Passive income now is NOT a get rich quick scam!

Multiple streams of income

by James on December 1, 2013

online income streams

Do you know what you would do if you lost your job?

Years ago, people worked for one employer for life, retired, and got a pension.  Things are not the same anymore.  Companies are letting people go, and those that remain have to work even harder, doing the tasks of several employees.  Many live with the fear of losing their jobs.

There is a way to alleviate this fear, though–multiple streams of income.

Benefits of Multiple Income Streams

Multiple income streams help guarantee that you will always have money coming in from one of your streams of income.  You are not depending on one sole income stream.

In addition, you can earmark your multiple income streams for specific purposes–the money you earn from one goes to your savings account, the other goes to your children’s college fund, and a third goes to a savings account for the new car you would like to buy.

If you haven’t yet established multiple streams of income, there is no better time than now.  Not sure how to create these streams of income?  Consider some of these ideas:

Blogging–You may not make a fortune from blogging, but with some affiliate advertising or products that you sell, you can generate a nice side revenue.  Depending on how large and popular your blog is, you could make a couple of hundred dollars a month or more.

Ebooks–If you have a blog, one of the most popular ways to make money is through your own ebook.  Yes, it takes time and effort to write the ebook, but after that, you can make money while you are sleeping.  Now that Kindle is so popular, you have the potential to make many sales.

There are other ways to create multiple streams of income beyond blogging and selling your own products.  Consider these:

Freelance writing–If you love to write and are good at it, you should have no trouble finding some freelance writing jobs, especially on the Internet.  Try looking at Elance or oDesk to find some jobs and then, after you gain some experience, work independently instead of through a job board.

YouTube videos–Did you know people can make quite a healthy income from YouTube?  They can, and the videos cost relatively little to produce.  Find a topic that you are passionate about, from gardening to baking, to how to repair something.  Include some ads on your posts, and you can start making money on the side.

If you are technologically inclined, you can create multiple streams of income through developing apps.  The popularity of smartphones is only going to increase, so there is a large market waiting to be tapped.  Many have already made thousands of dollars by developing apps.

If you are worried about the current unemployment rate and how you would survive should you lose your job, there is no better thing to do than to create multiple streams of income for yourself.


So, you’re worried that your debt level is too high and you’ve decided to take some rock solid steps about it. That’s good but did you consider consolidating your credit card payments through the wide array of debt consolidation options? If answered yes, your next move will depend on the financial situation that you’re going through. The idea behind combining your payments through debt consolidation is indeed simple: merging your high interest debts into a single low interest rate payment.

Credit card consolidation can benefit you in two ways, firstly with a lower rate, the monthly payments will be lower and you can have enough cash for your other important needs and secondly with lower rates, you could apply the interest savings towards the outstanding principal balance of the loan. Both the aforementioned benefits could help you pay off debt faster. For more details,  please visit here.

Exploring your debt consolidation options

Debt consolidation can be done through a plethora of options and if you’re keen to know them check them out.

  • Leveraging low rate balance transfer cards: Why pay 24% on 3 separate cards when there are options to pay 15% interest rate on one card? A 3-5 % balance transfer fee won’t create a massive difference on the amount that you save. You just have to carefully go through the fine print of the card so that you’re not subject to outrageously high interest rate hikes immediately after the completion of the introductory period.
  • Tap the equity in your home: If you’ve built enough equity in your home, you can tap the home equity in the form of a home equity loan. The interest rate that you pay on the home equity loan is usually tax-deductible and the interest rates are far lower than what you pay on an unsecured loan. However, the monthly payments need to be made on time to avoid an impending foreclosure.
  • Apply for a ULOC: A ULOC is very similar to a credit card as the bank allows you to access a new line of credit at an affordable and convenient rate with an agreement from you that you will pay back the entire loan on time with the interest rates. You won’t however receive an actual card as the bank will offer you checks from the new line of credit.

Are you ready to take the decision of consolidating your credit card payments?

While you keep investigating your options, you need to look at the final numbers. Will the new loan cost you more in the long run? Here are some questions that you should ask yourself before taking the final plunge.

  • Will the rate on the ULOC or the balance transfer card likely to change in the near future? If so, how much extra will you end up paying? There are some loans that carry variable rates and so you need to take such things into account.
  • How long will the term of the loan be extended to? Can you incur any additional charges, fees or penalties if you make more than just the scheduled payments?
  • Are you indeed sure that the debt consolidation loan will fit into your budget?

Your decision to consolidate your credit card payments through debt consolidation will depend on the answers that you have for the above mentioned questions. With all your debts consolidated into one and a smaller monthly repayment fee, do not under any circumstances think you now have the freedom to spend more. Consolidating debt reduces your monthly repayment (through a lower interest rate), however it can extend the life of the loan so if only minimum repayments are made, it will result in costing you more over the long run. Instead you should take the opportunity to repay the debt as quickly as possible through the money saved from the lower monthly repayment.  Don’t default after consolidating your debts as this will have a terrible impact on your credit score.  Try your best to manage your personal finances and put in your best efforts to repay the new loan on time to safeguard your credit score.





Evolution of making money online

by James on May 18, 2013

Earning money online

Start a website, pay someone to point thousands of links towards that website, place display advertising & affiliate links, and dollars start coming in; good old times. However, online money making has evolved and it isn’t the same as it used to be 6-7 years ago.

A lot has changed during the years. Millions of those who were earning passive income online through non-legit methods have gone out of business.

Here are some of the things that have changed when it comes to making money online:

1.  Search engine algorithms

Google released Panda and Penguin updates to find out low quality sites and penalize them. Low quality sites were those who were ranking based on unethical link-building practices, low-quality content in high volume and other similar techniques.

A lot of sites were penalized, and some were even removed completely from search engines. However, sites that were creating quality content and were authoritative based on mentions on the web and social media moved higher in the index.

What to do today: If you’re looking to make money online through a website. Make sure to create quality content and get links from reputable sources. For example, if you’re in the energy niche, you can create authoritative, informative and in-depth pieces on different topics.

You’ll find several different websites that offer quality information on topics like commerce energy. You can click here to access the information, and due to the availability of mobile browsers, you can also browse information for content ideas through your mobile.

2. Affiliate marketing

Affiliate marketing is another popular way of making online. What people used to do is create short 50-100 pieces of content and place 3-5 affiliate links in those pieces. This doesn’t work anymore, as search engines now have strict guidelines when it comes to affiliate links.

Several affiliate marketers were penalized for placing affiliate links while offering no value in terms of content. On the other hand, those who adapted managed to survive and they still continue to make good figures without making a lot of effort.

What to do today: If you’re planning to make money online through affiliate marketing, you’ll need to be careful. You also need to focus on the content you create. Search engines would be fine if you place 1 or 2 links in a 500 word article.

You also need to stay relevant to your niche. Don’t try to place links redirecting to an iPhone page if your website is about fashion. Staying relevant with affiliate links and creative quality, in-depth content is the way to go.

3. Social media

There were times when those trying to earn through social media would add millions of fans and followers through automated softwares and charge a good amount of money for their services. It’s still happening at the moment, but this form of earning has seen a decline.

Businesses and individuals demanding social media following are now more ‘aware’. They need real people on their accounts rather than thousands of inactive profiles.

What to do today: If you’re going to start social media marketing, make sure to only go for real, active social media followers on your client pages.

You can do this through networking on social media, leaving comments and following others. You can also invest some percentage of the client’s fee in official advertisement like Facebook ads or sponsored tweets.

It’s still possible to earn good passive income online if you act smart and don’t have the ‘get rich overnight’ mentality. What are some tips you can offer to earn passive income?


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How Americans give to charities

by James on January 10, 2013

An interesting Infographic I found. It seems that the rich give less as a percentage of their income, however they give more in absolute dollar figures.

How Americans Give to Charity



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