The Power of 1% and Why You Don’t Blog for Money

The photo is a HUGE lie, the title a small lie. It *should* say the power of 2% but the headline title is better as is. Three things 1) how you can utilize the power of 1%, 2) why you don’t blog for money and 3) takeaways after ~3 years of blogging . They seem a bit unrelated but they are not. The power of 1%, or 2% in our case, refers to the total time commitment here. 3 hours per week maximum or 2% of a week (3hrs/168hrs in a week). In addition, the related point is why we don’t blog *for* money (will likely launch a product later at a terrible ROI) and why you shouldn’t either.

How to Utilize the Power of 1%

You can become competent at practically anything if you commit 1.6 hours a week to the task. This is the truth. If you decide to take up drawing. Take up a new sport. Or even take up a new language… 30 minutes a day three days a week will result in massive change. You will not become an expert (not even close) but you’ll have a baseline competency that exceeds the first standard deviation of the bell curve. Now you’re probably wondering… How can I possibly utilize the power of 1%?! You haven’t given me anything actionable!! Well…You know that is not our style… Lets go ahead and get started.

Step 1 – Choose a Topic: Our goal is for you to live a balanced life, so lets brain storm some quick ideas (we mentioned a couple above). 1) Learn a language, 2) learn a dance, 3) learn an art, 4) learn how to sing, 5) learn how to give a speech, 6) learn how to play a sport, 7) learn how to make a good first impression, 8) learn how to ride a motorcycle, so on and so forth.

Step 2 – Inside or Outside: Once you have determined which item you’re going to learn you need to categorize the item. We *strongly* suggest you have two hobbies brewing at the same time (at all times). One that is inside and one that is outside. What is the difference? Simple…

Outside (extrovert): This is something that *requires* you to be at a specific place to improve. You have to literally block out time in your schedule to do this because you cannot practice at home. This includes: team sports, learning how to ride a motorcycle, learning how to meet new women during the day/night, learning how to dance etc.

Inside (introvert): This is something that you can do at work, at the airport or at home. You don’t need to be out and about to improve on your hobby. Simple examples include: this blog, drawing, learning a language, improving your tone of voice – recordings.

While some will argue that many of the outside activities can be brought inside… That misses the point. You want at least one hobby where you are forced to go outside and interact. Remember the world is a stage. You need to learn how to perform even if you’re an introvert. So, you should maintain both one introvert activity and one extrovert activity

Step 3: Set an alert on the weekend. You need to set a specific time where you will improve. Hold yourself accountable. Generally 45 minutes of time is ideal (2x per week, this usually means at least 1 day will be a weekend as noted in the first sentence). If possible make it in the morning. If you are able to do this, you will no longer be allowed to do any other activity until the extrovert activity is complete. Again hold yourself accountable.

Step 4: PDF and install. This means you need copies of the introvert activity in your hand at all times. If it is a language you are learning, you have lessons/recordings on your phone 24/7. Unlike other places, we love the introduction of smartphones because it allows you to be *significantly* more productive.

Now what do you do? Force yourself to take action. Every day when you’re done working (spend a minimum of ~60 hours a week on real work, IE: a career or a real business) you then turn to your introvert hobby *first*.

Side Note: As a fun fact, literally 90% of the posts here and even edits to the blog were made on a smartphone or tablet. That is not an exaggeration. We write and send to our main guy who hits publish (TeamViewer is an amazing and *free* resource) 

Step 5: Focus. Lets repeat. *FOCUS*. When you are working on your hobby you do not do anything else. You do not watch TV in the background (throw it out if you have one). You do not listen to music. You do not connect to the internet to browse. You do not allow yourself to have access to anything. This step is excruciatingly important. You *must* focus 100% on the activity otherwise you will gain nothing. It is only 1.6 hours a week so it is not hard to do.

Step 6: Do this for a full year. That will result in ~83 hours of attention. Lets go ahead and round up to 100 hours to be safe. 100 hours is  *only* 60% of one week! That is nothing! Now go ahead and take your activity and use it. Go to Brasil if you taught yourself basic Portuguese. If you learned how to dance? Go take a girl out dancing (please do not take her to an actual dance lesson though, you’ll get slaughtered by the real pros).

In short, after the year is up, you’re going to be a much more interesting person. In just five years you’re going to have *ten* different skills where you will be above average! That is a huge accomplishment and we have no doubt that it will work for you as well. Why? Unlike regular people you’re reading a blog for the elite. That means you don’t need a push and you’ll be thrilled at the results by 2016.

Concluding Remarks: The power of 1% is underrated. If you follow our step by step process: 1) choose a topic, 2) have an introvert and extrovert item, 3) set alerts, 4) send yourself the training materials, 5) focus intensely <– most important piece and 6) do this for a full year <– second most important piece. You will be *significantly* more interesting. You’ll add at least one friend (we practically guarantee it) and your confidence will soar as you learn a new skill you never thought you would be any good at.

Moving on…

We’re going to give you an example of the power of 1% (or 2%) since you’re staring right at it.

2) Why You Should Never Blog for Money

As usual… What is everyone else doing? Do the opposite. Everyone and their mom is apparently ready to become a professional blogger and leave the “declining west” (whatever that means).

The problem is really two fold 1) are you trying to make money? and 2) are you ~25 or younger?

If you answered yes to either of those… Stop. Don’t even bother getting started. We will explain exactly why it won’t work and what you should do instead. Finally, to avoid appearing pessimistic (that is not the intention) we will also give solid reasons *for* blogging and how we completely f***** up a lot of the basics.

Why You Don’t Start a Blog for Money: This one is the easiest since we have experience in making some money.

Here is how a blog works: You are old enough to give advice (or successful enough). You then decide to start a blog.

Here is how the business model operates: 1) start posting, 2) gain audience, 3) continue to add large amounts of value for free, 4) gain more and more followers, 5) deal with haters and idiots who try to scam you for money or raid your comments with dumb questions, 6) repeat steps 3, 4 and 5… over and over and over again! 7) after adding tremendous value and gaining *trust* from your audience over a period of years… You sell a product that is even *better* than your free and valuable content. “Profit”. (profit in quotes…)

Based on our research, a solid blog makes about $5-15K a month. Nothing to laugh at but definitely not a good use of time if you’re trying to make money.

Here is how a business works: You spend many months/years studying a multitude of industries. You find a product hole/gap. It is small but enough for you to make a nice profit… Here is how the business model operates: 1) check to make sure there is demand, 2) create a product that is of high value and has a decent margin profile, 3) create the full and *professional* look for the site, 4) buy tons of traffic from that specific niche, 5) make money for as long as you can, 6) wait for competitors to come in and start invading your space and 7) compete aggressively with them. Once step 7 in the process is in full force, you will either become the market leader, sell your company or get priced out of the market (someone did it better than you) and simply let it die.

What is the real takeaway here? A blog is a reverse business model. A blog builds an audience first then sells a product. A solid business niche, one that solves a legitimate pain point,  just needs to be marketed. That is an enormous difference. That needs to be repeated. That is an enormous difference.

If you are trying to make money, building an audience is going to take a lot more *time* than buying the audience correct? Correct. So if you want to make money then your risk reward is heavily skewed towards solving a market/demand issue. You just buy the audience if you know where the demand for your product is. There is a reason why major companies have huge sales teams correct? Again… Correct.

Do You Have Enough Experience? No matter how many times you try to replicate the work of someone else… It will NEVER work. It is sad. We have even found blogs that are trying to replicate our content and we don’t even make money (insert laughter)

Why does it matter? The audience can tell if you are legitimate.

Our blog is only growing because the content here is impossible to fake. Only two people, at this point in time, will believe that the information here is “BS”.

Those two people are…. 1) an idiot – too dumb to connect dots and 2) a lazy person – new to the industry and unwilling to do 15 minutes of research.

Why? It is impossible to reflect the realities of Wall Street without working on Wall Street! Not to mention, there are two public figures who have Wall Street experience (Sam from Financial Samurai and Mikael Syding from SpreZZaturian) that could have called “BS” on the information here well over 2 years ago.

In addition? Notice how our views align quite a bit and as we have stated in the past… Most wealthy people don’t invest in bonds. Now ask yourself… how in the world did we “know” this before he even posted the article?

That is enough of that.

While the above looks like a diatribe, that is not the intent. The point is this. If you do not have relevant and valuable experience to share no one will read your blog.

That is our point and it should be repeated.

If you do not have any interesting views or opinions and you are just out there trying to make a few thousand bucks a month, you’re going to miss by a country mile.

Reality check. If you start a blog without enough life experience you are doing immense harm to you and your future. You are going to waste a lot of time writing and writing and no one is going to come back to your blog because they will know that you have nothing interesting to say. You can rip, regurgitate and repeat consensus information… No one is going to come back. That is the reality.

We do not care if you ignore this advice.

Why? Time is the most valuable resource in the world and you are wasting your own time by blogging without anything interesting to say.

Concluding Remarks: If you want to make money, your risk reward is significantly better if you start an actual business. A blog is essentially a reverse business where you build an audience then sell. A business sells a product and then buys the audience through advertising/marketing/sales team. If you do not have a unique voice, opinion or viewpoint, you’re not going to build a meaningful audience and worst of all you will hurt yourself by losing valuable time.

With the ugly part of the post done with, we’ll end on a positive note. As our readers know, being positive and happy is a necessity to success (section two appears quite dreary!) so lets explain why you *should* start a blog if you want to…

The Main Things We have Learned After ~3 Years of Blogging

Lets say you pass part two of the test. You don’t want to make money, you simply want to spread the truth and you have a unique opinion. You are likely a good candidate for a blog. As cheesy as it sounds, your “heart needs to be in the right place”. Your audience can tell if you care about them or not within your first 5-10 posts.

Branding: This is one of the things we did well from the get go. You buy a legitimate domain with a website name that is 1) catchy, 2) conveys the point of the blog and 3) hints at fun/excitement and solving a problem (Most Wall Street Guys are type A nerds who don’t have enough fun, we’re trying to fix that!).

Steps to Take: Once you have the website name… Go buy the domain, not “wordpress”. It should just be [insert name] .com. We actually do not know what provider we have since it is all outsourced under one guy who doesn’t contribute to the blog… Which brings us to point 2.

If You Want to Be Anonymous: That is one of the differentiating features here. We’ll unlikely ever go public (fame is awful – opinion). Going public or becoming famous is simply not worth it. Harassment from regular people at a sticker price of $200K a year or whatever… Hellz to the no.

Steps to Take: If you’re serious about anonymous blogging, do it right. This is the second thing we did correctly. 1) Buy the persons accounts – facebook, google, Paypal, etc, 2) have him/her set up a server and just reimburse the costs of hosting – meaningless $100 a year, 3) go download TeamViewer and set it up in one location so you can maintain the same IP address at all times – set team viewer so the code never changes. If you don’t have anyone who is willing to sell or give you their accounts… You’re not connected enough to blog so you’ve already failed the second section of the process.

Website Design: Complete whiff here. Our previous design was terrible at best so now we’re on to the good stuff… where we f***** it all up! Our previous structure was a free piece of junk that didn’t have the minimum requirements. What are the minimum requirements?…

Steps to Take: You need the following 1) pictures for each post, there is a reason why Instagram is so popular (SnapChat on mobile), 2) responsive website, it needs to auto adjust to mobile phones, tablets, desktops etc, 3) Matching colors – we went with the banker blue for those hard coded cells!, 4) clearly differentiated forms for mobile and desktop views and 5) new colors when the admin leaves a comment. This is the bare minimum. The most popular form is called “Genesis”, there are many genesis themes and they cost about $100 a pop. Just pick out the one that is best fit for your blog.

Comments: This is a disaster. When we first started blogging no one believed the information was legitimate. Then… more Wall Street people came and word spread. Then… The retards show up! The retards will try to promote their blog in every single comment (the comment is never useful). Then… they try to give you “advice”. Even though you don’t even know who they are… about how your blog “used to be good”… (just another hater). If there was an auto spam alert for idiots and retards we would pay $5K for that <– (business idea, sort of).

Steps to Take: In our opinion, you need a harsh auto filter. Once every week you should check your spam filter to make sure that no good comments got chucked into spam (many do for one reason or another). If you lose out on a few good comments … oh well. Charge it to the game. Better to lose out on 1/100 good comments in order to prevent regular people from commenting. On the internet… there are a LOT of regular people. Finally, do your best to contact the good commenters to let them know it was a harmless error. If they are upset about the delay then they don’t have control of their emotions anyway. Finally, try your best to respond to everyone you can (it is not possible). We had to completely shut down email communication.

Banner and Logos: Another miss here. Our previous logo and banner was terrible as it did not match the content/colors or anything else on the blog. It was just text and a simple icon. We suggest you create a solid logo and banner. Who made our banner? A guy over at unlucky devil. He did a great job and we watched his work over the past year. We also promised he would eventually redesign our logo and banner. Of course both happened.

“Stop being a broke ass and get your 1% on” – Unlucky Devil (got a good laugh from us)

Steps to Take: With your theme picked out, colors and all of that good jazz, go ahead and grab a logo and banner. Make sure the logo and banner can be used on all of your social media. We use Twitter, Facebook and… that’s about it at this time. Make sure that you can create a banner and logo that is consistent across all of your social media platforms. We don’t have the time to expand to other platforms (again 3 hour maximum for this hobby) and would recommend you think in advance as well.

Finally? Given how the logo looks and how efficient everything was… we suggest you have Unlucky Devil do the design for you. If you can do it all yourself? Go for it, but that is not our expertise.

Create Content that Solves a Problem: The real beauty of this blog is that most of it is “ever green” (note any product you make should be ever green). Some of our original posts written by much younger gentlemen… Need to be redone… But… A lot of it can be redone and made into an “ever green” post. A great example is our interview guide (will add more) and information on careers (doesn’t need to change). Wall Street has a structured recruiting process and a lot of our overviews will stand for decades as well (multiples of course will change as we go through recessions and bull markets)

Steps to Take: Try and create posts that will last a long time (we know, this is obvious!). This will not work all of the time. You may suffer from writers block but it definitely helps if someone can read one post, get something and everyone who tries to copy it will simply do a worse job of it. Not all of our posts are like this, but in an ideal world every post will be “ever green”. As you can imagine… Our actual product will be ever green. We just won’t bother releasing it until the numbers/page views/users are there. Maybe in 2 more years, who knows and we don’t care either.

Concluding Remarks: We are no where near experts in this field and likely never will be (no one gets good off of 3 hours a week). But we do know that the items listed above are true: 1) address a problem 2) brand, 3) TeamViewer, 4) responsive website 5) colors, logos, banners and 6) long-term content.

We have no doubt that anyone with a serious blog will laugh at this advice but we got a lot of questions and there is our minimal contribution. In addition, if you have items to add, let us know and we’ll put it on the “to do” list.

Finally… Notice that point 6 highlights that a blog is significantly less effective than a product. The main rule of starting a business is that you want to create an “ever green” product. With a “real” blog… Every single item should be “ever green”. Much more headache than it is worth (opinion).

—–

More positivity.

Assuming that you still want to start a blog, but don’t have the required experience, we suggest you leverage a blog as a learning experience (from pain). Do not spend your life on the blog. We have already debunked this myth since the upside is severely limited unless you sell to “regular people” (in which case you may as well create a business that sells to regular people)

Every time you come across a harsh reality… then you write. The pain will come through in your writing and people will realize that you are living a real life (in real life you will suffer a lot and recover if you are a man).

A great example is 30DaystoX.

Why? He’s a young guy who is simply learning how life/business/money making actually operates. He is honest and the best writing from him comes when he is reminded of pain (ie: the latest when he got swindled out of $1,500)

While we do not read all of his posts (he won’t be offended by that) we are most interested to see if he starts a company. IE: builds a product and pays for the audience.

We hope he does and we hope he hits his first $1M before 30.

Related:

How Much Can You Really Make Blogging For A Living?

How To Start Your Own Money Making Blog (Step by step guide)

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Updated for 2017 and beyond.

Comments

  1. Elton says

    It’s official one of you guys is black!!! “My momma told me if you ain’t got a hater you ain’t got shit!”. Somehow putting it all together, fire and sick ass beats as usual man

  2. Andrew says

    How does someone <25 start to develop a "voice" without writing? And other than building new hobbies, what do you recommend a young guy do to be more interesting?

    Thx for another great post.

    • Wall Street Playboys says

      1) what is your goal in voice development
      2) you need to try at least 40 new activities before asking this

      Our point on copying and voice is this.

      If people try to copy first… lol since it won’t work. And. Second how can you compete when the original was better and differentiated.

      Paved before started.

  3. says

    Great post and thanks for the shout out! Glad you guys are digging the logo.

    I’ve been using my commute to the gym to do language lessons. I’m getting pretty decent at speaking Russian after 6 months of easy study in the car. I do the same thing when I fall asleep.

    • Wall Street Playboys says

      Sweet! Good luck with that by the end of 1 yr you’ll be in “good enough” shape and you can decide if Russia is a spot for you later.

      Funny there are a lot of people on this shit already and we haven’t even tweeted or posted on FB yet..

      Probably need to take it down a notch for a few days.

  4. ExecutiveGuy says

    Great post, and always surprised when you guys add serious value for free. I’m not in the blogging biz but certainly use your advice in other areas.

    I started learning Chinese on my drive to work and even enrolled in dance lessons last week. Haha.

    Thx guys. I’m looking forward to your next post, hopefully on how to invest disposable income and not just an etf of the S&P500!!

    • Wall Street Playboys says

      Nice work! Those are two opposing activities for sure. The trick is to avoid becoming dependent on one. For example when you get good at dancing no point in trying to become professional (unless you really are that good).

      Our next investing post is really going to cater to the high end. Since we’ve basically spilled the beans that we’re not about making “$50K” or some such BS.

  5. says

    Another thing better than blogging I’m in the middle of doing:

    [1] Apply WSP’s advice on learning a skill in this post

    [2] Cold/warm email people who need your skill [i.e. copywriting, setting up sales funnels, email marketing, conversion rate optimization, design, etc.]

    [3] Offer skill as a paid service (via a continuity fee or royalties if you can)

    For #2: Use a screen recorder to record a short video critiquing/problem-solving the person’s website/copy/whatever. Upload the vid to YT or Vid.me and put it in your email.

    It demonstrate your skill and sets you apart fro other offers they get…”Show don’t tell,” as Mike over at D&P would say.

    Make sure the person you contact *needs* your service, i.e. sell to a hungry buyer.

    [4] Use that gwop to start/fuel a biz a la the previous post

    P.S. Y’all sleeping on my man Big K.R.I.T., Listen to King of the South and My Sub Part 3. If you don’t feel that bass, you ain’t got no soul

  6. Wall Street Playboys says

    Doesn’t make much sense. If you’re going to blog you should have your own opinion.

    Ripping a design won’t do much if the content/writing/voice all suck.

    Our design still isn’t great (not even close) but if you buy any paid for structure with photos etc it’s going to work just fine.

    • C says

      Yeah you’re right.

      Content > Design. And the proof of that is with this blog. You said yourself, previous design wasn’t as good as now; but you still got ample readers.

      On the topic of design, will you guys implement an Archives page sometime in the future? (A simple plugin could solve it) Just makes it easier to navigate through your previous posts.

  7. voicetone says

    you’ve mentioned voice tone in a few of your blog posts already.

    what do you mean by that, and how does one go about working on it?

    you’re referring to the sound of the voice, inflection, assertiveness, flirtatiousness?

    i was googling around, and there wasn’t that much information out there.

    • Wall Street Playboys says

      You should be able to control your tone.

      It is never what you say but *how you say it* that matters.

      You can say “hello” and depending on the tone communicate that you: hate them, love them, are excited to see them etc.

      Train your voice (takes a year). Don’t boil the ocean unless you need your voice for actual performances.

      Internet tone is the same as well. Train your word choices.

      Our tone is direct, blunt and happy. Only the retards view it as passive aggressive/insulting becuase they cannot understand syntax (tone deaf, aspergers)

      • Michael says

        what you need to do to have your desired vocal quality is be absolutely clear and specific in your subtext.
        This is what actors do to infuse what might other be very blase lines of dialogue with power and intention to generate momentum onstage and give fellow actors something to react to (acting is RE-acting).
        An easy way to do this is to be clear in what you would say were you say more than just the word hello.
        So, as per your three types of “hello”

        Hate: Hello *you cocksucking bastard*
        Love: Hello *my brother, what’s happening* (assuming bro-love)
        Excited to see them: Hello *dude! it has been far too long! How are you?*

        This will take care of any anxiety around the dreaded “how did that sound/did that sound right” fear.
        Give it a shot.

      • Wall Street Playboys says

        Yes this also works.

        You can still deliver the message of “hi I’m happy to see you”

        By simply saying hello.

        Tone = can deliver the message without the added explanation. Movies do the added explanation to make the message extremely clear. Not necessary if you have good control of your voice though.

  8. Tito Manslaughter says

    Good stuff. I’ve been a bboy, or what you might know as a breakdancer, for 9 years. Well above average (actually flying out to compete this weekend) and have friends at the elite level. Don’t see myself doing it past undergrad so I’ve been dialing down and trying other things. I remember in the past you said rich people are eccentric and its 100% true. PE investor Steve Graham of Graham Partners sponsors a lot of the events I go to. Never thought there would be breakers in Wall Street!

  9. Wall Street Playboys says

    Odd looks like two different comments. Will let them both show since you asked a ?.

    1) sometimes multiple people contribute other times only one
    2) agree it’s terrible to try and copy someone’s tone. Naturally you will have some overlapping writing styles (if personalities are similar). But. Trying to re-write is just a useless time suck.

  10. says

    Ah, making money blogging… a fun topic. The bloggers who make the most or who sell their blogs for the most in personal finance all started off NOT having the purpose of making money. Those who have these delusions of making their $50,000 a month blogging incomes don’t last.

    I noticed your traffic blowing UP here on WSPB! Good job. You underestimate how much you can make if you’d like to monetize. Your Direct Traffic is solid as you guys are building a brand and good word of mouth.

    If you ever want to monetize let me know.

    Sam

    • Wall Street Playboys says

      Thanks Sam, don’t have time to monetize or care to (yet). We know we have enough to monetize but it’s not really important right now.

      Currently in the middle of launching another product and targeting the right buyers for the right traffic

      Funny this blog is really all three… PF “game” and Wall Street. It’s really not comparable to anything else out there!

      Been intense around these parts after the last post (haters gon’ hate) so we need a solid game post next

  11. says

    If you are in your 20s and are looking for something to learn, I am going to give you a goal:

    Learn to setup a website in under 15 minutes.

    Steps: 1) Buy domain name 2) Buy hosting (can be reused) 3) Point domain name to host 4) install wordpress 5) install any free theme

    People think this is difficult. It is not. Go out and charge someone $1,000-$1,500 for something that takes an hour of work or less when you become proficient. This is not learning to code, although adding in daily HTML and CSS lessons for 30 mins will pay off.

    Over time, do this and find holes in the web, massive search volume and no competition. Hint: try foreign language search.

    Rinse and repeat. Build site. Apply for affiliate product ($40-$50 per acquisition). Slap 500 words on site. Keep going until you learn how to rank.

    With this easy-to-learn skill and some creativity one can make a lot of money on autopilot.

  12. Joe says

    What’s the best answer or way to tell people when they tell you that you are getting older and that you need a wife for when you are old and sick she can take care of you or be on your side?

    • Wall Street Playboys says

      We have no idea what you are asking.

      If you’re worried about dying “old and alone” just go work at a hospital. Practically everyone dies alone

      Only an insecure man would worry about this. Shouldn’t even be a concern.

      If you want them to leave you alone simply say “I haven’t met the right one yet but I’m looking!”

      They’ll leave you alone.

  13. Zoloo says

    Love this post.

    I wanted to develop my knowledge of economics, and found a book with 700 pages. For a five days a week, or sometimes everyday after waking up I read for half an hour.

    At the beginning it was difficult to read in professional language( I learned English in the school, never been to English speaking country), but after a two month of persistence and looking up for new words in the dictionary, reading become easier and fun.

    Dividing for a chunks makes things easier, but only if you put systematic work.

    After one successful effort, you start gaining confidence and power to do other things, like a spillover.

  14. Recent graduate says

    Very interesting post. I think a lot of people are aiming for the wrong prize when they blog. A lot of people want a big email list, page views, and comments so that they can make money. This is great, but if you were to monetize your blog, it’d be more of a digital magazine rather than a blog. (Why can’t people just start digital magazines instead?)

    I think the ultimate prize of a blog is knowledge. A clear example is your blog. You scream “actionable advice!!!” and now I see more and more blogs implement actionable advice. Better blogs to read now, good for everyone.

    By the way, spreZZaturian’s ebook is blowing my minds! He is a real life example of an ideal WSPB.

    • Wall Street Playboys says

      Yea a blog is essentially a free magazine. Maybe people will charge for access in the future, but the problem is that it is a reverse biz model.

      Build audience then sell.

      A real biz has an event up front becuase you just get the product up and market hard.

  15. hairyfishy says

    top post
    Interesting, what you wrote earlier about focus, because I’m always listening to music. I listen to music when I draw, write, train, work, sometimes even when I’m practising my guitar. I’m probably gonna listen to music when I learn to sail. However, I don’t have music when training for boxing, kayaking.
    I’m gonna see how I do without any music.

    top choice of song by the way, made a man laugh, I do find it hard to picture the wallstreetplayboys bouncing in the club to this

  16. hairyfishy says

    2nd comment post, don’t mean to flood your page.

    Quick question. Travel blogging, I’m an avid travel reader, mainly travel writings (think paul theroux or Ox Travels(part of oxfam)), as well as, some blogs, usually connected to vlogs (lavagabonde, kayakdiaries).

    Do you hold people aiming to make money documenting their travels via blogging/vlogging in the same esteem as the bloggers you write about above? are actual travel bloggers following the same faulty business model

    Thanks

    • Wall Street Playboys says

      Yes.

      Blogs are great if you’re doing it to help people and have fun. *some* money will come your way.

      But if you want to make real $$$ it is a colossal waste of time.

      To make a lot of money you’d have to eventually cater to the masses. Which then means you may as well have created a product catered to them and done the same thing…

      Again.
      Blog = build audience then sell
      Business = build product *buy* audience

  17. analyst says

    If you’re already working the 60hr ++++ week in IB, would you consider copywriting (eventually to be able to sell online) an “inside hobby”, and “day game” or “toastmastesr (public speaking, outside?

  18. says

    Thanks to Feedly I happened upon this post today (11 pm in Sweden).

    Reading and enjoying, I was just thinking to myself that this was one of your best and most actionable articles and I should leave a comment…

    …when I saw a link to myself in there. Now, I’ll just seem biased and dragging both of our names in the dirt.

  19. x says

    First off, amazing post. Keep it up, Playboys. You’re one of the only blogs on the web that has continually delivered extremely valuable actionable advice since your start up.

    That aside, I am a 17 year old Junior in High school, and I have been reading since the start of the semester in September. I live in Cali, near LA. I have no intention of continuing in the education system after high school (thinking of testing out already) and I have gained enough knowledge over the past two or so years to know that I want to start a business. So, I pose the question; where do I go from here? I’m thinking about: Test out of HS –> Get a job –> Save for enough start up cash for a business venture. Is dropshipping and eCommerce a plausible venture for my situation? I’d love to hear what your opinions are on the matter. Trust me, if I could buy you guys a coffee and ask this question in person I would. I understand how high value your time is, and I’d hate to waste it.

    I’d be remarkably grateful to receive a response. Thank you WSP.

    (Side question: What would you recommend for learning a language? Any particular products you guys approve of?)

    • Wall Street Playboys says

      That is a horrible plan.

      Unless you are sure you cannot get into good schools your plan is probably the worst we have ever seen.

      If you are certain you cannot change your education around…

      Then you should work at least 2 jobs. Work one starting now and save immediately.

      Then you should build out your drop shipping site and at the same time go to a trade school as a back up.

      If your plan is to drop out “work for a year and figure things out” you’re going to miss by a country mile.

      Come back with a better plan.


      The new movement that “everyone” should drop out of school and just become an entrepreneur is ridicuous at best.

      Start with duolingo it is free.

      • x says

        Ahaha, makes sense. I am probably the least experienced here in all aspects of this blog. Thank you, WSP. The grades can be turned around. Wish you could see the BS they have going on down here in school. (near the ghetto) But, of course, I’ll just smile and nod.

        Again, thank you. I’ll be on a better path the next time you hear from me.

        Be sure to tweet that last sentence. Pure gold.

    • Wall Street Playboys says

      Getting laid overseas is easier.

      The point is that if you believe it is hard to get girls, getting money is 100x harder.

      Post on living a balanced life explains this.

      Ask a dude to bang a 7 in a year. Or make $500K… Which is he gonna choose. The 7.

      Hell making an *extra* $100K is significantly harder than 10 extra notches.

      If you’re really thirsty for a lay just get on tinder and swipe right to everything. We don’t recommend it.

      But if anything it is getting easier to get laid than it is to make money.

      • asasasasas says

        Right on! To make money, you need to provide value to others.

        Half of the people studying game need it because they have no value. The other half because they suck at communicating it.

        In game you can get by providing the illusion of value. Not so trying to make money, this is exactly why blogs need to drop value for years before being profitable.

      • asasasasas says

        Thanks! This is the second time I have received these accolades from you. It means a shit ton coming from guys like you. Maybe I should 1% out my time to a blog as well. But would feel hypocritical as I am not worth over seven figs yet. Till then, time better spend on other pursuits I think.

  20. Joe says

    I absolutely loathe the learn-then-teach model the bloggers are doing out there. It is an immense waste of time for the producers who are literally dwarfing their personal growth. It is a road to poverty. It pissed me off as a long life learner swing this cluttering the space for serious learner who value efficiency because their time is precious.

    In the noisy place of impostors, few are the torch bearer of truth. The truths lay in quality of values he provides before he asks for you to hand your hard-earned dollars.

  21. says

    Great post as usual. I have been saying this all along but some bloggers out there which I’m not going to mention names, keep saying the opposite. Another thing that has been hugely promoted on the web lately that is considered anti red pill is getting a college education or a trade. They say that a job means just over broke and a career is another nice word for job. At the end of the day no matter which one you choose you are still a wage slave. My mentor told me that your career is your engine to wealth and I strongly agree. After you do this then you should start an online business. You guys should write a post about that whole idea of skipping college and instead starting a blog or online business. Thank you for spreading the truth.

    • Wall Street Playboys says

      If you have the means to start then go for it.

      If you’re in your early twenties you have more than enough energy to do multiple projects at once.

      If one of your ideas takes off, feel free to drop it all and go for it. Simply “leaving” to find yourself is horseshit.

  22. Rob says

    What is your guys opinion about the book ‘So Good They Can’t Ignore You’ by Cal Newport?

    A quote of his book by a summary page: “Instead, as he explained: “Money is a neutral indicator of value. By aiming to make money, you’re aiming to be valuable.” He also emphasized that hobbies are clearly exempt from this rule. “If I want to learn to scuba dive, for example, because I think it’s fun, and people won’t pay me to do that, I don’t care, I’m going to do it anyway,” he said.”

    The book dictates that: Don’t follow your passion, but just start doing something and become the best at it. Passion will come afterwards when things are going ‘your way’.

    • Wall Street Playboys says

      Makes sense the only way you get rich is if you are valuable as a person.

      Hobbies like swimming won’t get you rich (unless you’re a pro in which case you know you’re good enough by age 14-17 anyway)

  23. young man says

    Would a DOW theory book like the stock market barometer by william peter hamilton Be worth reading?

    Found a copy in my house.

    (Mod note: we never allow links unless it is to a known source. Also no, since we have never read it or used it cannot approve of it. You only need two finance books in the approved products section after that get to work. Stop reading, start doing.)

    • Wall Street Playboys says

      Yes, read every day to improve your life.

      Once you know the basics on investing, the two books we recommend, you should move on.

      If you’re trying to generate “alpha” with a meaningless $500K portfolio, you are wasting your time reading something that you don’t need.

      Don’t read a book until you need it.

      If you have $10M in the bank, yes it is worth it to read a ton about investing to generate solid returns. If you’re not rich it is a colossal waste of time.

      Regular people try to generate “outsized stock market returns”. Then you find out they aren’t even millionaires. Their time could be spent doing much more productive things, like starting a business or even working for money.

      Hell. An hourly wage slave job is better than reading about investing if you’re not rich yet.

      An extra 5% return on $500K is only $25K. You can make more than that in 20 hours a week of wage slavery over the course of a year.

      Your time is worth more than $50 an hour. Don’t waste it. Ever.

  24. reversemodel says

    Since a blog is a reverse business model in that it attracts and audience and THEN sells a product, isn’t this the case for the magazine and event/tradeshow industry?

    Besides minimal subscription and attendee revenue, these events attract an audience and then sell the product (ad space, exhibit booths, keynote sessions)… or am I missing something?

    • Wall Street Playboys says

      Subscription revenue is where ALL the money is at.

      This is exactly why it is more profitable to “*SELL* people to start blogs” than to actually start a blog.

      If you convince someone to start one, you get the recurring revenue.

      This is business 101. Subscription is where the money is at.

      Look at any industry, particularly technology, this is why software companies receive such high valuations.

      It doesn’t matter though, sheep will be sheep, so you should start a subscription based model if you can.

      • reversemodel says

        Thanks for the quick response –

        First –

        If you convince someone to start a blog – where is the recurring revenue? Understand that you would sell these “sheep” (as you call them), through emotion, but…

        Are you describing a model where you’re selling a monthly subscription to some web-based module, teaching someone how to start a blog?

        —–

        Second – if subscription is where all of the money is – why is advertising revenue so much higher than circulation and newsstand revenue for many magazines/online magazines… or sponsorship revenue/exhibit revenue so much higher than attendee revenue for events (although attendee revenue isn’t exactly subscription)

      • reversemodel says

        To clarify circulation, I mean subscription + newsstand revenues where in magazines this is greater than 90/10

      • Wall Street Playboys says

        Okay.

        1) a magazine isn’t a great example because you need a brand to begin the subscription (corralling the sheep). Not a good example. Software, sales funnels and “seminars” are much better because they get you “hyped up” then sell you add-ons after each event.

        If you want a great example of subscription money, Netflix.

        The alternative “magazine” is really a sales funnel.

        Slight difference but makes a huge difference to your P&L

        2) a blog is a perfect example because if you get someone to sign up for creating a blog ***you are paid a cut of the monthly hosting fees***(thought this was extremely obvious?). Maybe we overestimate how much people know about online income.

        3) you’re having trouble understanding the difference between revenue and profit margins. If you have $100 in revenue… That doesn’t mean shit. If you have $5 in revenue but that’s 95% margin, you’re going to make money fast fast fast.

        Not trying to be rude here, but you should read up on Internet marketing before delving into business online. You’ll save yourself a lot of headache and you’ll make a lot more money.

    • Wall Street Playboys says

      On this blog? Not even enough to pay for a dinner. Lol.

      We only use the Amazon links to know what readers are interested in.

      If a lot of people click on the banking items. We post about Wall Street.

      If people click on how to get rich by Felix Dennis we post about personal finace.

      It has a good ebb and flow. The actual money is a joke and literally doesn’t even cover a dinner in a month. Just use it to pay hosting fees so we don’t have to put ads on here.

  25. D says

    “If there was an auto spam alert for idiots and retards we would pay $5K for that <– (business idea, sort of)."

    Just about lost it here

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