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Passive Income: Make extra money online

Passive Income: What is it and how can it benefit me?

Cash to Computing (photo credit Flickr)

Cash to Computing (photo credit Flickr)

Passive: not actively participating.  Income:  monetary payment.  

Combine them and it means money made without working that sounds too good to be true.  It is too good to be truce, because there is always some footwork to be done ahead of time.

Setting up that webinar takes time so does taking video and editing that YouTube upload.  But once its done set the marketing to autopilot and then let the passive income roll-in!  Yeah, that is wishful thinking too, there is a lot of hard work to be done to keep it up and running.  Also, keeping with the trends can be hard, but the tools below can help you meet your goals.

Make Money Online

Make Money Online

Get Started

This is the most difficult part, it was hard for me too!  The first steps are always the toughest.

Have a long term goal and cut it down into smaller pieces, so you can gradually to achieve this goal

  1. Have an idea for a Webinar?  Use this cool tool to monetize it.  Monetize it means to make money from it, like cash deposited into that PayPal account!
  2. I’ve started affiliate marketing with Share A Sale: Find a sponsor for your web site. Get paid for your great content. shareasale.com.
  3. Also, try this marketing tool: Drive more traffic to your online store using performance based marketing.
  4. Set up a drop-shipping site with a free trial with Oberlo: 30 day trial here:
  5. SpyFu helps find competitors most profitable keywords to make it easy to think these up
    1. Increases web-traffic
    2. Tracking keywords automatically
    3. Make better connections
  6. To help get started here is a Word Press Coupon: AMP for WordPress – WP Engine Webinar with Yoast SEO
    1. What is SEO?  Search Engine Optimization
    2. This basically means when people search a topic your website is actually on the list!  Trust me, its worth the investment!


Automate it:

Whew, the hard part is over.  The site has been created, the Videos are posted, and the articles are written… Now what?  There are endless resources on automating the promotion of your webinar, you-tube videos, or blog articles.

Here is a list of my favorites:

  1. Tailwind:Grab your free trial here
    1. Discover Content: taking the work out of work- they do it for you
    2. Schedule Posts: posts get automatically updated
    3. Monitor Conversations
    4. Amplify Research: can’t think of what to research? They do it for you
    5. Analyst Results: the tools are available here
    6. Perfect for Instagram and Pinterest users
  2. I need hits: This awesome tool boots web-traffic!10% Off 1st Time Orders at iNeedHits.com – Shop Now! Use Code: SAVEINH2012
    1. Get listed in Google
    2. Location Targeted Traffic
    3. Affordable Pricing
  3. Vertical Response
  4. Kolau

Boost your Website Traffic with iNeedHits Today! Shop Now!

Now invest it:

Passive Income can be created by investing into the stock market via mutual funds, individual stocks, or bonds.  Once the cash starts rolling in, now its time to make some smart decisions and use Ally and other investment tools to continue making money.

  1. Open an Ally Invest account
  2. Swell: Investing in stocks that allign with your values
  3. Robinhood:
    1. Easy investing right on smartphone
    2. Free Stock Trading
  4. Acorns
    1. Easy round-up from a credit card or debit card of your choice
    2. Set it and forget it

Good Luck on your adventure into online money making!  Tell me about your webinar in the comments, I’d love to check it out!

Oh yeah, there are affiliate links in this article, but I check them all out before I suggest em!  We are all in it to make the money right?

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Settle Credit Card Debt

In dire situations there are a few steps can be taken to settle credit card debt.  Dire situations means extremely large amounts of credit card debt.

Caution: These steps may cause accounts to be closed, credit score to drop, owe additional income tax, or a higher interest rate!

Options

-Debt Settlement: Offering a lump sum of less than you owe in return of easing the debt.  This is NOT Debt Consolidation, which is not as hard on your credit score.  Debt Settlement is serious and will hurt a credit score.  The negotiation to pay and amount less than what is currently owed.

-Debt Management: Paying a counseling organization monthly, then they help negotiate terms and pay bills on your behalf.  Choose wisely here because there are some bad guys in this field too.

-Hardship repayment or forbearance:  This one is used when there is a divorce, job loss, or extreme financial hardship.  Talk to a professional! (more…)

Credit Checkup: Managing your Credit Score

Credit Score Management

Credit Score Management

How is your Credit Score is it time for a credit checkup?  Here are a few items to ensure you don’t pay extra interest due to a poor credit score.  But it can be more than just an interest rate hike, a credit score might effect insurance rates, apartment rental, or a potential new job!

What is a credit score?  Dictionary.com says that credit is:

confidence in a purchaser’s ability and intention to pay, displayed by entrusting the buyer with goods or services without immediate payment.

There are a few different credit scores, but I’m focusing on the FICO score as it is most widely used by banks or major lenders now.

A FICO Credit Score can generally fall between 300 and 850, the latter being the better.  Or a high score wins in this case.  It is predicting the likelihood of your intention to pay the bills or loans on time.

Credit Score Tips:

  1. Pay those Bills!  Preferably pay them on time.  Set up bill-pay with your bank, then no cost of stamps or forgetting to mail that bill.  Additionally “Payment History” is weighted as 35% of your FICO score.  Lenders are concerned about ability to pay that loan that you are about to take out and the credit history is the best indicator they have of receiving future payments.  Unfortunately, younger lenders will have lower scores because they do not have history.
  2. Review your own credit report: Some credit card companies offer this on the monthly statement.  This is free and an easy tool to monitor what is happening with on that credit card.  There are free sites out there that offer credit reports:
    • CreditKarma.com
    • Creditsesame.com
    • LendingTree.com
    • Quizzle.com
    • Discover credit card shows a monthly FICO score with your bill.
    • Caution: IF a site asks for a credit card number or provides your credit with a fee, this might become a recurring fee, beware that this isn’t the case before you check your score!  Equifax shows some good tips on monitoring so it may be worth the price.

Debt Payoff:

  1. Pay down credit cards:  “Debt Level” is weighted at 30% of your FICO score.  Which ironically enough if you keep your credit at about 30% of your credit limit or less this will help you score go up (which is good).  For example: If my Home Depot credit card has a credit limit of $500, then I should keep the balance at $150 or less. ( or $500 x 0.30=$150)
  2. Use Credit: But be smart about it.  Zero interest for 6 months is a no brainer, but pay the balance off within those six months.  Use bill pay to your advantage here.  Auto payments for six months and done!
  3. Monitor Credit Report: Different from reviewing your credit report, as monitoring means re-visiting the credit report to ensure there isn’t any weird.  For example, and strange loans or new credit cards need to be investigated.
  4. Mix of Credit: the “Mix of Credit” is weighted at 10% of the FICO score, but its not worth it to run out to get an auto loan or personal loan to go with your credit card debt.
  5. Other options:  Be caution of items that can hurt your credit like Debt Settlement.
  6. Get Equifax Business Credit Monitoring Now!

Don’t Do This:

  1. Don’t close old credit cards:  This can play into the “Length of Credit History” which is weighted at 15% of the FICO score. Additionally, getting into credit cards at a younger age can be a double edge sword.  I fell into this at college, signing up for a credit card and buying those books, only to pay more in the long run with high interest rates.
  2. Limit applications for new credit: “inquiries” are weighted at 10% of the FICO score.  Each time they run a credit check it is an application for new credit.  This means any application for an apartment, auto loan or new in store credit card are inquires.  These all have an impact on your credit score.

Use these tips wisely.  Do you have any other tips to boost that credit score?

 

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