In addition to trading using a regular broker’s platform, I thought it would be a good idea to supplement my income with a few ‘binary bets’.
This is just another way of trading, with the proviso that you decide how much you are going to win if the trade works out!
You can place a calculated (by the broker) amount of money (your bet), on whether a FOREX pair reaches (or doesn’t reach) a certain price by a certain time, and can win an amount that you decide, or lose the amount of the bet.
I use ‘Bet on Markets’ as my broker at http://www.betonmarkets.co.uk
although there are many other binary betting companies.
It’s good fun, because you still use your skills as a FOREX trader, but use them in a different ‘vehicle’ to trade. Give it a go!
I don’t want to put you off, but it took me a lot of effort to set up my first website and get it working to sell my first product, which was an e-book.
I did it all by myself, rather than getting somebody at e.g. ‘eLance’ to make the product for me and someone to create the website for me, so it took longer than I thought.
However, when I got round to my second website, things happened much more quickly. As I knew the procedure for setting up the website, I just copied it (even parts of the website) and I was now selling a second product on a second website within a few days.
From there it got even quicker!
Although selling an e-book is only the first step in the ‘marketing funnel’ of a product, I found it easy to set up.
My strategy was to make lots of websites that may only sell a handful of e-books per week, and being a ‘scaleable’ strategy, I just added another website with ease whenever I wanted, increasing that small income until it slowly grew into a bigger passive income.
Try it for yourselves!
I’ve just been reading some of Robert Kiyosaki’s ‘Rich Dad,Poor Dad’ series of books. The overall ‘story’ of having two dads with different financial aims, is itself interesting, without all the valuable concepts that go with it.
‘Rich Dad’ belived in Passive Income and I certainly do.
If you can get a few sales with just one e-book, on one website and repeat the formula on another website, your ‘passive’ income slowly grows. It’s the perfect ‘scalable’ business!
Basically, passive income is income that you did not work for. It drops into your bank account from thin air! Obviously you needed to ‘work’ to set the money generating concept in the first place, but the idea is that it works for ever, generating money without your continued input.
Eventually, the idea is that your passive income becomes bigger than your ‘earned’ income – i.e. that which you would get from a job. Now you can leave your job and still pay the bills – A wonderful feeling!
At this point you are considered ‘financially free’ in that you don’t need to ‘earn’ money.
Building up your passive income online is a great way to achieve this.