All of us have a story to tell about personal finance and how we make our money, and I created the Meet Millennials category so that anyone can share their story with money. Talking about money has been considered taboo in the past but we are here to change that.
Here is the interview I had with Mike who makes his money by investing in websites:
Welcome to the Meet Millennials Series, Mike. Can you describe your background and where are you from?
Hello! I’m Mike from InvestingInWebsites.com – Currently living in Perth, Western Australia and as you can guess, I’m currently a website investor. I wasn’t always one though!
My background is in Accounting/Finance but all the red tape surrounding the industry was driving me mad – I had to find something new. Being a millennial and growing up with computers, I thought hey, why not give this online marketing thing a shot?!
How can you make money investing in websites rather than build your own?
Why not save the initial capital investment, and just build your own from scratch? One word: Time. Our most valuable resource, which many of us seemingly don’t show it the respect it deserves.
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Sure, I get those with the stance of saying it’s better to learn slow and steady, making sure every aspect of the website is perfect. But why keep it slow and steady? Why not fast and exciting?
Most of us (even myself occasionally), rely on the motivation provided by cold hard cash. How much we’re earning, how much the fella next to me is earning, how I can make sure I’m earning more than him next year, and most importantly, what I can do to be certain it never declines.
How would you describe your current financial situation?
I was a frugal bugger whilst working; saving around 80% of my income (still lived with my parents). This allowed me to build up a nice pile of capital to play with which I’ve been using to invest in websites. Most income currently generated is being reinvested back into online projects.
There’s no specific budget in place at the moment. Rather, I simply track all my expenses.
Living expenses are minimal – rarely buy new clothes, bulk meal prep each week, little to no alcohol.
Do you consider yourself to be money-savvy?
Thanks for my parents, I’d say so. Speaking of money is a great taboo is most families, luckily, my parents were ahead of the game and taught me sound principles whilst I was growing up.
What financial advice would you have wished to hear when you started working?
You can still go out with friends, without spending a huge amount.
What financial achievement are you most proud of?
Understanding the relationship between money and happiness from a young age. It can’t directly buy you happiness, but it can buy you the freedom you require.
What expense can you not live without?
Internet & Gym – Both are essentials in my life.
What expenses could you cut down on?
Fuel – Unnecessarily travel is a big one for me.
What are your long-term financial goals?
To be free enough to live wherever I please through online projects.
What are your short-term financial goals?
AUD $9,500 earned through online projects by December 2017.
Do you have any side hustles or ways to gain supplemental income?
Investing in websites!
How do you manage paying off student loans and/or consumer debt? Any tips?
Saved up, paid it off in one hit. Took advantage of the ATO (Australian Tax Office) 5% discount when it was available as well.
It’s a bit different here in Australia though. It’s called HELP/HECS Debt and doesn’t have interest attached. It simply gets indexed each year in line with the CPI (around 1-2%).
What career path would you choose if money was not an issue?
Money scarcity doesn’t exist. There is an abundance of money all around you – think of the block of shops down the street – it’s worth millions. Think of the block you live on – it’s worth millions.
Embrace the fact that there is an abundance of money available to anyone in the world who wishes it, and you will soon be granted it. Let me know if you have any questions about investing in websites by leaving a comment below.
If you wanted more ways to make money online investing in websites, here’s my list of the best ways to make money online:
- These 15 Apps Will Pay You Money
- 25 Smart Ways To Make $100 Every Day
- 70+ Fun and Easy Ways to Make Extra Money Today
- 30 Best Side Hustle Ideas To Make Extra Money
- 20+ Easy Side Hustles Millennials Can Start Today
- Easy Ways To Earn Free Amazon Gift Cards
- How To Make Money Flipping iPhones
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