Choose a scalable profession to become a 'Crore'pathi ( Karod pathi)*

If you have been wondering " Why I am not getting rich as fast I should?" or " What is left with me after slogging for hours @ business / office ?" or " What is stopping me from getting stinking rich?" ( What should I do to become a crorepathi or billionaire/millionaire) , here is probably a dimension which can answer your question at least partly.

Taleb ( NNT) in his book ' Black Swan' talks about scalable career.Taleb narrates that "one of his fellow Wharton classmates explained to Taleb that in looking for a career, make sure that it is "scalable"".

What he meant by this is to look for a profession where you are not paid by the hour and therefore are not subject to the limitations of the amount of your labour. This definitely is an interesting point of discussion.

Say, a doctor is paid by an hour. His physical presence and an "one on one" attention to a patient is required to earn money. This is not the case in case of an actor or an author. Their output ( movie or book) can be easily scaled up multi fold which can make them earn money.

In other words, A scalable career or business is one that can grow at an extremely rapid pace, with roughly a base input from the people working on the business. For example, for each user a software or a web site not be recreated . Once a software ( or an app) is created , it is scalable.

Not that, if you are not in scalable business you cant get rich. It takes a long time and there is a limitation of non-scalability!

Here comes the catch

"A scalable profession is good only if you are successful; they are more competitive, produce monstrous inequalities, and are far more random with huge disparities between efforts and rewards -- a few can take a large share of the pie, leaving others out entirely at no fault of their own."

An average person can be successful in a non-scalable career. But only few ( lucky!) can be successful in a scalable business or career.

So, if you have an option and requisite guts, choose a scalable career to become rich.

* article originally published in ideasmoney.

Multiple sources of money - ONLINE

Here's an excellent article about making money online. Unleash the potential of twitter, face book, YouTube and blogger!

http://economictimes.indiatimes.com/personal-finance/savings-centre/analysis/how-to-make-money-online-using-platforms-like-facebook-youtube-twitter/articleshow/10531927.cms

Make money work for you *

* article originally published by the same author on ideasmoney. Copyright reserved.
Investment should be the first expense that we do every month. A sound investment made is going to multiply itself and work for us in the long run. So, the strategy of earn, invest and then spend should save us during the rainy days. Financial independence can be easily achieved only if we start this habit early.On the contrary , if we get into the habit of taking loans for our lifestyle shift/wants early on and start living on EMIs , your finances may be strained in the long run. In the article Power of postponing consumption this was illustrated with some example.Last week I happened to bump into a person who had cultivated the habit of investing regularly during his early years. He had been investing in a fund through SIP and this was long back in 97-00 before he left to US. When he came back in 2007 ,he didn't bother even to check the money in that folio (leave aside the question of withdrawing!!). When he wanted to upgrade his car this month, he thought of checking his portfolio and decided to sell his MF units. The market is down now and most equity fund NAVs have fallen by 30% since Jan'08. But when this guy decided to sell, he could finance his car fully by selling 70% of his units and the value of remaining units was almost 3 lakhs. He was surprised by considering the fact that he had invested only 1/10 th of the current value during the investment period.This awesome performance of equity may or may not get repeated in future again.But it is definitely worth investing and reaping the benefits manifold rather than just thriving on EMIs. This guy got a car ( worth almost 7 Lakhs) out of just 70,000 which he invested a decade ago and left with some good money too!!On the contrary lets look at a person who buys a car on EMI. he pays almost 15% as interest. By making money work for you ..you tend to gain in the long run. But this rquires tremendous patience and a systematic approach.

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Know your finances *

*published in ideasmoney

When I was talking to a couple of my friends/colleagues , I got great surprises .
Person A was telling that he had never claimed his medical bills ( 15,000 Limit) in his entire career spanning more than a decade. Not that he wasn't aware of it, but he didn't care to take time to submit claims.
Another one said, he never bothered to withdraw/ transfer his PF from his previous employers. He is with the present employer for six years. He says he doesn't understand finance nitty gritties to do this!!!
In the same way, many succumb to buying money back policies or ULIPs as 'Investments" because they do not do enough research.
Another friend of mine doesn't stretch himself to transfer his funds from his savings account to an 80C instrument and ends up paying extra tax every year.
In none of the cases, this is happening because they can afford to do away with their money. It's because they fail to take that small initiative towards understanding an instrument or making an effort to being aware and acting in time.
Know your finances , if you plan to earn a crore in the long run.

MSI can do the trick

If you have been struggling to generate revenue from your site ( despite having decent traffic), you should try multiple sources to advertise .

Apart from context based text advertising and referral ads, you can also try tying up with niche advertisers related to your line of blogging. These niche advertisers pay premium rates when compared the text based contextual advertisers. You can also try getting some local advertiser for your site/blog.

Although going with multiple advertisers can boost your income, it is important to check the terms and conditions of ad providers wrt multiple advertising before you enroll.

if you do that MSI is the way to go!! (MSI ~Multiple Source of Income )

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Another source of ad revenue

If you are looking forward to increase you web ads revenue channel , you can use

bidvertiser

to publish ads on your web page.

All you need to do is

1) Create a Bidvertiser account (which Will require your paypal enabled email id)

2) Create a paypasl account with your email id.

3) Money gets transferred to your paypal account when your earnings exceed $10.

4) Paypal has facility to transfer the balance to your bank account ( including Indian publishers).

Click herto get your bidvertiser account

"Key words",KEY to growth

When you intend to drive more traffic to your site/blog, analysing and understanding the key words in search engines that divert traffic to your site is very important.

How to find out the "key words" that lead traffic to your site?

When you have code from visitor count sites like "statcounter" on your site, they help you to keep track of the traffic to your site. Most of these stats site also provide with info like " Keyword Activity" or " Key words list" ( "Search word") that led users from search engine to your sites.

Keep track of these key words to enrich your content. you can get a lot of clues as to what users of the web look for and ad content that is related to the search. you can also extrapolate the search keywords yourselves to add new ( and relevant) content to your site.

"Key word " analysis can be a key to drive traffic to your site. More traffic means more money!!!

Growth potential of internet connections in India

India to have 20mn broadband connections by 2010.

Read the story from the link above. It cant get any better or bigger for those who earn through web sites/ blogs. Web Advertising is also growing in India at 50% CAGR.

This is a great time to be a part of the web advertising industry. Mobile based content advertising should be equally set for growth given the level of mobile penetration in India.

Investing in equity without risk

I have seen many people who are scared of investing in equity either directly or through mutual funds. This is mainly because of the fear of loosing capital or at times due to low understanding of equity as an investment instrument.

You can create a debt portfolio plus a equity top up in this case. This will give
100% protection to your capital amount invested.
Will help you increase your returns through equity.

How can you achieve this.

Alternative 1

You can choose to invest the amount you have in a Fixed Deposit and opt for a monthly or Quarterly interest payout option.
Alternatively you can also choose to invest in POMIS ( Post office monthly income scheme) which pays out monthly interest rate.
You can invest the interest so earned in an equity mutual fund through the SIP (Systematic Investment Planning) route.

Alternative 2

Suppose if you have Rs X with you now, you can invest such an amount in an instrument like F.D/ NSC for a period, say 5 years. You can invest amount X-Y in F.D/ NSC such that you will receive Rs. X on maturity. The remaining amount (i.e. Y ) can be invested in Stocks/ Equity/ Balanced fund based on your convenience.

Thus you can use equity as a top-up and sleep without the fear of loosing your capital.

article originally published in http://ideasmoney.blogspot.com (investment strategy where you dont loose money)

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Blogging as an income source - getting popular?

It seems blogging is not only getting popular as a communication tool but also as a revenue generator.

Around May '07, 'Money Today, had come up with a special edition on online money making ideas ( which included blogging) and now the latest edition of 'Outlook- Money ' talks about people who earn money through their blogs.

This is turning out to be a hobby cum income option. But it's easier said than done. It takes time to establish the brand and content fro your blog . You also need great patience before your blog can start giving any serious returns to you.

so, consistency and Patience are the key to success. if you have a blogging success story to share do write to us.

Increasing traffic to your blog

When it comes to ad revenues through blogs and web sites..there is key question.

How to increase traffic to the blog /site? ( How to make more people visit or see my blog/ Web page.The ad revenue is going to be mostly in direct proportion to the visitors your page gets)

1.Always choose a topic for the blog based on your interest. When you do something that you like , you are going to do that exceedingly well. This will ensure that you write frequently on the web page.

2.Choose to write using all possible and diversified jargon and words on your area of interest , so that your blog gets more hits on the search engine.

3. Do visit lot of web pages / blogs that are in same areas of interest. Exchange comments on such sites frequently.

4. You can request for mutual links with blogs of similar interest.

5. Ensure your content is of great quality. ultimately "CONTENT" is the KING.

6. List your blogs in the blog directories available on the web with right key words.

7. Use effective keywords as labels wrt. the area of your blogging.

8. Be patient .... Rome was not built in a day.

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Adsense revenue

if you have been wondering, whether you can make serious money by blogging and selling space for ads.....you should look into the following link.

it would require a lot of dedication, great content and of course enormous hard work & patience.

You should ideally start and try things on a part-time basis before you jump into taking this as a main source of income.

http://www.johnchow.com/index.php/the-internets-biggest-google-whores/

This link is truly inspiring..

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Start investing early to use the ' power of compounding'

Article originally published in ideasmoney

"Compounding interest is the greatest mathematical discovery of all time". Albert Einstein

There is a story about an Emperor of China who was so excited about the game of chess that he offered the inventor of the game one wish. The inventor replied that he wanted one grain of rice on the First Square of the chessboard, two grains on the second square, four on the third and so on through the 64th square. The unwitting emperor agreed to the modest request. But two to the 64th power is 18 million trillion grains of rice - more than enough to cover the entire surface of the earth. The Emperor, realizing that he had been duped, had the inventor of the game beheaded.

So what should we do to take advantage of the power of compounding? 1. Plan our future needs and investments in advance to take advantage of compounding. 2. Let the power of compounding work by never withdrawing from the investment. 3. Start as early as possible to give “compound interest “ enough time to work. See an example to understand the need for starting early and make the POWER OF COMPOUNDING work for you. A and B want to retire at the age of 60 years. To take care of his post-retirement requirements, A invests a total amount of Rs. 35 lakhs towards his retirement corpus. On the other hand, B invests a total of Rs 50 lakh towards his retirement. Despite investing less, A accumulates Rs 298 lakh, compared to B's accumulation of Rs 216 lakh. This was possible because, A had TIME in his favour. He began investing a sum of Rs 1 lakh p.a. earlier, at the age of 25 years, up to the age of 60. B, to compensate for lost time, saved twice the amount invested by A i.e. Rs. 2 lakhs every year from the age of 35, till the age of 59 years. But he couldn’t match up with A because he did not use the power of compounding for long.

So, start investing early and use the power of compounding . This will ensure you earning a crore faster!!

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Web Advertising - going to be the future??

With millions and millions joining the Internet bandwagon , Internet penetration is growing in a geometric proportion.( esp in developing countries like India).

Millions of web pages and blogs get added to the net everyday. Blogs have given the common man the ways and means to express his thoughts to the whole world. With increase in activities over the net, advertising on the net is also taking a new dimension.

Advertising over the net has significantly improved over a period of time. As we browse through the Internet, we find more and more pages display ads of some stuff or the other.

If this trend continues.....Web Advertising will take a bigger dimension in the years to come.

If you are keen to make your crore , Web Advertising may be the right channel for you. !

You can use ready made advertisement channels to occupy your hot real estate spaces ( read as web pages or blogs).

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