Personal Retreat Goal: Making More Money

Making More Money

I think this is one of the most common goals that we might bring out of a personal retreat. That isn’t to say that we’re all about money. In fact that can be farthest from it.

Goals can mean many things. It can mean freedom, new enterprises or hobbies, maybe even a new life. As much as we hope it’s not, money is a huge part of making change happen. The more money you have, means change can come quicker, more effectively, and ultimately, more success.

So today I’d like to write about some ideas on making more money, and the different ways you can do it.

Passive Income

This is a huge buzzword right now in the sharing economy. I can tell you that it was a goal out of my last retreat. I’m a busy person and making money passively is a huge draw. Most of my life, I traded my time for money. Friend, that gets old. Let me share a little about what I learned about passive income.

Passive income is RARELY passive. In fact, you might come to learn that it takes a lot of work. Here’s some ideas that I was given that didn’t really turn out to be passive:

  • Write a book: Hey that’s what this website is about! So the actual writing is NOT passive. When you get the book done, you have to market it. That means a website and… A blog! Oh, and I won’t start on paid advertising…
  • Rental income: If nothing ever breaks, then it’s passive. I have never seen property that doesn’t break. Tenants: finding them, screening them, cleaning up when they leave.
  • Online products (training, retail items, etc.): Finding and/or developing the products, then getting a good source, and setting up the transfers is typically a one-time deal, but it’s not the end. You may have to update or find a new source for products. Marketing never goes away.

Time Equals Money

So let me tell you about three things I’m doing that are earning me more money. They aren’t easy or quick, but if you put in a good, solid effort and learn from those who have been successful before, you should be able to do alright.

Creating a blog and making money from ads

If you are going to put something on the internet, it’s pretty much not free. You have to pay for the bandwidth you’re accessing the internet on. You have to pay for hosting of some kind. There’s even more costs if  you are doing some marketing. So it’s perfectly reasonable to throw a few ads on there. Nothing over the top, but just a little bit is fair. At least to break even (p.s. click my links please!).

Writing on Fiverr or Freelancer

There are plenty of share economy sites out there that can give you a chance to earn money for doing some work. If you are a writer, this is a nice way to trade a little time for a little money. Let me tell you though, you need to make the best of your time. The payouts aren’t much so speed and accuracy will help you a lot. Specializing in certain kinds of content can make having some ready-to-go content extra valuable.

Investing with Swing Trading

This is something I’ve done recently and written quite a bit about it on Trader Geek. Again, having some training and dedication can pay off, but it is going to take some study and quite a bit of money to start making money. No fooling; if you can’t start with $2,000 as an absolute minimum, I would not recommend this path.

Ultimately we’re still trading some time for money. What we need to do is be as efficient as possible, so the money we get is worth the time we spent to make it.

 

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