Aug 13

Millionaire Wealth Coaching| How to Build a Successful Online Business

Online Business Success Leads to Financial Freedom

Online Business Success Leads to Financial Freedom

If you are ready for a little millionaire wealth coaching, today I want to outline how to build a successful online business.

Knowing how to build a successful online business can lead you to financial freedom for yourself and your family.

First, let me give you my definition of what it means to build a successful online business.

“Successful online businesses stand the test of time by generating enough sales revenue to turn profits into financial freedom for the owner.”

There are millions of online businesses marketed on the internet. Some are blogs; some are focused on reviews of products. Some sites are eCommerce sites while others are sites that promote services. Many online businesses come and go.  My goal is to help my readers whether they are stay at home moms, retirees looking to supplement retirement income or any one who wants to fire their boss and build their own income by generating online business.

Step 1: Understand Online Business Models

A business model is a “profit model”.  A business model defines how you will make money with your business. You could have a great blog that offers excellent content to your readers but if you do not make money consistently, you do not have a business.

Businesses exist for two purposes–to serve people and to make money.

In terms of online business models, there are five basic online models that will bring success if you know how to design and monetize them.  With your online business site you could be:

-1- An Infopreneur offers informational content that is valuable to their audience.  Infopreneuers have both passion and deep knowledge about an area of expertise that serves a niche market.  Your area of expertise and passion could be about raising positive children in a negative world or how to turn your passion for nature and photography into a business.  Any subject that you are both knowledgeable and passionate about could qualify for a blog, a review site or an authority site that could be turned into an online business. Compensation to infopreneural sites comes through online advertisers, affiliate partners or promoting your own info-product.

-2- Selling Agents put up websites featuring local businesses.  They write reviews for local business owners and are then compensated with referral or finders fees.

-3- Sellers of Consumer E-goods build websites that feature products in a specific target market like electronics, kitchenware or beauty products, etc. Online stores are extremely popular for anyone who wants to make money from home with an online business. Businesses like Amazon, Volusion and Shopify offer website building support.

-4- Service Providers are those who offer a any kind of retail service and supplement their service by marketing related products online. For example, you could be a chiropractor.  You may have an office where you serve people  with sports  or occupational injuries.  By incorporating a website with your brick and mortar practice you could easily promote a number of health-related products while advertising your local business.

-5- Website Builder for Local Businesses are those who know how to build money-making websites equipped with local search features as well as internet search engine features. Website Builders for local businesses help brick and mortar businesses advertise and compete in their market place.

Step 2: Describe Your Vision for SuccessLooking for Opportunity

Without a clear vision, most people languish in uncertainty. Vision provides a path to follow toward a successful future. Once you develop clarity of vision, you will be able to set targeted goals for the specific outcomes you want in your life.

Every successful business venture begins with a crystal clear vision and compelling dream of the future. I said it once and I will say it again, “Vision is the most powerful catalyst for changing your financial state that you can possibly engage.”

Along with setting your vision, establishing clear, measurable goals help you determine the specific course of the necessary actions that result in success.

Step 3: Know Why You Want to Be In Business For Yourself

This goes along with your vision quest…and that is knowing what is your BIG why?  What is your purpose not just for establishing a business although that is important but what is your Ultimate Life Purpose?

Steve Jobs lived his life on purpose. Jobs had a purpose to “create a ding in the universe” and by all accounts he did.  His purpose was so compelling that he co-founded Apple and changed the way creative people use personal computers. He then went on to lead the creation the Ipod, Iphone and Ipad that millions of people use to communicate their thoughts and ideas.

My big why for building a successful online business is this, more than anything else in life, I want to help people prosper–help them grow and develop into their best possible self. I don’t have a separate job.  My mission and purpose for building my online business comes from my deepest personal values. I believe that every living human being deserves the dignity of prosperity so they can experience the freedom that having choices with money can bring to their lives. This is why I write about online business, financial freedom and money.

Step 4: Put Together a Blueprint for Business Success

Think of building a successful online business like building a house. You need to have a blueprint before you begin.  Without a blueprint, you cannot know how to structure your website.

You do not need an exhaustive blueprint but you should at least have a handle on the following:

1. What is your online business concept? i.e. what do you believe in strongly enough to build a business around it?  What is your unique point of view?

2. Who is your target audience? Are they male, female, younger, older, working, retired, single, married, parents, students, etc.

3. What does your audience want? What is their pain? Are they looking for solutions to help them look better, feel better, have more money, better relationships, more fun, etc.

4. How will you help your audience? How will you deliver value to your target audience?

5. How will you fulfill an unmet need in the marketplace? What will you do better than anyone else?

6. What resources will you need for getting started? Will you need a shopping cart?  Will you use an auto responder?

7.  Who will be on your business development team? Will you hire a professional web designer?  Will you invite guest writers/bloggers?

8. What is your plan for marketing?  What are your marketing development strategies? How will you use Social Media?

9. How will you make money? What will you sell? Where will you locate products or services to promote? Will you develop your own products?

10. How much time will you allocate to running your online business?

11.  How will you define success for your online business?

By no means is this an exhaustive list for how to build a successful online business; but it does offer some substance to stimulate your thinking. By thinking through each of the above steps you are much more likely to succeed with your online business venture.

Thanks for reading this post.  I want to help you prosper.  Check out my Millionaire Wealth Coach Resources. As always, please feel free to leave your comments in the comment box below.

Got Questions?

Got Questions?

And, with your permission, let me help you by asking you to submit your questions.  I’ll answer your question in a future blog post or respond to you directly by email.

Here is my question to you…

What is your single biggest obstacle when it comes to building your own successful online business?


Aug 04

Myths About Financial Freedom

Financial freedom

Financial freedom

From my perspective, there are a lot of myths about financial freedom so in this post, I’d like to unravel some of the mystery surrounding financial freedom.

Let me start by asking,

“How do you define financial freedom?”

I asked that question to a group of women in one of my seminars and here are a few of their answers:

  • Financial freedom is being completely debt-free.

  • Financial freedom is having no debt and a million dollars in my savings account.

  • Financial freedom is having enough money to retire and tell my boss to take a hike.

  • Financial freedom is having enough money to do whatever I want to when ever I want to.

Four completely different answers tells me that there is no right or wrong; financial freedom means something different to each person.

The Wikipedia definition for financial freedom states: “Financial independence is a term generally used to describe the state of having sufficient personal wealth to live, without having to work actively for basic necessities. For financially independent people, their assets generate income that is greater than their expenses. It does not matter how old or young someone is or how much money they have or make.  If they can generate enough money to meet their needs from sources other than their primary occupation, then they have achieved financial independence.”

Four Myths About Financial Freedom

The fact is there are a number of myths surrounding financial freedom. Starting with the word “freedom”.

Myth #1 Financial freedom isn’t about how much money you have in the bank.  There are lots of people with hundreds of thousands of dollars or even millions in the bank who live their life in fear.  They are afraid of losing everything in a market crash. People who live in fear like that are anything but free.

Others are afraid of outliving their money. No matter how much they have, they are afraid to spend money and they work themselves to a frothy mess trying to acquire more.

Myth #2: Financial freedom isn’t a magic number.  Financial freedom is more about lifestyle and quality of life. It is about how you define abundance in your life. If you make $2,000 a month and live in Manhattan, you may have to settle for scraping by each month because you may not be able to live what you consider an abundant  lifestyle when you consider the price of housing, food and auto expense.

But that same $2,000 will stretch into abundance in a city like Caracas where basic living expenses are cheaper.

Myth #3: Financial freedom isn’t just about income. Over the many years of advising individuals and families about their personal finance I have observed what is commonly referred to as affluenza. In other words there are people whose relationship with money is skewed to believe that the more they make, the more they should spend.

No matter how much income they have, people with affluenza spend more than they take in on newer cars, bigger houses, boats and other luxury items. Because of their consumer spending, people with affluenza have very little in savings and a large consumer debt which means they have a low net worth. (Net worth is found by subtracting what you owe from what you own.)

Affluenza ends up being very stressful whereas financial security leads to greater peace of mind and quality of life. The key to enjoying wealth is to invest as much savings as you can into money-making assets.

Myth #4: You don’t have to wait for retirement to declare your financial independence. Retirement has little to do with achieving financial freedom. In fact, after interviewing nearly 300 self-made millionaires and working with a number of multimillionaires, I can tell you this…most millionaires don’t plan on retiring.  That may sound strange but why retire when you love what you do?

If you are doing something to add value to peoples lives and are getting paid well for doing what you love, why retire? Bill Gates, Donald Trump, Michael Dell, Oprah Winfrey, Warren Buffet are all doing what they love to do.  They followed their passion and pursued their life purpose into creating a business that brings value to millions and they are paid well from following their passion.

The result of pursuing their passion brought financial freedom into their lives.

With all that in mind, here is my definition for financial freedom:

Financial Freedom Defined


I used “passive income” in my definition and if you read my posts about passive income you know that I think a better word for passive income is “leveraged income”. I used the term passive income because that’s the term most people seem to understand.

But the bigger point here is financial freedom isn’t a magic number; it’s an effect of following your life purpose and passion into the quality of life that brings you enjoyment and satisfaction.

Thanks for reading this post.  If you have gained value, please feel free to share the love with your friends and family.

Aug 03

Millionaire Wealth Coaching| How To Think Rich

Time Is MoneyReady for a little millionaire wealth coaching–let’s start with how to think rich. Ask anyone who is a millionaire and they will tell you that in order to build millionaire wealth one of the first things you must learn is how to think rich.

Let me tell you one thing I learned from several millionaire wealth coaches–how you use your time as well as how you think will determine your relationship with money. Spend some time everyday building up your millionaire mind.

Secrets of the Millionaire Mind

One of my millionaire mentors, T. Harv Eker, wrote a book called, “Secrets of the Millionaire Mind; Mastering the Inner Game of Wealth”, where he laid out  the following 17 wealth files:

  1. “Rich people believe “I create my life.” Poor people believe “Life happens to me.”

  2. Rich people play the money game to win. Poor people play the money game to not lose.

  3. Rich people are committed to being rich. Poor people want to be rich.

  4. Rich people think big. Poor people think small.

  5. Rich people focus on opportunities. Poor people focus on obstacles.

  6. Rich people admire other rich and successful people. Poor people resent rich and successful people.

  7. Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people.

  8. Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion.

  9. Rich people are bigger than their problems. Poor people are smaller than their problems.

  10. Rich people are excellent receivers. Poor people are poor receivers.

  11. Rich people choose to get paid based on results. Poor people choose to get paid based on time.

  12. Rich people think “both”. Poor people think “either/or”.

  13. Rich people focus on their net worth. Poor people focus on their working income.

  14. Rich people manage their money well. Poor people mismanage their money well.

  15. Rich people have their money work hard for them. Poor people work hard for their money.

  16. Rich people act in spite of fear. Poor people let fear stop them.

  17. Rich people constantly learn and grow. Poor people think they already know.”

What To Do When You Lose Everything

Some years ago, I thought I had the world by the tail.  Everything seemed to be going my way. I lived in a beautiful home and drove an expensive car.  I had a successful business and my ex-husband and I each enjoyed six-figure salaries with all the benefits that go with it.

But then, the unexpected happened and I lost everything in divorce.  In a few months of decline, everything I had was gone and I was forced to start over. One of my challenges with that–besides facing everyday in a state of deep depression–was I 55.

At the time when most people are planning their retirement, I was starting over with no job and no real hope for a job since not many companies would hire someone my age at the kind of salary I needed to pay off the massive debt I had.

I had to survive but at that time my thinking was so impoverished that all I could think about was my achey-breaky heart. So where do you start when you’ve lost everything? Start by feeding your impoverished mind and spirit with what it needs to get you back on track emotionally and financially.

Thankfully a friend put a copy of T.Harv Eker’s book in my hands and I devoured it. Harv nailed me to the wall with each one of his 17 Wealth Files.Everyday I found myself standing in front of a mirror making positive declarations and taking small steps toward my new life.

It took me nearly a year to turn my thinking around.  Along the way, I found Bob Proctor’s Book, You Were Born Rich. Bob taught me something I will never forget when he said,

You were born rich.  Each person on earth has been given the spiritual DNA of absolute perfection that is seeking its expression in creation. Humans are the only creature in all of creation that must search for answers to life’s meaning. It is in the searching that we become the person God meant us to become.”

What a powerful thought. Bob Proctor has mentored dozens of successful people like NY Times best seller author,  John Assaraff. His latest work, The 11 Forgotten Laws is a complete financial success system where he painstakingly lays out each of the laws you need to put into practice in order to learn how to think rich.Awaken Your Genius

As I close out this post, I want to leave you with another fabulous quote from Bob Proctor. If this doesn’t wake up that inner millionaire genius inside you, then you must be brain dead (LOL)…

You must agree that everyone should have a deep understanding of exactly what money is, and the laws governing its attraction.  Yet, the sad fact is that not one person in ten does. Ninety-five people out of a hundred settle for whatever they get, wishing they had more from the cradle to the casket, never understanding that they could actually have had all they wanted.

Thanks for reading this post.  As always, feel free to share the love with your friends and family.

Jul 25

How to Think About Money

6 Purposes for Money

6 Purposes for Money

In this post, “How to Think About Money”, I will outline 6 purposes for money. Thinking about money in terms of these 6 purposes for money will help you set appropriate goals for earning money and hopefully help you expand your thoughts when it comes to how to think about money.

Money seems to be a mysterious concept.  I say concept because that’s what money is.

Money is both spiritual and material. Money is more than the pieces of paper or coins you exchange for goods and services.

Money has a value that when managed properly translates into your financial worth. But the value of money fluctuates with inflation and currency rate exchanges.  So that dollar that bought four gallons of gas in 1972 will buy less than 1/3 of a gallon of gas at today’s prices of $3.50 per gallon.

The spiritual mystery surrounding money in a nutshell is this:

People who have a lot of money are those who think. “making money is easy” those who don’t have a lot of money think, “making money is hard”.  Please let that sink in.  It will change your life.

Making money is easy when you follow your life purpose and passion.  Making money is hard when you labor to help someone else fulfill their life purpose and passion. Do you see the difference?

The major difference between someone who is considered rich and one who is not rich isn’t in how much “money” they have hidden in their mattress; it’s in how much money they control.  Big difference.

Having money under your control means you have valuable assets that can be used to leverage the purchase of other assets.  In other words, you have buying power.

But let me give you an important tip about money that you must master and that is this:

To be in a safety zone, you must always keep a 2 to 1 ratio of liquid cash to assets.

Even billionaires like Donald Trump can get into trouble when they are over leveraged.  Trump had to declare bankruptcy because he did not have enough liquid cash reserves to offset his monthly payments. But to his credit, he managed to come back even stronger.

Every dollar you earn should have an assigned purpose.  It’s up to you to allocate how much of the money you earn goes into each of the following 6 categories:

-1- Living Expenses

Money for your living expenses should be adequate enough after taxes to pay for your basic expenses like shelter, food, clothing, transportation, health and insurance. Money for your living expenses should cover all of your basic bills like your mortgage payment or rent, utilities, cable TV, car expenses, and telephone expenses along with food, clothing, expenses for your kids and pets.

-2- Debt Elimination Money

Debt elimination money is money you set aside to pay off high-interest consumer debt first, then installment loans like your car loan and finally extra money you can set aside to pay off the mortgage for your home. Trust me on this, there is no greater freedom than the freedom of being completely debt free. In fact, getting out of debt is the smartest thing you can do with money.

Remember the proverb that says, “The borrower is servant to the lender.”  Well some of the most profitable companies on the planet are the big banks and other financial companies that charge ridiculous amounts for consumer interest.  Get out of debt as quickly as you can. Don’t feed their greed.

-3- Joyful Retirement Money

Although a trend is emerging in the past decade of more and more Baby Boomers opting for self-employment rather than retirement, it is always wise to set aside 10-15% of your income for retirement. Everyone looks forward to the time when they can kiss their job and their boss goodbye. Joyful retirement money is the money you will need for some future date when you either quit your job or sell your business or just want to spend the remainder of your days in leisure activities.

-4- Charitable Giving Money

Many non-millionaires think that “rich people are greedy” when in fact nothing could be farther from the truth.  More money for charitable contributions comes from millionaires than any other group combined. Whether you choose to set aside 5%, 10% or more of your earnings, your reward for getting wealth and giving of your abundance is added prosperity and financial security for you and your family.  The joy of having wealth comes as you give of your abundance to others.

-5- Fun Money

Fun money is what you set aside for spending on non-essentials like gadgets, toys, entertainment, eating out and vacations.You should set aside at least 5% of your income for having fun and rewarding yourself for the hard work you put in to provide a living for yourself and others.

-6- Mother Lode Money

Everyone dreams of hitting the Mother Lode. It’s like watching that big bursting oil gusher after all the hard work of drilling for oil.  Your mother lode money could come through skillful investing, selling a property you’ve sat on for awhile, cashing out your stock options, getting a big performance bonus or writing a NY Times best seller. Whatever the source, mother lode money is the big sometimes unexpected amount you earn over and above your regular income that you can use to wipe out your debt, start your business or buy that vacation home you’ve always dreamed about.

The key to accumulating money in each of these categories is to have enough income beyond your basic living expenses and debt payments to have an abundance. Now I know some of you are thinking, “Well if I knew how to do that, I wouldn’t be reading this post.”

You are thinking that because you are smart. The bottom line is this:

In order to have more money than what you currently control, you simply must expand beyond your job working for someone else into earning passive income from starting your own online business.  Once you have developed your online business you can then diversify into additional income streams which will give you money to fund the other money categories.

Start by reading my posts about earning passive income and making money with an online business here:

How to Generate Passive Income

What You Need to Make Money With an Online Business| Make Money From Home

Since we’re on the topic of how to think about money, let me give you a few random thoughts to consider:

-1- Never equate your self-worth with your financial worth. You are not the home you live in or the car you drive. You are far more valuable than the savings you have in the bank.

-2- Borrowing money to buy a money-making asset is smart especially if you negotiate a good rate of interest.  But borrowing money on a high-interest consumer credit card to buy a newer model DVD player or another pair of shoes you do not need is foolish. Habits like that will keep you poor.

-3- Money is your servant.  Think of money as a tool to be used but never use it as a crutch to lean on. In other words, never get emotionally attached to money.  Do not waste money for “shopping therapy”.  If you find yourself spending needlessly just to make yourself feel better, get help.  If you don’t you will drive yourself into poverty.

-4- How you think about money will determine your financial success. If you think money is somehow evil or rich people are greedy, you will never attract an abundance of money into your life. Check out my post on Thinking Rich here.

-5- It is true that money cannot buy happiness; but don’t use that for an excuse.  Having money makes life a whole lot easier. If somehow your religious beliefs keep you thinking that being poor will make you noble, try re-framing your thinking into how many more people you could empower if you only had the money to make their dreams for success a reality.

Thanks for reading this post. If you found it valuable, please leave your comments in the box below and by all means spread the abundance of your love by sharing it with your friends and colleagues.

Got Questions?

Got Questions?

Got Questions?  Feel free to contact me at:


Jul 25

Top 7 Ways to Become a Millionaire

Top Ways to Become a Millionaire

Top Ways to Become a Millionaire

After several years of interviewing and researching millionaires, I have distilled the top 7 ways to become a millionaire in this post. They are:

  • Develop a business with scalable, million dollar sales

  • Become a “How-To-Guru” by writing, coaching and promoting books, informational programs, how-to books and other IP (Intellectual Property) on the internet

  • Pursue an executive career path

  • Create high demand as a self-employed professional

  • Receive high commission income from your sales ability or by becoming a well-paid sales consultant/trainer for public corporations

  • Attain celebrity status as an actor, entertainer, musician, broadcaster, chef, athlete, author or motivational speaker.

  • Become a knowledgeable investor in stocks, bonds, and real estate

How Millionaires Acquired Their Wealth

Research gathered from Brian Tracy indicates a full 74% of self-made millionaires acquired their wealth by developing their own business which makes business ownership the number one way to become a millionaire. 5% of self-made millionaires acquired their wealth as a result of their sales skills; 10% are top executives in major corporations and 10% have become wealthy by honing their professional skills as a lawyer, doctor, accountant or other professional.

The last group of self-made millionaires is the 1%, who has achieved celebrity status, invested, inherited or won their fortune.  Many in his group made their money on inventions, sports, entertainment, writing books, songs or movies. While some celebrities are notorious for blowing their wealth, others who have made money with their talent diversify into business and investments.  Oprah Winfrey, Rachel Ray, Bill Cosby, J.K. Rowling and John Elway fit this profile.

Start an Online Business

Now you may be thinking that unless you have the athleticism of a Peyton Manning or the acting talent of an Oprah Winfrey, your chances of becoming a millionaire are slim. That’s probably true if you are trying to make a career in sports or entertaining.  But any one can become a millionaire in this day and age by starting a business.

I know some who read this will be quick to think that there are almost 2 million new business start ups each year in the United States alone and nearly as many failures.  Why would anyone want to start their own business?

Actually, that statistic relates to traditional brick and mortar businesses. The main reasons for small business failure are:

  • Lack of capital

  • Poor marketing

  • Lack of planning

  • Poor record keeping

  • Failure to develop  and train a talented support team

But here is some really good news.  You can start your own online business for less than a hundred bucks and maintain it for less than hundred a month. Let me show you how that breaks down:


Start-up Cost

Domain Name Registration

$  7-13

Website Design & Build

$  0-300 or Learn how to do it yourself for FREE!!!

Shared Hosting Account

$  10.00  (on-going  monthly charge)

Web Template

$ 0-$99.00

Entity Filing Fee (LLC)

$  0-50.00 (if you choose to incorporate)

Total Start-up Investment

$ 67-472.00


The biggest expense to starting an online business is building the actual website.  If you have never built a website you may want to consider hiring an experienced designer to build the site for you.  You can usually get someone to do that for as little a $50 per page.  Of course, you have to supply the written content.

But here is another option. You can choose from among 1,000 free WordPress templates and learn to put up a website like this one in under two minutes!

I was a complete novice before I joined Wealthy Affiliate and learned step by step how to build my own website.  If I can learn to build a website, you can too.

It took me a few years of trial and error before I found a reputable online eLearning community that I could recommend with confidence.  I never like to recommend products or services until I’ve had a chance to try them out and make sure they deliver on their promises. Check out my review of Wealthy Affiliate University here.

   Product Review-Wealthy Affiliate

With an online business, you do not need a large amount of capital to start and you do not need to hire an expensive employee team to manage day to day activities nor do you need an expensive office or retail outlet building.

Businesses that can be operated online allow business owners to market their products and services in a way that is more flexible, immediate and interactive than those used by offline businesses.  Instead of hiring employees to handle the phone calls and walk-ins which is a major drain of business profit, internet products are just a click away from fulfillment.  Product costs, employee costs, shipping and warehouse costs can be reduced by outsourcing. Advertising and marketing are much cheaper than the traditional methods of buying print or TV ads or using direct mail.

I will address additional requirements for an online business in later posts.  For now, take a look at  a couple of my earlier posts:

Building a Website or Building an Online Business? Part 2

How to Become a Millionaire|Top 6 Tips for becoming a Millionaire

Thanks for reading this post. If you found it valuable, please leave your comments in the box below and by all means spread the abundance of your love by sharing it with your friends and colleagues.

Got Questions?

Got Questions?

Got Questions?  Feel free to contact me at:


Jul 23

How to Generate Passive Income

You can become a millionaire.

You can become a millionaire with passive income.

You may be surprised to learn that one of the major differences between self-made millionaires and non-millionaires is: self-made millionaires know how to generate passive income. Self-made millionaires have learned the that the secret to building lifetime wealth is in learning how to generate passive income through leverage.

In an earlier post, (Read it here) I explained the three types of income that are actually labels that the IRS puts on income for the purpose of taxation. Read on and you will see I have a slightly different view about what “passive income” is.

Active Income: YOU AT WORK  for an employer or actively employed in your own business. Active income could include the freelance work you do for online companies like Fiverr or RentaCoder or the self-employment work you do as a consultant or coach.  Basically anything you do in a direct exchange of your time for dollars is what the IRS considers Active Income.

Portfolio Income: YOUR MONEY AT WORK invested for interest, income and/or capital gains.  The IRS says your investment portfolio could include rental real estate properties, stocks, bonds, mutual funds or limited partnerships.

Passive Income: YOUR LEVERAGED IDEA AT WORK for you through the initial work you do to build a money-making asset like a website, an eBook, a digital product, an affiliate portfolio, a franchise business, or a business system can be turned into what the IRS says is passive income. The IRS says passive income also includes royalties received from certain partnerships, investment in oil wells as well as royalty income from intellectual property rights like books, patents, songs and musical productions.

Smart Passive Income

Passive income is a sure way to wealth if you are smart about it.  But the term “passive income” came from how the IRS defines income. In reality, if you talk to any self-made millionaire they are NOT PASSIVE when it comes to their income. In fact, they are actively involved every day in their income production.So what do I mean by “smart passive income”?

Smart passive income is LEVERAGED INCOME which is anything you can do once or once in awhile and get paid for multiple times without massive daily effort to maintain.  Smart passive income could include producing and promoting an eBook or a training program on your website that operates 24/7.

Basically, creating any kind of “How to” program that can be marketing on the internet or on Cable TV Infomercials or in bookstores could qualify for leveraged or smart passive income. Spending a few hours each week monitoring your business and investment portfolios could also qualify for leveraged or smart passive income.

Developing digital products that can be marketed on websites are examples of smart passive or leveraged income. Digital products include videos, audio files, recorded interviews, mobile device applications and pod casts. Many digital products are marketed through eCommerce sites like Amazon, Click Bank and Commission Junction.

Leveraged income could come from the work you put into producing and promoting your business system through a digital marketing system or a franchised system, either virtual or brick and mortar like Subway, Papa Johns or Jiffy Lube.

Understanding how to leverage your income along with how to leverage your time is how the rich get rich!

How to Leverage Your IncomeRed Dollar Sign

You can leverage your income in one of four ways:

  • Become an investor in rental real estate and leverage your time by hiring property mangers to collect rents and manage your properties

  • Develop your own products and leverage your marketing efforts through digital market aggregators like Amazon, ShareaSale, ClickBank or Ebay

  • Leverage the time it takes you to develop a product by becoming an affiliate for multiple product and service providers

  • Develop a business system and market it through a franchise or other distribution method.

If you are serious about building online passive or leveraged income, the first thing you need is a website. Think of your website as a launching pad for your content. Whether you are a property owner, a merchant or a promoter of affiliate products you must have a website.(See my article about 12 Must Have Website Features HERE)

Your website is in essence your online store.  It is a framework for housing the information you provide to the visitors of your site.

Building a Leveraged Income Website

The content on your website is organized into Pages and Posts both of which can be used to promote products and services. The products and services you promote could be your own or they could be the products and services of others.

One way to build a passive income stream is to write themed articles and blogs or dedicate pages to the review and promotion of a product or service and then get paid a commission from a sponsor.  This is in essence, Affiliate Marketing.

As an Affiliate, you do not own the rights to the product or service but you do get paid to promote it.  Most major companies offer affiliate programs. Commissions vary from vendor to vendor. Some affiliate programs can pay up to 70% commission.

When choosing, do not be blind sided by the size of the commission. To be successful as an online business marketer you must become an expert in the niche of customers you serve and seek to match affiliates with the needs of your audience.

How to Profit from Online Passive Income

Remember, your purpose for having your own online business is to sell products and/or services for a profit. When you start out, you  CANNOT BE PASSIVE and expect to make money. As you are getting started you may put in a lot of long hours in building your online business.

Keep in mind, having your own online web-based business is not a sure guarantee for profit, but if you build your online business with the right profit model you can leverage your efforts to make money.

In order to profit from an online business venture you need to think about ways to diversify your income streams into profit centers. In other words, never put all your eggs into one basket.

As you build your online business think about selling the following:

-1- Your own service–coaching, consulting, health or beauty service, professional service, etc.

-2- An eCommerce store where you drop ship products from wholesalers

-3- Affiliate products/services

-4- Ad Space

-5- Your own products–anything tangible or intangible that you create

-6- Business systems, software, applications

-7- Create a product and start your own affiliate program


Thanks for reading this post. Please feel free to comment in the box below and by all means, if you have found this post to be helpful to you in thinking about how to generate passive income, please share it with your friends and family.

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Jul 10

Road Map to Financial Freedom| 7 Steps to Financial Freedom Part 2

Financial Freedom Is Your Right

Financial Freedom Is Your Right

In the first part of this series, Road Map to Financial Freedom, I outlined the first 3 steps you should consider when choosing financial freedom as your way of life.  You can read that page by CLICKING HERE.

Steps 1-3 included:

-1- Recognize the Potential in Yourself to Create Wealth,

-2-  Choose to Become Self-Reliant, and

-3-  Create a Practical Plan

In this post I will walk you through a brief tour of the next four steps starting with:

-4- Eliminate Waste

Self-made millionaires who are enjoying financial freedom hate waste of any kind.  They hate to waste time and they hate to waste money.

Around 1998 I started studying wealthy families.  I wanted to know how they acquired their wealth and what attitudes, values and habits they had that were different from 98% of the population. How did they escape the rat race? How do they think? I spent some valuable time interviewing first-generation wealth builders. (See a brief summary of my findings here.)

Inherited wealth is great but most of us don’t come from rich parents and even if we did, many inheritors are like lottery winners—they squander their wealth. I read everything I could get my hands on.  I had to know how they got to where they are. The people I studied made their money from their own productivity. Self-made millionaires enjoying financial freedom make the most of every minute of their day.  They don’t waste time on:

  • Chatting on social sites…they use social sites to their advantage in driving traffic to their business.
  • Lengthy emails to friends, family and associates…they get to the point of their communication quickly.
  • Exploring internet marketing sites…they know any site promoting a get rick quick idea is likely to be a scam.

They also don’t waste money on paying consumer interest with credit card debt, buying the latest fads and fashions, buying expensive cars.  They don’t spend excessively indulging habits like eating out or buying rounds of drinks for friends.

According to Thomas Stanley, author of Millionaire Next Door, most self-made millionaires are very frugal.  By living a frugal lifestyle, they are able to put their money to work in investing in more income-producing assets.

People who enjoy the peace of financial freedom take seriously the words of Benjamin Franklin…

 “The way to wealth depends on just two words: industry and frugality.”

-5- Learn to Save and Invest Wisely

Learn to Invest for Your Financial Freedom

Learn to Invest for Your Financial Freedom

When it comes to saving money, credible financial advisers recommend saving the first 10% of your income in an interest bearing account.  This is the sound financial principle of “paying yourself first”. Most financial planners advise to set aside a minimum of three months living expense in the event of getting laid off or incurring an emergency of some kind. Obviously saving 6 months is even better–especially if part of your financial freedom plan includes starting your own online business. But, until you are able to increase your monthly income to significantly exceed your minimum monthly outflow, saving money can be difficult.

Don’t fall back and take that as an excuse to continue any bad habits of consumerism and overspending that you may have developed.  If you are a consummate shopper or someone who uses your credit cards to buy things you do not need because you have “shiny new object syndrome” or you have to “keep up with the Joneses”, please take a look at my article on Ten Pitfalls to Financial Success and let me help you by saying, in order to accumulate wealth you must first consider yourself worthy to to have wealth. When you do, your need to buy things just to feel good or look good will disappear.

I want to encourage you to set aside at least $1,000 in an emergency fund as quickly as you can and then add $50 or $100 dollars a month to it until you get a three month living expense reserve.

After you get at least $1,000 in reserve, open up an online trading account and then set aside as much as you can each month into a balanced portfolio.  Start with three asset classes–growth stocks, income producing assets and cash. The younger you are, the more weight you should have in growth stocks. Growth stocks as an asset class will typically add 10% growth or more to your investment portfolio over time. Quality Income producing asset like REITS or Master Limited Partnerships could bring a consistent 15 -20% income.

Income producing assets could include rental real estate properties, REITS or Master Limited Partnerships. Of course, every one needs to have some money in cash and cash equivalents in the event of an emergency.  Keep in mind, the quicker it is to liquidate, the less interest you will earn.  In other words, the lower the risk the lower the return.

If you are serious about learning to invest wisely, my best advice is to study the investment habits and philosophy of Warren Buffet.  Invest at least 30% (more is better) of your portfolio in great blue chip companies like Coca Cola and Johnson and Johnson and hold those high growth, dividend paying stocks for the long haul.

-6- Eliminate Debt

Debt is the greatest enemy to your quest for financial freedom. You have to master money in order to experience financial freedom and become a lifetime millionaire.

Consumerism is a deadly disease that has inflicted millions of Americans. Granted, it is very easy to finance your lifestyle on credit and maybe there are days when it feels good to go to the mall for a little “shopping therapy” but in the long run, you’ll feel far less stressed when you are in the position to pay cash for everyday purchases.

I’ve found a debt-management software program that you might want to check out.  I like DebtCalc Debt Elimination Planner by  It’s easy to use.  You can get a home version for $39.95. It will calculate exactly what you are paying in interest payments.  It will also help you figure out how long it will take to pay everything off. Check it out at Another great debt elimination tool is

-7- Increase Your Income

Having a substantial income under their control is the biggest distinction between self-made millionaires and those struggling for financial freedom. Regardless of where you are in your life, increasing your income could help you:

  • Provide a better standard of living for your family
  • Give you more money to save for retirement
  • Help you eliminate your debt more quickly
  • Give you the money you need to invest in a high-growth portfolio
  • Allow you to fire your boss, and work for yourself
  • Help you transition from employment to empowerment

You can easily increase your income by:

  • Moving the lazy cash from your savings account into an income producing asset
  • Revamping your portfolio into one that offers more robust dividends and capital gains
  • Starting an online business that includes passive affiliate and online advertising income
  • Using your experience and creativity to produce an eBook or online Plug-in or mobile App

And that is just the tip of the iceberg when it comes to increasing your income.

Thank you for reading this post.  Please do me a favor and share your wisdom in the comment section below so other readers can benefit from our discussion.  Also, feel free to share this post with friends and family.

Are ready to get started on your path to millionaire success? I can help! Contact me for a FREE consultation.

I can help you:

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Jun 29

Building a Website or Building an Online Business? Part 2

Make Money 24 Hours a Day with Your Online Business

Make Money 24 Hours a Day with Your Online Business

I truly believe that this is the best time in all of history to be an entrepreneur. Nearly 80% of all self-made millionaires have acquired their wealth by building a successful business. Whether your choice is building a website or building an online business, there are nine basic requirements to think through. In my last post (Read it here.) I listed the first four requirements common to both website builders and online business builders and they are:

  1. Owning the right domain name
  2. Choosing a website host
  3. Launching a website on your domain name
  4. Getting your site ranked in search engines

In Part 2 of “Building a Website or Building an Online Business” we explore the five additional requirements that can turn your website into an online business.

  • Develop Laser Focus
  • Consistent Marketing Habits
  • Relating to Your Audience
  • Making Money With Your Online Business
  • Making Continual Improvements

Develop Laser Focus

“Always focus on the front windshield, not the rear view mirror.” ~General Colin Powell, Former Secretary of State

Let’s face it, if you are bouncing from idea to idea without seeing your ideas all the way through to completion, you

will have a difficult time in your business.  Your ability to focus single-mindedly on one thing at a time is a prerequisite to online business success.

Focus on your number one business objective.

Focus on your number one business objective.

Successful online business builders are masters when it comes to prioritizing.  They focus on the most important task and see it through to completion before moving on to the next important task.

“The power to focus is the single most important success skill you can develop”~Brian Tracy

Get complete clarity on your objectives and intensely focused on achieving results and you will succeed.

Consistent Marketing Habits

Marketing makes your online business run. It is the fuel that ignites sales.

The purpose for any business is to create and keep customers. Marketing is the process of generating leads. Sales is the process of converting leads into paying customers.

Lack of consistent marketing efforts is among the top five reasons why so many small businesses fail. But many of the standard marketing techniques such as radio and TV ads, direct mail and billboards besides being expensive are not effective for building an online business.

Many successful online business builders seek to capture the interest and tap the imagination of prospective customers by writing blogs on topics that interest their target market. But the key to success is consistency. Putting up a website and writing a dozen blog posts does not guarantee success.

Creating lifetime repeat customers takes a consistent effort.  Once your website is launched, be prepared to add informative content with SEO friendly key word phrases daily.

Relating to Your Audience

When I was first starting out building and online business, I hired some really smart mentors. One of the first things my millionaire business mentor asked me was, “Who do you choose to help?” Without thinking, I blurted out, “People, I’m going to help people prosper by building successful online businesses.”

After a brief but painful pause he said, “I want you to dig a little deeper. Think about the people you relate best to.  Are they men or women? Do they own a business? Do they go to church?  How old are they? Your ability to relate to your audience will make or break your success in the business of internet marketing.”

He went on to explain, if you don’t understand the people you choose to serve and how you can help them solve their problems, you will struggle. The more people you help, the more money you will make.  The bigger the problem you solve, the more money you will make.

Learn everything you can about the people you serve.  It’s really that simple. (Read my article HERE.)

Make money with Affiliate Marketing

Make money with Affiliate Marketing

Making Money With Your Online Business

My millionaire mentors taught me that the three keys to online business success are 1) find a product or service that people want; 2) aggressively market and sell the product; and 3) learn how to manage and account for your income and expense.

There are dozens of ways to make money at home with an online business. Many people earn a full-time living as an affiliate marketer. Affiliate marketers refer their website audience to products and services they have used and can recommend with confidence.

Most affiliate programs are free to join but you have to learn how to set up and market your website. Once you have a website set up you can make money with online advertising.  Major companies will pay to have their ads posted on your site if you can demonstrate a steady volume of traffic.

You can also make money at home by joining, Clickbank, Commission Junction and ShareaSale. All three are free to join and you can make commissions by promoting digital products.

Many coaches, consultants and authors make money from home by using their website to promote their services and information products.

Making Continual Improvements

The Japanese have a term for making continual improvements–


The literal translation of kaizen is “to become good through change.” While some business coaches and consultants advocate drastic changes in order to improve, coaches skilled in the art of kaizen take more of a continuous, long-term approach to improvement.

As little as a 1% improvement in key performance indicators can make a significant difference over time. Keep in mind, marketing your business on the internet is not static; it changes all the time.  What worked a year ago with SEO may not be as effective today. You simply must stay updated on marketing techniques and strategies to keep your business progressing.

Thanks for reading this article! If you have found it to be helpful, please feel free to share your comments with others.  And don’t forget to forward this article to your friends!


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