Yesterday I turned 29 years old and it got me thinking. This is potentially my last year as a 20-something. That is of course unless some unforeseen circumstances take place. Well here’s to hoping that everything works out.
Besides that a lot has happened since my last post.
For the last 6 months or so I’ve been working on achieving the dream of full-time passive income. You know, sleeping while making money. Partying while making money. Eating dinner with your girlfriend while making money.
Of course this does require a lot of your time in the early stages. I’ve decided to continue to focus on Farangdam as a resource for teachers who want a personal take on teaching ESL while being black in Thailand. This website is for us to ask and give our honest opinions on Teaching English in Asia, mainly Thailand.
I will however start to cover more broad topics such as flights, travel good, hotels and much more. I do fear this will dilute the quality of the content on this site, but I won’t know until I try. Besides, writing about racism in Thailand all the time is a drag. I got that off my chest a few years ago and to this day it seems the article still helps people better understand what they’re signing up for.
I’m humbly passing the torch to Bestonlinetefl.com. These guys are thorough and provide legit, informational reviews on online TEFL courses.
They recently did a 2018-2019 article, which is fantastic if you ask me and worth checking out.
If you are interested in taking an online TEFL course I would recommend you visit best online tefl before signing up for any course.
I am a MyTEFL.com partner and all readers of Farangdam get a 35% discount on their course ($299 – 120hours). Just use the coupon code: FARANGDA at checkout and you’ll get a 35% discount off the $299 price.
Enough promoting though…Everyone hates to be marketed to…Or at least they hate to feel like they’re being marketed to. Just take it as an option and if you feel like you’re ready to become a TEFL teacher and MyTEFL speaks to you then make sure you save that money.
I’ve been falling in love with eCommerce lately. It’s actually been kicking my ass to be honest. This past year my first store did $46k in revenue! Now this may sound like a good lot, but it’s actually not. Seeing how some people make that in one month, even 2 weeks. Still at the end of the day I’m quite happy with my accomplishments.
As anyone in this industry knows, there are a lot of people who think they can start a website and the money will pour in. This is when a lot of people realize that it’s not as easy as first thought and close their stores never selling anything.
I did a post a while about about how I made $1.3k revenue in one day. It’s easy to talk about your successes, but what about the failures? During November to December 2016 I only sold 1 item! I mean damn…I was planning on giving up and going back to other forms of internet marketing. I stuck with it and although I’m not where I want to be I do enjoy the side income this business provides.
Ecommerce Vs Affiliate marketing
Personally, it’s a matter of preference and overall goals. There are some affiliate websites that easily pull in +$20k per month. This is a ridiculous number and is most likely achieved with a large investment of time and money. Now, with that being said, affiliate marketing is by far the most passive form of income in my opinion.
- your work is there forever. It can always accrue commissions once created.
- If you got a top spot in google then you can expect to have it for a while. This means easy money for you
- The value of your website increases exponentially once you start getting commissions.
- Location independence, meaning you can live anywhere in the world and your income is unaffected.
- You can run a potentially full-time income affiliate website for as little as $40 (or less) a year.
- Takes a lot of time in the beginning. This is especially true if your only form of reach is through SEO. This can take 4-6 months!! If you don’t understand how to run ads then you can’t expect much for at least a year.
- Not as easy as it seems. There is an art to affiliate marketing that has long been forgotten. Some people create websites and feel very accomplished. Little did they know that’s the easy part. The hard part is creating an article formed for the user in the “buy mode” mindset.
- Competition can be fierce and payouts are usually small.
- You’re never quite 100% sure if your affiliates are recording all your commissions. Sadly this is the biggest problem with affiliate marketing. There are 3rd party platforms that do the mediating between the merchant and affiliate, but even then their systems aren’t perfect.
- You are 100% in full control of your business. Sales, coupons, promos, etc. You’re truly the captain of the ship.
- Less creative input in content required. It doesn’t require so much more unique content as opposed to an affiliate blog about soccer cleats. Most of the products being sold on your eCommerce site already have a unique audience looking for just that.
- Potential for overall profits blows affiliate marketing out of the water. It can also happen in a much shorter time-span.
- Once again like affiliate marketing you can be location independent with a little pre-preparation.
- I would not advise anyone to get into eCommerce until they have a thorough understanding of Google Adwords and Facebook Ads. It’s like trying to shoot a bulls eye in the dark.
- Requires more attention than affiliate marketing. This is even more true if you sale high-ticket items on your website.
- Angry customers will make you think the world revolves around them.
- Start-up and maintenance cost exceed that of affiliate marketing. While i spend $40 a year on my one of my niche blogs. I spend $40 in 1-2 days of advertising on google.
How did I get into this?
Well after my 2nd year teaching in Thailand I realized that the room for growth was non-existent. You’re constantly told that your 35,000-40,000 baht per month salary is huge compared to what locals make. I lived on the outskirts of Bangkok and on a good month could save about 5,000 to 8,000 baht. Which isn’t much at all and to achieve this I had live very frugally.
I loved living in Thailand, but some things were off. I didn’t want to be one of those for the travel experience teachers and head back home. Figuring out how I could increase my income to at least $5,000usd per month was my goal. With that I could envision a long-term future in the land of smiles. One that was independent of my past employers control. Having multiple streams of incomes does a lot for your peace of mind and overall well-being:
- your side income frees you up and makes your spending options more flexible.
- you’re not so stressed at work knowing you got other things bringing you cash. This was a big one for me.
- It can grow like a wildflower that requires less effort as time goes on.
So I started my first website and after about 1 year I did jack all. Not one freaking penny! I was distraught and considered giving up again. Thinking to myself that maybe I was born to just work for someone else. Maybe it’s only the people with millions of dollars who can make this work.
What does it take? Time Vs. Money
A wise many once told me it takes a large fortune to make a small one. In other words, it takes a lot of money to build anything worth holding onto. Although this isn’t necessarily true, I understood and adapted what he said. I see it like this…
You either have the time or the money and sometimes both, but not likely. If you don’t have money then expect to devote a lot of time. Having the capital allows to outsource unimportant, time consuming task while you focus on the bigger aspects. Without it… well you can expect to devote a whole day to remedial tasks.
They way I see it is if I can live passively then I can devote more time to farangdam and help build a community that welcomes all people interested in traveling to Thailand.
Everything takes time and knowing what I know now. I can say that time and experience are invaluable assets to your success with what ever you do in life. Don’t ever take them for granted.
If you’re more interested in affiliate marketing then head over to namecheap and get a domain with hosting. Your first year of hosting is only $10! Still I know some people will e-mail me and say, “But Mike, I don’t have $10…”. With ecommerce you’ll need to commit about $29 per month +$25 to activates Googles free $100 coupon. So that would be $54 in total. For an affiliate blog you can expect to spend about $20 for the whole year.