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Create Multiple Income Streams: Your Financial Freedom

Imagine a life free from unexpected expenses and the worry of a single paycheck. What if you could build a financial portfolio that lets you follow your dreams, pay off debts, and secure your future? This is what multiple income streams can offer, a strategy that can lead to financial freedom.

As a professional copywriting journalist, I’ve seen how income diversification changes lives. The old days of relying on one income are gone. Today, financial security comes from having many income sources that work together to achieve your goals1.

Key Takeaways

  • Diversifying your income sources can provide financial stability and freedom
  • Multiple income streams can help you pay off debt, build savings, and potentially retire early
  • Various methods to create additional income include side businesses, digital products, rental properties, and investment vehicles
  • Consulting with financial professionals can help you develop a sustainable plan for your income diversification
  • Embracing new opportunities and rejecting the notion that focusing on multiple streams dilutes your abilities is crucial

In the pages that follow, we’ll explore the transformative power of multiple income streams and the strategies you can implement to achieve financial independence. Get ready to embark on a journey that will forever change the way you approach your financial future.

Understanding the Importance of Income Diversification

In today’s world, income diversification is key for financial stability and growth2. It helps protect you from job losses and economic ups and downs3. This way, you build a strong base for lasting wealth3.

Why Relying on a Single Income Source is Risky

Having only one income makes you very vulnerable2. Losing a job or a product’s popularity can hurt your finances badly3. It could even stop you from reaching your long-term goals3.

Benefits of Financial Diversification

Diversifying your income brings more stability and security2. Mixing different income types helps you stay strong during tough times3. It also speeds up reaching your financial goals, like saving for retirement or buying a home3.

Building a Sustainable Financial Future

Creating a diverse income portfolio is smart for long-term wealth2. Big companies like Apple and Amazon show how it works3. They grow by adding new products and services, making them more resilient3.

Starting on this path takes time, but it’s worth it3. By always learning and adding new income streams, you grow personally and professionally3. This leads to a more secure and rewarding future3.

Multiple Income Streams: Foundation for Financial Independence

Having different ways to earn money is key to financial freedom. Multiple income sources not only provide a safety net against economic volatility but also enable accelerated wealth creation. This includes a main job, side hustles, investments, or rental properties. A mix of these can lead to financial freedom45.

Spreading out your income is smart. It lowers risk and helps you meet your financial goals. Passive income streams, like real estate or dividend-generating assets, can earn money with little effort.56 Trying different income paths, from freelancing to starting a business, builds a strong financial base56.

The advantages of having various income streams are many. It protects you from job loss or economic downturns and lets you grow your earnings over time.56 By focusing on wealth creation through different income sources, you can reach true financial independence. This freedom lets you follow your passions.

multiple income streams

“Diversifying your income is the surest way to achieve financial stability and security. It’s not just about earning more – it’s about building a resilient financial foundation that can withstand life’s twists and turns.”

Income Stream Potential Benefits Key Considerations
Primary Job Steady, reliable income Susceptibility to economic fluctuations
Side Businesses Flexibility, scalability, skill monetization Time and resource management
Investments Passive income, wealth accumulation Risk management, portfolio diversification
Rental Properties Consistent cash flow, appreciation potential Property management, market conditions

By diversifying your income, you build a strong base for financial freedom. Whether it’s starting a side business, investing in real estate, or exploring passive income streams, the key is to continuously identify and pursue diverse revenue sources that align with your skills, interests, and long-term financial goals.456

Starting a Side Business: First Steps to Income Growth

Creating multiple income streams is key as the job market changes7. Diversifying your income can make you more financially secure and open up new opportunities7. Starting a side business is a great way to earn extra money.

Identifying Profitable Business Opportunities

There are many side business options7. Freelancing is flexible and in demand for skills like writing, graphic design, and programming7. Online tutoring and teaching platforms like VIPKid, Teachable, and Udemy let you share your knowledge7. E-commerce sites like Etsy and Shopify make it easy to sell crafts or products online7.

Balancing Your Main Job with Side Ventures

Managing a full-time job and a side business is tough, but possible with good time management8. Tools like Trello, Asana, or Google Calendar help keep you organized7. Learning through courses, webinars, and blogs can also open up more income opportunities7.

Scaling Your Side Business Successfully

As your side business grows, it might even beat your main job income7. Sites like LendingClub, Prosper, and real estate crowdfunding offer passive income and portfolio diversification7. Using your skills for affiliate marketing, blogging, and digital products can help grow your side business8.

Every step towards multiple income streams brings you closer to financial freedom7. By finding profitable opportunities, balancing work and side ventures, and scaling your business, you can achieve financial success7.

side business

“A future trend is predicted where almost everyone will be freelance, requiring agility and flexibility to earn a living.”8

Digital Product Creation and Online Revenue

Discover how digital products can help you earn multiple income streams and reach financial freedom. Digital products are a smart way to make passive income with little effort. You can sell things like e-books, design templates, online courses, and stock photos over and over again. This means you can keep earning money without doing much work9.

Starting out is easy with platforms like Teachable and Etsy. They help beginners get into the digital product market. You can start small and grow your income, making it a big part of your earnings10.

Most of the money from digital products comes from courses, about 75%9. One digital product, priced at $35, made $3,500 right away. Later, it sold for about $15,000 in total9. Another product, Email Welcome Sequence Templates, made an extra $4,628 when it was first launched9.

With more people shopping online and wanting digital content, now is a great time to dive into digital product creation. It’s your chance to be your own boss and work towards financial freedom10.

digital products

“The flexibility and scalability of digital products have made them a game-changer in the pursuit of passive income. Embrace this opportunity and watch your revenue soar.” – Jane Doe, Digital Entrepreneur

Real Estate Investment Opportunities

Real estate investing is a great way to grow your wealth and diversify your income11. You can explore rental properties, real estate investment trusts (REITs), or other platforms. Knowing the different strategies and property management tips helps you find the right fit for your goals and risk level.

Rental Property Investment Strategies

Rental properties can give you steady income and possibly increase in value11. But, managing the property is a big responsibility. You need to pick tenants, handle repairs, and follow local laws. It’s important to check the property’s cash flow, ROI, and growth potential for success.

Property Management Essentials

Good property management is key to making your investments pay off11. This means finding good tenants, fixing issues, and following local rules. Or, you could hire a professional management company. This way, you can focus on growing your portfolio.

Real Estate Investment Platforms

Real estate investment platforms are great for those who don’t want to own property directly12. They let you invest in real estate without the hands-on work. Platforms like REITs and crowdfunding sites can help you earn passive income13. They also let you invest in big projects or properties that are hard to get into alone.

When looking at real estate investments, think about the rental income and property value growth11. Also, remember the unique risks and benefits of different types of properties13. Diversifying your investments and understanding the market can help you achieve your financial goals.

real estate investing

“Real estate is an imperishable asset, ever-increasing in value. It is the most solid security that human ingenuity has devised.” – Franklin D. Roosevelt

Content Creation and Monetization Strategies

Unleash your creativity and turn it into a lucrative income stream through content creation. Whether you’re a seasoned blogger, an aspiring podcaster, or an up-and-coming YouTuber, the opportunities to monetize your content are vast and diverse14. By building multiple income streams, you can create a resilient financial foundation and achieve greater financial independence.

Blogging, for instance, offers a wealth of monetization options. Strategies like header bidding can lead to higher ad revenues14, while affiliate marketing and sponsored content can provide substantial income boosts when approached strategically1415. Diversifying your income streams, such as offering digital products or implementing a membership or subscription model, can further strengthen your blog’s financial stability14.

Podcasting and YouTube channels also present lucrative prospects. Platforms like Spotify, Apple Podcasts, and YouTube offer built-in monetization features, including advertising revenue and channel memberships16. By building an engaged audience and collaborating with brands through sponsorships, you can transform your passion into a profitable venture15.

The key to successful content monetization is understanding your audience’s preferences and diversifying your income streams14. Experiment with different strategies, analyze what resonates with your community, and continuously adapt your approach to capitalize on emerging opportunities14. With creativity, dedication, and a diversified monetization plan, your content can become a powerful source of financial freedom14.

Content Creation Monetization

“Diversifying your income streams is crucial in building a resilient online presence and achieving financial independence.”

Investment Vehicles for Passive Income

Diversifying your income streams is key for long-term financial stability and independence. There are many investment options that can help you earn passive income and secure your future.

ETFs and Investment Portfolios

Exchange-Traded Funds (ETFs) are a simple way to diversify your investments and earn passive income. They mix different assets, spreading risk and offering regular returns17. You can check out ETF platforms like Mintos, which offer free ETF investing with automatic reinvestment.

Loan Investment Opportunities

Peer-to-peer lending platforms, like Lending Club and Prosper, let you lend money and earn interest18. These platforms offer a steady cash flow and predictable returns, making them great for passive income.

Dividend-Generating Assets

Investing in dividend-paying stocks or Real Estate Investment Trusts (REITs) can provide reliable passive income19. These assets give out a part of their earnings to shareholders, creating a steady income stream. Also, some money market funds and high-yield savings accounts offer good interest rates, adding to your passive income.

By carefully choosing these investment vehicles, you can build a balanced portfolio that meets your financial goals and risk level. Always research and evaluate each option to make informed decisions that support your long-term financial well-being.

passive income investments

“Diversifying your income streams is the key to achieving financial independence and security.” – John Doe, Financial Expert

Investment Vehicle Potential Benefits Potential Drawbacks
ETFs and Investment Portfolios
  • Diversification
  • Automatic reinvestment
  • Potential for steady returns
  • Market volatility
  • Fees and expenses
Loan Investment Opportunities
  • Steady cash flow
  • Predictable returns
  • Default risk
  • Liquidity concerns
Dividend-Generating Assets
  • Regular income payments
  • Potential for capital appreciation
  • Dividend cuts or suspensions
  • Market risks

171819

Asset Rental and Sharing Economy

Explore the asset rental and sharing economy to boost your earnings. This model lets you make money by renting out things you don’t use much, like cars or storage spaces20. It’s a way to grow your wealth and help the economy grow too20.

Renting out your stuff is easy and doesn’t mean you have to sell it20. It’s a smart way to use what you already have, making it more efficient20. Plus, platforms make it simple to handle everything, from payments to bookings.

By renting out your assets, you can earn money without giving up ownership20. This approach helps more people make money and grow the economy20. It’s a step towards financial freedom, using peer-to-peer transactions to your advantage20.

Passive Income Source Potential Earnings
Renting out a spare room $500 – $1,500 per month
Listing a parking space $50 – $200 per month
Renting out a car or truck $30 – $100 per day
Leasing equipment or tools $50 – $500 per month

To make the most of asset rental, manage your assets well and diversify your income2021. Building wealth here means careful planning and smart use of peer-to-peer opportunities20.

asset rental

The sharing economy empowers individuals to capitalize on their underutilized assets, transforming them into reliable sources of passive income.20

“The asset rental and sharing economy offers an exciting path to financial freedom, allowing you to generate income while maintaining ownership of your valuable possessions.” – Jane Doe, Financial Advisor

Conclusion

Creating multiple income streams is key to achieving financial freedom and security. Diversifying your income helps protect you from economic ups and downs and job losses22. The main ways to build wealth include real estate, paper assets, and starting your own business22.

This article has shown you many ways to earn more money. You can start side businesses, create digital products, invest in real estate, or play the financial markets23. You can also make money through content creation, renting out assets, or joining the sharing economy23. Success comes from planning well, growing slowly, and trying different ways to earn22.

By focusing on wealth building with different income sources, you can aim for long-term financial security and freedom23. This strategy not only reduces risks but also brings new chances for a bright financial future23.

FAQ

What are the benefits of diversifying your income sources?

Diversifying your income sources brings financial freedom and peace of mind. It offers stability and helps grow your savings. It also speeds up debt repayment and may lead to early retirement.

Having multiple income streams reduces job loss risk and economic uncertainty. This makes you less vulnerable to economic downturns.

How can I start building multiple income streams?

There are many ways to start earning more. You can start a side business, create digital products, or invest in real estate. You can also join the sharing economy or earn passive income through investments.

The key is to start slow. Add one or two income streams each year. This helps avoid feeling overwhelmed.

What are the best passive income opportunities?

Passive income can come from digital products, rental properties, and investments. You can also earn from ETFs, dividend-generating assets, and peer-to-peer lending. These options let you earn money without actively working for it.

How can I balance a side business with my full-time job?

Managing a side business with a full-time job needs good time management. Start small, focusing on tasks you can do in the evenings or weekends. As your side business grows, you can spend more time on it.

This might even make your side business more profitable than your main job.

What are the best platforms for creating and selling digital products?

Platforms like Teachable, Etsy, and Fiverr are great for selling digital products. You can sell e-books, design templates, online courses, and stock photos. These ventures can earn you a lot of passive income over time.

How can I get started with real estate investing?

Real estate investing can give you steady rental income and property value growth. Traditional property ownership is hard, but platforms make it easier. They help beginners get into real estate investing.

What are some effective content creation strategies for generating multiple income streams?

Creating content through blogging, podcasting, or YouTube can earn you money. You can make money from ads, sponsorships, affiliate marketing, and premium memberships. Building an audience takes time, but it can pay off well.

How can I create a balanced, passive income-generating investment portfolio?

Invest in a mix of ETFs, loan investments, and dividend-generating assets. This creates a diversified portfolio that earns passive income. Platforms like Mintos offer ETF investing without fees. Peer-to-peer lending and dividend stocks provide steady cash flow.

What are some asset rental opportunities to generate additional income?

Renting out personal assets like cars, tools, and storage space can earn you extra money. Rental platforms make it easy to manage payments and usage. This way, you can earn consistently while keeping ownership and enjoying flexibility.

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Make More Sales with Engagement Emails

It’s tempting to send offer after offer to your list in the hopes of making the most money. Yet this is also a sure fire way to alienate your readers and send them packing. If all you ever do is pitch them in every email, they’re either going to stop opening your emails, or simply unsubscribe. In either case, you are no longer relevant to your list. So when it comes time to promote your own products, no one will be listening.

Make More Sales with Engagement Emails

There is a better way, and it’s to provide content along with the promotions. The problem is in knowing what kind of content to give them. What do they want to know? How long is it going to take you to research it and write it? And will it even be read?

The key is to think ‘engagement’ over selling. If you can continually engage your audience, then you can continually sell to them as well, at a reasonable pace.

Think of it this way: Every engagement email is like building your goodwill account. Every promotional email is like cashing in on that account. Both are equally important.

Here are 4 reasons to send engagement type emails:

1. They take the pressure off of you and let you have fun with your list. Let’s face it – if every email you send is trying to convince people to buy yet another product, you’re putting a lot of pressure on yourself to continually SELL SELL SELL. And you know in your heart of hearts that your list does NOT want another email telling them to BUY BUY BUY. Which means you are having NO FUN writing nothing but promotional emails. Who can blame you?

Even a born sales person likes to take some time off and just shoot the breeze, talk about sports, do some gardening, whatever. Well, you and your list need time off as well. And we don’t mean time when they don’t hear from you, but instead time when you have something to say that doesn’t involve them reaching for their wallets yet again.

2. You can be their go-to person in your niche. If all you do is sell, then they always have their guard up when they open your emails – and with good reason. But if you can show them how to do things without buying, and even how to buy better, you can become the authority they like and trust.

3. You can email more often. If you only send promotional emails, you better either keep the frequency down or expect to burn your list. But if you’re sending engagement type emails, you don’t have to worry about how often you email (within reason.) Who doesn’t want to hear the latest news or tips or tricks in their favorite niche? Send it out, they WANT to read this stuff.

A funny thing happens when you send out engagement type emails and then you take a few days off – your list will write to you asking where you are and if you’re okay. When this happens, you know you’ve created magic.

4. You can cheat. Big time. What I mean by this is you can reuse material you’ve already written. Did you write a dynamite blog post earlier this year that got rave reviews? Break it up into several emails and send it out. Do you have a report on how to do something that is full of great tips? Break it up into several emails and send it out.

You don’t always have to come up with new material for engagement emails – you can reuse stuff from your articles and posts. Nice!

Here are 10 topics you can write about besides the usual ‘buy this’ stuff:

1. The latest news in your niche AND how it might affect your readers. Don’t just give the news – personalize it with your own take and your thoughts on how it might impact your list.

2. Tips, tricks and great ideas on how to do things in your niche. Everyone wants the latest hack on how to do something easier/faster/cheaper/better. So let them in on the secrets.

3. Teach your list how to be a savvy shopper in your niche. What should they look out for? What features are must-have, and what should they avoid? This is a great way to make yourself into the authority.

4. 3 minute interviews. Send email interviews to authorities in your niche and create emails from those interviews. These don’t need to be long – 1 to 5 questions is all you need.

5. Spotlight your customers. Show how Bill bought your product and used it with good results. Talk about the obstacles he had to overcome, the problems he solved, and anything else that might interest your readers.

6. Show your list how to USE your product. If they’ve purchased, this is helpful. If they haven’t, they get to feel what it would be like if they did purchase. Either way, it’s a win-win.

7. Stuff for your list only. Give your list benefits that people can get nowhere else. This might be free products, insider information or special discounts. Make these special benefits expire to train your list to open your emails as soon as they receive them.

8. Stories. People LOVE stories. Don’t get wordy, do start in the middle of the story where the action is, and always make it entertaining as well as relevant to your niche.

9. Seasonal tips. If you’re in a niche that changes with the seasons, this is perfect. For example, if your niche is sports then fall is the time to talk about the upcoming ski season, while spring is when you can talk about baseball, soccer, etc. Is your niche cooking? Talk about seasonal foods. Even if your niche isn’t seasonal, with a little creativity you can still use this angle.

10. Personality and humor. You don’t want to ramble on about yourself or your business, but injecting your own personality is terrific and highly recommended. And anytime you can make your readers smile or even laugh, you’re sure to get them to open your next email.

What not to talk about in your emails:

– Too much personal info. A line or two about yourself is fine, but unless you’re telling a story that is of particular interest to your readers, don’t overdo it. No one wants to know your life history, at least not in a broadcast email.

– How terrible your competition is. There is an exception to this rule: If one of your customers has a personal story of their experience with your competition, you can use it. But YOU cannot trash your competition. Even if every word you say is true, it still makes you look like a jerk.

By sending out engagement emails, you won’t burn your list, you’ll build rapport with your list, and in the end you wind up selling more than if you simply sent promotional emails. Plus your list will actually LIKE you and say nice things about you in social media, which is always a plus.

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Don’t Inflict Upsell Hell on Your Customers

Guaranteed, you’ve been on the customer side of this equation. You buy a product and you think you’re going to be directed to the download page. Instead, you find yourself on an upsell page trying to sell you another product.

Don’t Inflict Upsell Hell on Your Customers

No problem, you scroll to the bottom and click the ‘no thanks’ link, thinking you’re about to get to the download page.

No such luck. You’re on another upsell page. You scroll down and click ‘no thanks’ again, and you’re taken to…

… yet another upsell page. Now you’re getting irritated. You scroll down, click the ‘no thanks’ button, and you’re finally taken to…

… another upsell page! @#$%&

You’re no longer just irritated, you’re annoyed, mad and even downright ANGRY. Odds are you are talking to your computer and what you’re saying is not very nice.

Who can blame you?

Now then, let’s look at this from the marketer’s standpoint: The more offers you as the marketer can make, the more money you will make.

Today, that is.

But when you make your customers angry, what happens? They remember how you made them feel. In fact, they will remember how you made them feel long, long after they’ve forgotten your product. And the next time you try to sell them something, they’ll decide they’re going to stay far away from your offers because they do NOT want to get caught in upsell hell ever again.

So what’s the solution? Offer ONE upsell. Just one. Then take your buyers straight to the download page.

On the download page, you can offer them another product with a nice discount. You’re not holding their purchase hostage at this point because they’re able to download it. So they’re not going to resent you for making them another offer, especially if they get it at a reduced price.

Then in your autoresponder sequence, you can offer them all the upsells, down sells and cross sells you like interspersed with helpful info, news and so forth.

The bottom line comes down to this: If you want to be a flash in the pan and make all of your money today, use a ton of upsells. No one will buy from you again, but it won’t matter because you’ll be living on the beach somewhere carving coconuts.

But if you want to build a long term business, then respect your customers and never, ever put them through upsell hell again.

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21 Brilliant Ideas for Your Next Blog Post

Stuck for ideas on what to write in your next blog post, article or email? I’ve made a list of what readers want most to see from you. In fact, this is exactly the content that people crave, so get ready to make your next content a smash hit with your audience.

21 Brilliant Ideas for Your Next Blog Post

Your readers want content that:

– Reminds them that they matter
– Reminds them that they are one of a kind
– Tells a story
– Takes them on a journey
– Surprises them
– Shows them that dreams can come true
– Has unexpected twists and unforeseeable turns
– Reveals awesome secrets
– Shows little Davids beating big Goliaths
– Confirms their thoughts and beliefs
– Challenges their assumptions in a respectful manner
– Gives a fresh point of view
– Takes a stand
– Reminds them that life is short – really short
– Gives them faith to believe in something BIG
– Reminds them to get back to the “basics”
– Makes them smile and laugh
– Makes them cry
– Educates while entertaining
– Inspires them to take action
– Encourages them to never, ever give up

This is the sort of content your readers never get tired of and always have time to read. If it’s really good, they remember it long after they’ve read it. And even if it’s only somewhat good, if it meets any of the above criteria, they are very likely to share it with others.

In other words, this is the kind of content that has the power to inspire, influence and move your readers to ACTION.

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How to Create Best Selling Products When You Don’t Know a Darn Thing

The fact is, most people have an expertise that would make a good product others would happily pay for. But some people either don’t feel confident enough to charge for what they know, or they really don’t know enough to charge.

How to Create Best Selling Products When You Don’t Know a Darn Thing

So what kind of product can these folks create? That’s easy – software.

With software, you don’t have to record videos and write PDF’s and give case studies and examples and so forth, other than what you need to sell the software.

All you need to create a software product is basically two things: A good idea and a coder. Coders are easy to come by – just go to any of the freelancing sites and take your pick.

So how do you get a good idea for software? Study your market. See what people need. Make a note when you wish you had software that would do ____, because odds are other people are wishing for the same thing.

Look at the new software introduced in your niche – how could you improve it?

What are the latest, biggest, fastest growing trends? What software can you make to piggyback on these trends?

The fact is, new ideas for software are everywhere if you’re looking for them.

And software generally has a higher perceived value than information. This means you can either charge more than an information product, or keep your price low and get more buyers.

Either way, you’re making sales and building a list of buyers.

All you need now is an idea and the guts to see that idea through.

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How to Pick the Right Name to Quickly Grow Your Business, Referrals and Brand

Which one would you remember: “Pete and Earl’s Hair Salon for Men,” or “Best Head Salon?” How about “The Best Irrigation Installation and Repair” or “Dirty Boots Irrigation?”

How to Pick the Right Name to Quickly Grow Your Business, Referrals and Brand

Choosing a memorable name for your business, service or product can actually increase your business, for 3 reasons:

– People can remember it in conversation with others. “Check out the “Stealth Remodeler,” he does work during off-hours so he won’t bother your customers.

– People remember it each time they see it. They might forget a generic name and not realize they’ve seen it over and over again online in forums, on blogs and so forth. But a memorable name they will remember. “Hey, I see that product or service everywhere, it must be good!”

– People can remember it when they need your product or service. “I’ve got to get a new window, so I’ll call the one window place I remember: ‘Peek-a-boo Windows.’” Or, “I need help with my website SEO, I’ll Google ‘Naked SEO’ because I remember their name from an article I read.”

Everything else being equal, the catchy, memorable name will win the business.

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How 2 Minutes a Day Can Produce Riches

This is so basic, a lot of people might dismiss this without another thought. However if they do, they’ll be missing out on one of the single greatest secrets to continuously increase their income month in and month out, for the rest of their lives…

How 2 Minutes a Day Can Produce Riches

Here’s how it works: Look at what you earned last month. Whatever it is, write it down.

Now set a goal to earn a certain percentage more this month. 5% works well. For example, if last month you earned $500, this month your goal is $525.

Now track what you earn every day. That’s right – every DAY. If you’re not on target to beat last month’s total, then do something. Send out another promotion. Create a viral report. Do another guest post. Whatever it takes, make sure you reach your new goal. Odds are you will not only reach it, you will exceed it.

Now rinse and repeat month in and month out.

“But this is too hard!” You might be thinking. Nope. It’s not. You’re taking 2 minutes a day to record how much you earned the day before. You’re keeping track of whether or not you’re on target. And you’re pushing yourself to do a little bit better each month.

The alternative is to flounder around like a dying fish, hoping you somehow land back in the water. Odds are most months you’re not going to. A year passes, and you’re making the same amount of money each month as you are now – or maybe you’re making less. Not pretty.

But increase your income just 5% each month, starting with just a current income of $500 a month, and it can look like this:

12 month mark $900 a month
18 month mark $1,200 a month
24 month mark $1,600 a month

What if you’re currently earning $1,000 a month, and you increase your goal by 10% each month?

12 month mark $3,100 a month
18 month mark $5,500 a month
24 month mark $9,700 a month

Now do you see the power of setting goals and continually tracking your results? Two minutes a day can produce riches. Or, you could spend those two minutes watching a cat video on YouTube. Your choice.

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Pop Quiz: Which of These are Good Reasons NOT to Launch Your Product?

Are there really any good reasons NOT to launch your amazing new product? Take this quiz to find out so you don’t make the same critical mistakes that have destroyed many other businesses and entrepreneurs from the word GO…

Pop Quiz: Which of These are Good Reasons NOT to Launch Your Product?

Ok, check all that apply:

1. __ Another marketer has just launched a product very similar to yours, and if you launch your product now, you’ll look like a copycat.

2. __ You just got word that another launch for a similar product bombed in a very big way – almost no one bought it. You’ll look like an idiot if you launch your product.

3. __ A big guru in your niche just started the launch process of a very similar product. His first video is out, and once he releases the fourth video everyone on the planet will be promoting his product.

4. __ There are already several free versions of products quite similar to yours – thus there is no reason anyone would buy your product when they can get the same info for free.

Did you pick which scenarios should stop you from launching your product right now?

Okay, let’s see how you did.

Answers:

1. This happens more often than you think. And yes, product creators do pull their product launch when they see someone else has just launched something similar. And you know what? Those product creators are fools. Here’s a true story to illustrate why:

Recently a popular marketer was just about to launch a product he’d worked on for a long time. He had everything in place to launch – all he had to do was press the button to send out the first email.

But someone else launched a VERY similar product that was selling like gangbusters. So he decided not to launch. Which made him sad. So late that night, when he was feeling down, he said, “Screw it!” and hit the launch button. $61,000 in profits later, he was very, VERY happy he had launched his look alike product.

Do not worry about what others are selling. If you’ve done your research into what your customers want, you WILL make sales. And sometimes you’ll make those sales to the exact same people who bought your competitor’s product, too! Don’t wait, don’t hesitate – launch your product.

2. If their product didn’t sell, yours won’t either, right? Wrong. You’ve done your research and you know what your customers want. Your customers trust you. They like you. They buy your stuff.

So of course you’re going to launch your product, because whatever that other marketer did or did not have going on does not affect you. And neither do rumors, so don’t pay any attention to them. Stop second guessing yourself and launch your product.

3. Oh no, you can’t compete with the “big cheese,” can you? Who says you have to? Your customers are YOUR customers. Your affiliates are YOUR affiliates. It’s common for similar products to hit the market at nearly the same time and have both do well. So don’t worry about it. Just launch your product.

Have you noticed a pattern yet? I hope so. Okay, onto the last one…

4. What is the perceived value of “free?” Low. Very low. In fact, no free product can compete with your paid product, because as everyone believes, they get what they pay for. That’s why free is never your competition. So launch your product. Now.

In fact the only real competition you ever have is in your mind. So don’t worry about who is launching what or when they are launching. In fact, stop reading your emails when you’re in product creation mode and just focus on your task – creating the content and products your customers want. Everything else will take care of itself.

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Make More by GIVING AWAY Your Product

Let’s say you write and sell a fairly successful monthly newsletter. How can you get your subscribers to bring you new subscribers? Or maybe you have a growing membership. How do you get your current members to bring you more paying members? The answer might be as simple as giving your existing members certificates to GIVE to their friends…

Make More by GIVING AWAY Your Product

In the case of the newsletter, let your subscribers give away 1-6 months for free. Limit the number of gift subscriptions they can give away to keep the perceived value high. Make the gift certificates look like they were paid for by your current subscribers, so that when they give them out, it appears they’re giving a valuable gift (which they are.) This also makes it more likely your subscribers will give the certificates out because there is a sense of pride in the giving of the gift.

When the gift recipients sign up to get their free subscriptions, you can offer them the chance to subscribe for a longer period of time at a reduced rate. Some will accept your offer, others won’t. Those who opt only for the free subscription will receive your offers to renew before their subscription ends. If you’ve provided a great value to them, some will subscribe. And when they do, you can then offer them certificates to give to their friends as well.

Remember, since your newsletter is delivered electronically, it costs almost nothing to give out gift subscriptions. And even if your newsletter is printed and mailed, the cost is still low compared to the number of new subscribers you are likely to get using this simple method. Of course, you’ll want to track your numbers to be sure it’s profitable.

Memberships can work the same way. Let your current members give away limited-time memberships to a small handful of the people they think will appreciate it the most.

You might even do special promotions using this method. For example, you give out certificates in late April for Mother’s Day with instructions to give them to moms who would enjoy the subscription or membership. Or prior to Christmas as gifts, and so forth.

If your membership or newsletter delivers a high value, using your current customers to bring in more customers can be the easiest, fastest and most cost effective way to get a continuous stream of new, happy customers into your business.

Therefore, instead of only thinking about how many of your paid newsletter subscriptions or memberships you can sell, start directing your creative juices to finding ways you can leverage your existing subscriber and customer base’s enthusiasm for your services to start GIVING AWAY everything you have to offer. As you do this, your business and influence can start growing exponentially, and with less overall effort and advertising investment on your part.

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Turn 1 Product into Many Income Streams

Let’s say you have a product for brick and mortar businesses on how to get more customers. If you take the exact same information that is in your product, but customize it for a specific niche, you can charge more AND make more sales.

Turn 1 Product into Many Income Streams

For example, you customize the info for chiropractors and market it exclusively to chiropractors. Sales will actually be easier to make for a couple of reasons.

First, it’s easier to reach your audience when you are being specific. Second, chiropractors will see the info is just for them, and be far more likely to buy than if it was generic. So it’s easier to reach your audience, and easier to sell to them when you find them.

But perhaps the biggest benefit of all is that you can sell your product for more money because it is geared specifically towards chiropractors. And you can do this in multiple niches: Contractors, lawyers, accountants, dentists, etc.

Let’s use another niche – weight loss. You have a generic product on how to lose weight, which means you are competing against every other weight loss product out there. But if you focus your product just for men over 60, or just for college women, or just for people in cold climates who can’t get outside to exercise, you’ve created more opportunities to target and sell your information. And you can continue to customize your info as many times as you can find markets. If you can reach your specific audience, you can do this.

This could be a business all on its own. You can go to any product owner and strike a deal where you take their info and customize it and then sell it. If you do, be sure you negotiate for a high percentage of the profits, since you will be doing the customizing and the work.

Or better yet, simply buy rights to the information and then you can keep all the profits for yourself.

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