Sunday, January 31, 2010
Friday, January 29, 2010
Thursday, January 28, 2010
Wednesday, January 27, 2010
Tuesday, January 26, 2010
Monday, January 25, 2010
How to use this daily Habit to become automatically Rich
This daily habit will take a lot of self discipline, but done over a period of time can become a habit that makes you rich. This technique/daily habit is what most rich people do everyday.
This daily habit, will make you rich. This is an automatic system that very rich people use every day, but it takes a lot of time and self-disciplined effort on your part.
1. First, this technique is called paying yourself first. This technique can become a daily habit which will ultimately make you very rich in the long-run, if you stay committed to it. First. you need to purchase 3 separate piggy banks. You can buy these at Walmart or the 99 cents store. It doesn’t matter where you purchase them. Just have 3 separate piggy banks. Next you want to put labels on each piggy bank. The first piggy bank you need to label as “Investing”
The second piggy bank Label should be called “Saving” and lastly the third piggy bank should be labeled “Charity”
2. Second, you need a jar of money next to this piggy bank. The jar can contain dollar bills and or loose change, dimes, nickels, cents, quarters etc. The first thing you need to do each day is set a limit for how much money you want to put in each piggy bank every morning. I suggest start off small. Put in 1 cent in each piggy bank every morning, and consciously look at which bank you are putting your money into. The reason that you want to do this, is because you want to fill up your piggy bank and cash it in and pay them to their respective places. To become rich the 3 labels, Investing, saving, and charity are the first 3 places money should be going. These 3 labels are what the super rich people spend most of their money on. This has become a natural habit for them.
3. Third, cash in the amount of money when the piggy banks are filled up and put the amount of money into investing on something that will bring you back money, and savings to save for a rainy day, and charity to help out a cause or some event or organization that needs money. The reason that the dollar amount doesn’t matter when putting money in each piggy bank because what you want to work on is the daily habit of putting your money in places that grow your wealth over time. It becomes much easier in the long run to pay yourself first when you get into these daily habits of putting the money at the start of
the day into the 3 places that matter most. This is a technique and habit used by the super rich, just they do so in larger sums of money. But eventually this discipline pays off big time in the long run, and assist you in becoming rich automatically.
This daily habit, will make you rich. This is an automatic system that very rich people use every day, but it takes a lot of time and self-disciplined effort on your part.
1. First, this technique is called paying yourself first. This technique can become a daily habit which will ultimately make you very rich in the long-run, if you stay committed to it. First. you need to purchase 3 separate piggy banks. You can buy these at Walmart or the 99 cents store. It doesn’t matter where you purchase them. Just have 3 separate piggy banks. Next you want to put labels on each piggy bank. The first piggy bank you need to label as “Investing”
The second piggy bank Label should be called “Saving” and lastly the third piggy bank should be labeled “Charity”
2. Second, you need a jar of money next to this piggy bank. The jar can contain dollar bills and or loose change, dimes, nickels, cents, quarters etc. The first thing you need to do each day is set a limit for how much money you want to put in each piggy bank every morning. I suggest start off small. Put in 1 cent in each piggy bank every morning, and consciously look at which bank you are putting your money into. The reason that you want to do this, is because you want to fill up your piggy bank and cash it in and pay them to their respective places. To become rich the 3 labels, Investing, saving, and charity are the first 3 places money should be going. These 3 labels are what the super rich people spend most of their money on. This has become a natural habit for them.
3. Third, cash in the amount of money when the piggy banks are filled up and put the amount of money into investing on something that will bring you back money, and savings to save for a rainy day, and charity to help out a cause or some event or organization that needs money. The reason that the dollar amount doesn’t matter when putting money in each piggy bank because what you want to work on is the daily habit of putting your money in places that grow your wealth over time. It becomes much easier in the long run to pay yourself first when you get into these daily habits of putting the money at the start of
the day into the 3 places that matter most. This is a technique and habit used by the super rich, just they do so in larger sums of money. But eventually this discipline pays off big time in the long run, and assist you in becoming rich automatically.
Saturday, January 23, 2010
Friday, January 22, 2010
Thursday, January 21, 2010
Wednesday, January 20, 2010
How to use this daily Habit to become automatically Rich
This daily habit will take a lot of self discipline, but done over a period of time can become a habit that makes you rich. This technique/daily habit is what most rich people do everyday.
This daily habit, will make you rich. This is an automatic system that very rich people use every day, but it takes a lot of time and self-disciplined effort on your part.
1. First, this technique is called paying yourself first. This technique can become a daily habit which will ultimately make you very rich in the long-run, if you stay committed to it. First. you need to purchase 3 separate piggy banks. You can buy these at Walmart or the 99 cents store. It doesn’t matter where you purchase them. Just have 3 separate piggy banks. Next you want to put labels on each piggy bank. The first piggy bank you need to label as “Investing”
The second piggy bank Label should be called “Saving” and lastly the third piggy bank should be labeled “Charity”
2. Second, you need a jar of money next to this piggy bank. The jar can contain dollar bills and or loose change, dimes, nickels, cents, quarters etc. The first thing you need to do each day is set a limit for how much money you want to put in each piggy bank every morning. I suggest start off small. Put in 1 cent in each piggy bank every morning, and consciously look at which bank you are putting your money into. The reason that you want to do this, is because you want to fill up your piggy bank and cash it in and pay them to their respective places. To become rich the 3 labels, Investing, saving, and charity are the first 3 places money should be going. These 3 labels are what the super rich people spend most of their money on. This has become a natural habit for them.
3. Third, cash in the amount of money when the piggy banks are filled up and put the amount of money into investing on something that will bring you back money, and savings to save for a rainy day, and charity to help out a cause or some event or organization that needs money. The reason that the dollar amount doesn’t matter when putting money in each piggy bank because what you want to work on is the daily habit of putting your money in places that grow your wealth over time. It becomes much easier in the long run to pay yourself first when you get into these daily habits of putting the money at the start of
the day into the 3 places that matter most. This is a technique and habit used by the super rich, just they do so in larger sums of money. But eventually this discipline pays off big time in the long run, and assist you in becoming rich automatically.
This daily habit, will make you rich. This is an automatic system that very rich people use every day, but it takes a lot of time and self-disciplined effort on your part.
1. First, this technique is called paying yourself first. This technique can become a daily habit which will ultimately make you very rich in the long-run, if you stay committed to it. First. you need to purchase 3 separate piggy banks. You can buy these at Walmart or the 99 cents store. It doesn’t matter where you purchase them. Just have 3 separate piggy banks. Next you want to put labels on each piggy bank. The first piggy bank you need to label as “Investing”
The second piggy bank Label should be called “Saving” and lastly the third piggy bank should be labeled “Charity”
2. Second, you need a jar of money next to this piggy bank. The jar can contain dollar bills and or loose change, dimes, nickels, cents, quarters etc. The first thing you need to do each day is set a limit for how much money you want to put in each piggy bank every morning. I suggest start off small. Put in 1 cent in each piggy bank every morning, and consciously look at which bank you are putting your money into. The reason that you want to do this, is because you want to fill up your piggy bank and cash it in and pay them to their respective places. To become rich the 3 labels, Investing, saving, and charity are the first 3 places money should be going. These 3 labels are what the super rich people spend most of their money on. This has become a natural habit for them.
3. Third, cash in the amount of money when the piggy banks are filled up and put the amount of money into investing on something that will bring you back money, and savings to save for a rainy day, and charity to help out a cause or some event or organization that needs money. The reason that the dollar amount doesn’t matter when putting money in each piggy bank because what you want to work on is the daily habit of putting your money in places that grow your wealth over time. It becomes much easier in the long run to pay yourself first when you get into these daily habits of putting the money at the start of
the day into the 3 places that matter most. This is a technique and habit used by the super rich, just they do so in larger sums of money. But eventually this discipline pays off big time in the long run, and assist you in becoming rich automatically.
Tuesday, January 19, 2010
Eye to Eye Interview (CBS) With Richard Branson
A great intreview on the business background of Richard Branson on CBS.
Monday, January 18, 2010
Friday, January 15, 2010
Passive Income
Passive income: Earnings from a business that does not require direct involvement from the owner or merchant.
I am at a point where this site is making very little passive income for me. Although I am receiving very little passive income from this blog at the moment, I consider myself very fortunate to be in this position. This position is a very nice one, because starting with this model of passive income, even this little income I am now receiving is a seed that will only continue to grow. I expect this to increase with the amount of effort I put into the development of this blog.
Passive income, unlike earned income is income a person receives regardless if they work or not. Many of you that are familiar with the Book Rich Dad Poor Dad, have read about this concept. Just to refresh your memory, earned income is income that you receive from working at regular job, and receiving a regular pay check every two weeks. Passive income is when you receive money on an ongoing basis from a product or business you have created.
The wonderful thing about blogging and writing articles online, is that you can get paid from the efforts of past articles that you have written that people are still very interested in, and are finding through online searches.
The other way I am collecting passive income is in the form of royalties from my two books. For every book that I sell, I make $3.00 net profit. This is nice, because something that took me one year to write and work on is now available for sale and I don’t technically have to work for the royalties from each purchase of my book.
Working to get your income passive does take a lot of work. It does take a lot of time, experimentation, and sacrifice. But financially, I believe it is really worth it in the long run. The best part for me about blogging, is that I have a real passion for what I write about. Personal development, and inspiring others to live to their full potential has always been of interest to me, as I am constantly up to date with the latest and valuable ideas in this industry.
I am at a point where this site is making very little passive income for me. Although I am receiving very little passive income from this blog at the moment, I consider myself very fortunate to be in this position. This position is a very nice one, because starting with this model of passive income, even this little income I am now receiving is a seed that will only continue to grow. I expect this to increase with the amount of effort I put into the development of this blog.
Passive income, unlike earned income is income a person receives regardless if they work or not. Many of you that are familiar with the Book Rich Dad Poor Dad, have read about this concept. Just to refresh your memory, earned income is income that you receive from working at regular job, and receiving a regular pay check every two weeks. Passive income is when you receive money on an ongoing basis from a product or business you have created.
The wonderful thing about blogging and writing articles online, is that you can get paid from the efforts of past articles that you have written that people are still very interested in, and are finding through online searches.
The other way I am collecting passive income is in the form of royalties from my two books. For every book that I sell, I make $3.00 net profit. This is nice, because something that took me one year to write and work on is now available for sale and I don’t technically have to work for the royalties from each purchase of my book.
Working to get your income passive does take a lot of work. It does take a lot of time, experimentation, and sacrifice. But financially, I believe it is really worth it in the long run. The best part for me about blogging, is that I have a real passion for what I write about. Personal development, and inspiring others to live to their full potential has always been of interest to me, as I am constantly up to date with the latest and valuable ideas in this industry.
Thursday, January 14, 2010
Wednesday, January 13, 2010
Tuesday, January 12, 2010
Monday, January 11, 2010
Sunday, January 10, 2010
Saturday, January 9, 2010
Be Your Own Boss in 2010
A great video by CNN ON Be Your Own Boss in 2010!!!
Check out link below!
http://newsroom.blogs.cnn.com/2010/01/07/be-your-own-boss-in-2010/
Check out link below!
http://newsroom.blogs.cnn.com/2010/01/07/be-your-own-boss-in-2010/
Friday, January 8, 2010
Thursday, January 7, 2010
Wednesday, January 6, 2010
Tuesday, January 5, 2010
Money Affirmations
Here are a list of money affirmations you can use. Choose three that resonate very well with you, and begin each day stating these affirmations as though you already have the abundance you desire. Put the emotional feeling into the statement and clearly see as you read each word feeling good and accepting about this.
I am open to abundance.
My finances are secure.
I am saving more money every day.
I am prosperous, healthy and happy.
I spend only what I have.
I am building a financially stable future for myself and my family.
I value my time and energy.
I value my money.
I deserve to be prosperous.
I am worthy of receiving abundance.
I am the source of my abundance.
I focus on what I love and draw it to me.
My choices and possibilities are expanding every day.
My thoughts are loving and positive.
My dreams are coming true.
I trust that the universe will always meet my needs.
My energy is focused and directed to my goals.
I am willing to accept the best life has to offer.
I am open to opportunities.
I honor myself at all times.
I give myself permission to have what I want.
I believe in unlimited possibilities.
I am creative and capable.
The universe always serves my higher interests.
I expect and receive the very best.
I accept good things into my life with gratitude.
I trust that everything comes at the perfect time and in the perfect way.
I am a special, unique person with much to offer the world.
I allow myself to play and enjoy life.
I bring love to everything I do.
I appreciate all that I have.
I always do my best.
I picture success for everyone.
I am succeeding!
I give myself permission to be and do what I want.
I value myself.
I learn from my challenges.
I allow myself to dream.
My dreams are coming true.
I manage my money wisely.
I am self-confident, loving and generous.
My energy flows freely and easily in all areas of my life.
My life is alive with vitality.
I open to my inner guidance.
I focus on my goals daily.
I am happy, healthy, wealthy, healed and whole.
My self-worth and net worth are building every day.
I have wealth in every area of my life.
I am open to abundance.
My finances are secure.
I am saving more money every day.
I am prosperous, healthy and happy.
I spend only what I have.
I am building a financially stable future for myself and my family.
I value my time and energy.
I value my money.
I deserve to be prosperous.
I am worthy of receiving abundance.
I am the source of my abundance.
I focus on what I love and draw it to me.
My choices and possibilities are expanding every day.
My thoughts are loving and positive.
My dreams are coming true.
I trust that the universe will always meet my needs.
My energy is focused and directed to my goals.
I am willing to accept the best life has to offer.
I am open to opportunities.
I honor myself at all times.
I give myself permission to have what I want.
I believe in unlimited possibilities.
I am creative and capable.
The universe always serves my higher interests.
I expect and receive the very best.
I accept good things into my life with gratitude.
I trust that everything comes at the perfect time and in the perfect way.
I am a special, unique person with much to offer the world.
I allow myself to play and enjoy life.
I bring love to everything I do.
I appreciate all that I have.
I always do my best.
I picture success for everyone.
I am succeeding!
I give myself permission to be and do what I want.
I value myself.
I learn from my challenges.
I allow myself to dream.
My dreams are coming true.
I manage my money wisely.
I am self-confident, loving and generous.
My energy flows freely and easily in all areas of my life.
My life is alive with vitality.
I open to my inner guidance.
I focus on my goals daily.
I am happy, healthy, wealthy, healed and whole.
My self-worth and net worth are building every day.
I have wealth in every area of my life.
Monday, January 4, 2010
Robert Kiyosaki and Mike Maloney on Gold and Silver
Informative video on the topic of gold and silver with Robert Kiyosaki and Mike Maloney.
Saturday, January 2, 2010
Guest Post By Brian Lee: Five Ways to Create Passive Income With Little or No Money
I stumbled upon this informative post written by Brian Lee on the 5 ways to create passive income with little or no money. Brian makes great points on this post, excellent read for those individuals looking for passive income streams for the new 2010 year.
When I learned about the concept of passive income, I immediately became excited about it. I read every book I could get my hands on about wealth, personal finance, real estate, and entrepreneurship. Most of these books were heavy on concepts, but light on specifics. With this in mind, I went to seminars and started mingling with people who were already doing it to find out how they started. Here are five suggestions from what I’ve learned.
1) Buy an investment property with no money down.
Pros: inexpensive, huge asset for nothing but a signature
Cons: need good credit, must choose wisely, must find tenant quickly,
I was a first time homebuyer when I bought my first investment property. Banks love first-timers. They have a myriad of different programs to get buyers into their first house. Most banks will bend over backwards for them. With meager credit, I qualified for a brand new house with no money down, super-low interest rate, and $5,000 in equity, just for signing on the line. That was the fastest $5,000 I have ever made.
The catch is that first timers must buy the house as an owner-occupant, meaning the owner must intend to live in the house. This requirement, however, can be a blessing. Finding a good tenant can take some time, but if you are living in the house you won’t incur any additional expense. I lived in the house long enough to qualify myself as an owner-occupant and find a tenant to take my place. When I found a tenant, I moved into a rental apartment 1/4 the size of my house and 1/2 the monthly payment.
If you are not a first time homebuyer, there are other ways to get a property for nothing down. A creative mortgage broker can show you loans that cover the price of a home plus improvements. These brokers use creative financing to arrange a payment plan with no money down. Another method is to take over payments for an owner to get them out of a sticky situation.
It is very important to choose your property wisely. This is especially true if you have a very small margin for error in your finances. Find a good realtor who deals with a lot of investors. They will be able to help you find a property that will cash-flow immediately, meaning that the rent you receive will be enough to cover the mortgage, insurance, taxes, maintenance, vacancy fee, and all other expenses related to the property.
Don’t get sucked into the idea that you are going to make up for negative cashflow with capital gains. This is a recipe for disaster. If it doesn’t cashflow, it isn’t passive income. In fact, it’s a passive expense. There are plenty of properties out there that will cashflow, so take the time to find one.
2) Start a bulk-candy vending business
Pros: extremely low maintenance, excellent return on investment (ROI)
Cons: difficult to secure locations, requires small initial investment
Everyone has seen a gumball or candy machine in the lobby of a restaurant. Have you ever wondered who owns those machines? Most bulk candy businesses are owned by small, independent operators who have negotiated their way into another’s place of business. The vending operator either gives the owner a percentage of the revenue or promises to give a percentage to charity.
A quarter vending machine that offers three different types of candy can be bought for about $200 and the candy to fill it costs around $50. In a good location the machine can easily bring in around $25 per month. That means that you can pay off the entire asset in about six months or roll your profit into a second machine. After another six months, you can buy two more machines.
This may not seem like big money, but it is planting the seed for big money in the future. If you don’t have the money or credit for real estate, this is one way to turn a couple hundred dollars into a couple thousand.
The hard part is finding locations. You will have to learn some sales skills and utilize the power of persistence as you knock on doors. You might approach 20 different businesses before you get your first location. However, once you get a few locations, finding more will get easier.
Click here for a more detailed article on bulk candy vending.
3) Network Marketing
Pros: low initial investment, huge potential
Cons: must overcome negative stigmas, many scams out there
Network marketing is an industry that allows individual entrepreneurs to team up with a company to market their products or services. The idea behind network marketing is for the company to eliminate the costs of marketing, advertising, sales, and distribution, allowing the consumer to take on these responsibilities if they choose.
Many highly respected companies such as AT&T, Direct TV, Gap, Amazon.com, Google, Apple Computer, Macy’s, Nordstrom, Travelocity, and tons more have started to borrow from the concepts of network marketing. These companies have realized that the impact of their multi-million dollar advertising budget pales in comparison to the power of word-of-mouth advertising. When I noticed this trend towards the network marketing method, I dropped my “no way” attitude and decided to investigate the traditional network marketing model.
Most people have very negative feelings about network marketing because there have been a lot of bad apples in the industry, especially early on. What these people don’t realize is how far the industry has evolved. A few of these companies have learned from past mistakes and rid themselves of many of the negative aspects of old-paradigm network marketing. If you can find the right network marketing company today, it is possible to build passive income without a lot of money and still keep your friends.
Have you ever recommended a great restaurant or movie to someone? Have you ever told someone where you found a really great buy? Did the restaurant, theatre, or store ever pay you for your referral? That is precisely what the new generation of network marketing companies is doing.
The good apples offer a wide variety of great products or services at a great price, meaning that you don’t have to refer people to make it worthwhile. Selling something that is expensive and unnecessary is hard, but recommending a product or service that is better and less expensive is easy.
The way to minimize your costs with network marketing is to find a company that has products that are already on your shopping list. Then, replace the products you are already buying and you have just started a business for nothing. You might even find a way to save money.
The new generation of companies handles all the inventory, paperwork, and sales for you; all you have to do is refer people and the company does the rest. It is truly amazing how simple the process really is. What’s that you say? You don’t want to bug all of your friends and family? Not a problem, smart networkers use the internet, or other forms of creative advertising to bring prospects to them.
The big money in network marketing is made when a referral decides to make a business out of it. Most companies pay referral fees not only on your referrals, but on secondary referrals and beyond. Your efforts will be multiplied by the efforts of those you refer. Your business will soon be leveraged into a money making machine when some of their referrals decide to do it as a business, and so on.
Click here for a more detailed article on network marketing.
4) Create Interesting Internet Content
Pros: extremely low cost, extremely low maintenance.
Cons: some computer skills required, must have interesting content
The internet is entering an exciting new phase where otherwise average people are being rewarded for creating and sharing interesting content. There have been a group of internet pioneers such as Google, Revver.com, istockphoto.com, Amazon.com, and others, who have decided to share their revenue with content creators. This means that if you can come up with an interesting blog, movie clip, photo collection, flash design, podcast, or other form of easily distributable electronic content, you might be able to make passive income from it.
For example, as an experiment, I uploaded this 18-second clip of our cat jumping up and down to revver.com.
Now this is not the most popular clip on the internet by far, but it still generates a small amount of passive income for us. I like the fact that it only took me about 10 minutes of work to film and upload the video before I could make money from it.
People who spend the time to come up with a clever video that lends itself to a lot of peer-to-peer sharing make a lot more money. Take this next video for example. At the time of this posting, it had been watched over 3.5 million times.
Amateur film-makers aren’t the only ones benefiting from the internet revolution. iStockPhoto.com allows photographers to sell use of their photographs on their site. Just upload your photos and sit back and collect a check.
If you can generate traffic to your blog, you can make money with advertising or affiliate programs. This site is an example, but the king of monetizing blogs is Steve Pavlina. He has posted that his blog generates over $1000 per day. He is successful because he has great content and is unselfish. He will tell you on his site exactly how he did it and how you can also.
Be sure to check out my Blog Income Reports to see how much I’m making on Genius Types.
Read How to Blog :: The Manual for more details.
I love the fact that average people can be rewarded for good ideas and creative content in the internet. Creative people have a new chance to pursue the Amercan Dream.
5) Set up an Automated eBay Business
Pros: relatively easy, system already in place
Cons: time spent acquiring & shipping, must find unique product sourcing
eBay is to product markets what the Nasdaq is to the stock market! If you can find a reliable, wholesale source for a product, there are over 50 million people on eBay waiting to buy it from you at retail.
It is easy to fall into the trap of turning an eBay business into a full time job, so to keep it as passive as possible you need to automate. Find a product that you can get over and over from a reliable source at wholesale. Then automate your eBay auctions with one of the hundreds of auction software programs available to you on the internet.
The software will start new auctions when the old ones end and basically do everything for you except ship the products. Eventually, one could even hire out the shipping to his kids for allowance money.
The key to a profitable eBay business is a good product source. Even though eBay is known for rock-bottom prices, it still works on market principles. For example, you could shop eBay’s “Wholesale Lots” section to find products in bulk at a discount. Then, you would turn around and sell them one by one for a profit.
I have used all five of these techniques to produce passive income. In doing so, I have been able to quit my job and work from home. You can read my income reports for a complete breakdown. I hope that my experience has provided you with some insight on how to do the same.
When I learned about the concept of passive income, I immediately became excited about it. I read every book I could get my hands on about wealth, personal finance, real estate, and entrepreneurship. Most of these books were heavy on concepts, but light on specifics. With this in mind, I went to seminars and started mingling with people who were already doing it to find out how they started. Here are five suggestions from what I’ve learned.
1) Buy an investment property with no money down.
Pros: inexpensive, huge asset for nothing but a signature
Cons: need good credit, must choose wisely, must find tenant quickly,
I was a first time homebuyer when I bought my first investment property. Banks love first-timers. They have a myriad of different programs to get buyers into their first house. Most banks will bend over backwards for them. With meager credit, I qualified for a brand new house with no money down, super-low interest rate, and $5,000 in equity, just for signing on the line. That was the fastest $5,000 I have ever made.
The catch is that first timers must buy the house as an owner-occupant, meaning the owner must intend to live in the house. This requirement, however, can be a blessing. Finding a good tenant can take some time, but if you are living in the house you won’t incur any additional expense. I lived in the house long enough to qualify myself as an owner-occupant and find a tenant to take my place. When I found a tenant, I moved into a rental apartment 1/4 the size of my house and 1/2 the monthly payment.
If you are not a first time homebuyer, there are other ways to get a property for nothing down. A creative mortgage broker can show you loans that cover the price of a home plus improvements. These brokers use creative financing to arrange a payment plan with no money down. Another method is to take over payments for an owner to get them out of a sticky situation.
It is very important to choose your property wisely. This is especially true if you have a very small margin for error in your finances. Find a good realtor who deals with a lot of investors. They will be able to help you find a property that will cash-flow immediately, meaning that the rent you receive will be enough to cover the mortgage, insurance, taxes, maintenance, vacancy fee, and all other expenses related to the property.
Don’t get sucked into the idea that you are going to make up for negative cashflow with capital gains. This is a recipe for disaster. If it doesn’t cashflow, it isn’t passive income. In fact, it’s a passive expense. There are plenty of properties out there that will cashflow, so take the time to find one.
2) Start a bulk-candy vending business
Pros: extremely low maintenance, excellent return on investment (ROI)
Cons: difficult to secure locations, requires small initial investment
Everyone has seen a gumball or candy machine in the lobby of a restaurant. Have you ever wondered who owns those machines? Most bulk candy businesses are owned by small, independent operators who have negotiated their way into another’s place of business. The vending operator either gives the owner a percentage of the revenue or promises to give a percentage to charity.
A quarter vending machine that offers three different types of candy can be bought for about $200 and the candy to fill it costs around $50. In a good location the machine can easily bring in around $25 per month. That means that you can pay off the entire asset in about six months or roll your profit into a second machine. After another six months, you can buy two more machines.
This may not seem like big money, but it is planting the seed for big money in the future. If you don’t have the money or credit for real estate, this is one way to turn a couple hundred dollars into a couple thousand.
The hard part is finding locations. You will have to learn some sales skills and utilize the power of persistence as you knock on doors. You might approach 20 different businesses before you get your first location. However, once you get a few locations, finding more will get easier.
Click here for a more detailed article on bulk candy vending.
3) Network Marketing
Pros: low initial investment, huge potential
Cons: must overcome negative stigmas, many scams out there
Network marketing is an industry that allows individual entrepreneurs to team up with a company to market their products or services. The idea behind network marketing is for the company to eliminate the costs of marketing, advertising, sales, and distribution, allowing the consumer to take on these responsibilities if they choose.
Many highly respected companies such as AT&T, Direct TV, Gap, Amazon.com, Google, Apple Computer, Macy’s, Nordstrom, Travelocity, and tons more have started to borrow from the concepts of network marketing. These companies have realized that the impact of their multi-million dollar advertising budget pales in comparison to the power of word-of-mouth advertising. When I noticed this trend towards the network marketing method, I dropped my “no way” attitude and decided to investigate the traditional network marketing model.
Most people have very negative feelings about network marketing because there have been a lot of bad apples in the industry, especially early on. What these people don’t realize is how far the industry has evolved. A few of these companies have learned from past mistakes and rid themselves of many of the negative aspects of old-paradigm network marketing. If you can find the right network marketing company today, it is possible to build passive income without a lot of money and still keep your friends.
Have you ever recommended a great restaurant or movie to someone? Have you ever told someone where you found a really great buy? Did the restaurant, theatre, or store ever pay you for your referral? That is precisely what the new generation of network marketing companies is doing.
The good apples offer a wide variety of great products or services at a great price, meaning that you don’t have to refer people to make it worthwhile. Selling something that is expensive and unnecessary is hard, but recommending a product or service that is better and less expensive is easy.
The way to minimize your costs with network marketing is to find a company that has products that are already on your shopping list. Then, replace the products you are already buying and you have just started a business for nothing. You might even find a way to save money.
The new generation of companies handles all the inventory, paperwork, and sales for you; all you have to do is refer people and the company does the rest. It is truly amazing how simple the process really is. What’s that you say? You don’t want to bug all of your friends and family? Not a problem, smart networkers use the internet, or other forms of creative advertising to bring prospects to them.
The big money in network marketing is made when a referral decides to make a business out of it. Most companies pay referral fees not only on your referrals, but on secondary referrals and beyond. Your efforts will be multiplied by the efforts of those you refer. Your business will soon be leveraged into a money making machine when some of their referrals decide to do it as a business, and so on.
Click here for a more detailed article on network marketing.
4) Create Interesting Internet Content
Pros: extremely low cost, extremely low maintenance.
Cons: some computer skills required, must have interesting content
The internet is entering an exciting new phase where otherwise average people are being rewarded for creating and sharing interesting content. There have been a group of internet pioneers such as Google, Revver.com, istockphoto.com, Amazon.com, and others, who have decided to share their revenue with content creators. This means that if you can come up with an interesting blog, movie clip, photo collection, flash design, podcast, or other form of easily distributable electronic content, you might be able to make passive income from it.
For example, as an experiment, I uploaded this 18-second clip of our cat jumping up and down to revver.com.
Now this is not the most popular clip on the internet by far, but it still generates a small amount of passive income for us. I like the fact that it only took me about 10 minutes of work to film and upload the video before I could make money from it.
People who spend the time to come up with a clever video that lends itself to a lot of peer-to-peer sharing make a lot more money. Take this next video for example. At the time of this posting, it had been watched over 3.5 million times.
Amateur film-makers aren’t the only ones benefiting from the internet revolution. iStockPhoto.com allows photographers to sell use of their photographs on their site. Just upload your photos and sit back and collect a check.
If you can generate traffic to your blog, you can make money with advertising or affiliate programs. This site is an example, but the king of monetizing blogs is Steve Pavlina. He has posted that his blog generates over $1000 per day. He is successful because he has great content and is unselfish. He will tell you on his site exactly how he did it and how you can also.
Be sure to check out my Blog Income Reports to see how much I’m making on Genius Types.
Read How to Blog :: The Manual for more details.
I love the fact that average people can be rewarded for good ideas and creative content in the internet. Creative people have a new chance to pursue the Amercan Dream.
5) Set up an Automated eBay Business
Pros: relatively easy, system already in place
Cons: time spent acquiring & shipping, must find unique product sourcing
eBay is to product markets what the Nasdaq is to the stock market! If you can find a reliable, wholesale source for a product, there are over 50 million people on eBay waiting to buy it from you at retail.
It is easy to fall into the trap of turning an eBay business into a full time job, so to keep it as passive as possible you need to automate. Find a product that you can get over and over from a reliable source at wholesale. Then automate your eBay auctions with one of the hundreds of auction software programs available to you on the internet.
The software will start new auctions when the old ones end and basically do everything for you except ship the products. Eventually, one could even hire out the shipping to his kids for allowance money.
The key to a profitable eBay business is a good product source. Even though eBay is known for rock-bottom prices, it still works on market principles. For example, you could shop eBay’s “Wholesale Lots” section to find products in bulk at a discount. Then, you would turn around and sell them one by one for a profit.
I have used all five of these techniques to produce passive income. In doing so, I have been able to quit my job and work from home. You can read my income reports for a complete breakdown. I hope that my experience has provided you with some insight on how to do the same.
Friday, January 1, 2010
Examples of Passive income Via Wikipedia
Wikipedia lists some passive income streams that may be of interest to you to start up yourself.
Some examples of passive income are:
* Earnings from a business that does not require direct involvement from the owner or merchant;
* Rent from property;
* Royalties from publishing a book or from licensing a patent or other form of intellectual property;
* Earnings from internet advertisements on websites;[citation needed]
* Residual income, repeated regular income earned by a sales person, generated from the payment of a product or service, that must be renewed on a regular basis in order to continue receiving its benefits;[citation needed]
* Dividend and interest income from owning securities, such as stocks and bonds, is usually referred to as portfolio income, which may or may not be considered a form of passive income. In the United States, portfolio income is considered a different type of income than passive income;
* Pensions.[dubious – discuss]
Some examples of passive income are:
* Earnings from a business that does not require direct involvement from the owner or merchant;
* Rent from property;
* Royalties from publishing a book or from licensing a patent or other form of intellectual property;
* Earnings from internet advertisements on websites;[citation needed]
* Residual income, repeated regular income earned by a sales person, generated from the payment of a product or service, that must be renewed on a regular basis in order to continue receiving its benefits;[citation needed]
* Dividend and interest income from owning securities, such as stocks and bonds, is usually referred to as portfolio income, which may or may not be considered a form of passive income. In the United States, portfolio income is considered a different type of income than passive income;
* Pensions.[dubious – discuss]
Subscribe to:
Posts (Atom)