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“Son, you ought to get you some of that mail box money. There’s nothing like it. You just go out to the mail box and get. It’s the only way to go. You’ll never get rich working for the other fella’.”

I can hear those words from my dad like it was yesterday. What my dad used to call “mail box money” is what sophisticated investors today call “passive income.” It’s money you don’t have to work for. You get it whether your work or not. If you work, it’s because you choose to; not because you have to.

You can’t get passive income as an employee. You also can’t get it as a self-employed person. You work hard for that kind of money. You provide a service and you get paid. If you don’t provide the service, you don’t get paid. It’s as simple as that.

No, what you want is the kind of money that comes in like clockwork even if you choose not to work. The kind of money you get as a business owner or an investor. Oh, I guess you could also win the lottery or inherit it. But assuming that’s not going to happen, you’re going to have to do it as a business owner and/or an investor.

Now when I talk about business owners, I’m not talking about self-employed people who happen to be in business for themselves. You know, like doctors, lawyers, accountants, and the like. They’re just trading their services for money. It may be a lot of money, but it’s not passive income. The only way they can get paid is to provide the service.

A true business owner can leave the business for months on end and still get paid because they either have hired capable people to run the business or they have the kind of business that generates income without the business owner having to work for it every day.

And when I talk about investors I’m talking about accumulating enough in investments so that the income from those investments cover your expenses. Stocks, bonds, income-producing real estate or even assets that don’t generate income themselves but appreciate enough in value so they can eventually be put into income-producing investments would qualify.

In fact, the best definition of financial freedom is having enough passive income to equal your expenses. The day that happens is the day you’re financially free. It means you can live where you want to live, go where you want to go, do what you want to do, and do it when you want to do it. Why not? You’re free!

Here’s the good news — you can probably become financially free in a few years if you really want to; certainly less than ten years. And I don’t care what your present circumstances are. You can do it.

So where do you start?

First of all, you must get out of debt. If you’re in debt you’re providing the bank with passive income. And if it’s credit card debt, you’re supporting the bank with passive income at a very high interest rate. I hope they’re sending you a thank you note every once in awhile because you’re working hard for them.

Second, you have to build some assets in investments. Probably, the only way you’re going to be able to do that is by saving more money. And the quickest way to save more money is to cut expenses. When you spend money on something you don’t need — or maybe even want — you’re not only spending those dollars, you’re spending the future value of those dollars.

That’s because if you saved a dollar instead of spending it, that dollar would be worth a lot more to you than a dollar in the future due to the magic of compounding over time. But once you’ve spent it, it’s gone forever.

Third, you should start a business. Even if you’re happily and gainfully employed it’s a good idea to start a business that can give you some passive income in the future. And in the information age, you can do that with very little up front cash.

Copyright 2005

Source by Larry Holmes

May 27, 2017 0 comment
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Citibank’s strategic intent is to convert its traditional money management business into an e-business framework. How does Citibank transform its traditional assets into digital assets? What issues, if any, do you envision that Citibank must overcome in order for the implementation to be successful?

According to Porter two main ways for a company to compete are on cost advantage or on differentiation. Citibank chose not to compete on price, but instead chose to compete on differentiation.

Since many other companies have similar products and services, Citibank bases its differentiation on customer service. Traditionally, this involved “offering telephone hotlines, relationship managers who understood clients’ needs, product consultants who provided service expertise and most important, continuous investment in technology to support both the front-end and the back-end electronic banking systems”. In order for “successful” transformation of traditional assets into digital assets the company must maintain or enhance its differentiation. Since the company’s differentiation is based on customer service, that means that in the transformation from traditional to digital assets the company must continue to be highly responsive to the customers’ current and future needs, and must do so to a higher level than the competition.

One main way that Citibank achieved transition from traditional to digital was via alliances with such technological companies as Oracle, Commerce One Inc, SAP AG, Wisdom Technologies and Bolero.net. Earlier the company invested millions of dollars on its own in multiple areas of e-business, and failed. Technology is not Citibank’s area of expertise, and it found dealing with constantly changing technology to be an expensive struggle, which it ultimately lost. However, by 2000 Citibank had changed its strategy to one of garnering alliances and using its partners’ strengths to create the technological infrastructure that the company needed to access markets and meet its customers changing demands. Working through alliances reduced Citibank’s risks and costs, increased its effectiveness, and allowed it to remain flexible in meeting changing technological and customer demands.

Customer demands varies, both in the short term and long term. According to McCauley and Kahn, one of the most important obstacles for Citibank to overcome in migrating customers from traditional to digital service was meeting their deep seated concerns about security. While to some degree this hindered Citibank’s efforts in rolling out Web-based applications, Citi did actively implement “multi-layered security architecture… public and private access keys, single-use passwords and multiple authorization controls” in order to meet customer needs (2002, p. 9). In addition, with digital processing it looked to transform repeatable processes that could be “commoditized” into an efficient digital factory. Commoditizing repeatable processes improves efficiency, but also allows resources for additional regional focus — localization. So too, Citibank’s strong brand name is a resource that translates into increased trust as a “trusted provider” when competing with Deutche Bank and other competitors. In fact, most Fortune 500 companies assign value to Citibank’s specific offerings, and prefer it to other international payment providers. Citibank, then, offers multiple areas of value to customers.

The key question, however, is whether this value translates into a competitive advantage which translates into additional profits. Though Citibank met their customers’ needs in the area of information technology, how unique is what it offered? Cutting edge technological capabilities can soon become “hygiene factors”, which are considered to be required, rather than a competitive advantage. These then, do not qualify for differentiation or competitive advantage. While at one point Citibank may have offered cutting edge technological capabilities, the competitive advantages these afford can quickly be eroded. Customer service and transactional efficiency are important. However we need to ask what other areas of business require attention in order for Citibank’s ultimate success. If these are not met, the corporation will not meet its growth goals.

Source by Ashley C Waters

May 17, 2017 0 comment
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With the state of today’s economy and with industries collapsing left and right causing job security to be a very big concern, one question that should be of profound interest for people who wish to find another source of income is this: can one make money repairing game consoles?

Consider these facts:

– The video gaming market is a $40 billion per year industry.

– Almost 40% of US households own at least one video gaming console.

– Almost 200 video games, at the average, are released per month, spread throughout several platforms.

– Video gaming consoles have been in existence for close to 4 decades now. Video gaming companies have been impact players in the home entertainment industry for almost 30 years.

– With the rising price of gas, more people will find ways of entertaining themselves at home, and video gaming would be a very attractive option.

The numbers enumerated above will immediately tell us that you can indeed make money repairing game consoles – lots of money in fact. The base market is there. What should be determined is the demand.

How often do game consoles break down?

The current generation of video game consoles isn’t as sturdy as previous versions of the same. The primary example that would illustrate this fact is, without a doubt, Microsoft’s Xbox 360. The Xbox 360 is plagued by a persistent problem signified by 3 red lights – infamously labeled as the 3RL or the 3RLOD (3 red lights of death) – on the front of the console itself. These 3 red lights indicate general hardware failure, the details of which Microsoft refuses to discuss in public. The 3RL problem is rather prevalent. Microsoft pegs it at 16%, but observers believe that it can go as high as 60%.

Now, the 3RL problem, which was once thought of as hopeless, has been dissected by home-based enthusiasts and some cures have been formulated. Microsoft refuses to acknowledge these cures. However, these cures do work, and often, these cures permanently solve the 3RL problem.

Here’s where it gets pretty interesting if you want to make money repairing game consoles: cures for 3RL problems for the Xbox 360 are easy to implement. By merely studying the procedures involved, you’d be able to get a unit up and running in no time. You don’t need thorough knowledge of electronics. You don’t need experience in repairs. You don’t need to read complicated schematics. Just follow some YouTube videos and you’re good to go.

But not every console owner would be willing to learn these things.

Hence, the demand for game console repairs.

People who make money repairing game consoles either repair the consoles themselves or publish information products, such as eBooks and special reports, detailing steps on how to fix these video game units. One such entrepreneur who sells an information product on how to fix the dreaded 3RL problem for the Xbox 360 earn more than $1,000 per day by merely advertising his product over at a popular Xbox 360 forum.

Source by Ian Pennington

May 15, 2017 0 comment
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Online and video games have really evolved over the past few decades. From block games and shooting balloons we’ve moved up to simulation games; games that mimic our reality and culture and afford hours of enjoyment with their crystal clear graphics and lightning-fast speeds. The Farming Simulator label is one such interesting online simulation game series.

The Farming Simulator game series has been developed by Giants Software. Currently, there are 7 versions of the game with Farming simulator 15 being the latest. There are both PC and mobile versions of the game. This simulation video game brings to the screen the real farming experience. So, you grow and sell crops, breed livestock, acquire farming equipment and expand your farm as you go.

However, money is at the base of it all. The more money you have, the more you can think about developing your farm. You are provided with a reserve cash to get you started. But you realize it depletes soon and you have to earn more to make future farm purchases. Here is a list of the 5 legitimate ways to earn money in the Farming Simulator 2015 game.

1. Grow and sell crops –

Crops are the main item on a farm. Thus, buying and selling crops is the first way to earn money. You are free to choose from and grow different crop types. A tip is to choose high-earning cash crops. Fertilizing the crop increases the crop yield thereby increasing profit. It also gives you more experience when you harvest the crop. Choose a cheap fertilizer so you don’t spend too much on it.

When it comes to selling crops, do so when the price is high. Don’t be in a hurry to sell the harvested crops. You can wait for the demand to increase as it automatically raises the prices. You can check if the price is higher or lower than normal by checking the icons located beside the crop. You can also see what buyers are paying for a particular crop.

2. Missions –

There are missions generated at every level. You have to complete a given task in a given time frame. They include three types namely mowing grass, delivering crops and transporting cargo. Mowing missions earn less money, while missions involving transporting cargo have higher profits. You earn a reward, a sum of money, for every successfully completed mission. Completing a mission faster also increases your chances of earning added monetary bonuses.

3. Lumbering –

Cutting wood is one way to earn money at the start of your game. This is a new feature on the Farming Simulator 2015 game. You can manage forested areas by cutting them. The machines you need are a chainsaw and a trailer. When you have collected enough logs and wood chips, you can go to the shop and sell them. You can also unload the wood near the train.

4. Breed livestock –

Some of the animals you can breed on your farm are chicken, sheep and cows. Chickens are the easiest to keep while cows are the most time-consuming. However, in terms of earning potential, its cow husbandry that really pays off.

5. Placing objects –

You can place objects at various locations on your farm and leave them to generate money. Some of the objects you can place are greenhouses, solar collectors, wind energy converters and bee houses. All these generate a certain amount of money on an hourly basis.

Don’t sweat it when it comes to making money. Enjoy ploughing, sowing, fertilizing and harvesting and use these strategies to collect money.

Source by Jovia A. D’Souza

May 14, 2017 0 comment
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A Joint Venture (JV) is also known as ‘business deal’, ‘strategic alliance’, or ‘strategic partnership’. Probably the simplest definition is that Joint venture is a win-win strategic partnership between two or more businesses or individuals who agree to leverage each other’s resources in order to achieve common economic objectives. Resources could be in the form of technology, relationships, access to existing customers, expertise, knowledge, credibility, employees, facilities, finance, etc.

Examples of Easy, Profitable and Simple Joint Venture Deals

Here are just a few examples of JV deals you can broker:

1. Tollgating

2. Reciprocal Arrangements

3. Sharing Resources

4. Promotional Partnerships

5. Create Profit Centers for Businesses

Let’s look at each one in more detail.

Method #1: Tollgating

Tollgating simply means finding a group of people with a high enough demand and connecting them with the source of supply. You then stand between them (like a tollgate collector) and collect money as buyers go through the tollgate. This method is also known as “Triangulation.”

Examples of Tollgating:

1. Let’s say that in your local area, there’s an Association of Architects. Say they have at least 50 members and they socialize weekly. If you’re able to persuade them to meet once a week at a specific restaurant or hotel, you can arrange a deal with the restaurant/hotel owner to give you a percentage of their weekly bill.

2. Another way you can tollgate is by finding successful businesses. There are businesses out there who are actually turning customers away because they are unable to meet the demand. Get them to pass the leads to you. Then you can direct these leads to another business who will do all the work. You then collect commissions for every converted lead.

3. Locate someone with a product to sell, and find someone who owns a list of customers who have a strong desire for the product in question. Get the list owner to endorse the product, and you collect commission from every sale made.

4. When a business goes bankrupt, make money by locating someone who is willing to: buy the old inventory, buy the old phone number in order to convert incoming callers, buy the database of customers, fulfill pending orders, take over the lease, etc.

Method #2: Reciprocal Arrangements

This is a I-scratch-your-back-you-scratch-mine sort of arrangement.

The fact is that each business has strengths and weaknesses, and many business owners don’t know how to compensate for their weaknesses, thus producing problems. But a smart JV broker like you can address this by partnering up businesses with complementary qualities so that together they are stronger and more profitable.

Examples of Reciprocal Arrangements:

1. Barter – a magazine may agree to let a restaurant pay for a month’s worth of advertising by lettting the magazine’s key staff to eat for free for a set period of time; a marketing consultant may agree to help a fitness professional generate more leads in exchange for personal training.

2. Connect two businesses with products/services that complement each other. Get them to tap into each others customer base by getting them to continually endorse/promote each others goods to their own customers. For example, you can arrange for a beauty spa to promote a health club down the road (and vice versa); or encourage a hair salon to “reward” their loyal customers with gift certificates from a restaurant, thus driving potentially lifetime customers to the restaurant. In all cases, you collect a commission from any resulting sales.

Method #3: Sharing Existing Resources

You can leverage existing resources that are underutilized and make money in the process.

Examples of Sharing Resources:

1. You can launch a jewelry designer’s career by arranging to have her creations displayed along with the goods in a posh retail shop selling designer handbags. The jewelry designer doesn’t pay any rent, but she pays a commission to you and the retail shop owner every time she makes a sale.

2. You can make passive income by finding student tenants for landlords in your local area. You can semi-automate the process by giving a list of local accommodations to a person working in the Admissions Office of major Universities/schools in your area and ask them to actively help the student applicants find accommodations. Make sure to reward your contacts, of course.

3. Licensing – If you have (or know someone with) a system, intellectual resources, or any non-perishable intangibles that other people are willing to pay for, you can simply grant them rights to use these resources in exchange for a small fee. You can license a software, hard to get information, a useful research finding, a specialist equipment, etc. Bob Serling has a wealth of resources about licensing.

4. Piggybacking – you can take advantage of an existing infrastructure easily. For example, you can insert your promotional leaflet in the envelopes of a National direct mailing company who already mails 100,000 letters a month to their existing subscribers. Agree to give them a percentage of your profits.

Method #4: Promotional Partnerships

Are you (or do you know) someone who is an expert salesperson/marketer? You can team up with someone who has a product/service to sell but is clueless about how to sell it.

1. Become an Agent – You can help book speakers, bands, entertainers, artists, performers, etc. and get paid a healthy commission.

2. Affiliate Marketing – You can market/sell other people’s products and gain a commission for every sale made. If you don’t want to do the selling, you can get someone else to do it for you. You can also look for businesses with no affiliates, set up their affiliate program, recruit the affiliates, let them do all the selling and marketing, and then you just collect a small commission.

Method #5: Creating Profit Centers for Existing Businesses

It’s a fact that many people who are in business don’t know how to gain a steady stream of buyers continuously.

1. Bundling- You can add a complimentary product or service to an existing one with already existing distribution routes, and collect commissions. For example, most real estate agents can make more money and serve their customers even more if they also recommend services like removals, interior design, plumbing, electrical, plastering, etc. to every person they sell a house to. But most real estate agents don’t know this, so you can set up this arrangement and profit.

2. Encourage restaurants to sell Advertising spaces and get paid by finding advertisers. Restaurants can earn money by displaying ads on their bathrooms, at the back of their menu, on their wide screen TVs, or even on their announcement boards.

3. Do you live in an area where there are no 24-hour Dentists / restaurants / bakeries/ liquor store/ entertainment centers? You can arrange a deal where a business owner agrees to allow someone else to use their existing facilities at times when they are usually closed in return for rent money or a percentage of the profits.

4. Talk to an offline business who have no clue about online marketing. Strike a deal where you use online marketing methods to promote the business, and get paid commission for any resulting sales. You can easily do this deal with Experts and Gurus – people who have a wealth of information inside their heads, but they lack knowledge how to turn their expertise into information products and sell them online. You can act as their online publisher (or JV with an existing online publisher) and take a piece of the profits.

In Conclusion

Being a Joint Venture broker can be very easy and rewarding if only you know how to listen to other people’s needs. To be successful all you need to do is solve problems by leveraging already existing resources and establishing trustworthy relationships. You don’t need a product or business of your own. You don’t need to be an expert, you don’t need any experience, you can be 18 years old or 80 years old, you can have a PhD or you can be a high school drop out – it doesn’t matter.

Source by Marj Galangco

May 12, 2017 0 comment
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A business without enough money is like a human being without blood or a jet plane without fuel. It is an essential resource your business needs in order to achieve its fullest potential.

You can have the best ideas, a bunch of talented people, a great product and a potential market. However, without proper money management, none of your goals can materialize.

I have seen entrepreneurs doing great work, attracting lots of customers and delivering great value. However, because there was nobody paying close attention to the numbers, the business soon found itself having to close down.

All this could have been avoided if only the business owner understood and paid more attention to managing the cash flow of the company.

So, if money is such an important matter in a business, why do so many entrepreneurs neglect to spend enough time on it? There are three main reasons:

1) Ignorant About Money Unfortunately, very few people are trained in money management. Unless you studied finance or accounting in college, it is unlikely that you would have learned about smart money management strategies from your parents or from school, college or university.

2) Fear of Money With ignorance comes a fear of dealing with money. Many business owners I talk to have a fear of constantly tracking their sales revenue, costs and other financial numbers.

They get stressed up when they have to look at and deal with numbers. They get nervous when they see the bills that come in and more stressed when the sales revenue is not as rosy as projected. “I was never good at Math,” is the common excuse they usually give.

3) Procrastination

Finally, many business owners I know tend to place their finance and accounting matters as the last priority. They are always focused on making the product, providing the service, dealing with customers, selling their company or managing their people. “I have no time to do the books.” “I’ll do it later!”

As a result, their accounts are never up to date. They will only know their May sales, cost and profit figures in September! It is like a basketball team playing a match without being able to see the scoreboard until two weeks after the game!

Source by Adam Khoo

April 6, 2017 0 comment
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Bacardi is a great company that really knows how to present a lifestyle that any young guy or girl would want.

They do a wonderful job with the Bacardi Girls. I have a team of Bacardi Girls that I took with me to Palm Springs for a Dinah Shores event and they had the time of their lives.

They played in the pool while everyone was jumping in to get their pictures taken with them.

I had so many pretty girls approaching me and begging me to become a Bacardi girl.

I must admit, if I was a girl I would kill to become a Bacardi girl. They get to wear and keep some very expensive outfits. They get to go to all the cool parties and hang out with celebrities.

If their is a party and they are serving Bacardi, don’t look to far because the Bacardi girls will be around.

They bring so much pleasure to the event attendees that they beg for the Bacardi girls to stay.

To be a Bacardi Girl, you must be attractive and have a great personality.

I like to hire girls that are seductive and can seduce a man to listen to what they are saying. You want to be able to make a man drool when he sees you. A promotional girls job is to gain the attention of the targeted consumer and entertain them with a great conversation or games.

Girls that have a very nice body and the confidence to pull of a bikini are perfect to become a Bacardi girl.

Bacardi Girls typically make a lot more money than the average promotional model and they also make a lot more money than most college grads.

How many girls do you know that make over $4000 a month for a part time job.

There are millions of girls that are clueless about the promotional world and how much fun it is. When I am in Hollywood doing promotions, I can not believe the amount of girls that would approach me and not have clue how to become a promotional model.

Source by Paul Boss Gage

April 3, 2017 0 comment
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