More on Marketing
Joseph Mavericks
3 years ago
You Don't Have to Spend $250 on TikTok Ads Because I Did
900K impressions, 8K clicks, and $$$ orders…
I recently started dropshipping. Now that I own my business and can charge it as a business expense, it feels less like money wasted if it doesn't work. I also made t-shirts to sell. I intended to open a t-shirt store and had many designs on a hard drive. I read that Tiktok advertising had a high conversion rate and low cost because they were new. According to many, the advertising' cost/efficiency ratio would plummet and become as bad as Google or Facebook Ads. Now felt like the moment to try Tiktok marketing and dropshipping. I work in marketing for a SaaS firm and have seen how poorly ads perform. I wanted to try it alone.
I set up $250 and ran advertising for a week. Before that, I made my own products, store, and marketing. In this post, I'll show you my process and results.
Setting up the store
Dropshipping is a sort of retail business in which the manufacturer ships the product directly to the client through an online platform maintained by a seller. The seller takes orders but has no stock. The manufacturer handles all orders. This no-stock concept increases profitability and flexibility.
In my situation, I used previous t-shirt designs to make my own product. I didn't want to handle order fulfillment logistics, so I looked for a way to print my designs on demand, ship them, and handle order tracking/returns automatically. So I found Printful.
I needed to connect my backend and supplier to a storefront so visitors could buy. 99% of dropshippers use Shopify, but I didn't want to master the difficult application. I wanted a one-day project. I'd previously worked with Big Cartel, so I chose them.
Big Cartel doesn't collect commissions on sales, simply a monthly flat price ($9.99 to $19.99 depending on your plan).
After opening a Big Cartel account, I uploaded 21 designs and product shots, then synced each product with Printful.
Developing the ads
I mocked up my designs on cool people photographs from placeit.net, a great tool for creating product visuals when you don't have a studio, camera gear, or models to wear your t-shirts.
I opened an account on the website and had advertising visuals within 2 hours.
Because my designs are simple (black design on white t-shirt), I chose happy, stylish people on plain-colored backdrops. After that, I had to develop an animated slideshow.
Because I'm a graphic designer, I chose to use Adobe Premiere to create animated Tiktok advertising.
Premiere is a fancy video editing application used for more than advertisements. Premiere is used to edit movies, not social media marketing. I wanted this experiment to be quick, so I got 3 social media ad templates from motionarray.com and threw my visuals in. All the transitions and animations were pre-made in the files, so it only took a few hours to compile. The result:
I downloaded 3 different soundtracks for the videos to determine which would convert best.
After that, I opened a Tiktok business account, uploaded my films, and inserted ad info. They went live within one hour.
The (poor) outcomes
As a European company, I couldn't deliver ads in the US. All of my advertisements' material (title, description, and call to action) was in English, hence they continued getting rejected in Europe for countries that didn't speak English. There are a lot of them:
I lost a lot of quality traffic, but I felt that if the images were engaging, people would check out the store and buy my t-shirts. I was wrong.
51,071 impressions on Day 1. 0 orders after 411 clicks
114,053 impressions on Day 2. 1.004 clicks and no orders
Day 3: 987 clicks, 103,685 impressions, and 0 orders
101,437 impressions on Day 4. 0 orders after 963 clicks
115,053 impressions on Day 5. 1,050 clicks and no purchases
125,799 impressions on day 6. 1,184 clicks, no purchases
115,547 impressions on Day 7. 1,050 clicks and no purchases
121,456 impressions on day 8. 1,083 clicks, no purchases
47,586 impressions on Day 9. 419 Clicks. No orders
My overall conversion rate for video advertisements was 0.9%. TikTok's paid ad formats all result in strong engagement rates (ads average 3% to 12% CTR to site), therefore a 1 to 2% CTR should have been doable.
My one-week experiment yielded 8,151 ad clicks but no sales. Even if 0.1% of those clicks converted, I should have made 8 sales. Even companies with horrible web marketing would get one download or trial sign-up for every 8,151 clicks. I knew that because my advertising were in English, I had no impressions in the main EU markets (France, Spain, Italy, Germany), and that this impacted my conversion potential. I still couldn't believe my numbers.
I dug into the statistics and found that Tiktok's stats didn't match my store traffic data.
Looking more closely at the numbers
My ads were approved on April 26 but didn't appear until April 27. My store dashboard showed 440 visitors but 1,004 clicks on Tiktok. This happens often while tracking campaign results since different platforms handle comparable user activities (click, view) differently. In online marketing, residual data won't always match across tools.
My data gap was too large. Even if half of the 1,004 persons who clicked closed their browser or left before the store site loaded, I would have gained 502 visitors. The significant difference between Tiktok clicks and Big Cartel store visits made me suspicious. It happened all week:
Day 1: 440 store visits and 1004 ad clicks
Day 2: 482 store visits, 987 ad clicks
3rd day: 963 hits on ads, 452 store visits
443 store visits and 1,050 ad clicks on day 4.
Day 5: 459 store visits and 1,184 ad clicks
Day 6: 430 store visits and 1,050 ad clicks
Day 7: 409 store visits and 1,031 ad clicks
Day 8: 166 store visits and 418 ad clicks
The disparity wasn't related to residual data or data processing. The disparity between visits and clicks looked regular, but I couldn't explain it.
After the campaign concluded, I discovered all my creative assets (the videos) had a 0% CTR and a $0 expenditure in a separate dashboard. Whether it's a dashboard reporting issue or a budget allocation bug, online marketers shouldn't see this.
Tiktok can present any stats they want on their dashboard, just like any other platform that runs advertisements to promote content to its users. I can't verify that 895,687 individuals saw and clicked on my ad. I invested $200 for what appears to be around 900K impressions, which is an excellent ROI. No one bought a t-shirt, even an unattractive one, out of 900K people?
Would I do it again?
Nope. Whether I didn't make sales because Tiktok inflated the dashboard numbers or because I'm horrible at producing advertising and items that sell, I’ll stick to writing content and making videos. If setting up a business and ads in a few days was all it took to make money online, everyone would do it.
Video advertisements and dropshipping aren't dead. As long as the internet exists, people will click ads and buy stuff. Converting ads and selling stuff takes a lot of work, and I want to focus on other things.
I had always wanted to try dropshipping and I’m happy I did, I just won’t stick to it because that’s not something I’m interested in getting better at.
If I want to sell t-shirts again, I'll avoid Tiktok advertisements and find another route.
Saskia Ketz
2 years ago
I hate marketing for my business, but here's how I push myself to keep going
Start now.
When it comes to building my business, I’m passionate about a lot of things. I love creating user experiences that simplify branding essentials. I love creating new typefaces and color combinations to inspire logo designers. I love fixing problems to improve my product.
Business marketing isn't my thing.
This is shared by many. Many solopreneurs, like me, struggle to advertise their business and drive themselves to work on it.
Without a lot of promotion, no company will succeed. Marketing is 80% of developing a firm, and when you're starting out, it's even more. Some believe that you shouldn't build anything until you've begun marketing your idea and found enough buyers.
Marketing your business without marketing experience is difficult. There are various outlets and techniques to learn. Instead of figuring out where to start, it's easier to return to your area of expertise, whether that's writing, designing product features, or improving your site's back end. Right?
First, realize that your role as a founder is to market your firm. Being a founder focused on product, I rarely work on it.
Secondly, use these basic methods that have helped me dedicate adequate time and focus to marketing. They're all simple to apply, and they've increased my business's visibility and success.
1. Establish buckets for every task.
You've probably heard to schedule tasks you don't like. As simple as it sounds, blocking a substantial piece of my workday for marketing duties like LinkedIn or Twitter outreach, AppSumo customer support, or SEO has forced me to spend time on them.
Giving me lots of room to focus on product development has helped even more. Sure, this means scheduling time to work on product enhancements after my four-hour marketing sprint.
It also involves making space to store product inspiration and ideas throughout the day so I don't get distracted. This is like the advice to keep a notebook beside your bed to write down your insomniac ideas. I keep fonts, color palettes, and product ideas in folders on my desktop. Knowing these concepts won't be lost lets me focus on marketing in the moment. When I have limited time to work on something, I don't have to conduct the research I've been collecting, so I can get more done faster.
2. Look for various accountability systems
Accountability is essential for self-discipline. To keep focused on my marketing tasks, I've needed various streams of accountability, big and little.
Accountability groups are great for bigger things. SaaS Camp, a sales outreach coaching program, is mine. We discuss marketing duties and results every week. This motivates me to do enough each week to be proud of my accomplishments. Yet hearing what works (or doesn't) for others gives me benchmarks for my own marketing outcomes and plenty of fresh techniques to attempt.
… say, I want to DM 50 people on Twitter about my product — I get that many Q-tips and place them in one pen holder on my desk.
The best accountability group can't watch you 24/7. I use a friend's simple method that shouldn't work (but it does). When I have a lot of marketing chores, like DMing 50 Twitter users about my product, That many Q-tips go in my desk pen holder. After each task, I relocate one Q-tip to an empty pen holder. When you have a lot of minor jobs to perform, it helps to see your progress. You might use toothpicks, M&Ms, or anything else you have a lot of.
3. Continue to monitor your feedback loops
Knowing which marketing methods work best requires monitoring results. As an entrepreneur with little go-to-market expertise, every tactic I pursue is an experiment. I need to know how each trial is doing to maximize my time.
I placed Google and Facebook advertisements on hold since they took too much time and money to obtain Return. LinkedIn outreach has been invaluable to me. I feel that talking to potential consumers one-on-one is the fastest method to grasp their problem areas, figure out my messaging, and find product market fit.
Data proximity offers another benefit. Seeing positive results makes it simpler to maintain doing a work you don't like. Why every fitness program tracks progress.
Marketing's goal is to increase customers and revenues, therefore I've found it helpful to track those metrics and celebrate monthly advances. I provide these updates for extra accountability.
Finding faster feedback loops is also motivating. Marketing brings more clients and feedback, in my opinion. Product-focused founders love that feedback. Positive reviews make me proud that my product is benefitting others, while negative ones provide me with suggestions for product changes that can improve my business.
The best advice I can give a lone creator who's afraid of marketing is to just start. Start early to learn by doing and reduce marketing stress. Start early to develop habits and successes that will keep you going. The sooner you start, the sooner you'll have enough consumers to return to your favorite work.
Tim Denning
3 years ago
I Posted Six Times a Day for 210 Days on Twitter. Here's What Happened.
I'd spend hours composing articles only to find out they were useless. Twitter solved the problem.
Twitter is wrinkled, say critics.
Nope. Writing is different. It won't make sense until you write there.
Twitter is resurgent. People are reading again. 15-second TikToks overloaded our senses.
After nuking my 20,000-follower Twitter account and starting again, I wrote every day for 210 days.
I'll explain.
I came across the strange world of microblogging.
Traditional web writing is filler-heavy.
On Twitter, you must be brief. I played Wordle.
Twitter Threads are the most popular writing format. Like a blog post. It reminds me of the famous broetry posts on LinkedIn a few years ago.
Threads combine tweets into an article.
Sharp, concise sentences
No regard for grammar
As important as the information is how the text looks.
Twitter Threads are like Michael Angelo's David monument. He chipped away at an enormous piece of marble until a man with a big willy appeared.
That's Twitter Threads.
I tried to remove unnecessary layers from several of my Wordpress blog posts. Then I realized something.
Tweeting from scratch is easier and more entertaining. It's quicker and makes you think more concisely.
Superpower: saying much with little words. My long-form writing has improved. My article sentences resemble tweets.
You never know what will happen.
Twitter's subcultures are odd. Best-performing tweets are strange.
Unusual trend: working alone and without telling anyone. It's a rebellion against Instagram influencers who share their every moment.
Early on, random thoughts worked:
My friend’s wife is Ukrainian. Her family are trapped in the warzone. He is devastated. And here I was complaining about my broken garage door. War puts everything in perspective. Today is a day to be grateful for peace.
Documenting what's happening triggers writing. It's not about viral tweets. Helping others matters.
There are numerous anonymous users.
Twitter uses pseudonyms.
You don't matter. On sites like LinkedIn, you must use your real name. Welcome to the Cyberpunk metaverse of Twitter :)
One daily piece of writing is a powerful habit.
Habits build creator careers. Read that again.
Twitter is an easy habit to pick up. If you can't tweet in one sentence, something's wrong. Easy-peasy-japanese.
Not what I tweeted, but my constancy, made the difference.
Daily writing is challenging, especially if your supervisor is on your back. Twitter encourages writing.
Tweets evolved as the foundation of all other material.
During my experiment, I enjoyed Twitter's speed.
Tweets get immediate responses, comments, and feedback. My popular tweets become newspaper headlines. I've also written essays from tweet discussions.
Sometimes the tweet and article were clear. Twitter sometimes helped me overcome writer's block.
I used to spend hours composing big things that had little real-world use.
Twitter helped me. No guessing. Data guides my coverage and validates concepts.
Test ideas on Twitter.
It took some time for my email list to grow.
Subscribers are a writer's lifeblood.
Without them, you're broke and homeless when Mark Zuckerberg tweaks the algorithms for ad dollars. Twitter has three ways to obtain email subscribers:
1. Add a link to your bio.
Twitter allows bio links (LinkedIn now does too). My eBook's landing page is linked. I collect emails there.
2. Start an online newsletter.
Twitter bought newsletter app Revue. They promote what they own.
I just established up a Revue email newsletter. I imported them weekly into my ConvertKit email list.
3. Create Twitter threads and include a link to your email list in the final tweet.
Write Twitter Threads and link the last tweet to your email list (example below).
Initial email subscribers were modest.
Numbers are growing. Twitter provides 25% of my new email subscribers. Some days, 50 people join.
Without them, my writing career is over. I'd be back at a 9-5 job begging for time off to spend with my newborn daughter. Nope.
Collect email addresses or die trying.
As insurance against unsubscribes and Zucks, use a second email list or Discord community.
What I still need to do
Twitter's fun. I'm wiser. I need to enable auto-replies and auto-DMs (direct messages).
This adds another way to attract subscribers. I schedule tweets with Tweet Hunter.
It’s best to go slow. People assume you're an internet marketer if you spam them with click requests.
A human internet marketer is preferable to a robot. My opinion.
210 days on Twitter taught me that. I plan to use the platform until I'm a grandfather unless Elon ruins it.
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middlemarch.eth
3 years ago
ERC721R: A new ERC721 contract for random minting so people don’t snipe all the rares!
That is, how to snipe all the rares without using ERC721R!
Introduction: Blessed and Lucky
Mphers was the first mfers derivative, and as a Phunks derivative, I wanted one.
I wanted an alien. And there are only 8 in the 6,969 collection. I got one!
In case it wasn't clear from the tweet, I meant that I was lucky to have figured out how to 100% guarantee I'd get an alien without any extra luck.
Read on to find out how I did it, how you can too, and how developers can avoid it!
How to make rare NFTs without luck.
# How to mint rare NFTs without needing luck
The key to minting a rare NFT is knowing the token's id ahead of time.
For example, once I knew my alien was #4002, I simply refreshed the mint page until #3992 was minted, and then mint 10 mphers.
How did I know #4002 was extraterrestrial? Let's go back.
First, go to the mpher contract's Etherscan page and look up the tokenURI of a previously issued token, token #1:
As you can see, mphers creates metadata URIs by combining the token id and an IPFS hash.
This method gives you the collection's provenance in every URI, and while that URI can be changed, it affects everyone and is public.
Consider a token URI without a provenance hash, like https://mphers.art/api?tokenId=1.
As a collector, you couldn't be sure the devs weren't changing #1's metadata at will.
The API allows you to specify “if #4002 has not been minted, do not show any information about it”, whereas IPFS does not allow this.
It's possible to look up the metadata of any token, whether or not it's been minted.
Simply replace the trailing “1” with your desired id.
Mpher #4002
These files contain all the information about the mpher with the specified id. For my alien, we simply search all metadata files for the string “alien mpher.”
Take a look at the 6,969 meta-data files I'm using OpenSea's IPFS gateway, but you could use ipfs.io or something else.
Use curl to download ten files at once. Downloading thousands of files quickly can lead to duplicates or errors. But with a little tweaking, you should be able to get everything (and dupes are fine for our purposes).
Now that you have everything in one place, grep for aliens:
The numbers are the file names that contain “alien mpher” and thus the aliens' ids.
The entire process takes under ten minutes. This technique works on many NFTs currently minting.
In practice, manually minting at the right time to get the alien is difficult, especially when tokens mint quickly. Then write a bot to poll totalSupply() every second and submit the mint transaction at the exact right time.
You could even look for the token you need in the mempool before it is minted, and get your mint into the same block!
However, in my experience, the “big” approach wins 95% of the time—but not 100%.
“Am I being set up all along?”
Is a question you might ask yourself if you're new to this.
It's disheartening to think you had no chance of minting anything that someone else wanted.
But, did you have no opportunity? You had an equal chance as everyone else!
Take me, for instance: I figured this out using open-source tools and free public information. Anyone can do this, and not understanding how a contract works before minting will lead to much worse issues.
The mpher mint was fair.
While a fair game, “snipe the alien” may not have been everyone's cup of tea.
People may have had more fun playing the “mint lottery” where tokens were distributed at random and no one could gain an advantage over someone simply clicking the “mint” button.
How might we proceed?
Minting For Fashion Hats Punks, I wanted to create a random minting experience without sacrificing fairness. In my opinion, a predictable mint beats an unfair one. Above all, participants must be equal.
Sadly, the most common method of creating a random experience—the post-mint “reveal”—is deeply unfair. It works as follows:
- During the mint, token metadata is unavailable. Instead, tokenURI() returns a blank JSON file for each id.
- An IPFS hash is updated once all tokens are minted.
- You can't tell how the contract owner chose which token ids got which metadata, so it appears random.
Because they alone decide who gets what, the person setting the metadata clearly has a huge unfair advantage over the people minting. Unlike the mpher mint, you have no chance of winning here.
But what if it's a well-known, trusted, doxxed dev team? Are reveals okay here?
No! No one should be trusted with such power. Even if someone isn't consciously trying to cheat, they have unconscious biases. They might also make a mistake and not realize it until it's too late, for example.
You should also not trust yourself. Imagine doing a reveal, thinking you did it correctly (nothing is 100%! ), and getting the rarest NFT. Isn't that a tad odd Do you think you deserve it? An NFT developer like myself would hate to be in this situation.
Reveals are bad*
UNLESS they are done without trust, meaning everyone can verify their fairness without relying on the developers (which you should never do).
An on-chain reveal powered by randomness that is verifiably outside of anyone's control is the most common way to achieve a trustless reveal (e.g., through Chainlink).
Tubby Cats did an excellent job on this reveal, and I highly recommend their contract and launch reflections. Their reveal was also cool because it was progressive—you didn't have to wait until the end of the mint to find out.
In his post-launch reflections, @DefiLlama stated that he made the contract as trustless as possible, removing as much trust as possible from the team.
In my opinion, everyone should know the rules of the game and trust that they will not be changed mid-stream, while trust minimization is critical because smart contracts were designed to reduce trust (and it makes it impossible to hack even if the team is compromised). This was a huge mistake because it limited our flexibility and our ability to correct mistakes.
And @DefiLlama is a superstar developer. Imagine how much stress maximizing trustlessness will cause you!
That leaves me with a bad solution that works in 99 percent of cases and is much easier to implement: random token assignments.
Introducing ERC721R: A fully compliant IERC721 implementation that picks token ids at random.
ERC721R implements the opposite of a reveal: we mint token ids randomly and assign metadata deterministically.
This allows us to reveal all metadata prior to minting while reducing snipe chances.
Then import the contract and use this code:
What is ERC721R and how does it work
First, a disclaimer: ERC721R isn't truly random. In this sense, it creates the same “game” as the mpher situation, where minters compete to exploit the mint. However, ERC721R is a much more difficult game.
To game ERC721R, you need to be able to predict a hash value using these inputs:
This is impossible for a normal person because it requires knowledge of the block timestamp of your mint, which you do not have.
To do this, a miner must set the timestamp to a value in the future, and whatever they do is dependent on the previous block's hash, which expires in about ten seconds when the next block is mined.
This pseudo-randomness is “good enough,” but if big money is involved, it will be gamed. Of course, the system it replaces—predictable minting—can be manipulated.
The token id is chosen in a clever implementation of the Fisher–Yates shuffle algorithm that I copied from CryptoPhunksV2.
Consider first the naive solution: (a 10,000 item collection is assumed):
- Make an array with 0–9999.
- To create a token, pick a random item from the array and use that as the token's id.
- Remove that value from the array and shorten it by one so that every index corresponds to an available token id.
This works, but it uses too much gas because changing an array's length and storing a large array of non-zero values is expensive.
How do we avoid them both? What if we started with a cheap 10,000-zero array? Let's assign an id to each index in that array.
Assume we pick index #6500 at random—#6500 is our token id, and we replace the 0 with a 1.
But what if we chose #6500 again? A 1 would indicate #6500 was taken, but then what? We can't just "roll again" because gas will be unpredictable and high, especially later mints.
This allows us to pick a token id 100% of the time without having to keep a separate list. Here's how it works:
- Make a 10,000 0 array.
- Create a 10,000 uint numAvailableTokens.
- Pick a number between 0 and numAvailableTokens. -1
- Think of #6500—look at index #6500. If it's 0, the next token id is #6500. If not, the value at index #6500 is your next token id (weird!)
- Examine the array's last value, numAvailableTokens — 1. If it's 0, move the value at #6500 to the end of the array (#9999 if it's the first token). If the array's last value is not zero, update index #6500 to store it.
- numAvailableTokens is decreased by 1.
- Repeat 3–6 for the next token id.
So there you go! The array stays the same size, but we can choose an available id reliably. The Solidity code is as follows:
Unfortunately, this algorithm uses more gas than the leading sequential mint solution, ERC721A.
This is most noticeable when minting multiple tokens in one transaction—a 10 token mint on ERC721R costs 5x more than on ERC721A. That said, ERC721A has been optimized much further than ERC721R so there is probably room for improvement.
Conclusion
Listed below are your options:
- ERC721A: Minters pay lower gas but must spend time and energy devising and executing a competitive minting strategy or be comfortable with worse minting results.
- ERC721R: Higher gas, but the easy minting strategy of just clicking the button is optimal in all but the most extreme cases. If miners game ERC721R it’s the worst of both worlds: higher gas and a ton of work to compete.
- ERC721A + standard reveal: Low gas, but not verifiably fair. Please do not do this!
- ERC721A + trustless reveal: The best solution if done correctly, highly-challenging for dev, potential for difficult-to-correct errors.
Did I miss something? Comment or tweet me @dumbnamenumbers.
Check out the code on GitHub to learn more! Pull requests are welcome—I'm sure I've missed many gas-saving opportunities.
Thanks!
Read the original post here
Mickey Mellen
2 years ago
Shifting from Obsidian to Tana?
I relocated my notes database from Roam Research to Obsidian earlier this year expecting to stay there for a long. Obsidian is a terrific tool, and I explained my move in that post.
Moving everything to Tana faster than intended. Tana? Why?
Tana is just another note-taking app, but it does it differently. Three note-taking apps existed before Tana:
simple note-taking programs like Apple Notes and Google Keep.
Roam Research and Obsidian are two graph-style applications that assisted connect your notes.
You can create effective tables and charts with data-focused tools like Notion and Airtable.
Tana is the first great software I've encountered that combines graph and data notes. Google Keep will certainly remain my rapid notes app of preference. This Shu Omi video gives a good overview:
Tana handles everything I did in Obsidian with books, people, and blog entries, plus more. I can find book quotes, log my workouts, and connect my thoughts more easily. It should make writing blog entries notes easier, so we'll see.
Tana is now invite-only, but if you're interested, visit their site and sign up. As Shu noted in the video above, the product hasn't been published yet but seems quite polished.
Whether I stay with Tana or not, I'm excited to see where these apps are going and how they can benefit us all.
Sad NoCoiner
3 years ago
Two Key Money Principles You Should Understand But Were Never Taught
Prudence is advised. Be debt-free. Be frugal. Spend less.
This advice sounds nice, but it rarely works.
Most people never learn these two money rules. Both approaches will impact how you see personal finance.
It may safeguard you from inflation or the inability to preserve money.
Let’s dive in.
#1: Making long-term debt your ally
High-interest debt hurts consumers. Many credit cards carry 25% yearly interest (or more), so always pay on time. Otherwise, you’re losing money.
Some low-interest debt is good. Especially when buying an appreciating asset with borrowed money.
Inflation helps you.
If you borrow $800,000 at 3% interest and invest it at 7%, you'll make $32,000 (4%).
As money loses value, fixed payments get cheaper. Your assets' value and cash flow rise.
The never-in-debt crowd doesn't know this. They lose money paying off mortgages and low-interest loans early when they could have bought assets instead.
#2: How To Buy Or Build Assets To Make Inflation Irrelevant
Dozens of studies demonstrate actual wage growth is static; $2.50 in 1964 was equivalent to $22.65 now.
These reports never give solutions unless they're selling gold.
But there is one.
Assets beat inflation.
$100 invested into the S&P 500 would have an inflation-adjusted return of 17,739.30%.
Likewise, you can build assets from nothing. Doing is easy and quick. The returns can boost your income by 10% or more.
The people who obsess over inflation inadvertently make the problem worse for themselves. They wait for The Big Crash to buy assets. Or they moan about debt clocks and spending bills instead of seeking a solution.
Conclusion
Being ultra-prudent is like playing golf with a putter to avoid hitting the ball into the water. Sure, you might not slice a drive into the pond. But, you aren’t going to play well either. Or have very much fun.
Money has rules.
Avoiding debt or investment risks will limit your rewards. Long-term, being too cautious hurts your finances.
Disclaimer: This article is for entertainment purposes only. It is not financial advice, always do your own research.