On the first on January 2018 I started with £250, today my current balance is £206. This may seem like a backward step, but I did invest £84 in my blog around the 3rd of the month. In the past two weeks, despite the losses I incurred early on, I have earned approximately £40 in profit from trading stocks. If I’m honest, I’ve hardly traded at all in the last five days as I have been working on and researching other things. I’m not worried that I won’t meet my target as I am laying the foundations for the things to come. One thing I can tell you, is that it is difficult to find the time to fit everything into a day! But, I feel that I’m making good progress.
Ideas are coming to me faster than I can write them down, I’m certainly not lacking in that department. I have a few with great potential but, like most of my ideas, it’s going to come down to the execution. I have no experience whatsoever in many of these areas, so its going to be very interesting!
One area I have been researching is the monetisation of my blog; a no brainer really. I have several ideas for this, one of which was to include an Amazon banner in the footer of the blog. However, WordPress have other ideas as they do not permit the use of certain html tags for security reasons; WordPress do however support Ad Sense. This is an area I’ll look into, but one things for sure, I don’t want lots of ill placed adverts; one or two maybe. The biggest issue with Ad Sense seems to be the lack of control over what is advertised; this is something I don’t like. It’s a shame that WordPress can’t come to some sort of agreement with Amazon, but there we go… (I’m not talking about affiliate links here; I’ve seen some very clever uses of them on a few posts this week).
If I am going to hit my target, I need to generate as many income streams as possible. They don’t all need to generate massive amounts of income; they just need to generate something. What really changed my perspective on this, was a YouTube video in which Bob Practor discusses the three strategies for earning money, M1, M2, M3 (6:48 to 10:15) and the principle that income streams of different sizes are all added to your bank account (13:32 to 14:04). The video is a bit salesy in parts, but if you stick to the parts I’ve suggested, you’ll be fine.
I know that I’ve been a bit cryptic on the ideas front, but many are in their infancy. Once I’ve got them up, running and working, I’ll share them with you.