December 31, 2010, 10:31 am

Financial Ramblings

by: MD    Category: Financial Rambling

Whoa! taking off during the Holidays makes me lose the notion of time! I hope that you are enjoying your time off as I do ;-). Don’t worry, I’ll be back in January with some great stuff (I get plenty of idea)… and the winner of the iPad too 😉

1. Free eBook on Massive Online Income Case Study with Pat Flynn @ Studenomics.

2. The Best Personal Finance Articles of 2010 @ Free From Broke.

3. True Wealth Isn’t About Money @ Bargaineering.

4.The Importance of Running Financial Battle Drills in Your Family @ Soldier of Finance.

5. Three Most Popular Options For Life After College @ Green Panda Treehouse.

6. Lessons Learned from New Year’s Eves Gone Wrong @ Wise Bread.

7. How to Shop for Fitness Equipment this New Year @ Gen X Finance.

8. Small Business Growth & A Look At Parkinson’s Law @ The Digerati Life.

9 Why You Should and Shouldn’t Pay Off Your Mortgage @ Free Money Finance.

10. Visualizing investors’ emotions @ Monevator.

11. Final Tax Moves For The Year @ PT Money.

12. Cold Showers, One Year Later @ Early Retirement Extreme.

13. Top 5 Things To Buy Online After Christmas @ Canadian Finance Blog.

14. Carnival of Personal Finance @ Blonde & Balanced.

15. Carnival of Money Stories @ Bucksome Boomer.

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December 30, 2010, 6:00 am

Why Your New Blog Won’t Make Any Money

by: MD    Category: Alternative Income

Blogging No Money

Blogging topics seem to have taken over the last little while over here. Between Mike’s colossal post on how he built his blogging empire to my ultimate beginner’s guide to launching a new blog, the topic has been pretty popular. Some of you have set a New Year’s resolution to either launch a blog or to get a blog off the ground. I personally have been blogging for over two years now and the most common topic that ever comes up is: how do bloggers make money? Most new bloggers are very interested with making money from blogging. This is why I wanted to put together an eye-opening post on why I think that your new blog won’t make any money (from personal experience):

Blogging for money.

As cliche as it sounds, blogging for money is almost always a recipe for failure. Starting a blog with the intention of making lots of money (even any money) will cloud your judgment and likely lead to burnout real quick. If you enjoy writing about the topic, discussing the topic, and connecting with like-minded people then you’ll end up loving blogging. If you just love money, you won’t enjoy blogging. The lack of money will burn you out when you’re running on little sleep and trying to respond to all reader comments.

Not knowing your audience.

This is a major problem for all new bloggers. We put up Adsense and wait for the dollars to come in. Maybe one or two dollars will come in every few days but that’s all.

You need to decide early on what kind of blog you plan on running. Do you want to write strictly for Google Adsense? Do you want to make your money from text links? Do you plan on pushing affiliates? Do you plan on releasing your own products. These are all questions that you need to slowly ponder as you work on your blog. Once you know your audience, you can adjust your content and marketing efforts accordingly.

Don’t feel bad if you don’t know your audience because I still feel like I don’t know my audience sometimes. This is a process that will take a long time to reach. Some will figure this out right away and prosper for a long time. Others will seek out their audience for a long time. Either way this should be something that you try to address right off the bat.

Giving up.

It’s really easy to give up on your new blog. Every time I read a post about how much money certain bloggers earn I feel like giving up because I’m so far away from that milestone. Real life can also get in the way. Between a work schedule and normal life, one can find it extremely difficult to consistently pump out quality content. Since later-2008 I’ve seen many once-motivated bloggers completely disappear. I would put their pictures up on the back of a milk carton but I know what happened. They gave up. If you give up or even mentally check-out your blog will slowly start to fizzle out until there’s nobody left reading it.

Thinking that popular blog= lots of money.

Your blog can start getting lots of comments and traffic a few months in. However, this boost in traffic will not always equate to a major boost in income. A popular blog won’t always be a profitable blog. This harsh reality can sometimes crush even the most ambitious people out there.

Target is too high.

When I started blogging I was really inspired by the stories of ultra-bloggers like John Chow, Darren Rowse, and Yaro Starak. Once you start blogging you realize that those are next to impossible targets to meet. Comparing yourself to mega-established bloggers is never a good idea. Focus on improving your writing skills and getting your message across. Worrying about how much money someone else makes will just hurt you.

Can you think of other reasons why most new blogs don’t make any money?

(photo credit: smudger888)

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December 24, 2010, 6:00 am

Yakezie Roundup

by: MD    Category: Financial Rambling

Before we get into the roundup today I wanted to wish everyone a MERRY CHRISTMAS!

We had a colossal post go up this week at The Financial Blogger. A How To Guide To Financial Freedom: Running Multiple Blogs, Earning 6 Figures, Working Less Than 40 Hours. This mega post covers everything from hiring a VA to finding the right partner for your online business. I recommend that you grab a cup of warm coffee and take some time to truly check out this article.

On to the Yakezie links!

1. The Freedom To Chase Storms @ Financial Samurai.

2. Your Relationship With Money @ Consumerism Commentary.

3. 10 Questions to Ask Before You Sign An Apartment Lease @ Financially Poor.

4. 15 Inexpensive Things To Do In Winter @ Everyday Tips and Thoughts.

5. Benefits of Using Tax Return Return Software @ One Money Design.

6. Debt Free? Now it’s Time to Improve Your Credit @ Deliver Away Debt.

7. Starting A Side Business: Making Money From Blogging @ Smart On Money.

8. How To Travel Overland To Iraq (Kurdistan) @ Wandering Early.

9. 2011 Dividend Aristocrats @ Investor Junkie.

10. Catching Up On Your Year End Financial Planning @ Beating Broke.

11. Reasons to Use Your Credit Card for Christmas Shopping @ Canadian Finance Blog.

12. What I am Doing with my Unexpected Bonus @ MJTM.

13. Insurance agents don’t all suck @ Punch Debt In The Face.

14. Is your lifestyle design robust? @ Early Retirement Extreme.

15. Benefits of an Investment Annuity @ Not Made of Money.

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December 23, 2010, 6:00 am

The Ultimate Beginners Guide To Starting a Blog

by: MD    Category: Alternative Income

Blogging For Newbies

The other day Mike launched a colossal post outlining how he has managed to successfully build his online empire. He covered everything from writing schedule to buying a new blog. It’s going to be impossible to follow, but I decided to put together the ultimate beginners guide to starting a new blog, for those of you that are now motivated to start your own blog.

First and foremost, why even blog?

Who wants to wake up every morning with the stress of having to research topics, write a post, respond to comments, respond to emails, and then go on with everyday life– I DO! Chances are you will too once you start blogging. Blogging can be really fun. Now I realize that saying blogging is fun is not enough to get you to start a blog. Below are a few more reasons why you should start a blog:

Build credibility.

A blog is an excellent way for you to build credibility. The next obvious question then becomes– why even bother with building credibility? Because you can build yourself up as an authority in your field. Your opinion may eventually be respected enough that you receive free products and you start earning some money on the side. Extra m0ney and free stuff sounds good to me.

Immerse yourself in the field.

There’s no better way to stay updated with a field than by writing about subject topics. Writing blog posts on a specific field leads to you conducting more research. Ever since I started writing about personal finance I find myself searching for more ways to save money, earn money, optimize spending, and to invest my money. Once you jump into a blogging community you’ll become immersed in that topic. This can be really beneficial in the long run.

A side income/hobby.

You might not make any real money from your blog but you’ll for sure find yourself with a new hobby. This new hobby can keep you out of trouble and keep you busy during those boring times. I’m at the point now where I respond to emails/comments while waiting for friends to get ready. There’s no telling where your new hobby can take you. You might be able to turn this new hobby into a side business down the road.

Step 1: Think of  a blog topic

This whole section will revolve around the idea of blogging for profits vs blogging for passion.

Blogging for money.

Blogging for money usually involves writing about a topic that doesn’t particularly interest you, but you know that there’s money in search engine traffic. Let’s look at the pros and cons of blogging for money.

Pros of blogging for money:

  • Technically more money.
  • More readers through search engines.

Cons of blogging for money:

  • Difficult to stay motivated.
  • Time-consuming to put together articles.

Blogging for passion.

Blogging for passion is self-explanatory. You can blog about your family life, hobbies of yours, or anything that really interests you. This is usually a topic that you would love to write about for free. For example, you might find through some keyword research that writing about credit cards is more lucrative than your pet dog. On one hand you can technically make more money. However, upon launching the blog you’ll be quick to find that it’s challenging to put together posts on a frequent. If you decide to blog about your passions, you can pump out endless content while enjoying yourself. The decision is all yours.

Step 2: Think of a blog name.

Deciding on a blog name alone can be another 1,000 word post. There’s the school of thought that argues that your blog name should contain as many relevant keywords as possible. For example, if you wanted to start a financial blog for students, then the blog name would go along the lines of “StudentFinancesMoney” or something along those lines. This way people (search engine users) will know exactly what to expect from your blog. Others urge you to think of a catchy blog name so that readers are likely to remember your name. I really can’t answer this question for you. It’s your blog and your decision to make. Just make sure that you won’t change your mind 23 times on the blog name because it will make it difficult to gain any traction.

Step 3: Figure out your hosting.

I’ve personally been with Bluehost for over two years so I can’t comment on the other hosts out there. It’s up to you to look around the other hosting sites to see if you can find some limited time offer or a reduced price. All I can say is that I highly recommend going with a well-known host that will offer you your own domain name. You need a domain name. Don’t be cheap and pay the fees. Sub-domains rarely attract any new readers.

Once you figure out your hosting you’re going to have to actually setup the blogging software. I have very limited backend experience and I’ve done all of my work through Bluehost and easy to read blog setup tutorials. Thankfully below I’ve outline exactly how you can launch your blogging software within a few quick minutes.

cPanel>Domain Manager this will in turn show you your domain that you have just registered. Click on the unassaigned domain name and…

Assign Domain>Click on “Add On”>Then choose a directory for your blog

and then…

cPanel>Scroll to Software/Services>Click on Fantastico De Luxe>Click on New Installation>Select your new domain under “Install on Domain”>Select a user name and password>click “Install WordPress”

Any time you want to edit your blog you go to http://www.yourdomain.com/wp-admin and type in your user name/password. This is when you can let the writing begin! Once you get a few posts together you can start worrying about the technical stuff. Just don’t let the backend stuff scare you away. I’m completely useless with coding and yet I’ve been running a blog for a few years. For more check out my post on how to start a blog in 3 easy steps.

Step 4: Launch your blog.

Now you can launch your blog to the world (or to your few friends that will read it at first). It’s important that you have one pillar article up and a few smaller posts on your blog before you decide to launch it. There are a variety of strategies for launching a new blog. However, the best way to stay motivated is to learn-as-you-go. Launch the blog and have some fun with it.

Final thoughts for new bloggers…

On that note, if you’re now inspired to start your own blog then congrats! Please do share your link here in the comments section so that one of us can check out. I also just wanted to share a few tips on how you can last through the first six months as a blogger without losing your mind:

Offer guest posts.

A friend just called me to tell me about his new blogging idea. The only thing that he’s stuck on is getting the blog off the ground. My best advice is what other bloggers told me when I started out: GUEST POST! Put together some great (not your typical BS) articles and offer them to bloggers that you’ve been networking with. I personally love to post articles from bloggers that were once commenting on my site or corresponding through email with me before they launched their blog. Guest posting is the best way for getting your blog in front of readers.

Don’t worry about the big bucks.

Adsense placement or trying to sell a product should not cloud your judgment in the first few months as a blogger. Money may or may not come. Either way money should be irrelevant when you first get started with your blog. It should be nothing more than a fun hobby at first. If you embrace this thinking then you’ll definitely prevent burnout around the six month mark.

There you go. Maybe 25 minutes of your time, four easy steps, and you got yourself a brand new blog up and running. Don’t forget to pay me royalties when your blog hits it big!

(photo credit: adam tinworth)

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December 21, 2010, 5:00 am

Running Multiple Blogs, Earning 6 Figures, Working Less Than 40 Hours – A How To Guide To Financial Freedom

by: The Financial Blogger    Category: Alternative Income,Make Money Online

When I was in school, I enjoyed doing algebra. When I discovered this mathematical language, I fell in love with this system right away. Why? Because it is the simplest expression of how powerful life is. If X=10 and you want to make more, you just have to multiply the X’s so 10X=100. What’s even better is when you can scale your project and grow exponentially the number of X’s so 10X?= 100,000. This is exactly what I am doing with my online company: building a business model that multiplies income and that is scalable.


For those who don’t know me here’s a brief intro:


My name is Mike (like half of the financial bloggers!). I am 29, married with 2 young children (William; 5 and Amy;3). I work in the financial industry (my day job) and with my best friend, I run an online company. I work 4 days a week at my day job and about 20 hours a week on my online company. My overall income is over 135K and my company (which I don’t take much out of it) had gross income of 125K in 2010.


Today I will explain how I manage to generate 125K with my blogs  without burning myself out (curious about it? Go read how I went from 18K to 125K in 12 months). I actually had the idea of sharing this part of my business model with you as I am taking part in the Smart Passive Income Challenge to write a Pillar Post. What is a pillar post? It’s a lengthy article explaining step by step something very specific. So I am trying this technique to show you how I have built my online business.


How Many Websites Do I Run?


If you have been reading this blog for a while, you already know that I am running multiple blogs. If you want to learn more about them, I suggest that you look around in my archive under Alternative Income and Make Money Online. The purpose of this post (that will be way longer than usual) is to show you how I manage multiple blogs, make money and not work more than 20 hours a week on them. Wait! I wrote 40 hours in my title right? It’s not a mistake; I’ll come back to this point later on.


Why Do I Run Multiple Blogs?


This is where the algebra comes into play. If you can run a blog and earn $1,000 per month with it, your X = $1,000. So what happens if you have 5 blogs? 5X = $5,000. Sounds appealing? This is how I started. I wanted to make more money alongside my day job. I have read that a person could make money online and thought that if some were able to do it, I should give it a try. This is why I started this blog.


Since I didn’t know much about the internet and new technology, I partnered up with my best friend, who is an internet wiz (according to me anyways!). I’ll cover this partnership aspect later on. The important part is to know that I am not alone in this venture. This is actually why we play with the exponent of our algebra formula. Running multiples blogs generates tons of opportunities


Diversification


You can diversify your topics, therefore readership, your sources of income, your traffic sources, etc. It’s like running a real business and offering 5 products instead of just one. It allows you to have a more steady income flow as well as overall traffic stats. It is easier to generate lots of traffic via a great deal on one different website each month instead of hoping to replicate success with the same blog on a monthly basis.


Synergy


You can create your own little network in a single niche and share both link juice and readership. The goal here is not to build a link farm (that’s bad) but more to use an interesting article from one of your sites to promote other sites at the same time. Chances are that your reader on site #1 may be interested in reading site #2 as well. Sometimes you will only have 20% of your readers interested, other times it will be as high as 80%.


Knowledge


I didn’t build all my websites from scratch. This would have been too time consuming and defeat the purpose of scalability. Therefore, each time I buy a blog, I learn something. Each blogger has their own level of knowledge and they leave their legacy within the archive of their blog. So if I have 5 different financial blogs today, I know 5 times what I used to know when I had just one. One taught me the power of community while another showed me how to use keywords carefully. So instead of learning by making mistakes (while I still do this as well!), I learn from others’ mistakes as well as their successes (which is way faster by the way!). If you want to learn more about buying blogs, I suggest you read How to buy a blog in 3 easy steps.


The Creativity Problem – How Can You Write All These Blogs?


I consider each of my blog as mini money making machine. I think the more you have, the more money you make. But I can see the question mark on your face while reading this post: how can you find something to say everyday for each blog? Since the heart of a blog is its content, we will take a few minutes to take a look at the different techniques I use:


Writing techniques


I am lucky to have been born with the gift of creativity. I rarely lack topics to talk about as I always have something to say. However, if you are a blogger, you are probably like me and even though you can write almost everyday, running several blogs is a totally different ball game. You need to get your ideas organized in order to be fast and productive. Writing an article usually takes me less than 30 minutes. Here’s what you need to do in order to achieve this speed:


Mind Mapping


You have probably read about this technique elsewhere. Don’t think I’m using mind mapping somewhere or anything like this. I like simple things. All you need is a piece of paper and a pen. For each site, I do the same exercise:

#1 I write down the main topic of the blog

#2 I branch it to other sub-topics (that will become my blog categories)

#3 I branch another level where I think of articles related to each sub-topics.

Here’s what I did when I bought The Dividend Guy Blog:


As you can see, there is nothing sexy about my mind map but it’s clear enough that I know where I want to bring my blog and which kind of topics I want to cover in the upcoming years. Overtime, the mind map can change as new topics and sub-topics will cross your mind. If it’s too different, you may want to consider starting another blog.


Ideas organization


The key here is to evolve in a continuous brainstorming mode. Everything in your life could be a source of inspiration. The key is to keep note of everything. This is why I always have a wordpad opened on my laptop where I keep my ideas. Each time I think of something, I write it down on my blackberry and put it in my “Idea Master file” once at home. I classify them under the right blog. When I lack imagination for a post, I simply open my Master and pick one idea out of the box.


Another great tip to get your ideas in order is to keep sorting your ideas according to your mind map. Technically, each box and sub-box of your mind map should be an article category for your blog. Don’t try to create too many, else you will get lost and away from your main topic. If I had to redo all my blogs, I would keep categories simple, as I have with my latest one; Do Not Wait!


Getting ideas


The last point I want to cover here is where I get most of my ideas. Since there are a lot of great articles about the topic, I’ll simply list them (so you can read about the “real stuff” of managing multiple blogs right away 😉 ).


  1. I promote contests (giveaways with a simple question: “what would you like to read about”
  2. I read other blogs
  3. I read online newspapers
  4. I speak with my friends about personal finance
  5. I take inspiration from my day job (as a financial planner)


If you want to learn more about how I get my ideas, I wrote the following post: Where Do You Find Creativity?


Writing schedule


If you just write when you feel like it, you are never going to make it. You will be able to handle 1 or maybe 2 blogs but you will always feel overwhelmed by the amount of work. I have setup a writing schedule which is about 1 hour every morning, 4 days a week. So between 7h30 and 8h30, I devote exclusively to writing for my blogs; no email, no websurfing, just plain and simple writing. By focusing on a single task, you get pretty fast and the fact that I already know when I do it helps me avoid the panic because I don’t have enough time or enough posts for next week. For example, this post is an “extra” contribution, this wasn’t part of my hour/day writing time.


But You Can’t Write 20 articles a week


With all the sites I have, I need to produce about 20 articles a week without counting the roundups (which are very important to get more link love over time). It is virtually impossible to write 20 articles, manage all the other aspects of blogging AND work less than 20 hours a week.

So how do you do it? Here’s my step by step method:


Establish a specific schedule


For each of my blogs, I determine how many times I want to write and when each article will be posted. Depending on my readership and my topics, I have different schedule. For example, for a detailed and specialized website such as The Dividend Guy Blog, I don’t need to write 4-5 posts per week. 2 good quality posts about the stock market and dividend stock analysis are enough to keep my readership happy and have them come back when I produce a new article. The schedule is Monday and Wednesday with a roundup on Friday.

The key is to determine how you can provide consistently high quality articles without burning yourself out.


Find high quality writers


If you want to scale any business, you need employees. What are the employees for? The true utility of having employees can be summarized in a single phrase: employees are useful when they can do something that you used to do so you can concentrate on other things. If I was to write 20 articles a week, I couldn’t run and manage all my blogs properly. This is how I went to look for writers.


Where do you find writers?


Depending on what your niche is, you have several options:


Offer Guest Posting


This is more like a short term solution for a long term problem. Finding guest writers is relatively easy, as soon as you get in to the blogging community, you will find other bloggers that would like to write for your site. However, this is usually a one time shot and you don’t have much control over what they will write about.


Outsource through Odesk and others


Most of you must know about Odesk already. Then again, depending on which blog niche you are working, this could be a great (or not) idea. Personally, I experienced Odesk services and the system is great. It is easy to post a job, look into candidate’s profile and interview them.  However, I wasn’t successful in finding someone who could write as a financial blogger.


Writing articles is one thing, writing for a blog is another and writing for a financial blog is something that requires a lot of knowledge. I will definitely use Odesk in the future, but not to find financial bloggers. Recently, we found a programmer to do some coding and it was perfect (and cheap!). So depending on what you are looking for (e.g. blogger spirit vs niche article writing), Odesk and other outsourcing websites could be a good place to start.


Hire existing bloggers


This is the route I have decided to take; pay financial bloggers to write for my site. This method has a lot of advantages:

  1. They know about blogging and how it works (keywords, subtitles, wordpress, etc).
  2. They know about personal finance (which was pretty hard to find with Indian or Pakistani freelancers).
  3. They are fully independent; they post their article through a limited access to wordpress and add pictures at the same time.
  4. You can guide them with keywords, topics to write about, etc


As some bloggers get tired of managing their own blog, they sometimes prefer to let it go, and get paid per article and work for someone else. If you keep the same bloggers for a long time, it creates an additional voice for your blog and readers appreciate it. For example, I have the same guy writing every Thursday on The Financial Blogger for the past 3 months. He has been getting good response out of his blogs so far.


Enough with content creation; How To Manage The Corporate Side Of Blogging


As you can see, my adventure into the blogging world has become an adventure in entrepreneurialism. I don’t manage blogs anymore, I manage a business. This is why you need a clear structure.


Cope with your flaws; Partner-up!


You want to make money online but html and php sounds like an ancient Mayan dialect to you? No worries, I’m part of your group (in fact, I’m a Techno Retarded Blogger). When you are building a company and you notice you have some flaws, you basically have 2 options:


#1 Learn new skills


In my opinion, this is not a great idea. If you want to build a company, there is one thing you must keep in mind: you can’t do everything by yourself. Learning code, design, search engine optimization, networking while managing your blogs will definitely take you way more than 20 hours a week. Some people do it but I think it’s time that could be used on something more productive.


#2 Find a partner


This is what I did from the very beginning. Since I don’t know anything about technical stuff, I thought it would much easier and much faster to partner with my friend who masters internet stuff. He has been in the internet industry for a while and knows what to do and what not to do. By sharing our strengths, we have the perfect combination for managing an online company.


In fact, the biggest advantage of having a partner in a business is accountability. Think of it as a gym partner. If you do your workout with you best buddy, both you and your buddy will feel responsible to go to the gym and bring the other one with him. This is what happens in a business; even if you don’t feel like working some days, you just think of your partner then open up your laptop to do what has to get done 😉


Enhance your skills


I’m a firm believer of the 20/80 rules (Pareto Principles). I must say that to achieve the 6 figure income mark and not work much for it, you must concentrate almost exclusively on the 20% of my efforts that will generate 80% of the results. So in order to become more productive, I have decided to work exclusively on my strengths. This is why I am becoming better and better at what I do and that I count on my partner to cover my flaws and outsource the 80% of work that needs to be done.


Get a Virtual Assistant


This is not the first time I have talked about the advantages of having a virtual assistant. I actually have 2 VAs as my company is growing fast. While I don’t use them to their full potential yet, I need to be able to manage growth over time. We are about to buy a 6th blog and we have several projects on the standby. The VAs will be able to do a lot of things to help us manage all of our activities.


I needed someone that would be working full time for us (so I can work less 😉 ). Before hiring, I established a list of tasks to do, a list of projects to manage and a list of requirements. Hiring a VA is no different than hiring a regular employee. You need to define what the VA will do and what kind of experience/knowledge/attitude he is required to have.


According to me, the attitude is the most important point. There are tons of things I can teach my VA, but I can’t teach them much about how to get the right attitude. We hired someone with a marketing background with little internet knowledge. Why? Because she is deemed to become my brain extension. I don’t need her to know how to code, but I need her to understand how I work so she can replicate part of my job. This way, I’ll be able to go back to my favorite 3 activities in my company:

#1 creating (content, projects and eventually products)

#2 dealing (buying & selling blogs, acting as an advertiser broker, etc)

#3 strategy (creating a vision for the company, establishing the priorities, analyzing stats)


As you can see, my virtual assistants take care of several things such as:

  1. Manage advertisers
  2. Create blog promotions
  3. Research the web
  4. Write weekend roundups
  5. Create content
  6. Eventually, my full time VA will manage a team of writers and will take care of outsourcing for coding and design too.


Take a Pause – Company Weekend


About twice a year, my partner and I take a weekend off. When I talk about taking a weekend off, I take off from work, friends, wife and kids. We take these weekends very seriously and we prepare for them several weeks in advance. This gives us the opportunity to determine our priorities, define goals and write a business plan to achieve them. In fact, we do everything that big companies do…but we actually implement it.


This also allow us to plan “side” things around our business;

  1. Control our bank fees
  2. Setup a budget
  3. Create a backup plan
  4. Determine how much life insurance we need


Reinvest Your Profit


So how to go from 5X to X?? By reinvesting your profit! Since the very beginning, we pay ourselves very little dividends from the company as we prefer to invest in our business. We used our cash flow to:

  1. Pay for design
  2. Buy other websites
  3. Hire writers
  4. Hire virtual assistants


A Few Tools Before I Let You Go


All right! I have the feeling that I am almost done with my longest post ever. I hope it has helped you figure out how I manage my blogs and how you can do the same. I feel that there is still a lot more to say, but I’ll keep it for another post ;-). I thought of listing tools, techniques and websites I use to manage my company (and yes, some of them are affiliate links but I truly use all of these resources).

Mentor

Find a guy that inspires you (I have recently found Baker from Man vs Debt) or a group of bloggers that wish to work together. They will drive you and help you bring your blogs to another level. Sharing knowledge is definitely a huge key to success in this continuously evolving business.

Flippa

If you are looking to buy a website in order to grow your empire, this is the place to start. Be careful as there are many bad websites out there as well. Ask questions, look around and analyze carefully. This is how we bought one of our very first websites; Intelligent Speculator for about $3,000 2 years ago.

Odesk

My favorite place to outsource specific tasks. It’s easy to find what you are looking for and you can monitor the work of your freelancers by automatic screen capture.

Go Daddy

This is where I manage all my domain names. One account = much easier to manage! It’s easy to buy and play with your domains. We also use them as part of our web hosting network.

HostGator

We didn’t want to host all our blogs on the same provider (security purposes). This is why our 2nd choice was Hostgator.

Market Samurai

This is definitely the most powerful and complete keyword tool. I am using it to define which keywords to use in my articles, to orient my topic writing and to create niche websites. It’s a very cheap way to get on the first page of Google!

Income Tracker

For each website, I have created a small excel spreadsheet that keeps tracks of all advertising campaigns and costs. It is being updated by my VA on a monthly basis. It helps me focus on the right thing and gives me an idea of what is productive and what’s not.

BlackBerry

This is my best friend as I can manage my email anywhere and I can take all my ideas for posts in note in a few seconds. Why didn’t I choose an iPhone? Because it has too many distractions ;-). The BlackBerry is perfect for me; it allows me to write fast on a small keyboard.

Google Analytics

This is a must in terms of traffic tracking and website analysis. Sometimes I wish I had more time to look at the incredible amount of information available in these pages!

Hootsuite

This is a great service to manage several twitter accounts 😉


Running Multiple Blogs, Earning 6 figures, Working Less than 40 Hours in 6 easy steps:


To make this long post short; here’s how I manage my multiple blogs:

#1 I have defined topics for each blog

#2 I have defined when and how I will write for each of them

#3 I have hired writers to complement my skills

#4 I have partnered up with my best friend in order to work less hours and have someone who is competent where I am not

#5 I have hired 2 VAs to take care of the administrative stuff, accounting, advertiser management and more.

#6 I concentrate on what I am good at and on what I like.

YOU WANT MORE? WELL… YOU HAVE A FEW OPTIONS:

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I will discuss my future goals and how I will reach them in the upcoming weeks.

I hope that this article will help you out. If you have any questions, feel free to comment or send me an email at thefinancialblogger at gmail.

Cheers,

Mike.

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