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Thursday, June 7, 2012

Working smarter not harder

Recently a good friend of mines updated her Facebook status to inform her friends that she will be working two jobs.  As an advocate of multiple income streams, I am cheering her on.  Heck, I am currently writing a helpful, informative e-book that advocates why people (you) should work multiple jobs instead of one single position to mitigate your vulnerability and dependency on one source of income.  But, the reason I advocate working more than one job is not to work more than one job for wages but to generate additional residual paths of income.  

When you as an employee work a single full-time job, you are making yourself vulnerable to the will of the company.  And as every company is operating in an at-will state in the United States, you and your lively hood are at extreme risk of being ended at any time based on the decision of one entity.  Rather than allow yourself to be at that great risk, I advocate people (you) having more than one job (part-time) along with self-employment and slowly growing part-time businesses.  

Since I am open, honest, and transparent as a creative income expert, I admit I am still learning and developing various ideas and ways to generate passive income.  Passive income means you are making money while you sleep.  You do not have to keep doing something to earn passive income.  You simply have to create a product and a system to sell that product (or service) that does not require your time.  Basically, a one time effort on your behalf can generate continuous, flowing deposits into your banking account.  Sounds good.  Here are some of the ideas or businesses that I am working on or have worked on to generate passive income.  Please use these ideas to create your own ideas or simply mimic my success.  

  • Sell on eBay:  If you have high quality used clothing or material possessions, you can generate a significant amount of money in a short period of time by reselling those items on eBay.  You need to make sure the products are in good condition, professionally clean, and free of flaws.  If there is a stain you cannot get out of a shirt, be upfront and honest about this through your description and photography of the product.  If you are near a liquidation center or outlet mall, you can buy nice items for pennies on the dollar then resale those items on eBay for profit.  EBay is worldwide, thus giving you access to millions and millions of potential customers.  Personally, I used to sell Polo Ralph Lauren clothing on eBay and quickly generated hundreds of dollars as passive income.  I no longer sale on eBay because I had a bad experience with their partner, Paypal.
  • Sell on Amazon:  I currently sell used and new books on Amazon.  This is a great way to generate passive income as the products are available for sale 24 hours, 7 days per week.  I simply buy the books at a low price from various book stores and submit the title and description of the condition of the book.  Payouts are generally every two weeks.  The most money I have generated from Amazon was about $140 for a single payout.  Within that same month, I believe I sold over $500 of products.  
  • Google Adsense:  This is an area that I am still learning about as I am investing a lot of time and energy to configure SEO keywords, HTML, back linking, etc.  Subsequently, you do not have to learn everything about blogging to earn money from the internet.  Simply start a blog about something you are extremely passionate about, like the one you are reading now, and sign up for a Google Adsense account.  Based on the traffic your blog or website builds, Google will pay you to feature their ads on your blog.  This is an easy way to generate truly passive income.  Again, I am learning about this opportunity as I type, thus I will be posting future updates on strategies to maximizing this potential income stream.
  • Affiliate marketing:  Similar to Google Adsense, you can get paid by advertising someone else's products on your website or blog.  I am in the process of learning more in-depth knowledge on this process.  If you are building or currently have a successful website or blog, you can sign up at ClickBank to become an affiliate and earn commission when someone buys a featured product on your blog.  
  • Create a product and sell it online:  This is perhaps the most effective way to generate passive income.  I am currently working on several e-books, one topic is my reasons why I refuse to work full-time, and the other will be on domestic violence along with a blog advocating against domestic violence.  Additionally, as a trained, degreed special education teacher, I am developing products to help new teachers pass ETS Praxis exams.  From e-books to strategy guides, these products will be available for digital download once they are published online.  People from all over the world can buy these products instantly.  Thus, as I literally sleep, I will wake up every morning and check my product sales and deposits.  Lastly, if you are artistic, this is a great way to increase your income without much effort.  The time, energy, and sweat required is temporary, during the creation of your product.  After the product is created, create a system to sell the product effortlessly.  If you need a good example, check out Dan Miller's 48 Days website.  He has audio books, physical books, dvds, workshops, etc. available for sale.  This is a great model for something looking to break free of the 9 to 5 grind.
As a father and husband, I want the best for my family.  I recognize that my passion is bigger than my need for security.  The only security I can depend on is my own intelligence and diligence.  As a career rebel and creative mind, I cannot stand by and watch people waste their lives and time working low-paying, high-paying, boring, repetitive, stressful jobs.  If you learn about yourself, know your personality traits, recognize your talents and goals, you can find or create your own work that you truly love.  If you want to have more time to enjoy life, you need to create multiple streams of income to live the life that God destined US to have.  You are welcome.

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