Passive income now is NOT a get rich quick scam!

Welcome to the 102nd Money Hacks Carnival: The Building a New Blog Edition.

Let’s not beat around the bush here. Many of you reading this are thinking wtf is Passive Income Now? Most of you have probably never heard of PIN. It’s all good. This is the fun part. Growing a blog/audience from the ground up.

I hope you all enjoy today’s theme about building a new blog.

Editor’s Picks:

debt kid presents What Is A Debt Snowball posted at Debt Kid.
GLBL presents Famous quotes about money posted at Gather Little by Little.
Kyle C. presents Can you Build a Credit History Without Getting a Credit Card posted at Suburban Dollar: Personal Finance Blog from a Suburbanite’s Perspective.
Jeff Rose presents 10 Tips for Budgeting in the New Year posted at Jeff Rose.

Economy: Getting new readers.

Arguably the most funnest and most difficult part. This is the part that involves social media, networking, and lots of guest posting. It seems like every day a new personal finance blog enters the blogosphere. Not only does this make it more challenging to find new readers, but it facilitates creativity.

Bucksome presents Do Baby Boomers Know How to Find A Job? posted at Buck$ome Boomer’s Journey to Retirement.
jim presents S&P500 Dividend Aristocrats posted at Blueprint for Financial Prosperity.
20smoney presents Long Term Outlook For Wal-Mart Is Excellent posted at 20s Money.

Income: When will the money come?

I’m not worried about the income yet. I find that too many new bloggers immerse themselves in the whole blog monetization system that they forget about their readers.  Not PIN. Priority number one is to build an audience. Once PIN begins to add value to the readers and builds a community, money will be thought about. For now it’s time to just enjoy the ride.

Tom @ Canadian Finance Blog presents How To Protect Your Online Banking Info posted at Canadian Finance Blog.
PT presents Tax Deductions Commonly Overlooked posted at PT Money.
Patrick @ Cash Money Life presents How Marginal Taxes Work posted at Cash Money Life.
Consumer Boomer presents Roth IRA Conversion Calculators: Should You Convert? posted at Consumer Boomer.
Wealth Pilgrim presents How To Increase Your Widow or Widower?s Benefits posted at Wealth Pilgrim: Money Management Advice, Financial Stress Management, & Resources.
Four Pillars presents 2010 Income Tax Deadline for 2009 Taxes posted at Quest For Four Pillars.

Frugality & Saving Money: What to write about?

Everyone always talks about how content is king, you need quality content to attract readers, and that a majority of your time should be spent on writing content. Here’s the problem though- what do you write about? I really don’t know the answer to this but I’m willing to work at it until I find out.

B Simple presents Simple Personal Financial Tip: Know your Score posted at Simple Financial Lifestyle.
Adam Williams presents 5 Reasons people don’t like free or discounted goods posted at RabbitFunds.com.
Fanny Seto presents How NOT to Pay Off Debt posted at Living Richly on a Budget.
The Financial Blogger presents Gathering $31,000 in 2010 posted at The Financial Blogger.
Laura presents Planning and Saving for Short Term Goals posted at Move to Portugal.
freefrombroke presents Where will you be financially in the next decade? posted at Free From Broke.
2 Cents presents How to Make a Budget: Your One-Stop Shop posted at Balance Junkie.
FIRE Finance presents A Simple Budget That Works? posted at FIRE Finance.
MatthewPaulson presents Tips for Breaking Your Spending Habit posted at Fine Tuned Finances.

Other: Spreading the word.

Hosting a blog carnival is a good way to get your name out there. Guest posts are also an amazing way to build brand awareness. But I want to know– how have you guys spread the word about your blog?

LeanLifeCoach presents If You Believe You Can Achieve! posted at Eliminate The Muda!.
David R. Lampsen presents The Best Free Budget Worksheets on the Internet posted at Personal Finance Analyst.
Craig Ford presents A Frugal Way to Train For Your First Half or Full Marathon posted at Money Help For Christians.

Check out the Money Hacks Carnival homepage for more updates!

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Common BS About Making Money Online

by MD on February 2, 2010

As I work on researching possible post topics for this blog, I have NOT been enamored with the information that is out there on making money online. I make a few dollars online so I’m clearly in no position to judge. But the fact that I do work online and spend a majority of my time working on my blog, I feel that I’ve learned a thing or two about making money online.

Let’s tear apart some of the common BS that goes around about making money online:

The simplicity of following your passions.

Yes you can make money follow your passions. No it’s not simple. Too often do “online money making experts” write about how you should follow your passions and that the money will simply follow. The money won’t follow. You need to make things happen. You need to ensure that you’re in a field with a decent following. You also need to ensure that you’re not in an over saturated niche.

Worrying about money before the time is right.

Guilty as charged. To make money you need readers. To get readers you need to provide something of substance. Many of us that are new to whole world of making money online become infatuated with the idea that we can make money from being on the internet. The sad truth is that this constant quest for high monetization dilutes our focus and ends up hurting our income in the long run.

Google Adsense placement does NOT matter for the first few months.
Selling affiliate products will not happen at the start of things.
Writing articles with only SEO in mind will not go over well with our readers (or lack of readers).

The ability to work less hours.

Okay I read the 4-Hour Workweek (you know, the Tim Ferriss book) and I know that you can automate your online revenue streams and eventually turn them into passive income. This isn’t going to happen right off the bat.

I certainly do NOT under any means work less hours online. I find myself working on my blogs almost all of the time. I’m pretty sure that my girlfriend is going to kick my ass soon because every time a post idea hits me, I whip out my iPhone to start making notes.

I’m sure that you can eventually automate everything, but at the very start you’re going to work harder than you ever have in your life. Once you put up an eBook for sell/create a subscription website you can cut back on your duties. BUT- chances are that you’re going to want to work more. This is your thing. Your very own creation. Why would you not want to work on your online revenue streams?

This is only the beginning. This blog is a place where we can all share our thoughts on passive income and everything that surrounds. As the blog grows I will address more common myths about making money online.

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Passive Income Opportunies

January 16, 2010

What is passive income?
Any income that is sustained long after you have put in the necessary effort.
Boring!
Better definition:
A passive income opportunity is any source of money that you get long after you’ve been the bulk of the work.
Sure it is difficult to put in effort into a project when you don’t see any immediate [...]

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Introduction To Making Money Online

December 1, 2009

This is the introduction to how I will help you make extra money online. Actually let me correct that, I will also learn how to make money online through the help of you guys, the PIN community!
There are many ways to make money online.
As a matter of fact I’m willing to be $100 that there [...]

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Are You Ready For Retirement?

November 27, 2009

Are you ready for retirement?? Why would anyone below the age of 60 and full head of hair care about planning for retirement?
Is I was perusing through the internet I caught an interesting survey that came out on the topic of retirement and financial planning.
A 2009 National Consumer Survey on Personal Finance conducted by the [...]

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Traditional IRA Limits & Comparison

November 12, 2009

If your employer is currently matching all of your 401 (k) contributions then by all means stick with them. This however does not mean that you should not consider the traditional IRA. The traditional IRA is an amazing investment tool that I have discussed here in the past and plan on elaborating on further in [...]

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Questions For Your Certified Financial Planner

November 9, 2009

Many Passive Income Now readers are very serious about their finances and are always looking for ways to improve their investment portfolios. Sometimes it makes more sense to manage your own money. There are also times where managing your money is not an endeavor you wish to engage in.
If you do choose to take the [...]

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Google Adsense Revenue Secrets Revealed

November 5, 2009

Many books have been written about Google Adsense secrets but how many of them are legit? Google Adsense revenue is exaggerated about 99.9% of the time. First of all, it is a very time consuming process to make any decent money of Adsense. If it really was that easy then everybody would be doing it.
Since [...]

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Friday Findings At Passive Income Now

October 23, 2009

As times go by I’m doing more and more research in hope of getting Passive Income Now off the ground. Today I just wanted to outline some articles that caught my attention:
Wanted to thank Fabulously Broke for including me in the Carnival of Personal Finance: #227.
Pat over at Smart Passive Income shares with us a [...]

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2010 Contribution Limits For Traditional & Roth IRA

October 20, 2009

I introduced the retirement section by comparing the Roth IRA to the 401 (k) retirement plan. Today I wanted to quickly follow up with you guys because of some news. The IRS has released the 2010 contribution limits for traditional and Roth IRA.
2010 IRA Contribution Limits:

Year
AGE 49 & BELOW
AGE 50 & ABOVE

2002-2004
$3,000
$3,500

2005
$4,000
$4,500

2006-2007
$4,000
$5,000

2008
$5,000
$6,000

2009
$5,000
$6,000

2010
$5,000
$6,00

IRA Contributions
You are eligible [...]

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