1. Why do you think it's important to have a second source of income, especially in these times?Building wealth through passive income is exciting because it does not require you to change careers. It keeps more cash in your pocket and releases you from job dependency, making you truly financially free. Case in point: Wealth guru, Robert Kiyosaki's teachings focus on generating passive income by means of investment opportunities, such as real estate and small businesses - with the ultimate goal of being able to support oneself by such investments alone.
2. What are some of the pros and cons of having a passive income? Advantage: It puts you in control of your financial destiny and you won't be at a loss if you get retrenched or suffer a pay cut. Having passive income also lets you sleep and get rich literally - so you can continue making money while on holidays or sleeping!
Disadvantage: You have to work very hard at the beginning and forgo sleep and relaxation as you may have to take up courses or be doing research online after work. You will also have to invest some money upfront to start off your business and learn a few costly mistakes before you succeed.
3. What are some things of note if one is considering creating a source of passive income? Assess the time and money you can afford to invest in your business. Map out your goals (financial and lifestyle) and evaluate your options. Identify what you want to do (for example, my book, Sleep & Get Rich!, offers 10 options) and shorten your learning curve by seeking experts or mentors in the field.
4. Can you give us some tips to start? 1. Imagine it - be clear about what you want, write down your goals and set a deadline.
2. Figure out how you're going to get it - make a list of everything that you will have to do to achieve your goal, then take this list and organise it into a plan.
3. Believe you have within yourself the ability to bring it about - read self-help and inspirational books to cultivate the proper mindset.
4. Begin taking action to move yourself towards it - do something everyday to move you toward your goal.
5. Can you share what are qualities that struck you about all the people you interviewed for Sleep & Get Rich? Three things struck me about these successful entrepreneurs and they are:
1. They identify what really works in business by learning from the best experts they can find. They are usually "gung ho" in nature, undaunted by past failures and what naysayers say.
2. They learn very well, systematically studying and retaining what they're taught. Like scientists, they absorb, ponder, analyze and review the material over and over again.
3. They apply what they learn and go and do the work…and pay the price. They take the risks and understand that no matter how much knowledge they have, only action will help them achieve their goals.
6. Why is it that after interviewing so many people for Sleep & Get Rich, you decided to write an e-book? An ebook about weight loss is something right up my alley as I can write and have a background in fitness. It is a low-cost business (I spent about $1,000) to start with high profit margins (I've made over five-figures from it so far!).
7. How long did you take to research and write your e-book? It took me about five months to produce my ebook, The Essential Post-pregnancy Weight Loss Guide (available at http://www.exercisepostpregnancy.com) and this included interviews with experts, layout of ebook and creation of website to sell the ebook.
8. Actually, I'm not the kind who'd pay to download an e-book. I'm sure there are many people like me. So I'm wondering, how do you market/sell your e-book and make sure ppl actually pay to download it? The beauty of Internet marketing is the fact that you can first locate a "hungry" market then present the "solution" to them. Before I started my ebook, I did research online (using keyword research on Google) and found out that there were thousands of women searching for post pregnancy weight loss tips daily. This is a ready market that I could tap on.
After that, it was a matter of applying some search engine marketing techniques to ensure that my website pops up when they search for certain keywords (eg post pregnany weight loss) together with pay-per-click (PPC) advertising on the side of Google when those keywords are typed in the search, amongst other online marketing strategies.
Alot of people in the US and UK shop online and they buy all sorts of things (including ebooks). That is my target market, not so much in Asia where e-commerce is not very developed. An ebook is also more personal than a book off-the-shelf as my buyers get to hear my voice (on my website) and even email me questions. I also keep in touch with them via email and send them weekly fitness and health tips. In fact, it was through our correspondence that spawned my second fitness book - a more concise, workout-focused ebook with audio and video formats called Body Back Fast!
9. What are some tips you have for aspiring e-book writers on the subjects to write? It is to your advantage to know about your topic or have an interest in it before you write an ebook. Chances are, most people will not be successful immediately when they start a business, so if you don't have the interest, you will be turned off after a while. If you have an interest in your business topic, you will not be so frustrated if your business fails because, along the way, you have learnt about something that you enjoy.
10. Apart from the e-book, what other things do you do? I write freelance, maybe about two articles (in health, fitness, relationship and finance topics) per month and teach pilates three times a week to private clients. I have just completed another ebook called Asia's Dragons which profiles eight of the best online brains in Asia and their success systems that have made them millions! This is selling at http://www.yourfinancialfreedomseminar.com. (not ready yet, check in end Feb) Asia's Dragons will also be made into a print book around May to be sold at bookstores islandwide and regionally.
11. Do you consciously try to create many different sources of income? If yes, why?Yes, I want to be like my interviewees in Sleep & Get Rich! which is to work as little as possible and still have income coming in auto-pilot. Ultimately, my goal is to help as many people as possible gain financial freedom and I will continue doing projects along that same vein. The weird thing is - the more I do, the more free time I seem to have to pursue other interests (mundane or constructive). And, having the freedom to do anything I want is truly priceless!
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