Do you have a pension? If you do it may not be any good!

Pensions are all over the news these days, about how, we will have to work longer to get a pension, that there is not enough money in the government pension pot to cover everybody! The picture of the paper is typical of the pension crisis that is gripping us today.

Apparently over 50% of 40 year olds (including me) don't have a pension, or have a plan (thankfully I do) for the future and are relying on the government for their retirement.

If you're 40 now and have no pension, you need to be saving £800p/m now to get a pension of £1000 p/m when you're 65. This is where I got my information from http://www.pensioncalculator.org/#SelectPension

Even if you do have a pension when you do come to draw on it it may not be any good anyway, if the pension fund is still around.

One thing is for sure, we're not going to be able to rely on a government pension when we do come to retire and we need to find a way to have an income we can rely on in the future.

What ever your plan is I hope it works out for.


To your success
Paul


This is my pension plan, and I plan to retire before 60 years old

PS I'm not a financial advisor so do not rely on my posts as financial advice.

Earning an income from affiliates

Earning an income from affiliate marketing is a great idea for not only the person who has affiliated themselves with a business but also the business itself, it's also a simple idea. 

Why would it be great for you?

Well first off you can earn an income without having a product or service (except that your service is marketing to the business or businesses you've affiliated with). You sell the products and/or services of the business and once the sale is made you then get paid commission on that sale. If you are using the internet to market the products and services, essentially you can earn an income while you sleep as the internet and your website never 'close'. Of course their are no fixed targets or time that you have to work either.

How it works:

You can sign up to any businesses affiliate scheme for free via their website, you'll then be given a unique URL or web address such as www.affiliate-company.co.uk/yournameorid you copy this ID or banner onto your website so that the business can track who the prospect customer has come from and who to pay the commission to. I affiliated to a few sites including Amazon which you can see in the books and audio section of this blog and in the useful links section too. 

Sounds easy right, well maybe but you do need to put in the work on a relevant website that people will want to go to and then spend time on, so you'll need a site that has value to people and that they'll keep coming back to, they then need to click through and buy the product or service, which means you essentially need to get thousands of visitors to your website first and on a regular basis.

This is all better for businesses that run an affiliate scheme because they've spent no money on marketing and it's cost them nothing until the sale is made, as opposed to traditional marketing or Pay Per Click (See last post). This allows a business to have a lower price for the product or service than a competitor as they now have a fixed cost for growing the business (assuming this is their only route to market) or to earn a bigger profit if they keep the price of the product or service the same. So if you are already running a conventional business it may be worth considering running an affiliate scheme alongside your other marketing activities.

To your Success

Paul

So where am I in my Journey?

While I've read a bit on wealth and wealth creation over the last few years, really I'm just at the start and still learning and looking for a means to become wealthy. 

I believe that it is easy to make money and become wealthy which differs to the common held belief with wealth.

I started an electrical business back in 2005 and employed people too but totally lost heart in doing it in 2008 and then got into debt in 2009, while I still run the business, I do so with a view to closing it in the future or selling it on. At the end of 2008 I joined a Direct selling/ Multi Level Marketing business (see last post) and have been growing that ever since and I'm currently doing a NLP (Neuro Linguistic Programming) Master Practitioner  Certification and I'm currently working to get a business off the ground in that area.

The goal is to then create other income streams and some ideas are to write some books, set up affiliate websites, savings, investments and property.

Whatever happens I hope you'll enjoy following me on my journey and find tips that help you on your journey to wealth.

To your wealth

Paul

Multi Level Marketing Business

In 2008 I joined a business industry called Multi Level Marketing (MLM). MLM comes under different names such as Network Marketing, Relationship Marketing and direct Selling. Companies use MLM as a route to market rather than advertising on TV, radio and papers and magazines which can be expensive. Entrepreneurs who become involved in MLM become what is know as distributors to sell the products and services of the company they are then compensated for doing so. They also find and recruit other people who want to do the same and build a team they are then compensated for doing that too. 
By doing this the costs of the company are reduced as the cost of acquiring a customer is known because the distributors do not get paid until a sale has been made as opposed to advertising where the cost of a customer is not known until the sale has been made, therefore the spend that would normally be spent on marketing is shared between the distributors of the company
By building a team a distributor can build a residual income so whether they work or not they still get paid.
Unfortunately some people who join an MLM business believe it to be a get rich quick scheme and think that they will not have to put in effort to build their business, they then blame the business when they fail instead of their own laziness. It does take time effort and commitment to build an MLM business as it does any business and the rewards for those that do are great, more millionaires have been made from the MLM industry than any other.
MLM is a great way to build your wealth but to be truly wealthy do you need to have millions in the bank or would an income of £2 or £3,000 coming into your bank account every month just like when a writer gets paid a royalty for writing a book or singer for writing a song be okay?


Paul




PS. See more about my MLM business here