Why do we always want a silver bullet or a magic formula for everything? Is it because we’re lazy? Do we simply want to find the easiest way to reach our goals?
Maybe it’s because we want to check things off our lists so we can move on to the next item. When it comes to our finances, most of us (myself included), want to turn things around overnight and move on.
Unfortunately it’s not that simple.
Wouldn’t it be nice if there were a silver bullet for our finances?
What if I told you there actually is one when it comes to handling your money, but it may not be what you think.
No, I’m not talking about winning the lottery, or debt consolidation or some magic potion that wipes out your credit cards and max funds a Roth IRA for you.
So what is it?
The ONE thing you must do to reach your financial goals, the silver bullet for personal finance is this:
Spend less than you make!
WAIT! Before you say, ”That was a letdown. Of course we have to spend less than we make, I’m not stupid” continue reading…
You’re right! It is simple and no you are not stupid. But you have to admit, we are prone to ignoring the simple things because we think we’ve mastered them.
I am constantly amazed at the sheer number of people I run into and talk with that have no idea how much they spend on a monthly basis. Some can’t even tell you what their take home pay is. They usually speak in general numbers and broad strokes.
There’s a great story about Vince Lombardi, the legendary coach of the Green Bay Packers, who being frustrated with his team’s performance said as he picked up the pigskin, ”Gentleman, THIS is a football”. He went on to talk about the basics – blocking, tackling, and sacrifice.
Back to the Basics
There’s a great lesson to be learned with our money. Once in a while we need to pause, look at our situation and go back to the basics to see how we’re doing.
The fundamentals like ”spend less than you make” aren’t so basic that we never look at them again. It’s easy to get off course and we need to recalibrate.
It doesn’t matter how much you make, if you spend more than that you will be headed for financial disaster.
This is happening to someone I know who makes more than some of us could imagine making in several years, and each time I talk to him I remind him he’s got to start spending less than he makes, and he inevitably reminds me of this basic principle.
Spend Less or Earn More
Some of you may say well I’ll just earn more than I spend. That’s fine. I encourage you to do that. But that isn’t always easy to do. Getting spending under control requires more sacrifice, discipline and self control.
Get your expenses in order AND increase your income and you’ll be even better off.
Simple But Not Easy
Unfortunately, the silver bullet for finances is very simple, but it’s not easy. It still takes time. It still requires effort. And it still won’t happen overnight.
But I can guarantee that if you spend less than you make and start planting seeds of saving and giving, it won’t take long to start seeing the fruit of your labor.
It’s time to get back to the basics and revisit how much you’re spending versus how much you’re making.
How About You?
Do you ever get off track and finally realize you need to get back to basics? What are some ways you “recalibrate” your financial planning efforts?
Consider this: whatever you want in life pay for it and take it!
This discipline will cause you to Perform Beyond The Genius Level.
Wednesday
"Copycat Marketing 101"
Think Before You Copycat
Just because we copycat something doesn't necessarily make it good... or efficient... or productive. we ASSUME that the people we are copying have the "right answer." We ASSUME that we are copying the right people!
So, you see, every now and then, we have to step back and examine our assumptions about what we are copying -- and why -- to make sure copycatting will, indeed, give us what we think it will give us.
"Why haven't we found a way to copycat creating wealth?" -- becomes painfully obvious. Most of us simply have been copycatting the wrong system. We've been copying the job track instead of the wealth creation track! Why? Because most people assume that a job is the only way to actualize their financial dreams. Perhaps they are unaware of alternatives to the job. They are not aware of a wealth-creating system they can copy. Perhaps they don't believe there are other sources of wealth. Or perhaps they don't think they are capable of creating true wealth by working outside the job routine.
Income Creation Vs. Wealth Creation
Whatever their reasons, the simple fact is that people in the job track will never create true wealth because they are copycatting an income creation system, which is based on linear growth, as opposed to a wealth creation system, which is based on leveraged growth.
People copycatting the income creation system are locked into a time-for-money trap. They trade a unit of their time for a unit of dollars. With income creation, 10 hours of work, equals 10 hours of pay. Unfortunately, most of the time, income creation is an endless treadmill. If you don't do the work, you don't get paid. If the treadmill stops, the income stops. People following the income creation system become slaves to temporary income, and they are accidents waiting to happen. If they fall victim to illness, or injury, or long layoffs, or burnout, they are income-less.
Those brave souls who have broken away from the ranks, who have realized that there are other systems out there to copycat -- wealth creating systems -- are choosing to copycat a system that allows them to leverage their time. They don't fall victim to the time-for-money trap because they do not trade time for dollars. For them, 10 hours of work means 100 hours of pay... or even 1,000 hours of pay. Moreover, their efforts create residual income. Unlike temporary income, residual income keeps earning money whether they show up to work or not!
This article was written by Burke Hedges
Just because we copycat something doesn't necessarily make it good... or efficient... or productive. we ASSUME that the people we are copying have the "right answer." We ASSUME that we are copying the right people!
So, you see, every now and then, we have to step back and examine our assumptions about what we are copying -- and why -- to make sure copycatting will, indeed, give us what we think it will give us.
"Why haven't we found a way to copycat creating wealth?" -- becomes painfully obvious. Most of us simply have been copycatting the wrong system. We've been copying the job track instead of the wealth creation track! Why? Because most people assume that a job is the only way to actualize their financial dreams. Perhaps they are unaware of alternatives to the job. They are not aware of a wealth-creating system they can copy. Perhaps they don't believe there are other sources of wealth. Or perhaps they don't think they are capable of creating true wealth by working outside the job routine.
Income Creation Vs. Wealth Creation
Whatever their reasons, the simple fact is that people in the job track will never create true wealth because they are copycatting an income creation system, which is based on linear growth, as opposed to a wealth creation system, which is based on leveraged growth.
People copycatting the income creation system are locked into a time-for-money trap. They trade a unit of their time for a unit of dollars. With income creation, 10 hours of work, equals 10 hours of pay. Unfortunately, most of the time, income creation is an endless treadmill. If you don't do the work, you don't get paid. If the treadmill stops, the income stops. People following the income creation system become slaves to temporary income, and they are accidents waiting to happen. If they fall victim to illness, or injury, or long layoffs, or burnout, they are income-less.
Those brave souls who have broken away from the ranks, who have realized that there are other systems out there to copycat -- wealth creating systems -- are choosing to copycat a system that allows them to leverage their time. They don't fall victim to the time-for-money trap because they do not trade time for dollars. For them, 10 hours of work means 100 hours of pay... or even 1,000 hours of pay. Moreover, their efforts create residual income. Unlike temporary income, residual income keeps earning money whether they show up to work or not!
This article was written by Burke Hedges
Monday
Building a Successful Viral Marketing Campaign
Some products are more suited to viral advertising than others, but in general almost any product or service can be advertised using viral marketing.
A successful viral marketing campaign always begins with the development of a quality viral, whether it's a video, image or interactive game. Some home-made videos do very well but in general it is advisable to hire a viral marketing company to develop a viral ad.
Quality content is vital but seeding a viral ad is equally important. Seeding refers to the placement of the viral marketing campaign. The top viral marketing companies work with many independent blogs, online newsletters, micro-sites and video content sites to ensure that the viral ad receives maximum exposure.
"It's a bit like wild fire. If there is one fire the chances of creating a blaze are minimal. If you start 1000 fires, you have a much better chance of creating an inferno!" Halpern Cowan Ltd, a viral marketing agency.
It is this seeding which is responsible for the rising cost of developing a successful viral marketing campaign.
Six Key Elements of a Viral Marketing Campaign
1. Give away products or services
The word "free" attracts attention, whether it's free software, a free trial, or free ‘cool' buttons. If you can't give anything away for free consider holding a competition.
2. Allow effortless transfer to others
Viruses only spread if they can be transmitted easily. It's no different with viral content. Display the viral content on your website, together with an 'Email a Friend' button. If posted on your blog add a line of links to the main social networking sites, such as:
Add to: YouTube Digg Furl Blinklist Yahoo! Del.cio.us
3. Exploits common motivations and behaviours
The desire to be popular, liked and cool drives people, as does greed and the desire to be helpful. Design a viral ad that builds on these motivations, such as one containing humour or a special offer.
4. Utilises existing communication networks
Try to place your message into people's social networks. Viral marketing companies are particularly adept at doing this as they generate exposure for viral content through placing it on blogs, forums, email newsletters, social networks, as well as video sharing sites.
5. Scales from small to very large
Make sure that you can cope with the explosion of your message through building enough bandwidth into your website. There's nothing worse than having an excellent viral marketing campaign only for the results not to arise simply because your website couldn't cope with the volume of visitors.
6. Uses other people's resources
Try to use other people's websites to host your viral content, possibly by constructing it so that it offers a benefit to them and their readers. Article submission works in this way with websites accepting free articles because of the benefits offered to their visitors.
A viral marketing strategy does not have to include all of the above elements, but including a few of them will dramatically increase the chances of success.
Top Tips to Keep in Mind
Some products are more suited to viral advertising than others. With regards to the product itself, it helps if it is in some way unique or different. Viral marketing is an excellent way to create buzz, something that is made harder if you are promoting a mundane product or service. However, a clever and creative viral marketing agency can often overcome a ‘dull' product and produce an effective viral ad.
As with all marketing you must keep your target audience in mind. Those that view viral ads tend to be students and young professionals. Viral marketing does also tend to have a predominantly male audience, even more so when it comes to interactive games. Bear this in mind. If you have a product directed towards young women it may be best to produce a video viral ad. If your target audience is the elderly it may be best to use an alternative marketing approach.
The success of a viral marketing campaign is ultimately dependent on the quality of the viral ad itself. Without a good viral it won't be passed on and viewers won't obtain such a positive image of the company it's promoting. Around half of all viral ads produced use some form of humour. There's always room for another funny viral ad so it's certainly the safest approach.
If producing an interactive game then good game play is vital. Online games have come a long way since the days of Pac Man - ensure that your game has excellent game way or is in some way entertaining.
Viral emails can work extremely well if it includes a particularly good special offer or competition. It's often worth pushing the boat out when it comes to special offers - it'll end up reaching a lot more people.
One reason why it's so important to use a viral marketing agency is that they seed the viral ad on entertainment sites and blogs that your target audience is likely to view. Without extensive seeding the viral ad won't have a chance. If serious about using viral marketing as one of your main marketing channels be prepared to pay for extensive seeding, as this is not cheap.
Finally, viral marketing by its nature is extremely unpredictable. Don't be caught out - be prepared for your viral campaign to be a huge success. Check that you have the bandwidth, the stock, staff and service system is place to be able to deal with a successful campaign.
A successful viral marketing campaign always begins with the development of a quality viral, whether it's a video, image or interactive game. Some home-made videos do very well but in general it is advisable to hire a viral marketing company to develop a viral ad.
Quality content is vital but seeding a viral ad is equally important. Seeding refers to the placement of the viral marketing campaign. The top viral marketing companies work with many independent blogs, online newsletters, micro-sites and video content sites to ensure that the viral ad receives maximum exposure.
"It's a bit like wild fire. If there is one fire the chances of creating a blaze are minimal. If you start 1000 fires, you have a much better chance of creating an inferno!" Halpern Cowan Ltd, a viral marketing agency.
It is this seeding which is responsible for the rising cost of developing a successful viral marketing campaign.
Six Key Elements of a Viral Marketing Campaign
1. Give away products or services
The word "free" attracts attention, whether it's free software, a free trial, or free ‘cool' buttons. If you can't give anything away for free consider holding a competition.
2. Allow effortless transfer to others
Viruses only spread if they can be transmitted easily. It's no different with viral content. Display the viral content on your website, together with an 'Email a Friend' button. If posted on your blog add a line of links to the main social networking sites, such as:
Add to: YouTube Digg Furl Blinklist Yahoo! Del.cio.us
3. Exploits common motivations and behaviours
The desire to be popular, liked and cool drives people, as does greed and the desire to be helpful. Design a viral ad that builds on these motivations, such as one containing humour or a special offer.
4. Utilises existing communication networks
Try to place your message into people's social networks. Viral marketing companies are particularly adept at doing this as they generate exposure for viral content through placing it on blogs, forums, email newsletters, social networks, as well as video sharing sites.
5. Scales from small to very large
Make sure that you can cope with the explosion of your message through building enough bandwidth into your website. There's nothing worse than having an excellent viral marketing campaign only for the results not to arise simply because your website couldn't cope with the volume of visitors.
6. Uses other people's resources
Try to use other people's websites to host your viral content, possibly by constructing it so that it offers a benefit to them and their readers. Article submission works in this way with websites accepting free articles because of the benefits offered to their visitors.
A viral marketing strategy does not have to include all of the above elements, but including a few of them will dramatically increase the chances of success.
Top Tips to Keep in Mind
Some products are more suited to viral advertising than others. With regards to the product itself, it helps if it is in some way unique or different. Viral marketing is an excellent way to create buzz, something that is made harder if you are promoting a mundane product or service. However, a clever and creative viral marketing agency can often overcome a ‘dull' product and produce an effective viral ad.
As with all marketing you must keep your target audience in mind. Those that view viral ads tend to be students and young professionals. Viral marketing does also tend to have a predominantly male audience, even more so when it comes to interactive games. Bear this in mind. If you have a product directed towards young women it may be best to produce a video viral ad. If your target audience is the elderly it may be best to use an alternative marketing approach.
The success of a viral marketing campaign is ultimately dependent on the quality of the viral ad itself. Without a good viral it won't be passed on and viewers won't obtain such a positive image of the company it's promoting. Around half of all viral ads produced use some form of humour. There's always room for another funny viral ad so it's certainly the safest approach.
If producing an interactive game then good game play is vital. Online games have come a long way since the days of Pac Man - ensure that your game has excellent game way or is in some way entertaining.
Viral emails can work extremely well if it includes a particularly good special offer or competition. It's often worth pushing the boat out when it comes to special offers - it'll end up reaching a lot more people.
One reason why it's so important to use a viral marketing agency is that they seed the viral ad on entertainment sites and blogs that your target audience is likely to view. Without extensive seeding the viral ad won't have a chance. If serious about using viral marketing as one of your main marketing channels be prepared to pay for extensive seeding, as this is not cheap.
Finally, viral marketing by its nature is extremely unpredictable. Don't be caught out - be prepared for your viral campaign to be a huge success. Check that you have the bandwidth, the stock, staff and service system is place to be able to deal with a successful campaign.
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