Late-program course work asks students to engage in hands-on classes that apply what they have learned from the books and case studies they have read. This often takes the form of business simulations that task students with creating their own marketing plans, developing their own teams, and conducting their own market research. This is the last and most valuable test in a marketing education. Students who can succeed at this stage are ready to pursue a position in the fast-paced world of modern marketing.
As an individual, you need to determine what stage of your life cycle you are in right now. Are you single? Are you married with no children and dual income? Will your spouse leave his or her job if you decide to have kids? Are you nearing your retirement? These are simple questions which you need to ask yourself and clearly establish answers for them. The benefit of this exercise will be enormous because your life cycle will determine your saving and consumption patterns, and thus, you can easily decide on how much passive income you require.
There are three main categories of income: active income, passive income and portfolio income. Passive income has been a relatively loosely used term in recent years. Colloquially, it’s been used to define money being earned regularly with little or no effort on the part of the person receiving it. Popular types of passive income include real estate, peer-to-peer (P2P) lending and dividend stocks. Proponents of earning passive income tend to be boosters of a work-from-home and be-your-own-boss professional lifestyle. The type of earnings people usually associate with this are gains on stocks, interest, retirement pay, lottery winnings, online work and capital gains.
Passive income can help you achieve true financial independence, which by definition means having enough income to pay your living expenses for the rest of your life without having to work full time. Passive income is crucial to the FIRE (Financial Independence, Retire Early) movement, a movement dedicated to achieving financial independence and retiring early. Whether you’re committed to retiring early or not, passive income is a great way to make progress towards your retirement goals.
The ALS Ice Bucket Challenge began four years ago and was created to raise awareness for the debilitating disease. For the challenge, you had to pour ice cold water over your entire body and then nominate a friend to do the same. This became a movement that raised $115 million in the summer of 2014 alone. Because ... who doesn’t want to watch a family member or friend pour freezing cold water on their head?
Launching a side business or figuring out how to invest your money when you’re strapped for time isn’t easy, but the payoff makes it all worthwhile. The money you earn from passive income will undoubtedly have you well on your way to achieving your financial goals and that much closer to true financial freedom. If you’re wondering how your finances currently stack up, find out where you stand financially. No matter the result, Turbo’s personalized advice will help get you where you want to be.
If you know anything well, a place, how to fix something, how to make something, how to do something, you can write a guide for it. You can sell your guide as an e-book, offer it as a download for a fee on your site or reach out to bloggers with similar content and ask if they will offer it as a paid download on their website (for a price of course).
A perfect example of the Active Problem Solving + Automation concept is in my online courses I’ve created over the years, or my free webinars I’ve created more recently Each of my online courses and webinars are targeted to help people with specific problems, whether that’s in the area of affiliate marketing, podcasting, building a brand, and so forth. I am always improving upon the courses, but they are also evergreen for my audience.
The main risk coming from the company is for it to target the wrong influencer or segment. Once the content is online, the sender won't be able to control it anymore. It is therefore vital to aim at a particular segment when releasing the message. This is what happened to the company BlendTech which released videos showing the blender could blend anything, and encouraged users to share videos. This mainly caught the attention of teenage boys who thought it funny to blend and destroy anything they could; even though the videos went viral, they did not target potential buyers of the product. This is considered to be one of the major factors that affects the success of the online promotion. It is critical and inevitable for the organisations to target the right audience. Another risk with internet is that a company's video could end up going viral on the other side of the planet where their products are not even for sale.
If you love design and you are an artistic person, selling digital products on Etsy could be a great way to earn passive income. Digital products require little maintenance, your customers will simply receive a link to download them (which means you don’t have to worry about shipping and returns handling). All you need to do is spend time upfront to create beautiful artwork! (Easy right?)
The next step in viral marketing is to discover or create a piece/pieces of content that has the potential to be viral. It must feature a product you sell and be of high quality. For content to be inviting enough for people to share it you must spend time and money on the creating top quality content. Conduct keyword research to optimize for search engines and make sure to include a strong call to action close to the top of the content so people know what to do with this information. Use the notes from your research in the first step to determine what network(s) you want to go viral on and the type of content that will help you achieve that result. Then publish that content, or get the content published on a source that can help you go viral. Refer to your research to see what elements create the best viral content for your target audience.
Instagram, also owned by Facebook, may use similar algorithms to determine the types of trending content appearing in a user’s news feed or Explore tab in the Instagram app. Smaller businesses appear to have a better ability to trend on Instagram using viral content compared to Facebook, although publishers and individuals may begin to take the lead there as well.
Venture Debt – I invested $120,000 in my business school friend’s venture debt fund. He started his own after spending 8 years at one of the largest venture debt funds as a Managing Partner. I’m very focused on income generating assets in this low interest rate environment. The true returns are yet to be seen, as the fund has a 5-7 year life before it returns all its capital.
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Unfortunately, I can’t answer that conclusively one way or the other. It all depends on you, what you like to do, your work ethic, personality, etc. If you are a good writer perhaps you could write a book and make money that way. Or, you could start your own website and do affiliate marketing. Just because you are young it doesn’t mean you can’t make money doing at least a few of these ideas. I wish you luck in your money making efforts!
This was a very inspirational article! I too spent 20+ years in a high-stress career selling a high-end product under a 100 percent commission plan; that is, no salary! I realized, after racking up millions of frequent flyer miles, that there had to be a better and less-stressful way of making a living. My goal was to design my own lifestyle free of corporate shackles, which required a pre-determined amount of passive income.
Your income is your greatest wealth-building tool—a tool that typically requires your active participation in the form of a full-time job. You know what I’m talking about! Even if you love your job, I’m willing to bet you wouldn’t mind earning some extra income without the blood, sweat, tears, and time commitment of another job. In fact, there are several benefits. Building a passive income:
One of the easiest ways to increase your passive income is to shift your savings to a bank that pays a higher yield on your savings — for example, Discover Bank and EverBank pay almost 1% for your money. Although it doesn’t sound like much (especially in this low interest environment), little things do add up and eventually interest rates will rise.
This is an ideal strategy if you live in an area where real estate prices are too high to realistically invest in, or you don’t want the hassle and expense of traveling all over the country visiting potential properties. Plus, if you are new to single-family real estate investing, letting a place like Roofstock guide you through the process is a great way to get your feet wet.
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Let’s say that you sell motorcycle parts. You may find that your customers like videos showing motorcycles in action on Instagram and Facebook, part review videos on YouTube, articles about the latest technology on Twitter, and GIFs made from your Instagram and Facebook videos for Imgur and Reddit. In short, you’ll need to make some videos to get your products embedded into viral content.
Question: You mention receiving $200k of passive income a year, but your chart shows half of that coming from real estate holdings, and reading between the lines it appears that you hold mortgages against those holdings. Then you conclude that $200k/yr of passive income should be enough to live comfortably anywhere in the world. So are you subtracting your real estate expenses (taxes, insurance, mortgage payments, maintenance, remote property management company fees, etc.) when you report your passive income from those properties? Really I think it’s the net (after taxes and everything) that tells us what is left over to “spend” on living, right? When I set up my spreadsheet to retire early at age 47, I calculated the after-tax income I would need to live. Then I compared that to my income streams (estimating tax on the taxable income streams) to measure the surplus/shortfall. Also some good advice from GoCurryCracker: If you can minimize your taxes so you’re in the 15% tax bracket, you can possibly receive tax-free long term capital gains. I agree with your philosophy that time is more important than money as we age. I am not sure I agree with a philosophy that is fixated on needing such a large income, and would rather minimize taxes if it’s all the same on the happiness meter. Furthermore, having 20 plus income sources in the name of diversification adds stress and requires more management (TIME!). I think this is fine for those of us while young, as we have the energy to work hard. But as time becomes more important, the extra headache of managing, planning, and buying/selling our assets becomes a resented hindrance on par with the resentment we felt when working for an employer and fighting traffic each day to go to a job we hated. Every thing we own in actuality owns us, by virtue of its demands on our time and affections, and that includes investments. It also includes our home, and is a good reason for downsizing. As long as we have food on our table, a roof over our heads, and clothes on our bodies, what more do we need? I think we need to consider freeing ourselves from the weight of the chains of managing too many ventures. Personally, I plan on investing in no more than 5 simultaneous ventures ever, with the exception of some IRAs that I just plan to let sit for the next 20 years (and therefore no thought or anxiety required).
If you want to add a little excitement to your passive income investing, meet Lending Club, the web-based peer-to-peer lending platform where investors looking for high-interest opportunities provide the funds for loans. You can earn interest rates in excess of 10 percent a year – about 10 times what you will earn on more conventional interest-bearing investments.
Index funds provide you with a way to invest in the stock market that is completely passive. For example, if you invest money in an index fund that is based on the S&P 500 Index, you will be invested in the general market, without having to concern yourself with choosing investments, rebalancing your portfolio, or knowing when to sell or buy individual companies. All that will be handled by the fund which will base the fund portfolio on the makeup of the underlying index.
While compiling this list, I did my best to avoid scams, and stick with practical ideas that work. I have tried many (but not all) of these ideas. Some of these helped me earned a few dollars here and there, but there are some that helped me earn extra money on the side every single day — and some are still providing me with revenue! Note that not all ideas will fit your skills and abilities. What works for you depends on your abilities and your current financial situation.
3) Create A Plan. Mark Spitz once said, “If you fail to prepare, you’re prepared to fail.” You must create a system where you are saving X amount of money every month, investing Y amount every month, and working on Z project until completion. Things will be slow going at first, but once you save a little bit of money you will start to build momentum. Eventually you will find synergies between your work, your hobbies, and your skills which will translate into viable income streams.
Many entrepreneurs reading this post will realize that they may not have the means to achieve true viral growth (where they have a Viral Coefficient of greater than 1). Rather than giving up, it is worth considering a hybrid viral model. In the hybrid viral model, you make up for the shortfall in customers by acquiring those through some other means such as paid search, or SEO.
Rental properties are defined as passive income with a couple of exceptions. If you’re a real estate professional, any rental income you’re making counts as active income. If you’re "self-renting," meaning that you own a space and are renting it out to a corporation or partnership where you conduct business, that does not constitute passive income unless that lease had been signed before 1988, in which case you’ve been grandfathered into having that income being defined as passive. According to the IRS, "it does not matter whether or not the use is under a lease, a service contract, or some other arrangement."
Some people take it automated well before the year is up. When it converts, it converts. If you target the right people and you're able to create the right message that appeals to your audience, you might just hit a home run. An automated webinar often involves the creation of a webinar funnel. That includes, not only the webinar, but also the email sequences, and possibly a self-liquidating offer, and maybe some done-for-your services and up-sells.
On paper, it may seem easy to invest in real estate and earn the rent as passive income, but in a practical sense, it is often difficult to translate this investment into income. Identifying the source which will generate a stable passive income is probably the biggest challenge you might face. You may require external help. Most activities that generate passive income, like starting a blog or selling items on Craigslist or eBay, can end up taking so much time that they aren’t really “passive” activities anymore.
Email campaigns that stand out and bring about a sense of emotion are great to get subscribers sharing with others. Creating calls to actions and valuable content within your email that is timely and closely related to what your subscribers care about will help the virality of your email campaign. In a world where 20% of subscribers open email newsletters it is important to segment your audience to deliver the best content possible and also create clear calls to action so subscribers don’t need to think about what they need to do with your message.
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The campaign became viral because it could connect to the audience emotionally. People could relate to the concept of the video. The idea was original, and the content was enticing without pushing the products. The ad encouraged social conversation and sensitivity around the beauty of a woman. It empowered women, evoking feelings of warmth, joy, and confidence. Empowerment is a powerful tool, which can enhance the brand image of your company. So build an uplifting relationship with your audience.
Old Spice conquered this type of marketing in 2010 with their “The Man Your Man Could Smell Like” campaign which included a series of humorous videos. This viral marketing example received 55M views, their YouTube channel grew exponentially, and sales grew 55% in the first three months after the campaign. The success of this campaign was mainly due to their humor which people everywhere could understand and found funny. Humor is not the only emotion that companies can rely on to turn their marketing campaign into a viral one. Love, unity and fear are just a few of the other emotions that viral marketing campaigns have relied on to get noticed.
Given the growth in the sharing economy, your junk can start to pay for itself. For example, if you have some awesome vintage furniture inherited from your grandmother sitting in a storage unit, you can rent this out to photographers for their “styled shoots” which are becoming all the rage. If your furniture is more modern but you still can’t bear to get rid of it – perhaps a home stager will be interested.
It's important also to realize that the success of a viral campaign depends on the vehicles used to transmit the message. There are companies that are more virally equipped than others. To create a strong viral link, the message must be able to transport from television advertising to radio and other extended means of broadcasting to the power of the Internet.
I have six rental units which are a good source of passive income. I don’t use a property manager because you are right…they take about 10% of your rent. There are really only 2 things that tenants call about: 1. A plumbing issue 2. Heat/Air problems. Just find a plumber and heat/air guy you can trust. I travel a lot for my primary job. When a call comes in from a tenant, I can call the repair guy in just as easy as a property manager.
This is mostly passive once you have it all set up, but it does take a lot of work at the beginning. Real estate investing also requires occasional maintenance. Currently, we invest in a couple of rental properties and earn about $500 profit from each per month. You can read more about my rental properties at MoneySmartLife.com: How and Why I Became a Landlord.
Viral marketing is more about reaching out and touching the passion point of your consumer so that the passion drives the message and the message continues to reach the masses without assistance from you. You can orchestrate a viral campaign, but very seldom are viral campaigns that are orchestrated as successful as those that are just driven by the passion of a consumer. For it to reach a level of success your consumer must feel they have a personal stake and investment in the success of your campaign.
In 1999, Daniel Myrick and Eduardo Sanchez began drumming up buzz for their now-legendary movie, The Blair Witch Project, using innovative techniques made possible by the relatively new culture of the Internet. The film is an early example of the “found footage” style that is made to look like amateur video shot by real people. Myrick and Sanchez, along with Artisan Entertainment, capitalized on the realistic look of Blair Witch to build a campaign around it that suggested the footage actually was real.
I’m feeling inspired! I’ve been a PT for 19 years and I feel I have so much experience to offer but have been so intimated by starting a blog. I also subscribed to Michelle’s website but wasn’t sure it was for real. Is it for real? After reading this I feel like it’s time to take the plunge, I need to start a blog, I have so many ideas and even course ideas. I want to get away from the paperwork that plagues our healthcare system but not leave the field so the blog just might be the answer. I’ve been a landlord for 15 years now, great investment for sure, renters paid for the down payment of our house and should hopefully help pay for our kids college. I’d love to have one more! Thank you for the inspiration, wish me luck with my blogging!
Viral content usually has a well-designed viral strategy behind it, it is, in part, also due to luck, but creativity and preparation are also extremely important… for this reason, to get to know this world a little better, I would like to tell you today what the definition of this concept actually is, how a viral campaign works, the advantages or viral marketing and show you our favorite examples.