How To Make Good Money In Terrible Times
November 22, 2008
Can good money still be made in a bad economic climate? I believe it can. But you have no chance of making good money, if you move from one crazy get rich scheme to the next.
And if money from your job is the only money coming into your home, you’re putting yourself at a massive risk. Both small and large businesses are struggling to make good money in this recession. And things are going to get much worse, before they get better.
Of course, if you have a good job which brings in a decent amount of money, I’m not suggesting that you give it up. But it’s definitely worth looking at these 3 ways to make good money, so you’re not reliant on one income stream:
Make Good Money Selling To The Super Rich
According to a New York Times report, the rich still spend money in a recession. And you may not be able to afford to set up in business to supply them with luxury yachts, or cars. But you could make good money by acting as a go between, connecting buyers and sellers.
This would be far easier if you already have good business relationships with ultra rich people who have mountains of money. If you don’t, it will take a good deal of time to establish such relationships.
Make Good Money By Selling Small Luxury Items
In The Lipstick Indicator To Great Wealth, Evelyn Lim explains that small luxury items not only sell well in a recession, the prices go up. It’s all about folk wanting to feel good, while spending a small amount of money.
Now, I’m not suggesting that going out and buying a lipstick, or some cheap fashion jewellery is going to help you make money. But you could make good money by selling it to others. You could sell it through party plan, or network marketing.
I tried party plan years ago, with the Body Shop. And it was ok. But you do have to fork out for a whole heap of their demo products to show folk at parties, so you’ve got to be seriously committed, if you want to make cash that way.
And I haven’t tried network marketing myself, but many people rave about it. And the WAHM message boards provide a whole heap of info on network marketing opportunities. Again you usually need to invest money upfront, in the company’s products. And you have to be willing to recruit others if you want to make good money, so you would need to feel confident about doing that.
You don’t need to pay money upfront to sell luxury items through affiliate programs. PepperjamNetworkis free to join and it enables you to partner with several leading brands who offer small luxury items. And, if you’re not used to affiliate marketing, Rosalind Gardners Super Affiliate Handbook will show you how to get started. The only downside is that Rosalind’s methods rely heavily on Pay Per Click advertising, which is great, if you’ve plenty of spare cash to start a pay per click marketing campaign but not so good if you don’t.
Make Good Money From Multiple Streams Of Income
I’m a big fan of the idea of creating multiple streams of income. It is dangerous to put all your eggs in one basket, as I discovered earlier in the year when I lost a huge amount of money on one business.
Some of the world’s most successful people made money by creating several streams of income. Felix Dennis, who is worth several hundred million dollars, created many different streams of income. And he didn’t begin to make huge sums of money, until he’d built around 20 different income baskets. If he’d focused on just one thing, he’d probably still be broke.
Naomi Dunsford believes that you’re putting your family at risk, if you rely one one income stream. And she went from being in debt to making over $176,000 in the last ten months.
She made that money from six streams of online income, including niche affiliate sites and selling her own products and services. And she is now running an Online Business School, to teach others how to make good money online, with six different streams of income.
Naomi’s course is not some crazy get rich scheme. It’s a practical business course which will show you exactly how to make money online, using six different methods. And she’s offering a 50% discount to the first 2000 people who enrol on the course.
Out of all the methods to make good money that I’ve mentioned so far, this is my favourite one, because you’re spreading your risk. And even if only two out of the six ideas do well, you’re still going to make good money. But don’t just take my word for it. Go read more about what’s included in Naomi’s Online Business School and listen to the free video and audio’s explaining some of the methods Naomi and her clients have used to make good money online.
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16 Responses to “How To Make Good Money In Terrible Times”
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16 Responses to “How To Make Good Money In Terrible Times”
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Good stuff Cath! And a good reminder that just because we here that the economy is bad - it doesn’t have to deter us form going after what we want.
I’m in on the Online Business School - and this reminds me that I have to actually look at it now!!
Lance’s last blog post..Don’t Worry, Be Happy
Hi Cath - it’s been a little while since I had a chance to visit your blog. Great article, since the notion seems like a contradiction, but it’s indeed possible.
At times like these, it’s good to choose a business that is recession-proof. For example, they say nothing is certain except death and taxes, so a business in the health care or in tax accounting will always have some level demand.
Another tactic is to spin the product or service being sold. “You want to buy my product because it will *save* you money overall.” This tactic works in both good and bad economic times. It’s very helpful when you help the buyers with a smart purchase.
Al at 7P’s last blog post..Guest Post at Write to Done
Hi Cath. Thank for sharing another brilliant bit of information!
The Online Business School program sounds interesting. I may sign up if I can find out how much time needs to be set aside or how flexible the course is. I have to know that when I receive the contract work I’m seeking, that I will still be available for my clients while I’m doing the program. In my line of work it’s hard to predict when work will drop in.
I’ve sent Naomi an email, but while I’m waiting for a response, if anyone else has that information I’d love to know. Thanks.
Davina’s last blog post..Small Steps To Empower Your Attitude
Hi Al - I’d heard the death and taxes thing. But I have to wonder, with so many businesses going bust, if accountants won’t suffer too.
Helping folk save money in times like this is a great idea. I know I’m definitely welcoming any money saving tips right now.
Hi Davina - Now I feel a dope for forgetting to mention this to you already, as the course would no doubt be a huge help to you right now.
I’m not sure how much time it will take - but I’m sure you can work at your own pace. And I guess the time taken from just making silly mistakes justifies the time spent on the course.
Hopefully Naomi will get back to you soon and advise. I think she received something like 600 emails with questions, when she first launched the course.
Did you watch the video and listen to the audio’s yet? I’ve been going through them and the info she’s sharing in the free stuff alone is awesome.
Multiple income streams makes enormous sense, Cath. I’m encouraging a few of my clients to do exactly that right now. A couple of them are giving away ideas they could charge for by developing a consulting arm of their business. I wonder if we all have a new business right under our nose but are too close to see it?
Brad Shorr’s last blog post..What Are You Thankful For?
I really liked Naomi’s course too. I had not really thought about the idea of having multiple streams of income before.
I am surprised that my business and business for other intuitives I have spoken to, is really booming at the moment. Perhaps it’s because people are seeking reassurance and in these times. So perhaps another idea is to offer people something which can bring them insight, comfort and reassurance.
Anna Conlan ~ Healing and Insight’s last blog post..Living Fearlessly
Hi Brad - You’ve brought up a really good point there. I’ve been thinking over the last few days about the very thing you mention - folk giving away stuff they could charge for. And I must confess, I have been doing it myself. But that is going to change soon.
Hi Anna - That’s great - it sounds like the course has opened up a whole new world of possibilities for you.
I also noticed that folk in your line of business seem to be busy right now. More people seem to be learning about the popular services available, such as akashic record readings.
And as you say - folk want comfort and reassurance right now, so being in a position to offer it will definitely pay off.
Cath Lawson’s last blog post..How To Make Good Money In Terrible Times
Hi Cath. You’re not a dope… you did mention it to me in an email a day or so ago. I was the dope for not following up sooner
This post was the nudge I needed. I did listen to the video and the interview. I promised myself that I wouldn’t make any snap decisions before doing that. Thanks.
Davina’s last blog post..Small Steps To Empower Your Attitude
Hi Davina - That’s ok then. I remember mentioning you adding extra stuff aside from your coaching - but I couldn’t remember what I said. But this has just reminded me of something else I need to send you.
Definitely listen to the video and the interview with Clay.
Cath Lawson’s last blog post..How To Make Good Money In Terrible Times
Hi Cath - I’ve been thinking about signing up for this. And even though I’m increasing my income streams I’ve been hesitant to spend the money. Your post just pushed me to do it and I signed up.
Kim Woodbridge | (Anti) Social Development’s last blog post..By: Jim
I am just starting to think about affiliate marketing to add some income streams. Thanks for the info…
Jim Gaudet’s last blog post..Managing Application Servers with WSUS
No one needs schools or books to teach themselves how to learn the way of the “money”. As long as you’re dedicated to what you do, you could definitely achieve it
-Mike
Hi Catherine - Your advice about not putting all of our eggs into one basket is dead on. Diversification is key.
Barbara Swafford - Blogging Without A Blog’s last blog post..NBOTW - An Explorer Of Life
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