Decision-making process seems to be hard for customers these days. Millers (1956) argued that people suffered from short-term memory. This links to difficulties in customers' decision-making process and Paradox of Choice, as they face various adverts and newspapers daily. Influencers serve as a credible source for customers' decision-making process. Neilsen reported that 80% of consumers appreciated a recommendation of their acquaintances, as they have reasons to trust in their friends delivering the messages without benefits and helping them reduce perceived risks behind choices.
4) Treat Passive Income Like A Game. The only real way to begin your multiple passive income journey is when you are making active income. The initial funding has to come from somewhere. Hence, treat passive income as a game that has various levels. If you fail to achieve one level, it’s not the end of the world since you still have active income and can restart. Furthermore, a game is meant to be played with integrity. Using shortcuts (non passive income streams), someone else’s income as a supplement (spouse), or one-offs (capital gains) does not count. The primary purpose of any game is to bring enjoyment to the player and beat the boss.
What I’m doing: I use this site to write out goals like 1) Generating $200,000 a year working 4 hours a day or less, 2) Trying to make winning investments, and 3) Keeping track of my passive income streams with free financial tools. My site and the community helps keep me accountable for progress. It’s important I do what I say, otherwise, what the hell is the point? You should consider starting a site or at least a private journal. Write out your specific goals, tell several close friends and stick to the plan.
There are many comments about it being impossible to break into real estate with little money, or needing help from the bank of mommy and daddy. It is possible. I bought my first property, a multifamily, 6 months after graduating college, with a garbage job I got 3 months before and barely 7k in the bank. It’s now two years later and I’ve purchased a second this summer. Regarding management, I self-manage like most ‘small time’ landlords. Unless you own a massive apartment buidling, there’s no need to professional managment. Like another comment mentioned, I’ve only ever gotten heating issues or other minor things, for which I have a handyman to take care of. Aside from that, it’s fairly passive IMO. Dividend investing doesn’t require 100k either. It’s just an example the author used. I invest un securities with dividends ranging from 2-12%, and hedge/balance according to risk. Higher dividend % isn’t always better, but there are some good deals you can find. I think the key is to realize that you don’t need to stick to just one form of passive investment. Sure, 10 properties sounds daunting, and a $1M portfolio seems impossible, but you can combine both, as well as other passive income strategies. And ofc, the more risk you are willing to take on, the higher the potential reward (and loss). I day/swing trade, but wouldn’t advise this. It’s also not passive, I spend a massive amount of time researching and analyzing the technicals, but it’s worth it for now, as I’m fairly consistnet with profits. I have not tried blogging, and am not sure I’d be any good at it. I dabbled in ecommerce but found it was too time consuimg, but I know people who were able to quit their 9-5s from ecommerce. I’m sure no matter how much debt you have (i have 30k unsecured debt) or how little you think you make, there is a way to start investing today, even if it’s starting small.
6) Always Remember That Everything Is Relative. The best way to determine worthwhile passive income streams is by comparing the likely return (IRR) with the current risk-free rate of return. If I round up, the 10 year bond yield is at 3%. Any new venture should thoroughly beat 3% otherwise you are wasting your efforts since you can earn 3% doing nothing.
Love your articles. I think everyone is very different as far as how much passive income they need to meet their goals. I’ve read a lot of your articles and really enjoy your thoughts. I have a masters in finance and understand the math of keeping the debt but my emotions are such that I need to try to finish off paying off my last debt (mortgage) in the next two years. At 34 and only worth 525k I’m doing better than a lot of folks my age but it will be difficult for me to catch up in the passive income game without leverage. That is the main reason I recently created a website to try to bring passive income opportunities in my area to me.
stREITwise offers a hybrid investment between traditional REIT fund investing and the new crowdfunding. The fund is like a real estate investment trust in that it holds a collection of properties but more like crowdfunding in its management. The fund has paid a 10% annualized return since inception and is a great way to diversify your real estate exposure.
A REIT is a company that owns, operates or finances real estate and allows anyone to invest in portfolios of real estate assets, the same way as stocks: you can purchase individual stock or exchange-traded fund (ETF). You can then earn a share of the income produced through the real estate investment without having to own, manage or finance a property.
Look at products such as Hotmail, Facebook, YouTube, Gmail, Snapchat, dating websites, and Craigslist. They all have one thing in common: they are products that went viral. These are the ideal viral marketing opportunities as these products get better when more people use them. I don’t to discuss these properly, but it’s essential to know that they exist for a complete view of viral marketing.
Viral Marketing is about ‘infecting’ people. If each ‘infected’ individual shares the marketing message to a single other individual, the viral epidemic will gradually grow in a logic curve. As long as each individual passes the message on to one other person, the marketing campaign can continue to grow until each member of the potential audience has been reached. Eventually, the campaign will generate less interest from the target group and the curve will taper off; the campaign is dying out.
Humor: Old Spice’s viral video marketing campaign used humor to great effect. They had to. After all, there aren’t many other interesting ways to promote a deodorant / body wash. But they did it with a knowing smirk. The brand didn’t mind poking fun at itself. And it worked. The usage of humor introduced the brand to a younger, Internet-savvy audience.
Thanks for asking. https://passiveincomemd.com/what-is-passive-income/ gives a good summary of the definition I use. But in brief, it’s income that isn’t proportional to the time you physically put into acquiring it. It doesn’t mean it’s not without work or effort. It’s just that most of the work is done up front and it continues to pay off long after that initial effort. Real estate fits into that box. There’s definitely a spectrum but compared to what we do as doctors, where our compensation is directly linked to our time, most of these things are quite passive.
Logan is a CPA with a Masters Degree in Taxation from the University of Southern California. He has been featured in publications such as LendingTree, Debt.com, and CreditCards.com on topics ranging from paying down debt to using credit card points to saving money on taxes. After spending nearly 10 years in public accounting, including 5 with professional services firm Ernst & Young where he consulted with multinational companies and high net worth individuals on their tax situations, he launched Money Done Right in 2017 to communicate modern ideas on earning, saving, and investing money.
The campaign became successful and viral with over 17 million people participating in the challenge worldwide. Many celebrities including Bill Gates, George W. Bush, Oprah Winfrey, Tom Cruise, Mark Zuckerberg, Rihanna, Tim Cook, Rafael Nadal, and Cristiano Ronaldo took part in the challenge. Below video shows the Ice Bucket Challenge taken by Bill Gates:
How To Engineer Your Layoff – In 2012, it took me four months of absolute focus and two years of data to publish my first e-book about helping people negotiate a severance. The book went through over 30 revisions by four people. Then I updated the book for 2018 with 50 more pages (150 pages total) using more successful case studies and highlighting more strategies for those who want to break free with money in their pocket.
Investing is arguably the easiest way to make passive income. The problem is most investments sound good in theory but don’t work out so well in practice. And if you don’t have much experience or access to capital, let alone the time to work it all out, it can seem more or less impossible. However, there is one smart way to invest that just might work. Continue reading >
The growth of social networks significantly contributed to the effectiveness of viral marketing. As of 2009, two thirds of the world's Internet population visits a social networking service or blog site at least every week. Facebook alone has over 1 billion active users. In 2009, time spent visiting social media sites began to exceed time spent emailing. A 2010 study found that 52% of people who view news online forward it on through social networks, email, or posts.