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I keep a simple spreadsheet of income and expenses. I try to stay on top of my stats, who's sending me traffic, where I'm making sales, what's working and what's not. Keeping records and analyzing statistics is obviously important, but it can easily become an obsession that steals time from what produces money, in my case building and submitting.
As far as sponsors & link exchanges go I'm sure if a sponsor wanted to cheat me out of a check or a link partner pulled my link, they could both get away with it without me noticing.
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