The document discusses financial independence and passive income strategies. It defines financial independence as having enough income from investments and passive sources to cover living expenses without needing an active job. It states that financial independence allows freedom to pursue personal goals and hobbies. The document outlines 11 strategies for generating passive income, including creating a blog, online courses, apps, affiliate marketing, and more. It explains that passive income takes initial work but can provide long-term benefits and the potential for early retirement.
5. Introduction
Many people have heard of the words 'Passive income,' but only a few are
curious enough to explore further. And sadly, even those who know what
passive income is and how it can dramatically change their lives for the better
will never experience it. Yes, they do love the idea of making a side income as a
result of a side hustle while retaining their regular 9-5 jobs. Many even fantasize
about going on vacations in the Bahamas or the Cayman Islands and generally
enjoying life.
A lot comes with having a passive income because it is not just something that
you turn your attention to when you feel like it. The truth of the matter is that
you will need to work hard at first before the going becomes good, and that is if
you have taken the right steps or done the right things. Over time, that hard work
you put in when you started the journey will begin to pay off, and for many
years to come, fetching you a good income weekly or monthly.
Therefore, what do you need to know about passive income? Here's what you
need to know about creating a passive income and what it entails to build
businesses that generate passive income
What Is Passive Income?
any endeavor. It could be from a rental property or something else that does not
require your active involvement day in, day out.
Passive income is taxable, just like regular active income, in the United States.
However, the IRS treats this type of income a bit differently than other types of
income. Nevertheless, it is an excellent way to make some income on real estate,
investments, and other kinds of endeavors without the need for you to have a
direct relationship with each day.
To get a better understanding of passive income, it is essential to, first of all, take
a look at the major types of income that are presently available. There are 3 of
these that you can focus on building: portfolio income, active income, and
passive income.
Passive income is a term that has changed a lot over the past few years. The way
most people see it these days is far different from how it was in the past, which
Passive income can be a form of earning money that anyone can get and from
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6. is a good thing. All that is required now is to learn more about it as much as you
can and how this kind of income works so that you can apply all you learn to
make it work for you.
As a rule, a passive income is used to define any money you regularly earn with
very little—and sometimes—no effort on your part. It does sound like a dream
come true; who wouldn't want to sit back and relax without having to do
anything, yet money keeps trickling into your bank account.
There are different types of passive income that you can work with. The most
popular or common options that are presently available include:
Peer-to-peer, real estate.
Limited partnership.
Investing in dividend stocks.
Any other enterprise.
If you see passive income as a good or positive thing, then you must be a booster
of work at home. And you should be ready to lead a 'Be your own boss' kind of
lifestyle. The types of earning you may earn at first may be small, but the
income will eventually grow and become successful if you work hard.
Why Should You Build Passive Income?
The greatest wealth-building tool is your income, which usually requires your
active participation in the form of a full-time, 9-5 job. No matter how much you
earn, working your 9-5 job, you won't say "No" to make some extra side income
without too much sweat, blood, and time commitment.
Several benefits are associated with earning income passively. When you build a
passive income, it does the following:
Boosts your wealth-building plan
Protects you from a sudden and complete loss of income if you lose
your job
Creates a rare opportunity to retire early
It provides another stream of income, especially when you can no
longer hold down a 9-5 job or outlast your retirement fund.
8. Chapter 1. Financial Independence
Financial independence is the situation of having enough income (from
investments, passive income sources, real estate, etc.) to pay for one's acceptable
living expenses for the rest of one's life without needing to depend on formal
employment. The core path to achieving financial independence focuses on
maximizing one's savings rate by reducing expenses with high incomes.
Financial independence is often achieved at sufficient personal income levels to
permit one to cede any further work to be provided by others to more reliable
sources. There are also other life goals that achieve financial independence, such
as retiring early to pursue lifestyle choices, such as pursuing hobbies, making
progress on one's artistic skills, participating in culture, having a true and
meaningful conversation face to face with a close friend or family member, etc.
Pursuing financial independence is seldom an end in itself but can be a
transformational experience. Financial independence often unlocks latent talent
and human potential, which was once hindered due to financial concerns
previously requiring immediate orders of magnitude of financial growth to
achieve. In such cases, the unexpected income increase can reveal dormant or
potential talents. Similarly, eliminating financial worries creates a magnified
focus on one's goals and allows one to pursue the goals of his or her actual value
creation.
9. Financial independence is largely about freedom and living within one's means.
The main motivator is being free from financial constraints and doing what one
desires. Many of these goals require a substantial amount of wealth to achieve
and are often not immediately attainable for many people. This means that
financial independence requires a baseline amount of wealth savings and then
additional tracking and channeling of wealth towards the achievement of
personal goals.
For Who and For Who Is Not the Financial
Independence?
independence, then there is no way to achieve it because of a "chicken and egg"
problem. You cannot achieve financial independence unless you have enough
wealth to generate incomes, and they are not enough unless you have enough
wealth.
Financial independence is also for the few who are financially healthy. If you do
not have control and proper management over your finances, then you have an
urgent need to exist. When you survive by selling your body, you don't have any
free time to pursue your independent goals. When you live on credit insurance
and rent, you have no chance to get your goal. Financial independence is not for
those who do not have a secondary goal: a good job, a degree, buying a house, or
even losing weight. Better financial independence is for those who already have
money or get more money. Financial independence is not a reason to get rich.
Financial independence is the relationship between income and expenses. For a
person to achieve financial independence, they must get enough money to cover
their expenses.
Income – Expenses = Financial Independence
In practice, it looks like this:
Income – (Expenses + Savings) = Financial Independence
Financial independence is not for the following:
People Who Love Their Job
If your work provides you with joy and satisfaction, then the demand for
financial independence is not high. This is the most fundamental condition for
financial independence. If you are in such a situation, then you must be grateful
Financial independence is for the few. If you do not have financial
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10. for your job. And you may not be much interested in financial independence or
any kind of long-term savings. Or you may be just saving for a specific goal, like
your children's education or retirement.
Those Who Are Materialistic
Financial independence is often linked to spiritual independence. Those who are
materialistic and obsessed with possessions cannot be interested in financial
security. You must have the ability to give your desires materiality. That is, you
need things, but the desire for them is not satisfied until you have some.
Financial independence is a stay in a place where you set your own goals and
ideas. It often happens when you have fewer material desires.
Those Who Want a Constant Salary
Financial independence is not for those who like the taste of their salary. The
constant increase in salary is not very efficient. Instead, you can continue to
build financial independence by building a savings goal. The secret is to do
things in intensity but to enjoy it continuously. That is what financial
independence brings.
Those Who Pursue Short-Sighted Goals
Financial independence is not for the present-minded guys. To achieve financial
independence, you will need to plan for your future. The path will surely have
obstacles and challenges. Defining them is the first step to both victory and
defeat. You cannot avoid things that are threatening your goals. Overcoming
them is the second step.
Those Who Wants to Make Money
Financial independence is not for the people who just chase money. They are
trying to buy time. Also, they are trying to be the boss. Most of the time, they are
powerful and successful. But what they seek is the definite goal with one's own
property and power.
The Right Mindset to Achieve Financial Independence
Putting negative prohibitions aside, financial independence is to reach goals,
which are not given by others. It is to find meaning in one's life and to feel the
satisfaction from fulfilling one's desire to do so actively and responsibly. It is to
have enough money to provide enough options. Becoming a wealthy person is
not all that necessary to achieve wealth. It is not about acquiring wealth to try to
11. become rich because the more you have, the less freedom you will have. Your
wealth will surround you. Here is the right mindset to achieve financial
independence and earn passive income opportunities:
Lifestyle
Start by arranging your lifestyle in your relation. Think and visualize how much
money you need to reach your life goals. You must have your own necessities to
pursue them. For instance, if you pursue financial independence, you must have
enough money to pay for your bills. It doesn't mean you have to secure your
room, but you must have a room to sleep, and you must have a patient to take
care of your health. If you hold on to the money, then you have a big problem in
pursuing your goals.
Efficiency
You must have a good time while making money. Most of the time, you will
have to spend much of the day in front of yourself to earn your income. You will
need to earn money, but you must make it think you don't have it. When you
make it, you will tend to do it on your own. You will spend less time working
and more time doing things you love. Also, have the experience-using and
enjoying. You must spend the money while being wealthy.
Motivation
Financial independence will also bring a change in priorities. As your income
increases, you will have time to pursue your dreams daily. You will even have
more time to pursue your passion and emotional needs. It is a good time to go
after what you love. Try to do what you want to do. You will feel pleasure in
making your money while doing it. Having a good time and a good life is the
motivation to achieve financial independence.
Discipline
There is no shortcut to money. You will make it while the motivation is high and
you are persistent. In the long term, you will need to work hard and
continuously. It is not just about doing the right things but also about doing the
same things. You can only do what you are good at doing. You must be willing
to work and make that your regular schedule.
Identity
Financial independence will bring a change of identity. That may be good or
13. Chapter 2. Create a Blog
Cost: 3 Difficulty: 2 Risk: 2
Blogging is when one writes about regular events and situations on their online
platform to educate, inform or entertain the public. The online platform is known
as a blog. It resembles a website; however, the whole interface is dynamic and
designed for daily content updates. A person who blogs is referred to as a
blogger. Readers following a blog and its activities are referred to as traffic.
How Blogging Works
Depending on you, you may decide to publish posts on your blog every day or a
couple of times a week. It is always advisable to post at least once a day to keep
your readership on the upper side. Constant posting also helps in ranking the
blog on search engines. The most important thing you can do with your blog
provides quality and factual information to avoid misleading your readers.
Blogging entails writing content, recording audios, or taking videos and photos
that accompany that blog post and publishing on the website (blog). Just like the
written post, audios, videos and images must be of quality as well. Sometimes as
a blogger, you may choose to use stock images, infographics, and other varieties
of graphics to color their posts and make their message better understood.
15. What Makes Blogging a Lucrative Passive Income
Idea?
Blogging can be very lucrative, mostly if you settle on a niche. You will find
tons of opportunities to make money with your blog and yourself as a personal
brand. You can come up with products and services from that specific niche as
well that will bring you money. As a blogger, you’ll never run out of ways to
earn.
How Blogging Generates Money
There are various ways to make money with your blog. Take note that a blog and
its accessories (like social media) can make up to 3 figures in less than a year.
However, this will depend on how you present your brand to the world and how
you market yourself.
The first probable way of making money with a blog is through Google
AdSense. In a month after launching and posting severally, you can register for
Google AdSense. This is where Google places relevant advertisements on your
blog and pays you for every click on the ad (Pay per Click)
With a great blog and social media popularity, you’ll be able to land yourself
corporate gigs of product placement and ambassadorship. This is one of the
ways to make over $10,000 in just a month. However, you have to go the extra
mile and present yourself to high-paying brands.
If you have a YouTube channel, you’ll be able to make money through YouTube
advertisements. Companies can also approach you and sponsor your YouTube
videos for a product mention.
You can also come up with eBooks, training materials and start selling products
related to your niche. For example, if you blog about exercising for weight loss,
you can launch supplements that help in the weight loss process and sell them to
readers. If you run AdSense, do product placements, affiliate market, sell
products, become a brand ambassador, and all those activities, you may just be
able to earn three figures in a month.
A Blog’s Cost Structure
It all depends on all the activities you’re running using your blog. However, if
you’re only blogging with selling materials and whatnot, then your monthly
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16. costs would include:
Hosting renewal
Blog advertising (on Google and Social Media)
Content creation (if you travel and if you have a content team)
Photo editing software (if you use those that renew monthly)
Initial budget with one-off purchases would include things like buying the blog
theme, a camera for photography, a good phone for social media and taking
photos as well, and much more. All these will depend on your niche and what
the industry expects from you.
How to Market Your Blog
Not every blogger makes money with their blog. This is due to the lack of the
essential factor—traffic. To attract more readers and viewers to your blog, you
can do some marketing. The easiest type of marketing is content marketing,
which involves using content materials like graphics and text to create the
popularity of your work.
You can go for good old advertising and spend some money promoting your
blog using Google AdWords, social media promotion features, and more
avenues. You can also use social media to create popularity for your personal
brand, which in turn sends traffic to your blog.
Developing Your Blogging Team
A blog can be run solely by one party. However, as you grow and get busy with
promotions and the creation of products, materials, or services, you may need to
hire a team.
Content Editor
Photographer (who should also be a photo editor)
Videographer (if you feature videos; they should also know how to
edit)
Social Media Manager
Personal assistant (or a manager to get you promotions and organize
your activities)
18. Chapter 3. Online Courses
Cost: 3 Difficulty: 2 Risk: 3
People love educating themselves, and online courses are an incredible way to
do so. In the past five years, online courses have become more popular than ever
before because they are short, self-lead, and can support people in learning a
wealth of information about topics that actually interest them. Creating an online
course does take some time upfront, but once it is created, you can continue to
sell that course for a long time, making it a highly passive form of income.
Benefits of Hosting Online Courses
The benefits of hosting online courses that are self-lead, which are sometimes
called "evergreen courses," are broad. These courses are a great opportunity for
you to position yourself as an expert, offer an ongoing income without having to
put in any additional work, and cost almost nothing to make. Some people make
a massive passive income online by producing a new course every month or
every few months and posting it on a platform like Teachable or Udemy, and
they produce a high income through this. In some cases, people earn over
$100,000 a year just by creating and promoting their online courses.
19. If you wanted to, you could also host an online course that is done live—with
you instructing said course through a platform like Skype or Facebook Live. In
this particular circumstance, you could profit from the course's live filming by
having paid members joining in on the process. Since the course is being held
live, you can also charge more for tickets and earn a higher profit off of this first
step. You can then add the recordings to a course online and sell them to
everyone else for slightly less than your live students paid. This way, you earn
an even higher profit, and the entire process was profitable.
How to Earn Money with Online Courses
Earning money online through courses is essentially the same as selling products
online: every time someone purchases one of your courses, you profit from that
sale. You can easily continue selling as many digital downloads of your course
as you desire and continue earning a profit for a long time. You may need to
refresh your courses with some updated information or an updated look from
time to time—otherwise, you have a great course online that can be sold for
years to come.
Getting Started Making and Selling Online Courses
Creating and selling courses online is simple: you make your course, you post it
on a hosting platform, and you market it to your desired audience.
Choosing Your Course Subject
Choosing what you want to teach about will ultimately depend on what your
expertise is and what is marketable in the online space. A great way to get a
sense of what people are looking for in online courses is to go to a platform like
Udemy and browse their main pages. These pages will contain a significant
amount of information regarding what is popular at the moment and what you
will be most likely to earn a profit in. People are looking to online courses for
many different types of information these days, from learning about how to
design websites or develop video games to learn how to meditate or market their
business. You simply need to choose a subject to teach and design your course!
Creating Your Course
Most online courses feature various learning tools to help people learn about the
particular topic that is being taught on. Courses will regularly feature video
content, written content, quizzes, and "homework" or workbooks for people to
22. Chapter 4. Cryptocurrency
Cost: 4 Difficulty: 4 Risk: 4
The cryptocurrency market has been a massive growth in recent times. You’ve
probably heard bits and pieces about it around the news and maybe from some of
your friends.
One of the biggest names in cryptocurrency being Bitcoin. Had you invested
$100 in Bitcoin in 2011, that investment would have soared to over a million
dollars in 2019. In 2017 alone, Bitcoin saw an approximate increase of around
1500%, while another in Ethereum soared to over 10,000%. This just shows the
ludicrously dramatic increase that has surged around cryptocurrency. While
Bitcoin and a few others have undergone a bit of a rollercoaster ride in recent
times, there is no doubt that cryptocurrency is still a great solution to earning
additional income for yourself.
If you’re still scratching your head to understand what cryptocurrency is, let us
explain.
A cryptocurrency is a form of digital currency that conducts financial
transactions to make money. This is usually done using cryptography, which is
23. the science of hiding information. Cryptocurrency is entirely independent of
government or individual control, which is completely unlike the banks and the
money we use today.
Each cryptocurrency works through a ledger, a list of transactions that is shared
by everyone, usually in the form of a blockchain. Now, a blockchain is a method
of storing a list of entries, which cannot be changed easily once they have been
created. This ledger serves as a database of all public transactions. Since the first
inception, over 4000 cryptocurrencies have been created. Due to their
independence, cryptocurrencies generally have their own interest rates and are
not subject to the general rules of inflation or deflation (Blockgeeks, 2019).
Although there seem to be many complications around cryptocurrencies, we
hope we simplified it enough to give you an overview idea of what it is as a
market. In reality, it is just a selection of entries in a database that cannot be
changed without specific criteria being met. In itself, cryptocurrency has no
value.
With a logical mindset and the right amount of research, you can become a
legitimate success in the world of cryptocurrency.
Investing in Cryptocurrency
If you’ve chosen cryptocurrency to act as your passive income, then there will be
a steep learning curve you’re going to have to master before you start. Extensive
research into how the process works and what steps you need to take to develop
your income are of utmost importance. Going in a blind will could see you
losing all the value you have consistently, so we must minimize risks. Use
simulators that work on the real-time values to help you get ahead on the
learning curve.
The Necessary Tools
Next, you’re going to need to open up a few accounts, with the first being
Coinbase. Coinbase will allow you to exchange your cash into cryptocurrency
for you to invest with. You could consider using another exchange service;
however, we find it the most reliable and secure.
From there, you can set up a purchase for whatever cryptocurrencies you would
like to purchase at the amount you want to invest. Avoid the smaller
cryptocurrency companies, as you will be more likely to fall victim to scams on
any one of those. Here, it is best to stick with the top providers in the market.
24. While deciding how much you would like to invest, we would suggest that your
initial investment be around 30% of your total investment value. That means you
should only invest a small portion of the total amount you have with which to
invest, just to get you started and to ensure you don’t have a big loss. The
amount of your initial investment must be an amount that you are comfortable
with making a loss on, should that occur.
Once you have purchased your chosen currencies, you will need a place to keep
them safe. This is called a wallet. You can choose to either have a software
wallet or a hardware wallet. Hardware wallets are used similarly to external hard
drives. These can be used when you don’t plan on accessing currencies anytime
soon. On the other hand, software wallets are used when you want to be active in
your trading.
Be sure to diversify your portfolio. As you would with regular investments,
don’t throw all your eggs in one basket. Diversifying your portfolio will help to
shield you when currencies become extremely volatile and help to protect you
from overall losses.
Stay clear of mobile wallets, as these tend to be a bit on the suspicious side and
are not as secure as software or hardware wallets.
From there, you’re ready to trade. How you choose to trade is purely up to you
and your strategy. You could choose to be really aggressive, go for short-term
gains, or play the long-term game with your investment. The choice is yours.
A Bit of a Heads Up
Prepare yourself for this type of market, should you choose to invest in it.
Cryptos are excessively volatile. A gain five minutes ago could turn into severe
losses an hour later. You need to steel yourself to these occurrences and ensure
that you don’t act out rash decision-making and emotions. This is why it is so
essential only to invest as much as you can afford to lose.
As we’ve already mentioned but will mention again, stick with the more reliable
cryptocurrency providers. Due to the independent and challenging nature of
cryptocurrencies, it can be very easy to get caught up in a scam. You need to be
aware what the signs that something isn’t right are and when to move away.
Make sure that you have a reason to enter each trade. Trading impulsively could
see you losing at a constant rate. Did you see a pattern? Something that made
you consider buying in? Make sure that every investment has a reason behind it.
25. With that being said, avoid buying simply because the price is low. This is a
mistake several newbies make. If they see a price drop, they will buy-in,
assuming it’s cheaper and will rise in value at some point.
Finally, set goals for yourself. It may sound a bit strange when dealing with such
a volatile market, however setting goals will help you establish a medium of
what you aim to achieve. Given we’re looking at passive income, this could be a
target for you to reach each month. However, you will need to be flexible in
your goals to accommodate the volatility in this case.
While you may balk at the amount of risk involved in cryptocurrency, the time
has proven that there are many ways to minimize that risk and, in turn, collect
huge rewards. In fact, we would say that cryptocurrency has the potential to deal
out the largest profits. However, as with all investments, big rewards require big
risks. That doesn’t mean you can’t play it safe. Evaluate what type of trader you
want to be and what are the best platforms for you to exercise your strategy and
achieve your goals. Remember, the most successful investors will always remain
calm in the face of adversity, as they know that another opportunity will always
present itself. Emotional traders will always be losing trades, so learn to trade
objectively instead, and in time you will reap the benefits of your consistency.
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27. interests or gamification of activities.
Making your app around your hobby gives you better chances since you are
bound to persevere and keep going when it will inevitably be hard. In the worst-
case scenario, you will have some fun. Persistence is necessary because there are
numerous things to learn before you will see your application selling at all.
To start with, you need to do your research and be aware of the other apps. The
best applications have most likely accomplished something right. Focus on
researching those and figure out the reason for their success. Think about how
you can integrate a portion of their functionalities into your application without
violating some kind of copyright. Research applications in your niche and see if
an opportunity exists. Is there something missing? Are the customers completely
happy? Is there something you can do better and provide value that way?
You should begin off with a straightforward idea. The more mind-boggling an
application is, the more troublesome it is to configure and actually create and
test. Your first application ought to be basic, and it should serve mostly as a
learning experience.
Examples of basic apps are the ones that organize information such as events or
images or the ones that show how some activity is accomplished step by step.
First of all, the main thought is picking a relatively simple concept to turn into
something that can generate a passive income for you. You should also design an
app in a way that doesn't require a lot of maintenance. You should stick with
apps that don't require much more than simple updates here and there instead of
something that has a lot of moving parts that all work together. You should be
aware of how frequently the updates should be done, how much testing will be
required, how you will actually be paid, how feedback will be received and
transmitted, and generally, how much involvement after the launch of an app is
required.
Ability to monetize apps is an ability to earn money from attention. Remember
that the singular passive income stream is not the end of it. Multiple passive
income streams can be created from a single app, and you should design the app
with this in mind since redesigning it later might increase the possibility of
errors, which would be costly. There are many ways to accomplish the described
monetization, and some of them are In-App purchases, membership models,
Gifts via platforms such as Patreon, advertising your other products on the
backend, or the products of someone else and therefore acting as an affiliate
28. marketer.
Laws and directions such as trademark protection or GDPR are an imperative
piece of your app creation procedure. Putting resources into a legal advisor can
spare a great deal of cash and inconvenience down the line, and it is necessary to
be prepared for this since, by yourself, it may seem that legal people speak
another language entirely.
All your design and concept ideas you should first put on paper before you take
any action. Do some brainstorming. It won't be perfect at first, so be prepared to
redo it over and over. You ought to incorporate features and buttons that the
clients will see and interface with.
Applications should promote interaction. The application should have a sense of
good flow if you want to generate passive income from it successfully. Be aware
of how clients can interact with an app and design those with passive income in
mind.
Before starting with development, it is a neat idea to make client stories. These
would be walkthroughs of the client's activities in the application, and it is
shown how and why an app is used.
Your product ought to incorporate a motivation behind why your application
will be picked. There are several possible USPs (Unique Selling Propositions),
and some of them could be user-friendly design, being bug-free, privacy, and
having battery efficiency.
You need a game plan in order to build an application successfully. This plan
should take the resources and materials you will need into consideration,
activities that have to be accomplished, and involved people.
Having skills in programming is definitely valuable, and having an application
idea is a good enough reason to figure out how to code yourself, which is a
valuable skill that can be useful in many ways. In any case and situation,
figuring out how to be a programmer is not a simple undertaking, but if you
think that you can manage it, then go for it and learn how to be a programmer.
Personally programming an app provides you with a bigger number of
alternatives and options flexibility that isn't necessarily provided by an app
builder software.
Alternatively, rather than building an app utilizing code, you could utilize an
application builder. This is less demanding in light of the fact that it is less
29. specialized, and overall there is less complexity and learning potential. You
won't even have to write a single line of code if you decide to use an app builder
and go that route. This could be a decent or good choice for the prototype of
your app.
Contracting a developer can be costly, and it is hard to pinpoint the final cost
since modifications will be introduced in route, which will all affect the final
cost. You're still best off by charging a fixed flat rate for this.
You should try out your application yourself. This is a pivotal piece of the whole
procedure since, in the absence of adequate testing, you can't really claim that
you have an asset. Test yourself, but you can also involve friends and family to
get a better perspective. You can also hire an expert in order to get an objective
assessment.
Testing will reveal the potential bugs. At the point when the bugs are taken care
of, the user experience of an app can be tested. Testers are bound to have their
recommendations, and they can give valuable insight relating to UX (User
Experience). Finally, you want to figure out how you can get some passive
income out of all of this.
Marketing is a necessity. Without promoting, nobody will ever know about your
great app. Advertising essentially boils down to educating your objective market
about how you have an answer to their concerns and issues. There are a couple
of steps to advertising an application.
Make it simple for your clients to share the application with their companions.
Give them and their companions a motivating reason to do as such. Having a
great design that is easy to look at and an educational description are the ways to
go. Explanations of why an app exists should be clear and catchy. General
Marketing strategies would be promoting the application on sites, online
journals, Google, and social media.
Good passive income can be created from selling mobile applications. A
combination of good design and low maintenance requirement is a key to
creating passive income that is sustainable in the long run. It might require and
need a bit of experimentation and a couple of attempts to figure out the winning
strategy, but you will be rewarded handsomely on the off chance that you do
manage to persevere and endure.
"How I Run 9 Different Profitable YouTube Channels and Make 6 Figures From Them"
32. This is any market that transacts with a monetary instrument's present value.
Like the Chicago Trade Board, Futures markets give commodity bonds that have
a shipping date that extends for several months into the future.
Foreign exchange spot transaction settlement generally takes place within two
company days. Forex also has futures and forwards, but a large number of
traders are using the spot market. We are discussing possibilities on the
International Monetary Market to trade Forex futures.
Frequently Traded Currencies
The bigger brokers can trade any currency supported by a current country. The
trading quantity (along with their signs) of the main currencies is provided in
descending order: the U.S. Dollar (USD), Euro Dollar (EUR), Japanese Yen
(JPY), British Pound Sterling (GBP), Canadian Dollar (CAD), Swiss Franc
(CHF), and Australian Dollar (AUD). Every other currency is referred to as a
minor and exotic from lesser nations.
Forex currency symbols are always three digits, with the first two digits
identifying the country's name and the fifth letter identifying the currency's
name. (The Swiss Franc abbreviation "C.H." refers to Confederation Helvetica.)
There is always a Forex exchange amid any two currencies. This often brings
about some level of confusion among new traders who are inexperienced in
trading in multi-currency markets (those who are primarily used to trading in
either stock or futures markets where the dollar dominates every trade). A pair's
cost is the ratio of their particular values.
Forex Traders
Trading currencies are categorized into two major groups. A smaller fraction of
the daily foreign currency volume comes from businesses and governments that
import or export commodities and consequently have to transform these earnings
into their own national currency from the foreign currency earned during the
business. Most now are stakeholders transacting for gain or speculation.
Speculators vary from big companies trading a million or more currency units
and maybe 1,000 or fewer units trading by the home-based provider. Retail
Forex, just as it has grown over the past decade, still is a very small
representation of the total volume traded on a daily basis, but it is growing
rapidly in numbers and significance.
Today, importers and exporters, worldwide portfolio managers, multinationals,
33. high-frequency traders, speculators, day traders, long-term owners, and hedge
funds all use the Forex sector to pay for products and facilities, to trade in
financial assets, or to lower the risk of currency movements by hedging their
existence in other sectors.
British Pound (GBP) is an intrinsically lengthy British widget maker. If they
enter into a long-term selling contract with a U.S. company, they may want to
buy some U.S. dollar quantity and sell the same volume of the Great Britain
Pound to hedge their earnings from a GBP fall.
By purchasing one currency while selling different or other currency
simultaneously, the speculator trades to generate a profit. The hedger trades on a
worldwide exchange to protect its margin (for example) against adverse currency
modifications.
Determining Currency Price
The determination of a currency price is dependent on a huge matrix of factors
and conditions that are constantly changing, including political and economic
stability. Other factors include interest rates, world trade, inflation, and deflation
rates. In some instances, governments truly take part in the foreign currency
exchange industry and usually affect their currency's value.
Governments do this by mixing their national currency with the economy in an
attempt to cut costs or, similarly, purchase to boost costs. The central bank
considers this technique to be interference. Any of these factors can lead to
elevated currency volatility, as well as large-scale company orders. The
occurrence of abrupt changes in factors like the rate of employment can push a
currency's price considerably higher or decrease over a brief span of a moment.
Technical factors can also influence currency prices for brief sentences, such as
a well-known graph model.
However, it is hard for any organization to monitor the industry during a
significant time because of the size and amount of the Forex market. The
equation of the cost of a currency compared to another product is also shown by
mob psychology and expectations. These variables have many correlations and
are almost certainly not linear in nature. That implies that sometimes in an
unpredictable manner, they constantly change and rearrange themselves. You
don't see it now. The others can alter unnoticed if you concentrate on one or
some of them. The concept of quantity recalls.
34. Forex Trading Costs
For as little as $1 can be initiated an online trading account for currency (a micro
account). Getting a mini account costs anything from around $400. Don't laugh
because these accounts are a wonderful way to get wet without soaking your
feet. Unlike futures, you pick in Forex how much of any currency you want to
purchase or sell, where the transfers set the volume of an agreement.
Consequently, a grubstake of $4,000 is not appropriate as quickly as the trader
takes part in incorrectly priced trades. Furthermore, Forex mini-accounts do not
resist the non-liquid nature of many futures mini-contracts, as most of them buy
from the same interbank monetary "pool." By demonstrating the allocation of the
bid-ask, market makers carry their expenses and profit. ECN brokers charge a set
lot price for the trade.
Advantages of Forex Trading
No Commissions Charged
When trading with a market maker, certain fees such as clearing fees, exchange
fees, public fees, brokerage fees are not incurred.
No Brokers or Middlemen
Spot currency trading eliminates intermediaries and gives clients a chance to
interact with market makers who are accountable for deciding on a particular
currency pair when trading with an Electronic Communications Network (ECN)
instantly.
Flexible Lot Size
The operations in the futures markets determine lots of contract sizes. A standard
lot size arrangement for silver futures is 5,000 ounces. Even a silver "mini-
contract" worth approximately $17,000, 1,000 ounces. In position FOREX, you
have the chance to decide for yourself the optimal lot size for you. This makes it
possible for traders to engage with accounts well below $1,000 efficiently. It
also provides a significant cash management tool for astute traders.
Minimum Transactional Expenses
Transaction costs (the bid/ask spread) are usually below 0.1 percent in normal
business conditions. The allocation at bigger distributors can go to as low as 0.07
percent. Currency prices are cited in pips.
36. Interbank Market
FOREX has a network of global distributors at its heart. They are primarily large
companies that interact and trade via electronic networks and telephone with
each other and their customers. No organized exchanges can act as the main
location to create serving equity markets simpler on the New York Stock
Exchange. The FOREX market works in a way comparable to the US NASDAQ
industry and is also known as the OTC industry. All aspects of currency trading
are affected by the absence of a centralized exchange.
The Market Can't Be Cornered
The FOREX market is so vast and has so many people who cannot be regulated
for an extended duration by any single organization and not even a central bank.
Even powerful central bank actions are progressively failing and becoming
short-lived. As a result, central banks are becoming less and less susceptible to
market price manipulation. (There is no reason to note that efforts have been
made at the end of the 1970s in order to decrease the silver exchange industry.
Such a disruptive excess is unlikely to happen during Forex exchange activities.)
Fraud opportunities are considerably less than in any other funding tool, at least
against the scheme itself as a whole.
Regulation Is Limited
Regulation limits the legislative impact on Forex transactions, mainly because
no centralized location or exchange exists. However, most nations have a say in
the law, and other things are going on. However, fraud is always fraud in any
country and is punished by criminal penalties. There are now certain restricted
Forex retail supervisory units such as the Commodity Futures Trading
Commission (CFTC) and the NFA.
Trading Is Done Online
The ability to trade over the internet has been an incentive for FOREX retail.
You can pick from over 100 online broker-dealers for FOREX today. The trader
has a wide variety of alternatives at his disposal, given the fact that none is ideal.
37. Chapter 7. Affiliate Marketing
Cost: 3 Difficulty: 3 Risk: 2
Affiliate marketing is among the best method or ways to generate income on the
internet. There are various affiliate programs available, offering a variety of
products. Now you will need to determine how you market those products to
your site's audience. Below are a few tips to assist in improving your affiliate
marketing skills.
You should only promote affiliate products that add value to your site visitors'
lives. Promoting poor products just to make instant money is one of the quickest
ways to reduce trust with your readers. Once that trust is damaged, it is
impossible to regain. However, suppose you concentrate on providing value in
the products you recommend. In that case, your visitors should come to trust
your suggestions and will continue steadily to buy from you over and over.
Likewise, as collecting commissions from the salesperson's perspective, the
more you sell (as the affiliate), the greater you receive a commission. The
process surrounds this technique. Different programs might have different
payment calculations, but the majorities are depending on the following,
How to Leave & Quit Your 9-5 Job & Achieve Financial Freedom Even If You Have ZERO Experience !
38. PPC Or Pay Per Click – Every visitor that an affiliate marketer can send is the
same as a specific amount.
PPL or Pay Per Business Lead – The affiliate marketer is paid with each sign-
up made through his/her efforts.
PPS Or Pay Per Sale – The affiliate marketer can get a commission rate from a
certain percentage of each sale she or he makes.
If you're planning to generate income online, you can start generating traffic
from the subscriber list you have previously designed to your affiliate links. The
total amount that an affiliate can get from affiliate marketing depends on the
product or service that you will be selling. Some who could choose a great
product can generate profits from sales they make and get their talk about around
50 to 75%. Other people who can't find a great affiliate marketer program finish
up earning a reasonably small amount because of the low percentage they can
get from the commission rate.
Generally, the response to what is affiliate marketing is about promoting
products as well as services online mainly. The way the process works focus on
just how many people you can attract to go to a product's website or generate
sales. If you are equipped with constant subscriber lists and also have impressive
selling skills, you'll be able to turn internet affiliate marketing into your basic
income source online.
The Affiliate Marketing Business Model
If you're searching for a basic, proven business design for changing over from
worker to business owner, consider affiliate marketing. We believe in affiliate
marketing as an act of writing one's own salary. However, the industry-standard
description is the procedure for getting a commission rate by promoting others'
(or company's) products. All you need or are required to do is find something
you prefer, promote it to others, and then earn a bit of the profit for every sale
you make.
Five Steps on How to Start Affiliate Marketing for
Beginners
Quality Is Key
Focus on settling for great quality products/services only. It's likely that whether
its quality, the entire supply string process of the business, and customer care are
39. of high quality too. It's also a good sign the company is founded on high
integrity, has quality people as employees, and is really out there trying to offer
the best value in the niche market these are in.
A Big Solution for a Huge Problem
Look for niche marketplaces where there are big problems to be solved.
Afterward, you follow that up with research for a quality solution.
Look for Overwhelming Value
We live in a society where we are extremely informed and enlightened. Online
responses and reviews can make or overnight break your website. Find a planned
program that offers valuable freebies. The only reviews from your visitors, after
they receive their free present, should be wow.
Integrated Suite of Products
Accept programs that have a variety of other quality products that customers
would want to keep returning for. Variety is good, and it can help create a solid
fan base, which is wonderful for business growth.
It's All About You
Choose programs offering products that are an extension of you. See yourself
using what you are providing, see yourself getting frustrating value from using
that product, see yourself pain-free from the effects of the product.
Money Matters
Understand how you'll get paid. Read and understand the program's
compensation plan. In the end, if you will work hard, re-skill, and spend money
and time on marketing, you should know the way the money flows back in
return.
Research
As with any continuing business, do your own researches; it’s your business, and
nobody will brain your business much better than you. Think like a business
owner and seek assistance from someone who's doing it. They could become
your coach. Success leaves signs, and walking in the shadows of anyone who
has achieved the results you seek as an online marketer should be significantly
considered. Getting started online is no instant success. There's work included.
42. Rental Properties as a Form of Passive Income
According to the website Mashvisor, some reasons make rental properties
among the best passive income investments today. Here are some for you to
know:
Reason #1: You’ll Get Rental Income
The highlight of rental properties is that they really can give you a stable
income. Just imagine you’ll receive a monthly check as payment for the rent!
Just like any product, if you would like to make money from them, you really
need to consider quality. In acquiring a rental property, make sure that you will
invest in a profitable one.
There are two kinds of real estate properties available in the market. The first
one is the positively geared properties, and the second one is the negatively
geared properties. How does each one differ from the other? Positively geared
properties are the type of real estate properties that generate cash flow, while
negatively geared properties are the ones that do not. That’s why if you’re a
beginner in the field of real estate investing, you should prefer the first one.
For you to ensure that you choose the best properties for your money, you can
try using the rental property calculator. It’s a real estate analytics tool that can
help a lot when dealing with property choice. You can also conduct a rental
property market analysis and understand real estate properties. The analysis
includes the calculation of cash on cash return cap rate and rental revenue. In
this way, you can analyze if a property is worth taking the risk. You can also
utilize this tool to compute the losses or profits of a chosen rental property.
Reason #2: You Do Not Get Totally Involved
Wow! This is what generating passive income is all about. You’re earning
money while doing less or while you can still focus on other undertakings. You
can even work on a full-time job and still manage to generate income from your
rental property.
Property management can help you with smart investments in this field. A
company dealing with professional property management is going to handle your
properties’ daily tasks. Those may include assignments such as dealing with
your tenant, collecting rent on time, keeping records, and others. In case there
43. may be some issues, they can also take care of the legal matters for your rental
properties.
While you’re getting more interested in real estate investing, it’s also crucial to
remember that getting a service from property management requires fees, so be
ready for things like that. Include these charges to the property expenses and
your budget.
Reason #3: You Can Invest Part-Time
By investing part-time, you can make income through investments from rental
properties. This means that you can still focus on your eight-to-five full-time job
while investing in your property. It’s very advantageous because this is a
convenient way of earning passive income.
Rental properties have already made improvements to the lives of many. Once
you’ve found the best property to own and put your investment on it, you will be
thankful for how much you can get after.
Reason #4: Investing Out of State
There’s another way of investing that is getting more popular these days. It’s
out-of-state investing. Search for the best location in your state and purchase it
once you’re sure that it’s a good one. You can also decide to go with short-term
rentals, such as Airbnb rentals. This is actually one of the most lucrative
investment strategies today. All you need to do is find the top Airbnb locations,
check them, and get rental fees from them.
Effective Ways to Generate Passive Income Through
Rental Properties
Generating passive income from real estate is possible through various
techniques. A rental property is an effective investment strategy that increases its
profitability over time.
Start a rental property in your neighborhood.
Take advantage of investing out of your area.
Get rid of money pits, such as tempting yourself into bargains.
Pay a bigger down payment, so you’ll pay a lesser investment.
Set up your rental property near schools with a high demand for
44. places to live for students.
Rent out rooms to maximize profits instead of getting tenants who
would like to occupy the whole house.
Decide on the location based on the property listings.
Advertising Your Rental Property: The Best
Platforms You Can Use
Once you acquired rental property, you can still leverage how this can be
promoted. Below are 25 places where you can list or promote your rental
property, according to the PropertyWare site.
Your Website with Some SEO Stuff
If you already have your own website, you can promote your rental property
either via blog post or a specific landing page. Make sure to infuse some SEO
strategies to increase its social media presence.
Craigslist
Craigslist is the top platform where people go and find what they are looking for
when it comes to looking at property listings. Posting here is not expensive, and
it lets you create your own post caption with photos of the property.
Oodle
Oodle is another classified listing platform for rental housing. This site does not
only offer property-focused lists but also helps renters to find the property they
are looking for.
Zillow
Zillow is a well-known rental property listing site that allows you to add an
interactive map, photo listings, and the ability to conveniently sort by features
such as bathrooms, bedrooms, or by the rental price.
Hotpads
This website allows you to list your unit or family building. It also caters to pet
owners as long as it has pet information upfront.
RentalHouses
45. This platform allows property owners and managers to post their rentals to
access its database in just a few clicks.
Realtor
This website manages real estate and rental sales. It allows property managers
and owners to list their properties. In addition, it offers a simple search
capability for price and location.
Padmapper
This is an interactive and fun platform that provides renters to set a number of
bedrooms, price ranges, and more.
Trulia
Here’s an attractive and simple property listing platform that lets renters set
parameters to be able to see a group of photo listings and other data about a
property.
Lovely
It has a simple-to-use graphic format with an interactive map. The most recent
listings appear in red on the map so that renters can monitor what’s new on the
market. It’s also convenient for tenants to check whether a property is pet-
friendly and to find out if there are still amenities that you would like to have.
Rentals.com
Rentals.com makes it easier for tenants to search exactly the type of home they
prefer, such as lofts, duplexes, condos, and others.
Rentdigs
This platform provides free photo listings. It also features prospective tenants
how they can find rentals and rent-to-own homes. Rentdigs features only one
photo and a simple description for the listing, so be certain to use a good photo.
Rent.com
This website is intended to promote a significant number of rental houses. You’ll
definitely love this site since it has a high volume of traffic, proving this is one
great platform to promote your rental property.
Zumper
46. Zumper is a value-added site that provides city guides and neighborhood
information for your tenants. Its listings feature minimal information and one
photo, but its comprehensive listings allow you to include an engaging
description of your property.
Social Media Platforms
Never underestimate the power of non-housing sites to promote your rental
property listings. Especially if you already have a listing on your website, why
not share it via social media? There will always be a community where you can
share it. All you have to do is give the best description and optimization for the
property. Social media platforms you can promote include Facebook, Twitter,
YouTube, Pinterest, Instagram, and others.
Airbnb
Nowadays, Airbnb is making a big name in the rental property industry. It is
actually a home rental site that integrates a community of homeowners to
customers looking for short-term rentals. Airbnb is well-known for its feature of
providing or sharing access to goods and services.
Apartments.com
Apartments.com provides a free well-known tool for long-term rentals of
apartments and condos. It also offers awesome deals and provides upfront
savings for users if they decided to rent through the site.
VRBO
VRBO stands for Vacation Rentals by Owners. This platform is well known for
specializing in apartments, condos, vacation rental homes, B&B cabins, beach
houses, villas, and more.
Nextdoor
This site is an online space for local neighborhoods based on its members' data
and information. It’s a helpful site for realtors to promote their services and for
property owners to list rentals to the wider community.
Facebook Groups
Do not take Facebook groups for granted. With more than 500 million Facebook
users, Facebook groups can give you insights and promote your properties.
Facebook groups also have highly customizable location search features.
48. Chapter 9. Podcast
Cost : 3 Difficulty : 2 Risk: 2
The podcast is usually an episodic series containing audio and video files. The
user on the podcast platforms has to download these files to listen and view
them. It follows the subscription model in which the new files added to the series
are downloaded to the user's device automatically by the system. The name
Podcast was suggested by Ben Hammersley, a British technologist and
journalist, by blending the words iPod and Broadcast. Audio and video files are
mostly found on the podcast platform, but few series also contain files in PDF
and EPUB format.
Every person who generates a podcast uploads and maintains a list of files on the
server, which the user accesses only through the internet. The user utilizes the
podcatcher software on its device to get updates related to the new files on the
server. Usually, the content on the podcast is high in volume. This is why
experts rank it higher than the normal broadcasting channels in terms of
delivering the content to the targeted audience. Although broadcasting has more
49. audience in terms of numbers, the podcast has an audience that is particularly
interested in the content it offers. Moreover, podcasts can be listened to on-
demand and at the customer's will or user, not like broadcasting, which has a
fixed schedule set by the operators.
Podcast, a Passive Income Source?
The answer to the question, "Is Podcast a source of passive income?" is, without
a doubt, yes at any time. You just have to attain the right skills to create a
podcast on a topic such as "How to improve yourself in music direction?" The
skills and expertise are most important in creating an informative podcast that
gets popular among the audience. Subsequently, it will become unchallenging
for you to utilize it to earn passive income regularly from it. Obviously, as a
newbie, you have no idea how to use a Podcast for this purpose. But do not
worry about this as we will guide you in this section to make it happen for you.
Podcast Sponsorships
You might not believe it, but some of the famous podcasts such as "The Art of
Charm" earn billions of dollars through sponsorships on their content. The
problem for many podcasters is to find a suitable sponsor. It can be done in three
ways.
Searching the advertisers by making use of your podcast.
You start selling ad spots by your podcast.
Just relax and produce quality content to attract advertisers to come to
yourself.
The podcast sponsorship business idea follows the cost per impression model in
which you will get:
$18 if you manage to get 15000 downloads for 15-second payroll.
$25, in case your podcast has 1000 downloads for a 60-sec midroll.
Paid Books and Audiobooks
Normally, when you create a podcast, users get it free from the podcatcher
software on their device. People make use of your advice in their specific fields
without even paying a single penny. Nonetheless, this situation can be changed if
you manage to utilize content marketing in a smart way. When you create a
50. guide in the form of books and audiobooks, make them very helpful for the users
that they become ready to pay you for reading and listening to them.
Selling Branded Merchandise
In recent times, there are many examples found in the podcasting industry where
fans support the podcaster by purchasing merchandise offered by it. The podcast
can promote the brands and their products in order to generate revenue from
their owners as well as through selling them. Moreover, Youtube also offers
podcasters to place their content on its platform, along with the option of selling
merchandise below the video. This enables the podcasters to place a link to the
website or Shopify link of the product.
Advertising
The advertising revenue model can be utilized in the podcast platform, just like
every other business. You can get passive income by placing ads of other
companies and their products on your series of audio and video podcasts. In this
way, your advertisers will pay you for a long time to promote their name. This
means that it will result in an ideal passive income source if you manage to get
sales in large numbers and attract large companies looking to promote their
product online.
Virtual Summits
The combination of podcasts and relationships can bring in high passive income
for you. The only requirement is to make connections and relationships with the
top experts who are also in the podcasting field. For organizing a virtual summit,
you just have to combine interviews of these experts on different topics. The
audience is generally eager to listen to these virtual summits on their topic of
interest. After conducting the virtual summit, just put it on the digital platform
and earn passive income through advertisement, paid charges, and sponsorships
on your summit podcast.
Besides these options, you also have some other great tricks to generate profits
from your well-created podcasts. The key is to build a podcast that attracts a
larger audience, and quality-wise it is good enough that they become ready to
pay for purchasing it.
How to Create a Quality Podcast?
52. Chapter 10. Writing & Publishing an eBook
Cost: 3 Difficulty: 4 Risk: 3
This is one of the tried and true methods of passive income. There are many
successfully self-published books out there that are rolling in the cash, and there
are even courses to help you learn everything you need to know. This chapter
will get you started in the right direction. In this chapter, we’re mainly going to
focus on you writing your own eBook, but you can hire out.
Step 1: Start Brainstorming
The first thing you’ll need to do is to start brainstorming on what you want your
book to be about. Many people will choose something they’re passionate about
so that they can write on it. After all, if you write your own eBook, you save
money, which means that this passive income stream will have a smaller startup
cost. Think about what you like to do, and then come up with a list of ideas on
what you can write about. Are you passionate about fitness? Do you love to
cook? Do you enjoy dancing? Do you have a hobby that you’re knowledgeable
about, such as hunting or fishing? These are all viable options to write on. Let’s
take gardening, for example.
53. Step 2: Check the Market
You need to check the market to see if you’ll be able to sell the book you want to
write on. Sticking to gardening as an example, are their gardening books in the
top 100 downloaded books from popular platforms such as Kindle? Are they
paid for or free books that are in a program like Kindle Unlimited? If yes, then
you can continue with a gardening book.
However, what types of gardening books are popular right now? Is it a
beginner’s gardening book, or is it on something specific such as sustainable
gardening? Gardening will be a niche, and then you’ll just need to choose a sub-
niche. To pick a second category, which is your sub-niche, you need to
recognize that you’re looking at keywords. Sustainable gardening would be a
keyword. Here is a list of other possible keywords you might see:
Homesteading Garden
Gardening for Beginner’s
Gardening for the Busy Mom
Container Gardening
Hydroponics Gardening
You may not know about most of these but pick the one you do feel you know
enough about. Do you grow most of your plants in pots instead of the ground?
Then try writing on container gardening or sustainable gardening if you have
rows of vegetables and fruits that grow back every year. Now that you’ve
selected another category, you can move on to step three.
Step 3: Start Outlining
Now that you know what you want to write about, which for this example is
container gardening, you need to start outlining your book. Here’s an example of
what your outline could look like.
Introduction: You’ll need to introduce your book and why you’re writing it.
Why Container Gardening: Explain why people should use containers and
who it benefits.
Best Containers to Use: Start getting down to the meat of the topic. Not every
54. container is created equal, after all. Tell them why you use what you do or don’t
use.
Best Plants to Grow: There are some plants that grow well in confined spaces
and some that grow poorly, so make sure you give your readers the best chance
at success.
Some FAQ: This will help you to answer the remaining questions that they
might have.
Best Soil & Fertilizer: This will help to explain how to get your plants to
prosper.
Some Extra Tips: Do you have anything else to add to the topic? This would be
an excellent method to add it and give your readers a little more information!
Conclusion: Reiterate your points and thank them for buying your book.
With the outline above, you’ve given them a way to get hooked on your book,
which is your introduction, you’ve taken them through common questions, and
you’ve gone over the steps it takes to build a container garden. After that, you
gave a few more helpful tips to help them be successful, which their success will
equal better reviews for you, and you’ve wrapped the book up in conclusion.
You can do this with any topic! Remember that it’s okay to do a little research to
fill in any gaps you may have about the topic. If your research is thorough, you
don’t always have to talk from firsthand experience. It’s just easier to write your
first book about something you know a lot about.
Step 4: Start Writing
This part may be self-explanatory, but some tips will make the process easier.
First off, you should be aware of your word count even if you’re writing
yourself. Try to figure out what books sell best. If you’re just testing the waters,
books from 6,000 to 10,000 words are a great way to go. However, if you want
more long-term results, then longer books tend to sell better. Try to write a book
that’s 15,000 to 25,000 words long. Your words directly relate to your page
count, and people want to feel like they’re getting their money’s worth.
If you’re selling a book for $5 for an eBook copy, then you’re going to need to
have the pages to back it up. If it’s under twenty-five pages, you’re going to
want to sell it for a lot less. Now that you’ve figured out the word count that you
want, then assign a word count to each chapter so that you don’t end up
60. eventually decide to start flipping websites. You will learn where you can buy
and sell websites because of experience and know-how.
What Makes a Domain Name Lucrative?
For a beginner, the main question will be, "how can I tell if a domain name is
profitable or not?" There are specific elements that you need to look at when
selecting lucrative domain names:
How long is the domain name? As we said before, the internet has
many websites, and most of the short domain names are taken
already. Therefore, if you get a domain name with 3-4 letters, it is
valuable because it's unlikely you will find one that isn't already
taken. These domain names are valuable because they can match the
name of a brand or a company.
How old is it? The older the domain name (one registered over ten
years ago), the more likely it is to have many backlinks. Backlinks are
a sign a website has authority. Therefore, both age and authority can
determine the price of a domain name.
Can it make a brand? When looking at a short domain name with
random letter combinations, look at it critically to see if it can be used
in branding. Some are more straightforward than others.
Is the domain extension on the domain name valuable? The domain
name can have 3-4 letters and may seem perfect but look at its
extension. Look for domains with popular extensions such as .com,
.gov, .edu, .net, .org etc. There are uncommon extensions that can still
work, so don't rule anything out.
Are the words in the domain name searched on search engines? You
should consider taking domains that have a high search volume on
popular search engines such as google.com. That means that the
domain will be on-demand.
Does the domain name contain a popular term? Many businesses and
brands are coming up every day, so you should choose a name that
could be of interest. You need to discern because a business may not
exist now, but the domain name could still be valuable. Even if the
domain name is highly searched, it should also have low competition
among the searches to ensure uniqueness. Look at all these aspects on
61. a keyword planner to make the right choice.
Is the domain name the name of a person? You never know if a
person may be interested in a domain name of their name to create a
personal brand.
There are two ways to determine if a domain name is valuable enough to buy:
Buying domains based on popular topics or based on how exclusive they are.
Topic-based domains are lucrative because they can contain the name of a
popular niche, business, or brand that would be easy to flip. Exclusive domain
names are lucrative because they are one of a kind and can never be registered
again. Common words and 3-4 letter combos are exclusive as they were
registered at the inception of the internet.
How to Start Domain Flipping
1. Find Expired Domain Names
The internet has many domain name marketplaces where one can search and buy
expired domain names. Domain names expire when their owner forgets to renew
them with the domain registrar. The domain registrar is the service provider that
registered the domain name in the first place. When the domain name is not
registered, the domain registrar offers a grace period, usually 30 days, when the
owner can still pay and retain their domain. If no payment is made in the time
stipulated, the domain registrar lists the domain in a public auction. The buyer
has to check for the following before buying the expired domain:
Domain Authority (DA)
This SEO metric assigns a value between 1-100 that shows how high on a search
engine the website would rank. Number 1 is the highest score, while 100 is the
lowest. Moz.com came up with this metric system by looking at the count of
backlinks to the site, its social signal, the quality of the content in the website,
the Moz Rank and Trust, and how easily the search engine crawler can maneuver
in the website. DA looks at the whole website.
Page Authority (PA)
Here, the page is the focus of the evaluation.
The Quality and Count of Backlinks/SEO Profile
The older a domain, the more backlinks it will have. Even if it has many
