The new way….

• Working for the same company for 30 years and living off a company pension and social security in retirement is the old way of life.

• The new way is to live off multiple income streams to increase wealth and improve your lifestyle.

• This short presentation details some methods I have used to achieve multiple income streams.

Bob Schmidt April 7th, 2014 Copyright 2014

Keep your day job (for now)

• Everyone has dreams of working for themselves but don’t leave your job until you are receiving enough income from your multiple income streams to replace your paycheck.

• Also make sure you figure in the employer benefits into your income calculation (like insurance, 401k, etc.)

Bob Schmidt April 7th, 2014 Copyright 2014

Take your passion to the Web

• Obtain a domain name from www.GoDaddy.com.

• Use a hosting service like www.hostgator.com to host your website.

• Learn WordPress and develop a website around your passion.

• Your passion could be a hobby or based on your industry knowledge.

Bob Schmidt April 7th, 2014 Copyright 2014

Become an Amazon Affiliate• Sign up to become an Amazon affiliate (its free).

This allows you to add links of Amazon products on your website and if someone clicks on the link and purchases something from Amazon, you get a percentage. https://affiliate-program.amazon.com/

• Check out some of my affiliate pages.– www.hitch-n-plow.com– http://inventorsworkshop.us/books– http://inventorsworkshop.us/amazon-inventor-tools – http://uavpropulsiontech.com/quadcopters – http://bobsbeerblog.com/amazon-beer-essentials/

Bob Schmidt April 7th, 2014 Copyright 2014

Invent Something

• Invent a product. Everyone has great ideas but few people make money off their inventions. Develop and patent your product and try to license (to collect royalties on items sold), sell the design outright, or start a business selling the product.

• I have done this and you can learn how to do this too at www.inventorsworkshop.us.

Bob Schmidt April 7th, 2014 Copyright 2014

Write a book• Anyone can self publish these days. Amazon Kindle is

the biggest. Search for books on Kindle publishing to get started and write about something you know. Self help books are real popular and allow you to make money in your sleep. Go to: https://kdp.amazon.com/signin for more info.

• Other options are www.smashwords.com and Barnes & Noble (www.nookpress.com) but I would start with Amazon.

• Go to www.schmidtproducts.us for more details on my “Inventor’s Workshop” eBook or www.marnieschmidt.com for more details on my wife’s book “Tribal Knowledge”.

Bob Schmidt April 7th, 2014 Copyright 2014

Sell Something

• Selling products for commission or for profit is a great way to earn extra income.

• You can become a sales rep for a company to market products on your website or through direct sales marketing.

• Most of my income comes from my independent sales rep business where I market products and services from Australian and German companies for the UAV/Drone market. My website for this is www.uavpropulsiontech.com.

Bob Schmidt April 7th, 2014 Copyright 2014

Create a following• Use social media to create a following to build

credibility in your product, service or knowledge. • I use Twitter to promote my UAV business.• Create a Group on LinkedIN. My wife created LeanISO

waste warriors to promote her Lean Six Sigma consulting business.

Bob Schmidt April 7th, 2014 Copyright 2014

Start a PodCast

• A PodCast is another great way to create a following, build credibility as well as monetize your knowledge.

• I have not done this yet but do listen to PodCasts and follow John Lee Dumas who does a daily PodCast “Entrepreneur on Fire” and he makes over $100k/month. Check out www.eofire.com

• He is now marketing his podcast expertise via his podcasters paradise product: http://podcastersparadise.com/

Bob Schmidt April 7th, 2014 Copyright 2014

Rent out Real Estate

• Do you have a second home (vacation property) that you don’t use as much as you would like? Try renting it out to help cover your costs and make a little extra money.

• We have a property in Michigan that we are now offering weekly rentals on during the peak summer season. Check out the website at www.sandy-spring.com. We set this up on our own but you can also use a service like VRBO.com (vacation rental by owner).

Bob Schmidt April 7th, 2014 Copyright 2014

Start a YouTube Channel

• YouTube is a great resource to drive traffic to your website.

• Create content that gets viewed and add your website links to the video that allows people to click and go to your website for more info.

• Search YouTube for instructions on “annotation” which allows you to add website links to your video.

• Check out my YouTube Channel: https://www.youtube.com/user/schmidtproducts

Bob Schmidt April 7th, 2014 Copyright 2014

Sell Content While you Sleep

• Create content that you can sell automatically using a “buy now” button 24hrs a day.

• This could be an eBook or some other content (like an Excel Spreadsheet).

• Use a service like www.ejunkie.com where you upload the content and create the “buy now” buttons for your website. Payment and delivery of content happens automatically.

Bob Schmidt April 7th, 2014 Copyright 2014

Summary

• These are some methods I have used to create multiple income streams.

• They won’t generate income overnight but over time they can provide supplemental income to your “day job” and depending on your success you can potentially quite your “day job”.

• Good luck in generating multiple income streams.

Bob Schmidt April 7th, 2014 Copyright 2014