Showing posts with label passive income. Show all posts
Showing posts with label passive income. Show all posts
Friday, October 26, 2012
Rich or Free (Value of Multiple Passive Income Streams) T Harv Eker
Think in terms of financial freedom. IT's about getting free, then getting rich as a bonus... In this video T Harv Eker describes this very well...
Take a look at the great golden nuggets shared on this video!!
Friday, May 4, 2012
The Right Mindset To Start Earning Passive Income Onlne
Today, I want to talk about why some people fail at making their first dollar online, and why some start picking this stuff up easier.
I would say that making money online is a lot easier once you start to get rid of the belief or idea that "you can't" Instead switch it to " Lets try this out, I'm sure I can learn this."
I used to be terrified of the amount of time I would have to spend to make money online. I looked at all these people making real money online, and I actually believed I coudn't it do it.
Earning passive income is a lot of fun. I mean you earn money while you sleep, which is pretty great. But, it wasn't always that way.
However, there are a lot excuses I began making in my head. Like, "Oh they've done it for much longer than me, of course they are going to make it." Or "I don't think I have enough skills to make a dollar online."
Onece I replaced those thoughts with more posittive thoughts, I started getting to work on my plan to making passive income online. The road takes some skill and dedication, but getting your mind "right" allows you to commit to your goals to earning passive income online.
I started trying stuff out, and low and behold I made my first dollar online in 2009.
From that 1 dollar, I kept trying stuff out and seeing what worked and what didn't. Now, I'm making a few extra dollars a month in passive income. I'm not some millionaire online success story. Nor do I have the Lamborghini parked outside of the mansion. I just make passive income with things that I've shared with you in: The Three Part Series Of How To Make Money Online.
Making money online is more of a mental thing than anything else. If you want to succeed in making and earning passive income online, you have to set yourself up for success.
This means having to really start evaluating the reasons "why" you want to start earning passive income online. Is it a better lifestyle? Do you want to travel more? More time with the family? Tired of having a boss ? Want to Increase your net worth?
I'm going to be more transparent about my journey on how I am earning passive income online today, and hopefully that will show you that you can start in a very humble and early beginner spot, and start making money online for yourself as well. It's a pretty fun journey, and this stuff is a piece of cake.
Baker
I would say that making money online is a lot easier once you start to get rid of the belief or idea that "you can't" Instead switch it to " Lets try this out, I'm sure I can learn this."
I used to be terrified of the amount of time I would have to spend to make money online. I looked at all these people making real money online, and I actually believed I coudn't it do it.
Earning passive income is a lot of fun. I mean you earn money while you sleep, which is pretty great. But, it wasn't always that way.
However, there are a lot excuses I began making in my head. Like, "Oh they've done it for much longer than me, of course they are going to make it." Or "I don't think I have enough skills to make a dollar online."
Onece I replaced those thoughts with more posittive thoughts, I started getting to work on my plan to making passive income online. The road takes some skill and dedication, but getting your mind "right" allows you to commit to your goals to earning passive income online.
I started trying stuff out, and low and behold I made my first dollar online in 2009.
From that 1 dollar, I kept trying stuff out and seeing what worked and what didn't. Now, I'm making a few extra dollars a month in passive income. I'm not some millionaire online success story. Nor do I have the Lamborghini parked outside of the mansion. I just make passive income with things that I've shared with you in: The Three Part Series Of How To Make Money Online.
Making money online is more of a mental thing than anything else. If you want to succeed in making and earning passive income online, you have to set yourself up for success.
This means having to really start evaluating the reasons "why" you want to start earning passive income online. Is it a better lifestyle? Do you want to travel more? More time with the family? Tired of having a boss ? Want to Increase your net worth?
I'm going to be more transparent about my journey on how I am earning passive income online today, and hopefully that will show you that you can start in a very humble and early beginner spot, and start making money online for yourself as well. It's a pretty fun journey, and this stuff is a piece of cake.
Baker
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]
Tuesday, May 5, 2009
Baker' 5 Easy Steps To Financial Freedom
Baker’s 5 Easy Steps to financial freedom:
1. Start a business you love.
2. Invest at least 10% of every income you make.
3. Study from people who have done it. (i.e books,seminars,audio, mentors)
4. Purchase more assets than liabilities. Assets are things that put money into your pocket (Cash flow real estate, Businesses) Liabilities are things that take money away from your pocket (New T.V Set, New Clothes, etc.)
I know these 5 steps seem very basic and you probably heard this a million times, or maybe this is your first time hearing this. In any event, these are the 5 ways to be financially free. Simply said, financial freedom is one point in life when you do not work for money anymore. Being financially free doesn’t necessarily mean you have to become a millionaire, (although in the economic times to come with inflation you might have to be) Rather it is having enough money coming in as passive income without you having to work for it. For those interested in learning more about passive income I highly recommend reading the book Rich Dad Poor Dad written by Robert Kiyosaki.
Back to the 5 steps. There are no short-cuts. These are the steps. I call them 5 “easy” steps but there will be times when one step or maybe all of them may be very challenging, and difficult. But what is life without a challenge right? I figured if you wanted financial freedom bad enough there will always be a “way” to achieve it. I forgot to mention to have fun on your journey. Your journey towards financial freedom is unique in itself. Personally I am on this journey myself. I have found a lot of very fascinating things, and have had valuable experiences, and I have only just begun. You will encounter many obstacles and challenges, but if you have fun and really enjoy the lessons and experiences described in these 5 steps, not only will you achieve financial freedom, but you will have a great time doing it!
Till next time…
+Baker
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