Daily Habits of Successful People

Habits of successful peopleIf success is your aim, can you learn from the daily habits of successful people?

Certainly, I believe that we are what we do on a daily basis.

Anything you achieve or don’t achieve, is brought about by the habits you develop over time.

Everything you do is as a result of our habits, good or bad. So surely it makes sense to develop and maintain good habits and make them your master?

Habits, good or bad, are formed through repetition.

Good habits can be hard to form but they are easy to live with. Whereas bad habits whilst easy to form they tend to be very hard to live with. Our lives can become a battle of good habits versus bad habits. Don’t let the bad habits win.

Good habits can be learned and bad habits can be replaced by good habits. Yes, it requires self-discipline on your part dear reader but it can be done and people do.

Decide on the habits you want to develop and focus on achieving them one at a time.

Start with one good habit you’d like to form and then force yourself to repeat the necessary actions daily.

After around three weeks that habit will be formed and it will just become part of your routine. You’ll start to repeat it with little or no thought. Essentially you’ll do it on autopilot.

If you have a bad habit you wish to replace with a good habit then each time you find yourself about to perform the actions of the bad habit, stop yourself and perform the actions of the good habit instead. Again after around three weeks, the good habit will be programmed into your brain.

Successful people are driven to develop good habits. Self-discipline is the key ingredient for good habits to form and for the replacing of bad habits.

Successful people also establish the habit of goal setting on a daily basis.

You cannot hit a target unless you can see that target. Setting a goal is the first step in achieving that goal. Successful people are results-oriented.

Successful people are also people-oriented.

You get what you want in life by helping other people get what they want.

Every product is a solution to a problem. Even if your goal is to sing or dance, to succeed you must always recognise that you perform to and for people.

They have a need to be entertained and your aim is to fulfil that need. To solve this particular problem for them if you like.

In dealing with people you must be honest and show integrity if you are to win the respect of others.

So honesty is a good habit to develop. Dishonesty and cheating will catch up with you and will be a permanent stain on your reputation. You don’t need that now, do you?

And above all, you must look after your health. You have one body and one mind and they must last you a lifetime.

So develop the habit of taking good care of both.

To reinforce the message of the importance of repetition and routine I‘ve included this excellent video from Brian Tracy.

Brian is always a source of great advice for anyone seeking success and aiming to create a successful life for themselves and certainly he’s one of my main sources of constant inspiration.

The video is short but well worth your time and I recommend you watch it now.

Habits of successful people:

Further Reading:

Regular readers will know that I am keen on building a personal reference library of books and audiobooks which I use to inspire and motivate me and to help me achieve my goals. And I would encourage you to do the same dear reader.

In the video, Brian Tracy refers to his book Million Dollar Habits: Proven Power Practices to Double and Triple Your Income. This is an excellent book and would be a good addition to your library. You can take a look at the print and Kindle editions if you click on the link in this paragraph.

However, I must be honest and tell you that actually I decided to purchase Million Dollar Habits: Proven Power Practices to Double and Triple Your Income (AudioBook). Personally I find the audiobooks really useful because I can listen to them whilst I’m driving which means I’m making better use of what would otherwise be dead time. If you’d like to take a look at the audio version of the book then, once again, just click on the link in this paragraph.

DISCLOSURE: This website is an Amazon affiliate. Should you click on any of the links included in the text above and you then make a purchase, you should be aware that this website will receive a small commission. There will be NO additional charge to you in making that purchase. However these commissions do serve to cover the cost of maintaining this site, so you’ll be helping to ensure that this resource can remain available free of charge to readers everywhere. Your understanding is truly appreciated, dear reader. Thank you.

If you’re looking for useful articles on this subject that are free to read then you might want to take a look at The Habits of Highly Successful People that has been published on the Porch website. This is an interesting article and worth a few minutes of your time.

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© Mann Island Media Limited 2020. All Rights Reserved.

The 4 steps to financial freedom

Steps to Financial FreedomFinancial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this. ~Dave Ramsey

Many people are searching for the steps to financial freedom. Search the internet and there will be references to seven, eight, nine, and even ten steps but I think only four steps really matter.

However before I discuss those steps, let us first think about the biggest cause of people remaining poor, namely the burden of debt.

Statistics suggest that most people these days are heavily in debt. And debt is a burden that enslaves us. Knowing we have debts can be stressful.

What is the underlying cause of such debt? That’s simple. Mostly it’s the overuse of credit cards with little or no thought to how this will affect our financial well-being.

Unsecured debt built up through the excessive use of credit cards is very expensive.

That means even a small sum outstanding on a credit card can quickly become a large debt due to the effect of compound interest if you only make the minimum payment each month.

Are you affected by debt dear reader? Are your finances out of control? Would you like to achieve financial freedom?

Steps to Financial Freedom:

Often I hear people say things like, if only I could increase my income I could pay off my debts.

In fact those same people, if they did increase their income, would probably just spend more. And financial freedom would still remain a distant dream.

If financial freedom is your aim then it’s essential that you take control of your finances. And the steps to financial freedom are as follows:-

1. Spend less than you earn:

It all starts with spending less than you earn. If you spend less than you earn you can work on becoming debt free and then start to build capital.

2. Pay yourself first:

You must always pay yourself first. What does that mean? It means that as soon as you get paid each month you take a minimum of 10% of what you earn and put it away somewhere safe immediately.

Never, ever wait until the end of the month to see what you’ve got left.

If you do that you’ll never save anything.

If you take 10% upfront it will just be another debit on your income like taxes and pension contributions. You’ll quickly get used to having only the remaining 90% to live on.

And what do you do with the 10% or whatever you’ve put away?

3. Eliminate credit card debt:

Initially if you have a credit card debt burden then it makes sense to use that money to deal with paying off your debt first because the interest you’ll pay on the debt is always greater than any interest you’ll get on savings.

To pay off your credit card debt it’s essential that you find a way to eliminate the interest element each month so that any payments you then make go against the outstanding balance.

And how is that done?

Well, when you take out a new credit card account it often comes with a period of zero interest, usually six months. These accounts also usually allow you to transfer in an outstanding debt from another credit card account.

So by moving from one card provider to another and transferring the debt across to the new account, you then have a period of six months to make payments against the outstanding balance without accumulating interest on the old debt.

Never, ever use this card to increase your debt. Use it only for reducing your debt.

At the end of the period of zero interest on your new card repeat the process if necessary. Once again, you move to another card account offering you a zero-interest period. By focusing only on the outstanding balance it will be paid off quicker.

Eliminating the burden of debt is the first step on the road to financial freedom.

Freedom from debt will give you peace of mind. And peace of mind is a good reason for spending less than you earn.

Once the debt is cleared, what next with the money you’ve paid yourself first.

4. Build capital:

Initially put your money into a savings account. Then, as that builds into a larger sum, you can start thinking about other forms of investment like stocks, bonds, and property.

Once you develop the habit of putting some of your money away each month it’s amazing how quickly it accumulates into a decent capital sum and you’ll be on the road to achieving financial freedom.

Conclusion:

Learn to live within your means.

If you live modestly and spend your money wisely, you can ensure that you have enough money when you really need it.

You can also build that nest egg for your retirement and give a little back to those less fortunate than yourself. And you’ll feel so much better about yourself too.

Conversely, gathering too much clutter through excessive spending on things you don’t really need can become stressful, as well as wasteful. The choice is yours.

Financial freedom is achievable and it will give you peace of mind.

You will sleep better knowing you’re debt-free.

The steps to financial freedom are really quite simple. Spend less than you earn; pay yourself first; eliminate expensive credit card debt; and start building capital.

Do this and one day your older self will be grateful you made the effort I can assure you.

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© Roy Joseph Sutton and Mann Island Media Limited 2020. All Rights Reserved.

3 ways for getting rich

Getting richYou should never take money too seriously dear reader but, equally, you should never underestimate the importance of money either. Let’s face it, in the modern world, money is as essential to sustaining of life as oxygen. That’s a fact, whether we like it or not. So getting rich is a worthy topic for discussion.

By getting rich I mean achieving financial freedom. I think that should be everyone’s goal, if only so that they can enjoy their old age. In my opinion, there’s nothing wrong with getting rich providing money does not become your obsession. That is, you should have money in your head but not in your heart.

Now getting rich is easier said than done of course. It requires effort on your part and a lot of determination too.

Nevertheless getting rich is also easier than it might first appear to be.

So today I offer you three ways for getting rich which are available to anyone and everyone and they will all help you to achieve financial freedom.

1. Solve problems for people:

Working for someone else may make you a living but having your own business can make you a fortune. The only way most people can become seriously rich is by setting up a business of their own. It can be done and people do, very successfully, and it’s possible for you to do it too.

Essentially business is all about solving problems for people in exchange for money.

Businesses create products that solve problems for customers. The customer buys the product and the business makes money. Obviously you need to ensure that your revenues exceed your overheads but in essence business is that simple.

If you want to make money in business just look for problems to be solved and there you’ll find commercial opportunities.

One person’s problem is another person’s business opportunity.

However do make sure that every product you offer does actually solve a problem for your customers.

That means understanding the needs and wants of your target customers and always asking the question, “What problem will this product solve for my customers?”

2. Risk leads to reward:

If you want to make serious money you cannot avoid an element of risk. That’s a fact of business life.

Entrepreneurs have to be risk-takers by definition.

However that doesn’t mean you taking crazy risks. It means taking calculated risks by doing your homework; proper planning and market research; and using your business skills to weigh up the pros and cons of every opportunity.

Risk is simply the possibility of you getting an outcome you don’t want.

However it’s a fact that risk and reward go hand in hand. The greater the reward on offer the greater the risk you must take potentially to achieve it.

Obviously your attitude to risk is important here.

If a given risk makes you very uncomfortable then it’s probably not worth taking. It will just lead to too much stress for you. Some people have the ability to live with huge risks, whilst others cannot cope with that much pressure.

Either way it doesn’t matter. If you can’t cope with large risks don’t let it bother you. Just look for something with a lower risk and with which you can cope. Even small risks can lead to great riches.

Remember we all need a mix of certainty and uncertainty in our lives. Business requires you to live with the latter, at least to some degree.

3. The magic of compounding:

Once you’ve made some money it’s important you put it to work for you if getting rich is your aim.

And putting money to work is all about taking advantage of the magic of compounding.

Compound interest can have a powerful effect on your money.

For instance if you invest £1,000 at 2% for 10 years with annual interest reinvested and it will be worth £1,219 at maturity.

However if you invest that same £1,000 over the same period at 10% then you will get £2,594, assuming annual interest is re-invested. That’s over 100% difference over the 10 year period.

Over 20 years at 10% your £1,000 would have turned into £6,727, assuming annual interest had been reinvested.

So remember, the interest rate and the longevity of your investment both matter if you’re trying to build a capital sum.

So if getting rich is your aim then start by investing as early as you can, be disciplined and make regular contributions to build that nest egg.

Further Reading:

Obviously a single blog post can only scratch the surface of all you need to know about money.

So if you’re wise you’ll buy some books on the subject to get your financial education moving in the right direction.

Here are some books I can personally recommend, all of which I own my own personal copies:-

Think and Grow Rich by Napoleon Hill

Think and Grow Rich is a classic of the genre. Originally written in the 1930s but still around and still very popular. And it’s still around for a reason. It’s exceptional and definitely worth adding to your personal reference library.

The Richest Man in Babylon by George S. Clason

The Richest Man in Babylon is another classic of the genre. Simple but inspiring. You can read this book in a few hours but it will provide you with a series of powerful lessons for acquiring money, keeping money and making money. Again well worth adding to your personal reference library.

Rich Dad Poor Dad by Robert T. Kiyosaki

Rich Dad Poor Dad is an excellent starting point for anyone seeking to improve their financial knowledge and improve their financial future. This is modern compared to the previous two but it has also become a classic and is well worth the cover price.

One Hour Investor: The Beginner’s Guide to Investing in the Stock Market by Russell Ellroy

One Hour Investor: The Beginner’s Guide to Investing in the Stock Market is recently published and so it’s right up-to-date. If you want to learn about stocks, bonds, mutual funds, and much more, then this could be the book for you. Written in a very accessible style and aimed at the absolute beginner.

I have all of these books in my own personal library and I dip in and out of them frequently. You will be inspired by them all I am sure and I recommend you purchase your own copies.

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© Roy Joseph Sutton and Mann Island Media Limited 2020. All Rights Reserved.

5 questions that’ll help your buying decision process

Buying Decision ProcessHow can you be expected to save money when you don’t earn enough to make ends meet as it is? I’m guessing you may have asked yourself that question at least once dear reader? If you have, you’re not alone. It’s a common cry.

However, whilst some people may struggle financially, it’s also true that far too many people squander their money buying items they don’t need and probably will never use, often in an attempt to impress people they don’t even like.

For such people, their buying decision process is usually limited to whether they still have enough credit left on their credit cards.

Well, the mantra “Have Plastic; Will Purchase” is not a good one if saving money is one of your goals.

You can earn a decent income and yet a lack of money management skills and a poor buying decision process will result in you never achieving financial freedom. In fact poor money management skills will condemn you to a life of being poor.

So it’s essential that you learn to manage your money properly, if you want to avoid long-term poverty.

Avoid the ‘I’ve got to have it’ approach:

Now be honest with yourself, how often do you buy things you didn’t really need?

Stuff that you weren’t even looking for but it was there and it looked nice and you thought I’ve got to have it. Out pops your ‘flexible friend‘ and the item is yours. A brief period of gratification follows and then the item is largely forgotten.

How often do you buy things you never use?

Take a look in your wardrobe. I’ll bet there are a few items in there which still have the store tags on them? Never used and they’ve probably been there for quite some time I suspect? Would I be right?

I’ve got to have it‘ is a great way to waste all your money. With this approach you’ll enrich other people at your own expense. Now how could that possibly make sense?

Credit cards: Weapons of mass wealth destruction

How often do you buy things you can’t afford with money you haven’t got?

It’s true, credit cards can be a convenient means for making payments of course but they can also be weapons of mass wealth destruction. That’s a fact dear reader.

When it comes to the buying decision process most of us are driven more by a desire for gratification then any sensible approach to managing our money carefully.

Most of us are guilty of buying more than we need too. Many of us are guilty of buying items we seldom use, if at all.

If you’re like this dear reader then you’re not alone I can assure you. However that’s not a good thing.

The disciplined approach:

However with a bit more discipline you could hang on to more of your own money and then build capital which, eventually, will start generating an income all of its own through interest payments on deposits  and bonds and dividend payments and capital growth on stocks and shares.

Still we’re getting ahead of ourselves.

The underlying message I offer you today dear reader is that you should establish for yourself a buying decision process that will allow you to control your expenditure.

Essentially before you buy anything you need to ask yourself a series of tough questions to gauge whether the purchase really does make good sense.

And what are those questions?

The questions to ask before making any purchase:

There are in fact five questions you should ask yourself before making any purchase, as follows:-

    1. Do I really need it? Honestly?
    2. Will I really use it? Honestly?
    3. Can I really afford it? Honestly?
    4. If I didn’t have it would it really matter?
    5. Does it represent good value for money?

If you answer ‘No’ to the first four questions, the fifth question is irrelevant. A negative on all or even most of the first four questions means, don’t buy the item. Simple!

And even if you do think you need it, never buy anything if you do not have the money to pay for the item right now. Never, ever incur debt for a discretionary purchase.

It’s better to do without than to run up debt on a credit card to pay for discretionary purchases.

The compounding effect from high credit card interest rates can quickly turn a small debt into a large one.

The ‘value for money’ question is only relevant when you can answer every other question in the affirmative.

Nevertheless, you should never buy something that’s not also good value for money. That is, you should never overpay for anything. Overpaying meaning the price is inconsistent with the value on offer.

Let the answers to the questions guide you:

To ensure your buying decision process is sound you must always ask these questions.

Let them be your purchasing guide and you’ll be in a better position to start saving money and watch it grow. Once it starts growing you’ll be on your way to building your own personal wealth.

Please share this post with your friends:

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© Roy Joseph Sutton and Mann Island Media Limited 2020. All Rights Reserved.

How to turn your yearly income into your monthly income

How to turn your yearly income into your monthly incomeAre you one of those people who feel you should be earning more than you do?

Would you like to know how to turn your yearly income into your monthly income?

To have enough money to enjoy the lifestyle you’d love?

You’d like a greater income but you don’t know how, right?

Perhaps you feel that big money never flows to people like you?

A natural assumption perhaps, but it’s wrong. With the right approach you too can have a lot more money than you have right now. Yes, you can become truly wealthy.

The question is where do you begin?

Well you can start by understanding the Law of Compensation. In the video included here the American, self-help guru Bob Proctor explains that income is earned according to the Law of Compensation.

The Law of Compensation:

Bob explains that the Law of Compensation states that the amount of money you earn will always be in exact ratio to the following three points, namely:-

  1. The NEED for what you do.
  2. Your ABILITY to do it.
  3. The DIFFICULTY there would be in REPLACING YOU.

Now you have no control over points 1 and 3, so you must concentrate on point number 2. You must be constantly honing your skills and become a master of whatever you do.

That said, becoming a master of what you do is only part of the solution.

To earn more you must decide on your strategy for earning money. In the video Bob Proctor explains that there are in fact only three strategies for earning money.

The Strategies for Earning Money:

So what are the three income earning strategies? Bob Proctor describes these are M1; M2; and M3. In more detail that means:-

M1: Trading your time for money:

Essentially this is paid employment and it is the way that 96% of people earn an income.

The problem is that, unless you’re a Wall Street banker, you’re unlikely to get rich this way. In fact it probably explains why you’re not rich right now.

M2: Invest Money to Earn Money:

Assuming you’re working for the man as a salaried employee, you can start saving, and gradually as your savings grow you can invest your money in stocks, bonds and property and over time your investments will start generating an income of their own.

That’s great but you need to know what you’re doing and, if you have nothing now, it will take some time before you can start generating anything approaching a useful extra income.

Of course should you have a large sum of money right now then this might be a solution but for most people it’s not really, which is why only around 3% of people make an income this way.

M3: Multiply your time with multiple sources of income:

How to turn your yearly income into your monthly incomeEstablishing multiple income streams is where you can start making serious money.

Even fewer people make an income this way, around 1%, but that has more to do with the fact that most people fail to recognize it’s potential.

Now let me make one thing clear, having multiple income streams does not mean working multiple jobs.

It means having income streams that will earn money for you even whilst you’re sleeping.

M3 is the income strategy that will help you earn far more than you earn now. Certainly it will if you do it right.

Bob Proctor offers the example of Network Marketing (also known as Multi-Level Marketing) whereby not only do you sell products but you also create your own network of sellers which means when they sell you get a part of the commission generated on those sales.

The best network marketers have made a lot of money this way but it’s not the only answer to generate multiple streams of income.

The internet offers multiple ways of getting rich online nowadays.

For instance you can use Amazon as a market place and sell products with fulfillment (delivery to customer) handled by Amazon.

You can also generate commissions through affiliate marketing with Amazon, as well as others like Clickbank and Commission Junction (CJ). These can be great ways to make money whilst you sleep.

Blogging and Vlogging are other ways of producing income streams too.

There are numerous ways for the ambitious and determined. In fact it’s never been easier for people prepared to put in the effort.

So listen to what Bob Proctor has to say and be inspired to take action now.

Further Reading:

In the video, Bob Proctor makes reference to Think and Grow Rich by Napoleon Hill.

Think and Grow Rich is a classic of the financial education genre.

Originally written in the 1930s but it’s still around today and still very popular.

And it’s still around for a reason. It’s exceptional and definitely worth adding to your personal reference library. I have my own copy and you can take a look at the book if you CLICK HERE.

Bob Proctor himself has also produced some excellent self-help books too and you can take a look them if you CLICK HERE.

DISCLOSURE: This website is an Amazon affiliate. Should you click on any of the links included in the text above and you then make a purchase, you should be aware that this website will receive a small commission. These commissions serve only to cover the cost of maintaining this site. Your understanding is truly appreciated dear reader. Thank you.

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© Roy Joseph Sutton and Mann Island Media Limited 2020. All Rights Reserved.

Here’s why you should consider becoming self-employed

Becoming Self-employedThere are many ways to make money dear reader and they all have their merits.

For instance if you get a job with a big corporation potentially you’ll earn a decent income and you’ll enjoy a few fringe benefits too.

And if you get a job in the public sector the pay may not be quite so good but the pension scheme is usually the best you’ll find anywhere. And of course, working for the Government is usually fairly secure employment too.

If you become a wage slave in any sector you can make a living, and sometimes that can even be a decent living too.

However unless you work on Wall Street or for an investment bank in the City of London, you’re unlikely to make a fortune. Unfortunately dear reader, that’s a fact.

So if your aim is to make serious money you should consider becoming self-employed.

We live in an age in which becoming self-employed has never been easier or cheaper. As a result of the Internet there are so many opportunities that were simply not available to previous generations.

And the best news is, you don’t even have to give up your day job, not initially anyway.

You can start your own business as a part-time venture and keep it that way until the income your business is generating for you is sufficient for you to live on.

You can even start one business to generate extra cash and as it makes money you can invest that cash into bigger and potentially more profitable opportunities. The possibilities are endless.

As an employee you’re trading your time for money and that’s fine.

However if your firm does well, you’re unlikely to benefit significantly from any extra profit they make. You might get a bonus but regardless of personal contribution, it’s more likely to be an incidental sum rather than life-changing money.

With your own business you can be making money whilst you’re sleeping.

In fact if you want to get seriously rich then you’ll have to start making money whilst you sleep.

Now dear reader I can hear you asking, but how do you make money whilst you sleep?

Let me give you some examples of online businesses that you could start with little or no money and start making money whilst you sleep:-

Selling Products Online:

Through the Internet potentially you can reach most of the people on the planet, wouldn’t you agree?

Think about that for a second.

If you create a website or an online store then billions of people around the world will have access to it. And those people can access it whilst you’re asleep.

So the potential is there for you to create something that can be generating money for you 24 hours a day 365 days every year.

Still not convinced? Let me give you some examples of businesses you could start to achieve this goal:-

Amazon:

If you’ve ever bought anything from Amazon you’ll probably have noticed that they are not always the actual seller of the item you’re seeking to purchase. Other suppliers sell their own products through Amazon via what is known as Amazon Marketplace.

And when third party suppliers sell products via Amazon they can also use a service known as Fulfilment by Amazon or FBA.

This means if you’re the seller, you simply deliver your stock of products to Amazon and they’ll handle all the logistics associated with product delivery to the buyer.

Fulfillment by Amazon:

If you want to sell products but you don’t want to handle your own packing, postage, and delivery then you can get Amazon to handle it all for you using the solution known as Fulfilment by Amazon.

You can do it yourself of course but the point is that you really don’t have to because there’s an easier way.

So you can just focus on finding products that will offer solutions to the problems your target customers may have and then you just let Amazon do the rest.

And remember this; those products don’t even have to be new.

They can be ‘second hand‘ or used items too.

As long as you can find a suitable niche in second-hand products then there’s money to be made there too.

Let me offer you an example.

Each year graduating students have textbooks to sell. Maybe you had that experience dear reader?

Essentially such students just want to get some cashback for those books they’re unlikely to read ever again.

The shrewd entrepreneurs recognize that there’ll be a ready market for those very textbooks at the start of the next academic year. New students are always looking for ways to obtain the course textbooks at a better price.

So entrepreneurs offer selling students a quick way to turn their textbooks into a little cash.

And then buying students will be sold those same textbooks at a rate which will save them money on the price for the same book had it been bought new.

Thus the entrepreneurial you can set up a website to attract booksellers and then through Amazon Marketplace the books you’ve bought cheaply can be sold at a profit.

And in that way you can create a profitable second-hand book business.

You could repeat the same trick with music such as vinyl records and CDs, as well as films on DVD. Second-hand smartphones, tablet computers, and other technology items offer another entrepreneurial possibility.

Alternatively you could source your own products, e.g. skincare products, cosmetics, household products, and so on and then you simply sell those via Amazon.

Plenty of people have created successful businesses with this approach I can assure you. 

Becoming Self-employedeBay:

When people sell stuff at a boot sale or a yard sale, they usually sell at very low prices simply because they price items for a very quick sale.

This is stuff they need to get rid of as quickly as possible for whatever reason. And in that there’s a potential opportunity for those with an entrepreneurial spirit.

You buy these items cheaply and you then resell them on eBay for profit.

More importantly people sometimes sell valuable stuff at boot sales and yard sales for ridiculously low prices because they didn’t realize the real value of the item.

On the British television show Flog It, I saw a woman sell an antique vase at auction for £800 having originally bought it at a boot sale for just £1. Now that’s a very nice profit.

Yes such examples would be the exception but shrewd people can and do make money this way and eBay is a great vehicle for doing so.

Affiliate Marketing:

Essentially affiliate marketing is ‘commission only’ selling.

Linked with the idea of content marketing, what this means is that if you can direct traffic to a product seller’s website which results in a sale then you will get paid a commission for that sale.

The amount of commission can be as low as 4% from the Amazon Affiliate Program to as much as 75% from some items offered through programs like Clickbank and Commission Junction (or CJ).

How do you achieve this in practice?

Well despite its relatively low commission rates Amazon offers the easiest opportunity for the beginner. You sign up for the Amazon Affiliate Program and then identify a suitable niche that interests you.

Let’s say that niche is sports shoes for women. The niche does need to be focused and quite narrow. The category ‘Shoes’ would be a bit too wide. You need to think about categories for which people will be searching via Google and other search engines.

Once you decide on a niche, you then create your own website publishing say reviews of a variety of those sports shoes for women.

And remember; those reviews don’t have to be your own necessarily. They could be a summary of various reviews you’ve read elsewhere with an overall rating based on what others have been saying. In other words, you’ve done the hard work for readers by providing them with a comprehensive summary of all the reviews out there and then providing a convenient a link to Amazon so that they can easily make their purchase

Creating a review summary by curating input from other sources is perfectly legitimate as long as you acknowledge the different sources which form the basis of your article.

Why review sites are a good idea:

Review sites work with affiliate marketing because they capture buying intent and that’s important.

If someone searches for a review for an item on Google then the chances are they will buy if the reviews prove to be positive.

When producing your review articles the crucial action is to embed affiliate links within the text.

Getting readers to click on those links and taking them to Amazon is how you’ll make money. If they buy within 24 hours of clicking on a link then you will get paid a commission.

Amazon commissions vary from 4% to around 10% depending on the number and type of sales for which you are credited each month.

So in choosing a niche you must think about product value too. Generate low-value sales and you won’t make much. However sales for items with a bigger price tag can prove very lucrative.

That said generating some low-value sales can be a way of pushing subsequent bigger ticket sales into a higher commission rate. So don’t ignore them completely.

Content Marketing:

Essentially content marketing is the idea of publishing web content in order to provide the means for promoting products and services. Content marketing is closely linked with affiliate marketing but not exclusively so.

There are two types of content you can consider, as follows:-

(1) Written Content:

For instance, if you’re producing regular content and publishing it on your own blog then there’s the potential to generate an income through advertising.

Now selling advertising space on your blog or website is only possible if you have substantial amounts of traffic. If you’re just starting out you will not reach those levels for quite some time. However, what is known as pay per click (CPC) advertising could generate money for you right from the start.

Perhaps the best known CPC program is one offered by Google Adsense. You sign up for this program, then embed Google’s links in your blog and they will insert advertising on your blog that is relevant to your content.

Every time a reader clicks on an Adsense advertisement you will get paid and it’s not purchase-dependent. Readers only have to click for you to get paid.

The trick with Adsense is to have a very narrow focus for your blog.

Here’s an example. Let’s say your blog is about how to keep chickens and deal with blights like red mite. You’ll attract search engine generated traffic from people desperate to deal with the problem of red mite. Google will insert ads from companies offering products that will help with this problem and desperate people are likely to click on those ads to see what’s on offer. They click you get paid.

As long as your subject matter is focused and narrow, and ideally based on a highly searched keyword or phrase, then this can be a way to generate decent money. However the traffic levels to your blog will have an impact on how much money you can reasonably make.

(2) Video Content:

Another way to benefit from Google Adsense is to create your own YouTube channel, produce videos and again insert links from Google so that relevant pay per click advertising will appear on and around the video. Again if people click then you get paid.

Write eBooks:

Devices such as the iPad, the Kindle and other eReaders, provide you with the opportunity to self-publish your own eBooks and sell them through Amazon.

You may not be able to come up with the next Harry Potter work of fiction but there is good money to be made writing ‘How To’ books on just about any subject.

They don’t even need to be that long either.

As little as 50 pages or 8,000 – 10,000 words covering a topic of general interest can be enough to produce something that will sell for one dollar or one pound sterling. That might not seem like a lot but sell 1,000 of them and you’ve made a decent sum of money.

Write something on an evergreen topic and it could sell for years.

If you then write several eBooks like this, again on evergreen topics, that could become a decent income stream.

And what do I mean by evergreen?

These are topics for which people have always looked for solutions. That might be something like tips for good time management or how to lose weight, and so on.

And even if you’re not an expert you can research the necessary information and pull it together for people. Essentially you will be doing the work for them.

Develop Apps:

If you can learn to write code, and you can learn to write code, then you can also learn how to develop apps. If you can develop a killer app and sell it through the App Store then you can make serious money.

You’d love to but you don’t know where to start, right?

Well there are endless videos and tutorials on YouTube and from these you can learn how to code and develop apps.

Yes there’s some work to be done upfront of course.

However a good app will generate money for years to come. Just think about apps like Candy Crush Saga.

Produce something which becomes a real fad and there’s serious money to be made.

11 things to bear in mind:

If becoming self-employed appeals to you and you fancy making money as an online entrepreneur then here are 11 things you should bear in mind:-

  1. Know your target customers.
  2. Know your target niche or niches
  3. Know your strengths and interests?
  4. Apply your strengths and interests to serve customers
  5. Recognize that different markets need different strategies.
  6. Make sure you’re capturing buying intent.
  7. Create an image that will appeal to your target audience.
  8. With a website, traffic matters.
  9. Search engine optimization (SEO) will bring traffic.
  10. Getting backlinks from other websites will help with SEO.
  11. Be determined, work hard, and learn as you go.

6 things you must do when you’re self-employed:

(1) Register with the tax authorities: Make money by all means but pay your taxes too. Upsetting the taxman is not a good idea dear reader wherever you live. In some countries tax regimes are more benign than in others but it’s always better to keep the tax authorities happy.

(2) Register for sales taxes and VAT: Again it’s all about paying your dues. If you do well financially then you have an obligation to share some of your wealth with the rest of society. Taxes are the price we pay to live in society and you can’t have a successful business without the society in which you live.

(3) Get a separate business bank account: Keep your business activities completely separate from your personal life. This is very important.

(4) Keep accurate and up-to-date records: You’ll need these in any dialogue with the tax authorities. You don’t want to end up paying more in tax than was necessary. Paying your dues is one thing; overpaying your dues is careless.

(5) Insure your business: When you’re in business, you’re required by law to have certain insurance policies in place. Exactly which policies you need depends on the nature of your business activities. Make sure you know your obligations and act accordingly.

(6) Keep it simple: In the early days you don’t want to be spending money you don’t have on things that are initially unnecessary. So keep everything as simple as possible for as long as possible.

Conclusion:

Self-employment can be an attractive proposition and for most people it is the only way you will ever make a fortune. It’s not easy of course but it can be done and you don’t have to ditch your day job to get started.

With an online business you can start small and build it up over time. And you can mix and match options. For instance you can start a website for making money with both Amazon affiliate marketing and Google Adsense.

A good review website can become quite profitable and once it’s generating revenues on ‘autopilot’ it can become an asset that you can sell for serious money. There are plenty of examples where such sites have sold for 6 and even 7 figure sums.

Don’t underestimate the challenges of course but it can be done and people do. Why not you? Think carefully about how best you can exploit the opportunities before you and then have a go.

Good luck and may you be the next Richard Branson.

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What is grit and why is it important?

What is gritWhat is grit? I’ve heard this word alot recently. And of course the obvious supplementary question is, why is it important?

I’m referring to a term used in psychology to represent a positive, non-cognitive personality trait based on an individual’s perseverance of effort combined with the passion for a particular goal and a powerful motivation to achieve it. Allow me to explain.

Have you ever noticed that the smartest people are not always the most successful? Obviously success can be defined in different ways but for most people their measure would usually revolve around money and prestige.

If we take money as the measure for success, then you’d think the smartest people would easily come out on top on that score, surely? Yet you’d be wrong.

We hear stories frequently about college professors who struggle financially whilst at the same time tradesmen like bricklayers and plumbers become millionaires. How can that be?

Surely the smartest people have a natural advantage? Well, actually they don’t.

The people with the real, innate advantage are those with this quality known as grit.

So exactly what is grit? It is an inner steeliness. It is courage and resolve. It is strength of character. It is drive and desire. It is passion and motivation. It is a willingness to persevere until the desired result is achieved. It is determination to achieve a goal and a willingness to take calculated risks.

It is a fact that doing well in life depends on much more than academic ability and your capacity to learn quickly and easily.

Having those qualities is useful of course but in the absence of grit you’d still be at a disadvantage.

Someone of average academic ability but with a shed-load of grit will be better placed to achieve real success in life.

What is gritPeople with grit intuitively recognize that life is a marathon not a sprint.

They’re willing to experience failure because they know that failure is a temporary outcome not a permanent position. And they’re willing to fail and then start over using the lessons they’ve learned from the experience.

So what’s the key to success? It’s the need to get grittier!

Angela Lee Duckworth makes this point admirably in this excellent TEDxTalk video and it’s well worth a few minutes of your time. It’s an interesting video and I think she nails the point perfectly.

That’s what I think but what is your opinion?

Could there be such an easy answer or is it all much more complicated? I’d be interested to hear your views.

Grit: The power of passion and perseverance:

Further Reading:

If you’d like to know more about grit and Angela Lee Duckworth’s ideas about the secret of success then read her excellent and Number 1 best selling book Grit: Why passion and resilience are the secrets to success.

It’s well worth the cover price and you can check it out if you CLICK HERE

DISCLOSURE: This website is an Amazon affiliate. Should you click on any of the links included in the text above and you then make a purchase, you should be aware that this website will receive a small commission. There will be no additional charge to you in making that purchase. However these commissions do serve to cover the cost of maintaining this site, so you’ll be helping to ensure that this resource can remain available free of charge to readers everywhere. Your understanding is truly appreciated dear reader. Thank you.

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How to become rich through your work

How to become richHow to become rich through your work? A question many people ask. Some people get rich but somehow you don’t dear reader. Why? You work hard but you’ve got very little to show for it, right?

How is it that other people succeed and get rich but you never seem to make any progress at all?

Perhaps the question you’ve been asking yourself is, what’s the real link between working hard and getting rich?

Well give me a couple of minutes of your time dear reader and I’ll tell you what I’ve learned about work over the years and how it’s linked to the generation of real wealth.

First off, as I’ve said many times before; work is simply doing stuff for other people in return for money.

If you enjoy your work and it comes naturally to you then you’ll do it well. If you do it well then people will notice. And once people start to notice then increasingly you’ll be in demand.

The greater the demand for your services the more you’ll get paid. In short, your value will increase.

If you truly enjoy your work and it becomes your passion then it won’t seem like work at all.

However if you work for a single employer then essentially you’re trading your time for money, regardless of whether you enjoy your work or otherwise.

Even if you work for multiple employers one at a time, the effect is the same. You’re simply trading your time for money. It cannot be scalable because, as an individual, there’s only so much you can do in a given period of time.

There’s nothing wrong with trading your time for money of course and it’s the way that most people earn a living. However you’re unlikely to get seriously rich that way.

Working for an employer will certainly make you a living of course but, unless you work on Wall Street or in the City of London, that’s about all.

To earn serious money you need to be doing stuff for many people simultaneously. The more people you can serve simultaneously the more money you can make.

The obvious question in your mind now will be, how’s that be done?

Well creative people serve many people simultaneously don’t they?

For instance if you write a bestselling book, record a bestselling song or produce a bestselling DVD these would all add value to the lives of many people simultaneously.

When people buy the book, the song or the DVD in their millions then you can make millions of dollars in the process. Just ask JK Rowling, Paul McCartney or Ricky Gervais. They’ve all become rich through their creative work.

Then again not everyone can write, sing or perform. Perhaps you’re a designer?

Suppose you design furniture, say a chair perhaps?

You produce a fabulous design and offer it to a furniture manufacturer. They really like it and they want to use it but you hold the intellectual property rights (IPR) because it’s your design. So the manufacturer must pay you a royalty when the design is used for every unit sold.

If that chair becomes very popular and sells in the millions, you’re on-going royalty payments can add up to something quite substantial. Replicate that with many designs and you could get very rich indeed.

In this case the example is furniture but the same would apply if you design anything. For instance the man who designed the retroreflective safety device known as cat’s eyes in Britain got very rich through his design. Fashion design is another area where serious money can be made from your designs if they become popular.

The trick with creative work is to understand the law around copyright and IPR and make sure you’re rewarded for your work through royalties.

The advantage of creative work is that the series of royalty payments can have a very long tail. Your work can be the gift that keeps on giving for years and years.

Take a song like Imagine by John Lennon.

John Lennon wrote that song around 1971 but we still hear it regularly on radio and television to this day. So despite the fact that it’s almost 40 years since Lennon’s tragic death, the song still earns money for his estate, i.e. his family. Now that’s a real legacy for them.

Starting a business and selling products by the thousand is another way to serve many people simultaneously.

If your business can produce products that provide your customers with genuine solutions to their problems then there really is serious money to be made. Problems are an opportunity to make money if you can offer suitable solutions.

How to become richYour business will employ people who are trading their time for money but through your business you’ll be serving the many simultaneously and you can enrich yourself in the process.

The takeaway message for you today is that if you work one-to-one you’ll make a living but if you can work one-to-many you’ll make a fortune.

Whether it’s becoming a creative person, a performing artist, or starting a business, serving the many is the real route to riches.

It’s not easy of course but it can be done and people do. With a little self-belief and a lot of hard work you can too.

So when are you going to get started?

Go on, have a go! Serve the many not the few.

Remember; it’s better to try and fail than to spend your life wondering what might have been.

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How to turn enterprise into money

Turn enterprise into moneyBeing poor is shit. ~Bob Geldof

The media personality and former rock star Bob Geldof’s style tends to be blunt and to the point. He’s not a man to sugar coat his words. However he does make an important point.

People may tell you that money isn’t important but next to oxygen it’s essential for a life worth living. In fact you couldn’t live long without it.

Exactly how much money you need depends on your preferred lifestyle of course. However even for a fairly basic lifestyle a reasonable income is required.

None of us want to be poor or destitute of course. And fortunately we don’t have to be. It’s possible to turn enterprise into money.

And what do I mean by enterprise? I mean your energy, your knowhow and skills, your ambition, and your determination to make life better for you and your loved ones by making life better for other people.

What is work?

In essence, work is just doing stuff for other people in exchange for money. It’s that simple.

And remember, you don’t need to have a formal role within a corporation to earn money either. It’s perfectly feasible to establish your own business and earn a living that way.

In fact, for most people, the only way you’ll get rich is through your own business. Unless you’re a Wall Street investment banker or a lawyer, you’re unlikely to get rich being someone’s employee trading your time for money.

The key to success in business:

The key to success in your own business is to find a way to solve problems for people for profit. That’s the way to turn your own enterprise into money. And it’s a lot easier than you might imagine.

Let’s face it, there’ll always be plenty of customers for products and services not yet invented.

People will always have problems and they’ll always have a need for solutions to those problems.

And every product sold by a company is a solution to a problem, or at least it should be.

Turn enterprise into money:

If you continually educate yourself for skills and know-how, then you can create wealth by seeking out customers for whom you can deliver solutions to their problems and/or provide them with services for which they have a need.

If you can satisfy those customers then you’ll make money, and quite possibly a lot of money.

Manage that money wisely and you can build your own personal wealth too.

Determination, hard work and an eye for problems to be solved are the main ingredients for success in business. Your enterprise really can lead you to great wealth.

Your don’t have to be poor:

You don’t have to be poor unless you’ve given up and you’re just accepting that being poor is your lot in life. It’s not, and nor should it be.

You’re perfectly capable of generating your own income dear reader.

You just need to do stuff for other people and find a way to add value to their lives. In this case adding value means solving problems or making their lives easier and/or better in some way.

Help yourself by helping others get what they need:

It all comes down to your willingness to find a way to serve others. Simple!

There are opportunities there for the taking every single day of the week, if you’re enterprising and ready to solve problems for other people. However you do need to be fleet-footed.

The best time to start a business might have been last year but the next best time is right now.

It can be done and people do. Why not you? Go on, just go for it! Real riches can be yours.

Good luck!

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The advantages of work: Why you should take it seriously

Advantages of workThe advantages of work are many but often people fail to appreciate the importance of their work. So my question to you today dear reader is, how do you regard your work?

Perhaps for you work is just a source of income but by no means your passion?

Maybe it’s something you must do simply because you desperately need an income but it doesn’t leave you feeling energized and motivated to do the best job you possibly could do?

Perhaps mostly you’re just going through the motions, doing the minimum you can get away with each day and longing for the weekend and time off?

Maybe you’re the sort of person who prefers to spend your time in the office chatting and drinking coffee with your workmates?

Does any of this sound like you dear reader or possibly a slightly exaggerated version of you?

If that’s not you and your work is your passion, or at least you take it seriously, then this article is not really for you.

This article is for readers who feel less than energised by the work they’re currently doing and those who need a timely reminder that there are good reasons for taking your work seriously.

Work is your livelihood:

If you’re not pulling your weight in your current job then you should know that it won’t have gone unnoticed. Just because your boss has yet to say anything doesn’t mean he or she hasn’t noticed.

And if you’re building a reputation for being a slacker then it’s only a matter of time before the company will find a reason to get rid of you, if you’re not careful.

You must appreciate that a business cannot carry costs which add little or no value to that business. That is, it can’t if its aim is to survive anyway.

Commercial reality will very quickly kick any business in the butt should its management fail to keep a tight control on costs.

Companies are not registered charities. Any costs must be covered by prices charged. If a business bears unnecessary costs for long then the result will be pricing that is simply uncompetitive. And if the business isn’t competitive then it will lose out to the competition.

Think about that for a second. As a consumer, if Company A is selling a product at a lower price than Company B, where will you buy it? You’ll go for the best price every time. No customer loyalty will survive even a small saving in price. To believe otherwise would be naïve.

So if you’re not adding value then potentially you’re at risk of losing your job.

Your work is your livelihood, so losing your job could actually hurt you. In fact the best way to appreciate your job is to imagine your life without it.

Advantages of workWork provides you with a sense of purpose:

The very essence of what work is all about is simple. Work is just doing stuff for other people in return for money. It gives us an income but it also gives us a sense of purpose.

Through work we apply our skills and knowhow to deliver an output or an outcome for someone else. That may be an individual or an organisation but either way we are paid for what we actually deliver.

Essentially that’s the psychological contract we enter into when we agree to do work for someone else.

If we’re not delivering what we’re paid to deliver then we’re not doing our job properly. We are not fulfilling the psychological contract that is work.

Taking pride in our work is important too. Our sense of purpose should drive us to do the best we can with the skills we have and we should be constantly seeking to improve.

If we don’t love what we do at any given time then we should be looking for ways to change our mind-set to take a more positive view.

If we view our work positively then we’re more likely to be energised by it and if we’re energised by it then we’re more likely to do it well.

Work is how we make a difference:

You must also recognise that there’s a big difference between being busy and delivering real results. Never confuse industry with effectiveness. The two are very different things.

If I’m paying you to paint houses then the only measure I will use to judge you on is how well and how efficiently you paint houses. I don’t really care how helpful you might have been to the electrician or the refuse collector.

Being busy doesn’t count for anything unless you’re busy doing the right things. Doing the right things is how we make a real difference. And surely we’d all like to make a difference?

Other benefits:

Having a job actually provides us with many benefits.

For a start with the income it generates, it allows use to put a roof over our head and food on our table.

Managed carefully, the money we earn will put clothes on our backs and allow us to heat our homes.

And of course it provides so much more too.

Having a job gives us status and our own income gives us a degree of independence and freedom.

All these things together improve our self-esteem.

And of course work gives us a reason to get you out of bed each day.

Work is how we make a contribution to the society around us. Not just in what we actually do but also in the taxes we pay. That’s how we pull our weight and justify our membership of the society in which we live.

However let us not forget the camaraderie we enjoy with the people with whom we work too. People are social animals and we need the company of others.

Yes, some of them will drive us nuts at times but mostly they’re good people just like us, with lives just like ours and with whom we can relate.

We share their laughs and we share their tears too at times; the good times and the bad times; it all makes life worth living.

Work allows us to engage with other people and that’s very important.

Your work can be your legacy too:

Work is what we do for other people and what we’ve done for other people is how we’ll be remembered long after we’re gone. So potentially your work is your legacy.

On that basis, whatever you do strive to do it well.

It might not seem much to you but it will matter to other people.

Have a sense of pride in your work whatever it is. It doesn’t matter whether you sweep roads or you’re a skilled heart surgeon we all have our place in society and we all have our contribution to make.

And whatever role you play, no one is better than anyone else.

Enjoy your work or keep looking:

It’s important you find a way to enjoy your work because you spend a third of each day doing it.

Sometimes it’s just a case of looking at your work in a different way in order to appreciate what you have. However sometimes even then for whatever reason you’ll feel unhappy.

If you can’t find a way to enjoy your work then find another job. One more suited to your natural talent perhaps. However until you find the right thing, you must grit your teeth and do your current work to the best of your ability.

And never, ever just walk away from a job without having another one to go to.

It is ironic perhaps but it’s always much easier to find another job when you already have one.

Without a job a potential employer might wonder whether you’re unlucky or just a loser. And usually employers will be reluctant to take a chance on you if they’re unsure.

Conclusion:

The importance of work to our lives and our self-esteem should not be underestimated. So do the work you’re paid to do and do it well. Do that and success can be yours.

Don’t do your job properly and you’ll struggle to hold on to it for very long. Lose it and almost certainly you’ll regret it.

That’s the nature of work, it always has been and it always will be.

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