Passive income now is NOT a get rich quick scam!

Merging your credit card payments through debt consolidation – Is this the right choice?

by James on May 23, 2013

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.

 

 

 

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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

Source: http://www.onlinepsychologydegree.net

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Passive Income Streams – How many do you have?

by James on January 5, 2013

Residual Income By Betsy Falwell

You’ve already got a full-time job, which meets your basic financial needs… but is it really enough? If you’re like most people, the answer is “probably not.” But you probably don’t have the time or energy to go out there and get another job – that’s where passive income streams come in. Once you put in the work with a passive income business, you’ll be able to sit back and watch the money roll in: without lifting a finger.

Passive Income Streams: How Do They Work?

Unlike active income, which is earned on an hour-to-hour, day-to-day, or even week-to-week basis, passive income streams are generated from work you’ve already done. Creating passive income frees up your single greatest commodity: work. When you have access to passive income streams, you have more time to actively work on other ventures, without taking a financial hit. This is a key pathway to wealth creation, both for you as well as for future generations of your family.

Finding Passive Income Business Opportunities

Entertainers are legendary for finding passive income streams. Whether you’re talking about an actor, who films a movie and then collects royalties from it, or a musician, who records a song and watches the money come in, entertainers know how to make the money work for them. But not everybody has this type of talent; the key to creating passive income streams is finding ideas and industries that suit your tastes and talents.

For example, I like to write. Writing a book – whether on paper or an eBook – and getting it published is a way I could create passive income streams. The act of writing would take some time up front, but no added work on my part after publication.

Working in real estate is another passive income business. Mortgage brokers help connect borrowers to lenders initially, but can also collect trailing commissions – passive income streams – for years after the loan’s completion. Those commissions are usually 0.15 to 0.20 percent of the loan’s total value, but collecting over a series of years – sometimes as long as the loan’s term – can result in thousands of dollars of passive income for the broker.

Direct sales is both an active and a passive income business. You can either sell the products – that’s the active part – or you can set up a sales team to work underneath you; they’ll do the selling, and you’ll collect a percentage on each transaction without going door to door or hosting product parties. It may involve minimal management supervision, but if you surround yourself with a group of motivated sellers, the interaction will be minimal and the reward will be maximal.

Even operating websites can create passive income streams. Buying a website that already has a strong reputation and Google Page Rank can make it a likely target for advertisers; you won’t have to build the site’s following – someone else has already done that – you’ll just be able to collect money from sponsors.

Do you have any creative means of creating a passive income stream?

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Fixed rate savings – all you need to know

September 27, 2012

If you are looking for a guaranteed rate of return, locking your savings away in a fixed rate savings account is a great option.  With some banks offering high rates of interest, as much as 4% AER for four to five year terms, it may certainly be wise to consider this type of investment. For [...]

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Choosing a SIPP – important questions

September 27, 2012

A self-invested personal pension can be the perfect tool to build a significant nest egg for your savings future, as they offer the flexibility to make all the decisions on where your pension fund is invested. For the financially savvy, they can be extremely worthwhile. So should you choose this as the vehicle for your [...]

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Residual Income Opportunities

September 26, 2012

By Betsy Falwell You’ve probably heard of passive income – money that you make without lifting a finger – but do you know about residual income streams? In many cases, a residual income business can turn into a passive income stream as time goes on. It all starts with some time, energy, and good old hard work. [...]

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Find The Right Business Space

September 21, 2012

(Guest Post) So you have your own business and you want to move to a new area? Maybe you have just started looking at offices to let or perhaps you’ve been at it for a while now. Either way, it goes without saying that; first of all, you need to know exactly how much space you’re going [...]

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The Benefits of Enterprise Zones

September 21, 2012

(Guest Post) Greater Manchester is the site of one of the UK Government’s 24 Enterprise Zones and many believe it is already feeling the benefit of the excitement which is building. Whether your business is logistics, manufacturing or retail, one can’t help but feel the buzz that the many investment opportunities at Manchester Airport are generating as [...]

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International business: Why setting up in Dubai is a Smart Idea

September 12, 2012

Just four decades ago, before establishing itself as the premier commercial hub of the Middle East, Dubai was home to a modest fishing and trading populace. The city now boasts outstanding transport facilities and innovative communication features, and along with its capacity to adapt with changing markets, makes it the ideal place to set up [...]

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