Originally Posted by Shap

Having been in the industry for 10 years I've met a lot of interesting people. One thing that I find really sad is how bad the average webmaster's money management skills are. I know this is a product of our society as a whole but that doesn't make it right. In our industry this problem seems to be magnified because of the age and amount earned. You've got under 30 year olds making 6 figures a year and having no idea what to do with it. So what do they do? They spend beyond their means. Then one day everything catches up and the ride is over and they have nothing but memories (and maybe some pictures) to show for it.

I've seen it over and over again. I would say the majority of people I know have done a very poor job at saving what they've made. Most of them are living an amazing lifestyle they can't afford and are not that far off of being back where they started.... with nothing. The ride won't last forever. Be smart. Live below your means. Don't try to jump upwards in social class or style of life before you can really afford it. The fall back to reality will be that much harder. The money you make today, if managed properly, could set you for life. Think long term.

The interesting thing is the people I know that are best with their money also happen to be the most successful. It definitely isn't a coincidence. While the poor money managers are blowing money on retarded shit the smart guys are saving their money and waiting for opportunities. When those opportunities come up it's the people with cash that benefit the most. Even if the smart money guys aren't the first to see the deal/opportunity they still usually end up being a part of it. Why? Because if the poor money managers find that deal/opportunity they end up bringing the deal to the guys with money anyhow.