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This is probably the most important choice you will make. You have to have stuff on your site that attracts attention. One thing that works well are sound or midi files, another thing that works well is cheats for games. I have personally seen many people get extra rich from selling a personal product. But this requires you to write a book or invent somthing or program somthing to sell. I have succeeded with creating a site that has game cheats, and my banners that I host all have to do with games so my audience clicks on them alot.
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Webmasters can make money!