The Internet has changed, nay, revolutionized the way we approach everything from cooking and car repair to treating illness and managing our finances. Trading stocks in real time, managing a business, and paying bills have all been made more effective by the Internet. In our money management roundup this week, we look at some of the downsides to using the Internet in money management, but also show you even more effective ways to use it to your advantage. Below we take a look at some of the impacts of the Internet on our economy, small and large businesses as well as entrepreneurs.
1. While it is a great force of productivity, the Internet is also amazing at distraction and hurting time management, which in turn can hurt your finances. Wisebread identifies four ways the internet is hurting your bottom line.
2. A down economy is a boon to financial websites. Many people who would normally not go to one of these sites in a good economy are drawn to them when the chips are down. The Los Angeles Times reports on the phenomenon.
3. Being an internet entrepreneur appeals to many people, but there are three traits a person needs to succeed in this niche (and it’s not what you might think). Self Growth shows what it takes to get ahead in the internet business market.
4. In the minds of many, the Internet is a place of freedom. Freedom of information. Freedom of ideas. Freedom to buy whatever you want tax-free. The Economist points out that this final freedom may be hurting the economies of states.
5. In many ways, entrepreneurs have been forced to compete in an even riskier game thanks to the Internet, making it harder to succeed. Yaghi Labs looks at some of the ways the Internet is ruining the economy, and then proposes a solution (hint: it’s not destroying the internet).
6. Mom and Pop stores went out of business due to the Big Box stores. The Big Box stores have been crushed by the Internet stores. But are the Internet stores now reinvigorating Mom and Pop stores? Brett M Bell shows the evolution of the free market and what he calls the “daily deal craze.”
7. Does the Internet increase our impulse to shop? This Smart Money columnist describes her battle to control online spending.
8. Protecting your brand on the Internet has gotten trickier with the new .xxx domain names. The Consumerist explains how you can prevent stolen traffic and a tarnished image.