Book Summary – Multiple Streams of Internet Income – Written by Robert Allen
Robert Allen is a successful writer and investor. He has written several books that are already published and reviewed in Success Progress. This book is now 5 years old, which is old in the years of the internet. Therefore, I will review a part and give updated tips on internet strategies to make money.
Why is this important to me? I understand that I am asking you to spend 6 minutes with me on this video and then potentially a couple of hours reading this book. Therefore, the content has to be worthwhile. That said, the content of the book is well worth the effort. Years ago, a spouse could work and support the family. This country had what was called a middle class. Then we go into the “DINK” era, which is dual income with no kids. Thus, both spouses worked to make ends meet. Today, both spouses work and families are still drowning in debt and suffering from money problems. Creating multiple PASSIVE income streams is critical if you want to get out of the rat race and provide for your family. Contrary to popular belief, this requires work and focus. Usually when you hear about overnight success, they never tell you about the previous 10 years they spent kicking their butts.
Building multiple streams of income takes time, but once you start doing it, you’ll see the power of passive money and compounding. Investors like Robert Allen and Robert Kiyosaki have typically done this with rental real estate. Robert Allen pioneered the billion dollar no down payment real estate market. In my humble opinion, I think the internet offers a lot more upside opportunities with less risk. If anything, you can start generating monthly cash flow from the internet and park it in cash flow real estate. This method will make you rich if you spend time on it.
I am a huge fan of the three stooges. This is the case because my mental capacity matches theirs. The question then is, how do we start making money online? I’ll save you hundreds of hours and thousands of dollars with just one word: CONTENT. Don’t spend money on traffic software, Google Ads or anything else until you understand that content is king. The reason Stooges have been known for over 70 years is because of their content. Good content persists.
Enough with the esoteric stuff, here are some things you can do right now to dive into making money online.
1. Content: everyone is unique and you should start there. If you are passionate about a particular sport, hobby, or animal, then start there. Start discarding everything you know about that particular thing. A mind dump is where you take a piece of paper and a pencil and simply start writing down the words that come to mind on a particular topic. Don’t worry about organization. That will come later.
2. Research: Now we want to do some research. That is why the Internet is so strong. In the old days, when you wanted to sell something, you had to make calls, knock on doors, and send mailers. Today, the Lead Funnel is live and all you have to do is use Google to start taking advantage of it. You can use the Google AdWords tool. You just “Google” AdWords and you can put in websites or terms and see how many people are searching for that topic. This is very strong because if your content is good and millions of searches are being done per month, then you are well on your way to generating an income stream.
3. List Building – Your list is critical and where is the money. Don’t buy a broker email list. Don’t spam. Don’t try to take the easy way out on this. Building a good list will take time, but if you serve the list with good content, it will pay you back 10 times. You want to gather a following, so start writing short articles on your topic and start submitting them to article sites. Sites like EzineArticles are free article sites that will help you drive traffic to your site. You can create an article and submit it to various free article sites. Look up article marketing for more details.
4. Social Media – Creating social media content is critical to creating and helping generate revenue. Facebook, LinkedIn, and Twitter are great places to start. Coordinate all of these things and your traffic will build.
After you have some content and do your market research, you need to know the end game. How will this be monetized?
1. Free partial ebook: You can write an ebook on your topic and give away the first few chapters for free and charge for the entire book. Imagine selling an ebook for $2.95 and offering it to a list of 200,000 people. If you get a 5% sales rate, you just made $29,500. There is power in small numbers. McDonald’s is a billion dollar business that sells products for 99 cents.
2. Affiliates – Do you know that you don’t have to sell, collect, pack or ship anything? One of the largest and most trusted affiliates is Amazon.com. There are others like Clickbank and commission crossing that you can also check out. You simply link to the affiliate product or service, and as people buy, you get paid.
3. Advertising – Google and YouTube will pay you to have ads on your site. How cool is that? When you watch YouTube videos and click on an embedded ad, the creator of the video gets paid. Can you hear the money going into your account while you sleep?
4. Mobile applications: Mobile applications are a great opportunity. I’m getting my feet wet on this now and will share the success as I go. If you think about iPhone, iPad, Android phones and tablets, the size of the opportunity is enormous.
All the things I talked about today are free to do. Once you get down to business and building, there are low-cost services like Traffic Geyser, IContact, and Keyword spy to help you in your search for internet income streams. You will need to invest in a website and some design work. There are cheap subcontractors that can help you with this. Remember that you need to run this like a business and set realistic goals for yourself. If you’re in a position where you hate your job, set a one-year goal to leave. In that time, work on your content, website, marketing, and list building activities. If you give yourself a year, then you will earn money.
I hope you have found this brief summary useful. The key to any new idea is to work it into your daily routine until it becomes a habit. Habits are formed in as little as 21 days. One thing you can take away from this book is CONTENT IS KING. People want good content. People love to buy and hate to be sold to, so when you have great content, they’ll love paying you for it.