reason why you are standing where you are right now and it is the sum of what you have done to get there. If you only keep doing what you do in your routine, you won’t grow anymore. Even worst, you might slow down and get engulfed by the next wave instead of surfing on it. This is exactly what happened to RIM (manufacturer of the Black Berry) while they ignore Apple and their iPhone to surf their small wave.

 

#2 I’m Getting Cocky

Hum… maybe I should rephrase that: I’m cocky and I’ve always been. But while a bit of cockiness is acceptable, being over-confident creates a feeling of completeness and you don’t see the urge of working harder. Worst; you start overlooking what you do thinking that you are just too good at it.

 

This is what I did when I first created my niche websites and started to hire VA’s and outsource a part of my work. Since I was making a lot of money, I thought that I could run multiple projects with little to not input from myself and everything would run perfectly. While I didn’t do any critical mistakes by overlooking what I did in 2011, I have realized during my vacation that I could have been much further if I had taken the time to sit down and analyzed what need to be done. I used to check and double check my strategies and carefully implement each element myself. More recently, I’ve put everything on the shelf to concentrate on writing my eBook. I thought I could do both writing and managing without looking too much at was is going on. After all, I’m an online genius and I just can’t fail… I was so wrong!

 

This is how I ended-up with running cash flow negative for the very first month of my company’s history. It’s not too bad as I realize my mistakes fast enough but it could have been catastrophic if I didn’t take those vacations at a perfect timing!

 

Look at others to understand what you do wrong

This lightning that enlighten my cavern was provoked by the reading of a blog that I know for a while but I hadn’t had the time to read recently: Budgeting in the fun stuff. Crystal, who runs this blogs among many others, started only 18 months ago and racked-up more than $7,000 in July. So while I was having my worst month, she was having her best one.

 

Crystal and I have 2 very different business models and we don’t always agree on the method of making money online (mind you, we are still friends 😉 ). However, I can tell you that we share many things in common such as a strong spirit, a taste for entrepreneurship, good writing skills combined with an unlimited creativity. So I was surprised but very proud of Crystal when I noticed how far she went since she started her online venture. This is when I read a few posts on her blogs about her recent success that I have realized that I was getting both lazy and cocky at the same time.

 

What’s next

The good news is that I am in a perfect timing to take everything back under control: I’m back from vacation and I’m on fire. I’m about to launch my first eBook from a series of 4 books about escaping the rat race and I have a complete plan to hire another VA (my main VA is on maternity leave). This fall will be a huge turning point for my company and I will share each of my steps with you in this crazy adventure!

 

I wonder if you ever been lazy or getting cocky after being successful at work, online or with your company? How did you wake up? Do you think that you are currently in this situation?

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Comments

Good realization. It does get easy to coast along. You are wise to get refocused.

I love it, “I’m cocky and I always have been”

Who knew that Kid Rock would have his philosophy on a PF blog one day?!

by: The Financial Blogger | August 31st, 2011 (9:18 am)

hehe, I’m not even a fan 😉

Maybe you’re not lazy, but feeling it’s time for one of Timothy Ferriss’ mini-retirements.

I’m guilty of “surfing the wave.” Since I can make okay money without much effort I have trouble getting motivated to put in the effort to make good money.

by: The Financial Blogger | August 31st, 2011 (2:18 pm)

it’s tough to leave that comfortable bubble isn’t?

I hate saying lazy, because I do work hard, but I could definitely work harder and accomplish even more. I’m working on that for September.

Cocky? It is only okay to be cocky unless you have that thick French Canadian accent a la GSP lol

Seriously though, how could you consider your lazy…haven’t you created 2 e-books during this lazy period?

Getting complacent leas to bad things. I constantly try to stay motivated to keep reaching for the stars. As soon as you forget about your goals, things will slip.

Thanks for the mention! I get lazy too. The only difference is that your income online is more passive and mine is advertiser driven, so I can’t get too lazy or I would lose deals for my clients. And advertisers have a wonderful way of popping any cocky bubble I ever think about forming, lol. Good luck with your new energy! Hopefully some of it will rub off and me and I’ll finally write my own eBook that I’ve been putting off…

this is a good post with a lot of truth to it. but that said, do not forget to shift into low gear once a while and enjoy. sit back, relax, and be as lazy as you can. sit on the couch and watch american idol. you’ve earned it 🙂

Sounds like you’ve got some of that hunger back and you’re focused on your goals. Nothing wrong with that!

Keep it up! 🙂

[…] Financial Blogger refocuses his blogging efforts and shakes off a couple of mistakes he thinks he’s […]

People tend to have over inflated egos. That’s why it’s good to have a spouse or someone close be honest with you.

Welcome back Mike.

I don’t know if I’m getting lazy. I believe in the potential of the Yakezie, but I have a 6 year time frame (when I plan to retire from my day job), so there’s really no hard rush or urgency. It’s just fun.

That’s my business model I guess… to just have fun. I don’t highlight to anybody what I make or anything online or offline, but I think if people knew, they’d be shocked. When they ask how? I just say it’s about just having fun.

S

@Sophie!

my wife is always the one bringing me back down to earth. unfortunately, she doesn’t read my blog since she doesn’t read English… that’s why she can’t do damage control over my online venture 😉

@Sam,
it is always about having fun 😉 but if you are just having fun, sooner or later, someone else will be better than you and your business model will be at risk.

If you make that much money, why do you have to wait 6 years to retire? if it’s by choice, why 6? why not 3? or 10? or never? I’m curious to know why someone who is making so much money is still handcuffed by time barrier 🙂

@TFB – Ahhh, because here’s the secret. There are no handcuffs b/c I love my day job! It took me 55 interviews to get into the business of my day job more than a decade ago, and that was because I wanted to make absolutely sure this is what I wanted to do.

6 years is a number that I’ll let others know what’s up in 6 years. I think in 5 year blocks, so after next year, it will be one last 5 yr block. I may never retire. I just find that when one has targets, it makes things that much more fun.

Fun actually drives me to make things the best possible ironically. B/c, if I’m not having fun, I won’t do it!

S

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