Genius Types

Is $200 a month a lot of money?

How you answer this question speaks to your level of financial sophistication.

How Far Would You Go for $200?

Most people would not go very far out of their way to make an extra $200 a month. When compared to a monthly salary of $3,000 or $4,000; $200 sounds pretty insignificant.

Be careful when you read Kiyosaki, Robert Allen, or any of the army of gurus preaching that passive income will end all your troubles. The overall concept of “Rich Dad, Poor Dad” is profound, but it doesn’t tell the whole story. Don’t quit your day job yet.

1. DON’T Choose the Service Model
2. DON’T Borrow on Depreciating Assets (and for the love… don’t borrow on expenses!)
3. DON’T Skimp on Bookkeeping

Blogging for income is quite the hot topic these days, with many bloggers (including this one) touting the rewards of harvesting the massive internet traffic one can create by writing digestible articles and posting them regularly on a blog.

You might not realize it when daydreaming at your 9-5 about starting a small business, but there are a few things to miss when you’re gone. To an entrepreneur, it’s blasphemous to suggest that anything good can come from working for The Man; but going solo isn’t always the end-all be-all.

Most people fit into one of two categories: 1) business minded or 2) creative; but to be successful as an entrepreneur, you need both. That’s why so few small businesses succeed: their leaders are too heavy on one side or the other.

If you don’t have a blog yet, read How to Blog :: The Manual to get started. It’s not that difficult and it’s the first step to building your own online brand. In the future, your earning potential might have a lot to do with how connected you are on the internet and a blog is the networking machine to get you there.

A year ago I was not a blogger. I thought blogs were for people who wanted to keep an online journal about how their day was going and how bad their ex-boyfriend sucked. I knew I needed an online presence, but I thought my needs were more advanced than a blog could provide.

The Quiet Millionaire, by Brett Wilder, is one of the most complete guides on personal finance that I’ve ever read.

I first learned about Roger Dawson when I read Weekend Millionaire’s Secrets to Investing in Real Estate, which he co-wrote with Mike Summey.