First Person: I Wasted $9,000 on My Internet Business

Yahoo Contributor Network

When I first started trying to make money online, I wasted a lot of money on services, programs, and products that did not work. I learned a lot from these experiences but not before I ended up in $9,000 of credit card debt.

Buying Traffic

In my experience, buying traffic was a waste of time and money. I bought packages where I was guaranteed 100,000 visitors to my site. Sounds impressive, right? But you have to realize that the traffic I bought was not targeted traffic. What I mean by this is that those were not people who visited my website because they were interested in my product or service. They were people who visited my website because they were paid to visit it or because they were compensated in some other way. I spent a few hundred dollars on buying traffic and had almost nothing to show for it.

Multi-Level Marketing

I spend thousands on multi-level marketing programs. It all sounds good in theory. You get 10 people to join and then those people get 10 more people to join and so on. The problem is that it does not actually work like that. Getting 10 people to join is difficult enough in itself. But then how do you get those 10 people to each get 10 others to join? The reality is that you need to be a salesperson for this to work and each person that you recruit needs to be a salesperson as well and so on down the line. Each of the programs I joined also had a minimum that you had to either sell or buy monthly in order to stay in the program. So I spent thousands on products I did not want or need just so I could stay in the program.

Monthly Fee Programs

I spent thousands on programs that promised to help me become a better internet marketer. These were programs that cost me a monthly fee to be a part of. Some had conference calls that I could attend while others were a service that promised to help me improve my search engine rankings or bring my websites traffic in some other way. While I received some value from some of the programs, most were not worth the money I spent on them every month.

What I learned from all of this is that it is important to do research before buying anything that promises to help me make money online. I now research the person I am buying the product from and I research the product as well. Have others had success with it? Is the person I am buying it from someone who makes a living online? These are important questions to answer before making an investment in any product that promises to help you make money.

*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

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