#053: 5 Ways to $5K Per Month [Podcast]

How much money do you need to make in order to be comfortable? How much money would it take for you to finally realize your dream of working for yourself, and quitting your job.

That number will be different for each person, but after talking to many online entrepreneurs (and those who want to be) I am amazed at how often the answer is the same: $5000.

business team work

In this week's episode, I will show you five different ways you can reach that $5K goal.

Here's what else is up in this week's podcast episode:

  • The secret to great high definition video from your laptop.
  •  How to have peace in any storm.
  • Plus, our feature presentation… 5 ways to $5K.

Special Announcements

  1. The clock is running out on the 3-Day Live Intensive,  April 5-7 in Phoenix. Get your ticket right now – click here.
  2. Would you like to have me speak at your event or church? I am accepting a limited number of engagements for 2013.  Click here to visit my speaking page and get details on my availability.

Tip Of The Week

Thanks to advice from Michael Hyatt, I recently upgraded my Skype video interview tool box. The problem with doing Skype video interview recordings is really twofold: getting crisp looking video, and getting great sound. One solution to both is the Logitech c920 HDpro WebCam. This WebCam costs around $120 and delivers 1080p HD video for Skype. You can also use it for other video applications, such as making tutorial or teaching videos. The picture quality is extraordinary, and the stereo sound is fantastic.

One concern you may run into is that, according to the documentation, this camera does not work with a Mac. You can safely ignore that information. I plugged the camera into my MacBook Air, which instantly recognized the camera. Now, Logitech does not support Mac users, which is a shame, but there is a solution. If you want to use the full capabilities of the camera (such as pan and tilt, zoom, autofocus, and aperture control) you just need the Webcam Settings App. It is only $7.99.

Spiritual Foundations

Is it possible to be at peace, even when the storm is raging around you? “Storm” in this case might be an actual storm, it might be a storm in your finances, your health, your family, or at work. Here's what it says in Psalm 91:

He who dwells in the secret place of the Most High
Shall abide under the shadow of the Almighty.
I will say of the Lord, “He is my refuge and my fortress;
My God, in Him I will trust.”
You shall not be afraid of the terror by night,
Nor of the arrow that flies by day,
Nor of the pestilence that walks in darkness,
Nor of the destruction that lays waste at noonday.
Psalm 91:1-2, 5-6

It doesn't matter what's going on all around you, you don't have to be afraid, even in the middle of a violent storm. God is able to willing to give you peace, safety, and protection.

Sometimes, God's rescue doesn't look the way we thought it would-but he never fails us, and he always keeps his word. And just remember this: God's delays are not God's denials.

If you are a follower of Jesus, all these promises are yours. And don't fall for the deception that says if you are not perfect in your behavior that you somehow disqualify yourself for his favor. Remember that he forgave all of your sins, and that is forever. Don't worry that you might have messed up by some sinew committed today her yesterday or last week.

You didn't do anything to gain his protection… And you can't do anything to lose it. If you have accepted Jesus as your Savior, you are already resting in the secret place… And you are already dwelling under the shadow of the Almighty.

Feature Segment: 5 Ways to $5K

I was speaking at a seminar in the Midwest, and afterward was answering questions from people in the audience. As we stood around talking, Jake shuffled forward, cleared his throat and said, “I have a question.”

His question is the genesis for this weeks episode.

“I am a professional airline pilot,” Jake said. “I really want to create a business doesn't require me to be away from home so much, yet I'm very nervous about. I need to make at least $3000 a month.”

I stood there looking at him, shocked. That was all? Here is a man who commandeers jumbo jets for a living, and he was doubtful about being able to generate $3000 a month online?

I told Jake that his goal was easy, and he needed to set his sights higher. And spent the next half hour so giving him some of the ideas am about to share with you.

Is $5K  the Magic Number?

Visit any popular online marketing form, and you'll find a similar theme: many people chasing after that elusive goal of making somewhere between three and $5000 per month.

That's why I've decided to focus this week's podcast on giving a boost to anyone who knows it's possible to make $5000 a month online, but so far just hasn't achieve that goal.

And I'm not going to stop at just one plan, instead I'm going to give you five proven ways to make $5000 a month online.

And, since I love alliteration, each one is going to start with the letter F (for “five”).

Let's get right to it.

Five Ways To 5K

1. Fulfill the need for information. This is probably the way you are most familiar with-creating and selling your own information products. Most people don't realize the value of what they already know. There is money to be made in the subjects about which you know a lot, and others know very little. Choose your topic carefully, and you could easily become wealthy. Think about the topic areas that have already created fortunes for information marketers:

  • How to make money
  • How to save money
  • How to save time
  • How to lose weight
  • How to gain muscle

… I think you get the idea. So how do you pursue this particular method of making $5000 per month? Just start brainstorming your own interests, talents, and gifts. You're looking for a topic that has three “intersection points”:

  1. Your talent, skill, or knowledge
  2. What other people are interested in
  3. What other people will pay money for

Once you have zeroed in on a topic, here are the steps to take to get your online information marketing business set up:

  • Research the viability of your product.
  • Scope out your competition and create the premier product in the topic.
  • Create your product.
  • Set up your website. (At the very least, you need four pages: the value invitation page, the value delivery page, sales page, and the product delivery page)
  • Set up your follow-up system.

2. Find great bargains and resell them. This is one of the fastest ways to make money online, most people overlook it. That's because it's not glamorous. But if you can find great bargains on physical items, you can resell them on eBay or craigslist at a substantial markup. There are many, many people who make much more than $5000 a month selling boring items on eBay.

3. Focus on providing a service. In my opinion, this is the fastest and easiest way to start making money online. Figure out what skill comes easily to you (copywriting, Web design, technical stuff like setting up blogs, etc.) and offer those services to other people. This is the online version of a lawnmowing business. There are plenty of people who have more money than time, or more money than skill, and they are willing to pay very good fees to people who can do this kind of work for them. This is a great way to get started.

4. Fix and flip existing websites. This can be a lot of fun, and the concept is pretty easy to understand. Just like the TV show, “Flip This House”, you are simply looking for property that is undervalued. You want to find a website that offers a good product, but does a poor job presenting their product. A website that, with a few tweaks to the look and feel, and the sales copy, you can improve significantly. Then you can either choose to continue raking in the money from that website, or you can sell it to someone else at huge profit.

5. Finish old projects. Many marketers and entrepreneurs I know have a lot of “partially done” or even “mostly done” products or websites languishing on their hard drive. What if you just picked a week, blocked out your schedule, and vowed to finish those projects? Get that last 10 to 20% of the work done, and get them online? For many people, simply finishing the projects you've already started can automatically push you over the $5000 per month income level.

There Are More Possibilities

These are only five ways to make $5000 per month. There are dozens upon dozens of other ways to do it. These may not even be the top five ways (although I did try to select them based on the criteria). Certainly, different people will have a different way of deciding what the “top five ways” might be.

My point in doing this week's podcast was really not to convince you to use a specific method, but rather to open your eyes to the possibilities that are already there.

Are You Stepping Over Money?

Sometimes I feel as though people are walking around, crunching under their feet a three-foot layer of silver dollars, and whining about not having any money. My whole purpose is to get you to look down, see the money on the ground, and start scooping it up.

Think about Jake. A supremely qualified professional, who every day has dozens of people, perhaps hundreds of people, placed their lives in his hands with total trust… Yet he could not envision himself making $3000 a month. I think we can agree his challenge was not in a lack of skill, it was in the lack of belief and direction.

Hopefully, you now have both. Now go change the world

Listener Calls

We heard from these  listeners this week.

Your Feedback

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Ray Edwards is a world-renowned copywriter and communications strategist, writing for some of the most powerful voices in leadership and business including New York Times bestselling authors Jack Canfield and Mark Victor Hansen (Chicken Soup for the Soul) and Tony Robbins. Ray is a sought-after speaker and author, hosts a popular weekly podcast, and blogs at RayEdwards.com.