Freedom starts in the mind …
I was recently surfing with a friend of mine who is a famous professional surfer. What he said to me got me thinking about the ultimate freedom I have.
He said he was envious of the amount of freedom and wealth I have to do what I want. He pointed out that being a professional surfer comes with its downside.
I had just come from a heli-skiing trip in Alaska and he said that he would love to have gone, but his sponsors would never have let him on account of the risk of injury.
That got me thinking about allowing others to discover how I have achieved my freedom and reward in life.
Not everyone can do the exact same things as me and succeed but nearly anyone reading this can follow the same system and achieve success and freedom.
Freedom – 8 steps to follow …
Step 1: Develop an Understanding of What Ultimate Freedom and True Wealth Really Means.
Achieving ultimate freedom means you can do whatever you want, whenever you want, and wherever you want without worrying about money.
When you achieve ultimate freedom – you become free from time constraints, geographic constraints and financial constraints. Life is easier. This is true wealth.
Having a lot of money doesn’t guarantee ultimate freedom or true wealth. Instead how one spends and values their time defines one’s freedom and wealth.
Time itself is the heart of true wealth and ultimate freedom.
True wealth affords the time to enjoy life now and not defer a dream life to a later date.
Living your dreams now is the ultimate freedom.
Step 2: Make Money in Ways that can Bring You Ultimate Freedom and True Wealth.
There are three basic methods for making money. They include working, investing, and creating income streams.
96% of the population makes their money through working a job. Working is a trade of time for money.
It is the worst way to build wealth and freedom, as time is limited and thus so is money. You have to give up a large part of your life to make good money working.
I’ve seen 9-5 jobs ruin peoples freedom, relationships, and health.
About 3% of the population makes money through investing. It is a great way to create wealth.
It can give one freedom but it can be risky and usually involves having a lot of money to achieve ultimate freedom through investing.
3. Creating Income Streams
This leaves the third way of making money: creating multiple income streams. This is by far the best way and is accessible to most people.
You may be surprised to know that only 1% of the population earns their money through creating multiple streams of income. The reason is mostly because they are not informed or taught how to do it.
We are mostly taught to work 9-5 jobs where we will never achieve true wealth because of the low value we usually end up trading our time for.
The Money Making Skill Set
Creating multiple streams of income leverages technology and automation.
You take yourself out of the equation of “time=money” and begin to experience the rewards and freedom of separating yourself from the mechanics of making money.
This leaves you time to create value for your customers.
A big part of the money making skill set is to engage in making money surrounding your passions. This way when you are putting efforts into making money you are enjoying yourself.
If one learns to embrace their passions in their money making plans they will never “work” again.
Making money will be something that greatly interests them and that they enjoy. If you choose a market you are passionate about you won’t burn out along the way.
Some of my past and current online income streams involve:
- Affiliate marketing
- Information products
- Web services
Of all the income streams I’ve built, I like Information Products the best. I highly recommend you set one up.
Step 3: Determine Your First Income Stream (Information Products) Surrounding Your Passions
Quite simply information products are products instructing people on how to do something.
You can make it a physical product like a book or a DVD or a digital product like an e-book.
Perhaps your income stream is centered on a seminar that you deliver on a regular basis and that you sell tickets to. There are nearly an infinite amount of potential information products!
Any time you are reading, watching or learning something you are consuming an information product.
If people are searching for the information on your task then you have likely chosen a good information product to market.
Fitness is one of my passions, and together with a friend we figured out this great system for getting as fit and strong as professional athletes.
So, we bundled up this system into an online video training course, and we sell it online.
Every person on the planet has an ‘Information Product’ inside them!
Developing Your Passions
Passions are not discovered they are developed. Our passions are not always obvious to us.
A passion is an area that a person has interest and skill. If they have the skills but lack the interest in an endeavor, they will not be passionate about the endeavor.
To help in developing your passions and recognizing them I recommend that you build two lists.
Create one list defining your interests and the other defining your skills.
Where these two lists overlap will be where your passion lies.
To get you started on an interest list consider the following questions:
- What activities and hobbies really excite me?
- What really makes me happy?
- What do I like to read and talk about?
- What would I like to try?
- What do I spend money on? (list everything)
- What would I do for free?
- As a child, what did I love to do?
For the Skills list ask yourself:
- What do I make money doing?
- What am I good at?
- What do I find easy to do?
- What sparks my creativity?
- What do other people tell me I am good at?
In order to develop your passions you may need to find new interests and take some risks.
Step 4: Design Your Ideal Lifestyle on Paper
Take a few minutes to reflect upon your dream lifestyle. Shut your eyes, and picture what would be a truly fulfilling life for you.
Write down your answers to these questions:
- If you had 100 million dollars in the bank and you didn’t have to work for a living, what would you do with your time?
- If you knew you were going to die in a year, how would you spend your last year?
- What would you like to be doing 1 year from now, 3 years, 10 years, 20 years from now, at the end of your life?
As you’re imagining your dream lifestyle, please keep the “Fulfillment Curve” in mind.
The “Fulfillment Curve” is a concept discussed in the book, “Your Money or Your Life”.
The concept is that as you spend more money you move from basic survival, to comfort, and eventually to luxury.
At some point in time you have all that will bring your fulfillment.
At a specific point you may or may not realize that nothing will bring you additional fulfillment.
Once we have everything we need, comfort, and a satisfying amount of luxuries most people consider themselves to have enough at a certain point in their life.
Enjoyment of what money brings into our life is fully experienced at the peak of the curve.
Personal freedom allows the opportunity to take action on our concerns for others.
We will seek to address the needs and wishes of others. Our effect on the world as whole brings us both emotional comfort and reward.
“Your Money or Your Life” talks about this concept in detail and is a must read for anyone who wants to experience true wealth or ultimate freedom.
It’s more than a book about money it’s about drawing lines between our actions and our fulfillment. It teaches you to align your spending and earning with whatever brings you fulfillment in life.
Step 5: Discover Your Niche
One must investigate and find a niche through the information they gather.
A niche is a gap in a group of people where their needs aren’t being met.
Products fill niches in markets.
The 3 BIG Niches
About 85% of the money spent on information products is spent on products surrounding these “3 BIG Niches”:
- Money and Business
- Relationships and Dating
- Health and Fitness
These niches are extremely popular because they are lucrative even during times of recession.
But one cannot create a product “Health and Fitness”, it’s far too broad. They will have to narrow it down. For example a few goldmines within the Health and Fitness niche are:
- Fat loss
- Weight loss
- Gain muscle
- Reduce stress
- Organic and raw food
- Natural remedies – alternative health and healing
- Any specific health problem
Most of the time people will narrow the above niches down even further.
For example, fat loss can be broken down to: losing belly fat, losing beer belly, losing the last stubborn 10 pounds, getting six pack abs, etc. etc.
There is a big misconception that lots of people seem to have. They believe they need to find a market with tons of interest and zero competition.
Don’t try to find an untapped market. Go where the money is. Go where there are lots of products being sold and many people actively looking for stuff to buy.
Step 6: Set Up an Opportunity Income Stream or a Lifestyle Income Stream
There are generally only two kinds of income streams one can set up online. They are opportunity, and lifestyle income streams.
An opportunity income stream is where you look for an opportunity, or inefficiency in the marketplace where you can fill the gap and profit.
I spent a great deal of time finding these opportunities of inefficiencies in the marketplace and learning how to vibrantly succeed marketing via Google Adwords.
Times have changed, the competition has drastically increased and profit margins in that area are no longer what they used to be.
I shifted my approach to building lifestyle income streams. Learn from my mistakes!
Start with a lifestyle income stream and look for a booming market related to your passions.
Then making money is more than just about the dollar value for your time or your return on investment.
It’s about doing things you like, to get the things you need and want. Unlike the opportunity business you don’t have to constantly be looking for new opportunities to go after.
You can just focus on the one thing that drives your interest. By focusing on a small number of markets one develops expertise and works on their skills in selling in those markets.
Step 7: Research the Markets You Are Interested In
Consider your skills in Step #3 when brainstorming about which markets to enter. Think about where you would like to apply your knowledge and skill.
If you have trouble naming your passions, start keeping track of the things you like to do and eventually you will be able to embark on an interest with good skills.
What do you do for hours on end? Maybe that is your calling?
If you become scared or intrigued in marketing a product, it’s probably a good choice. Keep your eyes open for popular niches that involve your passions.
Keep a notebook handy or use a note taking application (Evernote) to keep track of ideas that come throughout the day. Soon enough you will have a list of niches to choose from as a result.
Market Validity – Determine If Your Niche Really Has A Market
Competition is a good sign and often indicates that the opportunity to make money is there.
If there are lots of products being sold and lots of people buying the products then that is a perfect market to enter.
A few places to go to learn about the competition and the niche include:
- http://google.com search for (keyword +forum)
- Facebook feeds.
Determine statistics regarding searches within this market.
What you can do is visit the Google Keyword Tool and perform searches for keywords relating to your market and niche.
Once you enter the keyword have a look at the “Global Monthly Search Volume”.
This will give you an idea of whether or not a market exists. If there is a high search volume and cost per click (CPC) then you can determine that there is indeed a market there.
Create an extensive list of keywords surrounding your niche and sub niches.
This will give you more insight into the market and help you decide which keywords you want to focus on in writing content about your product on your website and on other pages on the internet.
Step 8: Create Your First Information Product
Identify problems, challenges, frustrations and issues people are facing, and searching for solutions to, in your niche.
Competition can give one ideas on how to make a product more unique and appealing. They can help you make improvements on your product that will give it more value over their products.
Whether you are reading boardtracker.com posts, or any blog that you have been following, read the comments on the most popular threads and identify things that are heavily discussed.
Identify that problem, that fear or frustration, or that dissatisfaction they have with a product. Brainstorm on how your product can improve on these issues.
Perhaps your product focuses on one specific need people are not getting from the products they have purchased. In this way your product can be an excellent addition to another product.
Don’t spend too much time on your first product. All that you need to ensure is that your product is useful for helping customers with a common need.
Don’t put all your birds in one basket. If the market dries out for one product, multiple streams of income can make up for it and sustain you until you set up another income stream.
How to Market Information Products
Your success in marketing the product will depend on your ability to get the word out to customers on how your product fulfills their needs.
It is the hard part of the process but it is made easier today with social media and other web applications.
Now using social media strategies, you can enter the online conversation that centers on the problem your product solves or the frustration that it eases.
Automating a newsletter that is giving away useful information for free is a teaser on what your product can offer them. If they love the free information and it is helpful to them they are more likely to purchase the product.
Building a relationship with your customers (via facebook, twitter, blogs and forums) and helping them solve their problems and frustrations is your marketing.
This is what you should concentrate your time on.
Your product will sell, and market, itself on autopilot. For example sales emails and follow up emails are automated with an email autoresponder.
Clickbank.com is an excellent resource to begin selling your products. They provide a payment processing service for any member with a product to sell. Selling, order processing, and customer fulfillment can and should be put on autopilot.
I’d Love To Help You
Listen, I’ve setup many online businesses, and I’ve helped thousands of people do the same.
I’d like to help you too. I’m holding a free webinar (not yet scheduled) where you can learn about:
- Why 98% of the people who try to make money online FAIL and what you can do today to guarantee your success.
- How you can join an underground society who are living their dream lifestyles doing what they want, when they want and where they want.
- The right way to do market research and find your niche
- The most effective way to market your products and services
- And much more
Sign up to my list below, and I will let you know once I am holding the free webinar so you can attend.
Also please give me your feedback in the comments below. Did you like this blog post? My first blog post.
Did I leave anything out? (lol – longest blog post ever!) Have you achieved freedom? Let me know in the comments below!