Now you have some of the basic dos and "do it if you feel like its." But how can you actually earn money from your blog? First and foremost, if your blog is in your specialty area, you should absolutely use it to promote your freelance writing services (even if just linking to your professional site). It can be a highly effective way of increasing business in general. But let's forget about that and think about more direct income from your blogs. Here are the tools and strategies I used to take my small business blog from nothing to a four figure income in just a few months:
The Millionaire Fastlane – The author challenges the notion that the ideal life is to get a job, save slowly, retire old, and then have enough money to last the rest of your lifetime. He states that true wealth is having freedom, friends and family, and good health. His teaching has obviously rubbed off on me quite a bit. He challenges you to no longer be a consumer, but to think like a producer. Create and produce, become an entrepreneur, and that will put you on the fast lane to true wealth.
In a world in which most of the population of countries in which selling photos is a real thing, almost everyone has a smartphone with a decent enough camera. A little learning of the principles of photography, some knowledge of how light works and how shadows are made, a couple good landscapes and you will be set to become a semi-pro photographer.
Obviously, if you’re starting from scratch and you haven’t written your book quite yet, you should think about subjects that are of interest to you. If you write about topics that you lack a passion for, you’re embedding your own boredom into your poorly-prostituted words, and no-one’s gonna go for that; regardless of how punchy you make your title.
Now that we've found how to compute residual income, we must now use this information to formulate a true value estimate for a firm. Like other absolute valuation approaches, the concept of discounting future earnings is put to use in residual income modeling as well. The intrinsic, or fair value, of a company's stock using the residual income approach, can be broken down into its book value and the present values of its expected future residual incomes, as illustrated in the formula below.
I generate all of my online income through advertising and that’s passive. As long as the traffic is stable, the blog should continue to generate income. The real test will come in a few years when we take a year off from retirement to travel around the world. (It’s going to be hard work to “road school” our kid.) I plan to post twice per week, one post about travel and one refresh/rework of an older article. One year is a long time and I’m not sure how traffic will be affected by this change. I guess we’ll see what happens.
Creating passive or residual income is the ultimate investment dream for many, and it can be achieved via real estate. In fact, savvy investors have been using real estate as a way to create residual income for decades. What exactly is residual income? Simply put, it is income that continues to be generated after the initial effort has been expended.
One of the primary benefits of residual income is that it takes little continued effort to maintain. Passive income includes things like royalties received for creating an intellectual property such as a book, advertisement payments received for Internet traffic on websites or content you create, dividends paid on stocks you hold and rent payments. Creating residual income often takes a considerable amount of initial effort, such as writing a book or article, creating a website, buying a building and renting it out or researching and purchasing dividend-paying stocks, but after the initial effort, you receive income over time with little or no additional effort. This can allow you to pursue other opportunities while continuing to earn income based on past efforts.
Admittedly, there are 100s of books out there covering the exact same stuff, but what I like about this – and in a similar vein to Get Rich Click – it’s the comprehensive listing and side-by-side comparison of all the different techniques and tips that I freaking love. Once again, I know all the stuff in this book pretty well now, but I still run over it frequently to jog my memory and use it to work out whether I’ve covered all my bases – kind of like a checklist in that sense.