I started Hacked.com with an intense desire to help our members in understanding finance and give them tools and analysis to take better trading decisions. Our core goal is to help our members become financially independent, either by investing, trading or starting a business. What is important to know is that there are no get rich quick schemes that work. If you truly want to become financially independent, you have to take your time and be patient. Never rush, and never lose money.
This is so important. I can’t make myself clearer. If you want financial freedom: NEVER RUSH. Please read this sentence at least three times over. Professional investors and entrepreneurs know that to create a diamond, you have to apply extreme pressure over a long period of time. That’s the same for building wealth, you need extreme focus over a longer period of time. Newbies that enter the finance game always tend to rush for the profits, but ends up with losing way more than they originally invested.
Read 2. lesson: Never Lose Money
My own finances
In the coming months, I will share my own finances and my own plan in order to reach my longterm goal that I’ve written about here. What I already got is the following:
- CryptoCoinsNews.com which generates around $50 000 in profit each year. This fluctuates quite a lot since the income source is advertisers. The cost does also fluctuate depending on how many journalists we have writing for the site.
- Hacked.com, which I started a couple of months ago, generates around $2000 in profit each month, BUT: I bought the domain Hacked.com for $50 000 in 2014 and I’ve spent more than 2 years on creating the site you see today. I’ve lost more money on Hacked.com than I’ve earned (including some failed concepts), but with a longterm focus I believe the site will be catching up within a few years.
- In January I got a fulltime job and that helps me create a more stable income with around $4000 in monthly profits after tax. (I’m based in Norway and we have around 35% to 45% in tax.) I can also share that my wife and I just had a daughter and I need at least one stable income source.
I will create a budget in the coming weeks to give you the full details of my income and what I could expect from both CCN and Hacked.com. I have also suggested for our members that they should set aside 10% of their income and invest it in an index fund. That is what I’m planning to do, but I’m a bit hesitant of entering the current record markets. I believe that we will see a recession soon, and it would be better to start investing once the market has stabilized, yet again.
For the coming years, I want to put aside at least $1000 a month for investing in index funds, stocks, commodities, or similar. I want to start right away with $1000 and I’m open for suggestion from our members what I should do with my initial $1000. The options are:
- Have them in a savings account until the market seems more prosperous
- Invest them right away in an index fund (what index fund?)
- Invest them in a commodity like Gold?
- Invest them in a cryptocurrency like Bitcoin?
I do not want to trade with my money as I do not have the time, I’m looking for a longterm investment. My initial thought is to have them in my savings account.
Please leave your comment below with your thoughts on where I should place my initial $1000.