Smarter Wealth

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I know it is a little bit late to sharing updates from July but I thought I would inform you guys of how it is going over here at Smarter Wealth

Well July has been a huge month for Smarter Wealth. Firstly the domain was changed mid month from www.foolswealth.com to www.smarterwealth.net because I believe this needed to happen if I was going to continue building my blog.

Also I because a little smarter in building my blog this month. I began subscribing to RSS via Google Reader and commenting on as many blogs as I could (trying to be one of the first few to post). This has driven in some much needed traffic to the site and I am very greatful for this.

I also wrote a guest post this month which was a fantastic opportunity. I would love to write more guest posts if anyone out there is interested.

This month I also got the idea to start making some money through taking photos which you will hear more about in the next few months if I start to actually make some money from it.

Over all this was a great month and I was fairly happy with the results.

These are the stats for July:

Traffic: 1,269 Uniques

Pageviews: 3,023 views

RSS Subscribers: 23

Money Earned: Minimal

Here are my goals/predictions for August

Traffic: 1,400 Unique Visitors

Pageviews: 4,000 Page Views

RSS Subscribers: 40 RSS Subscribers

Money Earnt: $100

Tomorrow (22nd August 2008) the very first Smarter Wealth Competition begins.

The competitions is to push my goal of write 200 posts on Smarter Wealth in 40 days.

The major prize will be announced tomorrow and so will the secondary prizes. 

The competition aims to increase readership involvement across the board by giving away certain amounts of points for certain involvement on the website and in the competition. More to come tomorrow but I am just giving everyone a head up.

I have some great posts lined up for the 200 posts in 40 days also so you can look forward to about 5 posts a day on Smarter Wealth over the next 40 days.

I don’t know about you but I am a little bit of an impulse buyer. I love technology and when I get the advertising flyers in the mail I want to go out and buy these things straight away! But there are a few questions I will always ask myself before buying something so that I don’t buy something that is a dud.

1. Do I Really Need This?

2. How Much Will I Use This Item?

3. Have I Read Reviews on This Item?

4. Could I Buyer It Cheaper 2nd Hand?

5. Will It Go Down In Price In The Next Few Months?

6. Will I Ever Resell This? If So How Much Can I Sell it For?

7. Is There Another Version/Brand of This Product For Cheaper

8. Is There Another Way I Can Source This Money Apart From Cash?

9. Can I Claim This on My Tax-Free Money

10. What is One Way I Could Use the Money Better

11. Is This Item Really Worth It?

I have been writing a fair bit about site flipping this week and I have had a question from one of the readers.

Tip Jar asks

Hey Ryan,

I’m gonna sound like a total n00b, but how is the web site actually exchanged? Do you give the person the username and password to it, or how does that work? How do they get all of the articles and files on the site?

So I wanted to talk you guys through some of the more specific aspects of site flipping which most sites do not discuss (they just assume you know, or that you will work it out). This stuff can be difficult to understand so I am going to make it as simple as possible and show you how I have done it myself.

Transferring Your Domain Name

I purchase all of my domain names on www.name.com which offers really cheap domain purchases. Once you have purchased a domain you cannot transfer it for at least 5 days, and then you can only transfer it within www.name.com

So get your buyer to set up a name.com account and then get them to send you their ‘account code’ which is found on the home page of the “my account” tab when you are logged into name.com

Then when you have that and want to transfer click on the domain name you want to transfer in your account (do this on www.name.com) and then once you have clicked on it on the right hand side there will be an “account transfer” option. Click it.

Enter in the buyers account code and then click all the boxes such as ‘resistant’ ‘billing’ etc

Then transfer the domain and the other person now owns the domain.

Transferring Website Contents

This one can be a little more trickier to explain. Basically you need to email (or send some other way) the entire contents of your website to the buyer in which they will upload the contents onto their website.

For me, I compact all the files into a .zip file (while I am on my file manager). I then download them to my computer and I will then send them in an email to the person who bought my website.

BE CAREFUL

If you are running a wordpress blog and selling it then you need to export the articles from your wordpress user account to your computer BEFORE you zip the folder etc. Because the articles are stored on your database, not within the file manager itself). Be careful because I had massive problems with this in the past.

Well there you have the more specifics of website flipping. As you can see it is not that difficult however it is a very good thing to know.

As you guys know (if you have been reading lately) I have been doing a bit of site flipping lately to make some money. I made $50 flipping my first domain, and $50 flipping my first website. 

However, I am sorry to say that I have not been this lucky every time. The last two site flips I have done have lost me money (as I paid to have them listed on www.sitepoint.com). These have been sites with about 5 articles on them and a simple wordpress design template (which I got for free off www.topwptemplates.com).

Now, I am trying a new strategy and I want to involve all the readers on www.smarterwealth.net

I am going to let you come on a journey with me as a build a few larger sites and then sell them for more money. Hopefully this will show you how to flip websites and how to flip larger websites. Maybe you might even want to make a bid on one of the websites when it is completed.

Here are the websites to follow

www.mooviereview.com - a movie review website

www.seomoney.org - a website about making money through search engine optimisation

www.destroyalldebt.com - a website about getting rid of debt.

I will update you guys at least weekly (probably more) on the progress of these websites. Go and check them out and see how I am doing. They will be crap now…but they will get a lot better in the next few weeks.

Ok so as I mentioned here, Smarter Wealth is changing its focus from a personal finance blog to an entrepreneurs blog.

Though some may think this is the same thing it is completely different and I want to give you an example how this is different.

Personal finance is often all about saving, investing, budgeting, and sometimes earning more money. It is about what you do with your finance once you get it. Entrepreneurialism is more about the getting of the money (not what you do with it after). See the difference?

Let me explain it to you with this example. I am looking to buy a new computer. Why? Because at the moment I am working on a 9 inch laptop which is tiny and is cramping my hands. Plus the processor is tiny and doesn’t do everything I need it to do. A new iMac is going to cost me $2,000 which I do not have. However, I am an entrepreneur and I am always thinking about the future.

A personal finance blog would NEVER advise you to take out a loan in order to buy the mac now. They would tell you to save up, buy it in 6 months when you have the money. However, on an entrepreneurs blog like this one I am going to say that taking a loan out to get it now is an investment not a liability.

If I take a loan then I will be paying $106/month for 24 months off this product. That is a total of $2,544 which I will pay over the 2 years (or about 13% interest). However, this will infact MAKE me more money. Why?

1. I will become more productive
Using this mac as opposed to a teeny tiny laptop I can be more creative and more productive, increasing my income exponentially. I would make a lot more than $500 in the next few months (let alone 24 months) by having this iMac now. So therefore it is a good investment.

2. I will have more cash to invest
In order to save up the $2,000 I need to buy the iMac I need to not spend that $2,000 on investments (like new website developments). If I take out a loan to buy it then I can use that $1,894 (minus the first payment of $106) to invest into new site projects, content creation etc and I can infact make a lot more money. You know the saying “You need money to make money.” Well for me making money online this is true.

Money means I can buy domains, host websites, pay for content and pay to list and sell my websites. More more means more opportunity and mroe profit.

So this is where personal finance and entrepreneurialism clash. Personal finance would tell you to never take out a loan to buy the computer now because you have to pay $500 extra over 2 years. But entrepreneurialism tells you to buy it now because even though you will pay $500 extra over the next 2 years you will make over $500 in the next month or two by having this tool, totally outweighing any extra expense.

So Mac Store here I come.

Do you disagree with me? Then let me know in the comments section

Well I am now taking the big step and I have decided to go into business for myself making money online. No more college, no more working (though I will work a few casual shifts at the chemist to keep cashflow up).

But I am finally taking the step I have dreamed about for a good two years. I am deciding to start my own business. This has been a big step for me and seeing as I have only 6 months until my wedding I need to have some success within a month or two or I will be forced into slavery working 9-5 each day.

Maybe you are thinking about starting a business of your own, or maybe starting it with someone else. Here are my lists of tips on how to start a business well and not become like one of the millions who started a business and then it failed.

1. Do something you are passionate about
Being passionate about your business is not only the first step to success but it is actually the number one step to your success. Without a passion for what you do you will more that likely fail, but more importantantly without a passion for what you do you will hate your business, and hate your life. The purpose of a business is not just to get more money, but it is to love your life more and more.

2. Do it on the side first
I have been blogging on the side for about 2 years now and I have learnt so much in those two years. I am way more equipped now going into business than I ever could have been two years ago. This means that the mistakes that I made back then were not as financially impacting on me as it was not my major source of income. Now, as a full time entrepreneur I will have less failures and more successes because I have learnt more. Doing it on the side also allows you to build up your income stream so when you go full time there is less financial strain. I wrote a great post on how to gradually become a full time entrepreneur here 

3. Be realistic
Being realistic with your goals and how much you want to earn is important. At the start of this year I said that I wanted to earn $1,000,000 this year. This was completely unrealistic. Instead I should have said I want to earn $10,000 this year (which is more realistic). Being realistic allows you to predict the future better to see if you really can step into business and it also means you won’t get discouraged as easily.

4. Try not to start with too much debt
Starting with a lot of debt is one of the most stressful things you can do. For me I started with no debt (just using a couple of hundred of my own money). Soon I will be $2,000 in debt (for my new computer to run my business on). Try and start with your own money. This means if you go bust you wont be paying for it still in 20 years

5. Learn as much as you can before starting
In those two years before I stepped into business full time I dedicated myself to learning all I could about making money online, both through action and through study. I have learnt so much.
It is helpful when going into a business that you know as much about it as possible before you start. This will Increase your chance of success.

6. Give it everything you’ve got
Go for it! Don’t hold back, give your business everything you’ve got. You don’t want to look back in regret thinking “If I just did this”. Give it your best, that way if you succeed you will succeed well and be thankful for it and if you fail at least you knew you gave it your all.

Hope this helps you think about taking the next step forward into full time self employment.

Note: Originally I had planned to release and sell my ebook about website flipping today. However, as I have decided to release it for free. The release date has been postponed for a couple of weeks.

You guys will be happy to know that I have had some success in website flipping. I have so far flipped one domain and made $50 and I have flipped my very first website and made $50 on that also. I am duplicating this strategy at the moment with around 10 different websites with the goal of making $2,000 in the next 45 days. So because of my success I am going to share with you guys the basics of a website flip.

What is a site flip?
Basic question, so basic answer. A site flip is where you buy and create/edit a site for cheap and then you sell it on for more money. This is similar to buying a crappy house, doing it up then reselling it for more money.

How Can I Do a Site Flip?
Basically all you have to do to complete a site flip is to buy a domain name (try www.name.com), then you need to create a website for that domain name (usually around 5-10 articles, maybe a pictures page) and then you make it look good by using wordpress from www.wordpress.org or you can use a template from www.oswd.com (you need to know basic html) and then once you are done you relist the website, sell it for more and pocket the profit.

Tips For Site Flipping
There are a few tips which I want to offer you which I have learnt about site flipping which I believe are important.

• Buy a brandable domain name
  - It works best when you have a 2 word brandable .com domain name
• Write articles that are SEO rich
  - Articles that are search engine optimised will increase the price of your sale
• Get Traffic
  - The mroe traffic to a website = more $$$
• Have a Product
  - A product that people can have full rights to and use to capture people’s information or to sell can really boost your sales price.
• Have a pictures page
  - On some sites a pictures page can be really good, make sure you download the pictures and upload them with keywords in their names and in their alt tag

Where can I sell my website?
You can sell your websites on www.sitepoint.com for a fee (this is what I generally use). It is similar to ebay in that people bid on your website. You can also have a Buy It Now (BIN) price.
You can sell your websites on forums. A great forum to use is http://forums.digitalpoint.com which is free to list (but you need to be a member for 14 days before you start selling things).

How Much Can I Sell Them For?
This varies and truthfully I am still trying to work it out. It shouldn’t be too hard to make an easy $20 per website flip, and then if you have a good product for your website you can sell your website between $100-$500 but I haven’t done this yet.

So hope this helps. If you ever have a success story make sure you let us know

Note: Anyone who links to my blog in a post on their own blog will receive free advertising in my 125×125 banner space. Limited to first 4 people. Leave the link to your blog in the comments section below with the keywords “link love” somewhere in your comment (so it doesn’t get lost in my spam filter).

As you may have noticed, Smarter Wealth’s look has completely changed. We have moved away from the old Red Design onto a fresh new blue design. You will also notice our new slogan under the heading. “The Smarter Way to Wealth” represents who we are and what we are about here at smarter wealth. We don’t believe in working 9-5 in a job you hate just to pay the bills. We believe in building wealth in such a way that you enjoy it and it benefits others also.

It is not just the look of the website that is changing, but the content will be changing also. Previously the content has been mainly Personal Finance focused. But after reading hundred (if not thousands) or posts on Personal Finance blogs I have found little advice that can help me get out of the job I hate and live the (wealthy) life I have always dreamed of.

Smarter Wealth will now be presenting a more entrepreneurial focus. Yes, we will still have some posts about personal finance (eg Saving money, spending money well) but a lot more of the posts will be about entrepreneurial stuff such as different ways to make money online (new newsletter coming out shortly with A Class content and a free ebook worth $50 keep an eye out), how to make money offline, how to help friends make money and different entrepreneurial activities.

The blog will continue to be written by me, Ryan, the struggling entrepreneur. Though now I have quit college and am a full time entrepreneur (and doing a few shifts at the chemist to help me out). This means MORE POSTS here on Smarter Wealth and it also means I have more time to make my own money. Which means I will be struggling less and less and earning more and more.

My first target is to earn $2,000 by then end of september. This will be to upgrade my business (I have been working on a tiny laptop and I am buying a 20 inch Mac). I have already had some success earning $100 in the last 7 days through domain flipping and website flipping.

This next season of Smarter Wealth is looking to be better than every, with better content than ever. So I hope you will join me for the ride.

Originally I have planned and said that I was going to release a product this friday, however upon review I realise that this would not be a good idea. There are a few things you should do before releasing a product which I haven’t done yet (though now I plan to do them).

1. Build Up Your Possible Customers List
Building up your list of potential customers is the first step towards releasing your product. The more potential customers you have the more sales you can make. I currently use www.aweber.com to build my potential customers list. I send out a weekly email to these leads with information about how to make money online. Currently I only have 17 subscribers, not nearly enough to launch a product. Truthfully I would want at least 100 to launch a product and even better to have 500.

2. Find Out What Your Customers Want
Once you have begun building your list start finding out what your customers are looking for by interacting with them. Ask for their feedback and offer them an incentive (a free report if they do so).

3. Design a Product to Suit Your Customers
Once you have found out what your customers want you can then go ahead and make your product to suit them. This might mean altering your current product or maybe creating a whole new product. But give the customers what they want and then they will come back again and again

4. Market the Hell Out of Your Product Release Date
Give yourself a few weeks to market the release date of your product. Liase with other blogs or websites and get them to promote your product for you (giving them affiliate benefits on sales of course). Promote your product at least 4-5 to your email list before you launch it (or even talk about money). Promote it on your blog also. You want people to be looking forward to your product release

5. Release the Product
Release your product with a bang. Offer an earlybird discount, or a email subscribers discount to get quick sales. Offer freebies with your product to give it that boost it needs (infact offer freebies worth MORE than the product itself). Write a great sales page to direct people to and send out an email on the day to get people to purchase.

I hope this has helped you if you are thinking about promoting a product both online or offline. The product I was going to sell for $50 (Flipping Websites for Easy Profit) will be available for free within the next two weeks. But only to email subscribers (see point #1 - I am building my list).