Tag Archive: Banks

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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Summer Jobs

My first summer job was mowing lawns for a family resort in northern Minnesota. I was handed a check at the end of the week, and the first thing I did was run to the bank and cash it!  I subsequently spent all of it over the weekend, only to be broke again Monday morning.

The Consumer Financial Protection Bureau says “Having a summer job is an important milestone and often when young people first take control of their finances..”

A Healthy Financial Starting Point

Paycheck Management:

  • First thing: Where to put that money made from that summer job?  Don’t spend it like I did!  There are several credit unions or banks to choose from.  Having cash on hand can be dangerous, because if the money is there, ready to be used, and it’s more likely to be spent.  It is best to deposit the entire check into a bank or credit union,  then only allowing a small amount of spending money.
    • What is the difference between a Credit Union and a Bank?
      • Credit Unions: Personable; higher savings rates; not-for profit
      • Banks: Convenient; lower savings rates; for profit
  • Direct Deposit is king!  Deposits can be made into various savings accounts automatically.  Both banks and credit unions offer this, or another option is to set up a direct deposit to an online bank (not having a brick & mortar location at all).

Cash Flow Management:

  • Budget: Which is defined by “an estimate of income and expenditure for a set period of time.”  There are several apps, spreadsheets, and analysis tools to figure out how to spend money.  Figure out and plan what those expenses will be, don’t overspend!
  • Expenses:  Expenses play into a budget with forecasting, but it is also important to track where the money went.

Savings

  • Saving 10% of all income is a good rule.  So, if the paycheck is $200 then set aside $20 for the emergency fund.  Gifted a cool twenty dollar bill, make sure at least two dollars get into savings.  These small amounts will add up fast!  Direct deposit allows an easy automatic withdraw of a percent or set dollar amount to go into a separate savings account.
  • Have a plan for those savings too.  Is the goal to save for college, a car, or even an early emergency fund?  Try to explore various options for higher interest rates.
    • Savings Bonds
    • 529 Plans
    • Online only savings account

Check out my article on completing that Form W-4 and getting the correct amount of withholding set up so you aren’t smacked with a bill at tax time.

Most importantly make some friends, make some memories, and save that money!

What was your first job?