Develpreneur: Become a Better Developer and Entrepreneur

When you think of your money working for you, there are several options.  However, the stock market is one of the best potential returns with easy entry.  This option does not come without spending time to choose your investments.  Nevertheless, some hard work early on can pay off for decades to come. Winning in the Stock Market It is no secret that the best way to make money in the stock market is through long-term investments.  That should not be too surprising.  We can evaluate products and companies as being a good (or bad) bet easier over the long run than in weeks or months.  Often, it takes a lot of time and effort to get a company to where it is dominating the market.  While day-to-day fluctuations are harder to estimate, the long-term viability of a company will balance out those short-term "corrections." Instant Money There is no way to get money immediately from the stock market.  You primarily earn on your investment through buying and selling shares.  However, there are beautiful things called dividends.  This is an amount of money paid out regularly for each share of stock owned.  For example, assume you have ten shares of a company that has a $1.25 dividend quarterly.  That means you will be given $12.50 each quarter just for holding those shares.  That money can be spent how you like or invested in more shares of the stock.  There are even automated plans that purchase partial shares of the stock based on the dividend without a fee.  When you use this option, there is no transaction fee.  Thus, you have the lowest cost way to build shares in the company. Learn The Game The stock market is not hard to understand.  However, the way companies are scored and talked about has its own language of sorts.  You will be far more likely to be successful with your investment strategy if you spend time understanding how the market works.  Here are a few places to get started. The Motley Fool E*Trade (U.S.) Great Places For Beginners To Start

There are several passive income and side hustle options that get mentioned over and over.  Public speaking is one of those options.  It seems like it is a trendy way to earn a little income while building a brand or name recognition.  While these side effects are excellent, the revenue side is not what it is often portrayed to be. Public Speaking Everywhere One of the challenges with making money as a speaker is the flood of options.  While there are more opportunities to speak, there is also a flood of people wanting to do so.  The competition is fierce at the high end, and the dollars available are sparse until you can reach those upper levels.  It takes a lot of work and investing in yourself to get to the point where you can sort of coast through speaking engagements. Storytelling Public speaking as a path to revenue is not available to everyone.  I think that there are several skills that can be learned.  However, at the core, a good speaker must be a good storyteller.  If you are not generally charismatic or able to entertain those around you with stories, then do not expect to be able to do so with crowds. Even then, it often takes a lot of time, practice, and maybe even unique experiences to hold the attention of an audience. A Little Help From Your Friends It is hard to get around how not passive this particular type of income is.  Nevertheless, there are ways to keep public speaking from becoming just another way to trade time for money.  When you become comfortable enough with a topic to handle Q&A sessions, then you will be able to piggy-back off of the feedback from others.  This not only is a way to spin a short presentation into a longer one (and better rate), it is also an option if you want to go into an engagement cold.  Of course, you have to be solid in your knowledge to go into a sort of town hall approach to presenting your story or topic.  That means you will have a lot of up-front work required to achieve this type of passive income.

While not precisely passive, a content producer can open up multiple streams of revenue.  We will point back to this option as a potential step in several episodes of this season.  Thus, we set the stage early for ideas that can lead us to take this step with a minimum of additional effort.  I guess that makes this "passive-ish" instead of a genuinely passive income topic. Hobbyist as Content Producer A secret to producing compelling content is being excited about your topic.  Thus, the content producer that is most likely to succeed is the one that loves their work.  Our hobbies and activities that we would do for free are the best topics to consider.  That is where we find a way to view this income option as passive.  We may be splitting hairs, but the idea of getting some revenue out of our "fun" times can be seen as passive.  We are not putting forth extra effort. Many Options What is a content producer?  That is a good question.  We can produce content in countless ways.  There are written means like books, blogs, and white papers. On the other hand, there are presentation methods like videos, podcasts, and the like.  However, that is not all.  Training courses, web sites, and speaking are all potential ways to deliver content.  Better yet, we can utilize all of these in tandem to bring in a broad range of audience members.  Start with the content and the delivery methods will be there as you need them. Committing to the Content No matter the delivery mechanism, the key to being a regular content producer, is consistency.  This result can be anything from annual down to multiple times per day in implementation.  While the frequency is up to you, your audience is the best source of that requirement.  Their needs for content should dictate your rhythm of doing so.  When you combine quality content with a meaningful time frame, your success is far more likely.

One of the most popular methods of passive income is the use of affiliate links.  While there are courses and numerous books about it, there is a lot that gets missed.  This option is not a method of generating revenue on its own.  The key to success in this area is getting eyeballs to your site. Affiliate Links Need Traffic The essential step in using this revenue approach is the one that is often glossed over.  You are not going to be successful without bringing visitors to your site and then getting them to click on the affiliate links.  Thus, how you create your website and its value are paramount.  This method of passive income is a secondary consideration and should be seen as monetizing something.  It is a means to an end, not the end itself. Hand-In-Hand Now that we have beat down the idea of affiliate links as a path to wealth let's build it back up.  The thing about these relationships is that they are excellent ways to add to some of the other options we will discuss.  Therefore, these relationships can be a start to a passive income stream or a way to increase one.  The additional work required to use this option can be minimal, and the ROI quite impressive.  That reason is why we look at this option so early in the season.  It will be useful to keep advertising in mind throughout our journey. Links or Relationships Affiliate relationships can be simple and based on clicks or more advanced and built on referrals.  The former can be a simple addition to your portfolio.  However, the latter can be a lucrative option.  The idea of getting a piece of a significant transaction is quite enticing.  Nevertheless, the revenue from a qualified lead is typically a more substantial value over time.  That also removes the need for a closed sale to receive a payment.

The best possible approach to passive income is by creating products.  Even a single product can provide a substantial profit.  Of course, there is a cost involved in researching and creating that product, but the pay-off can be limitless.  The time and effort spent can be completely worthwhile.  On the other hand, it can all be a complete waste. From Creating Products to Passive Income There are all sorts of products out there.  Some require a considerable amount of time to keep the pipeline full, while others require little.  Digital products like software applications are some of the best ones in the passive income space.  It takes time and know-how to get started but reproducing the product for each customer takes almost no time or effort.  You can even move from a small income stream up to a life-changing amount of revenue. Automation is Key No matter what product you create, automation is critical.  You will not be able to move into the passive income space without outsourcing or automation.  That is something to consider as ideas come into your head.  There will often be some lovely product concepts that are not passive in nature.  Sales and marketing alone can often be a full-time job for one person or even large teams.  Keep automation in mind as you determine the processes required to build your product.  It may help you craft processes and choose partners that make the passive income a reality.  Avoid painting yourself in the corner of "required time" where possible. Trial and Error The good news is that any repeatable solution comes from trial and error.  You can start down the path of brute force and manual labor to get it out the door.  Then, once you have sold it to customers, you can always refine and improve those processes.  Take advantage of the room for improvement by outsourcing and automating until the revenue comes to you without any effort on your part.

Value-added reselling is roughly a form of passive income.  However, it is still a good enough approach for us to look at it as an option.  This approach can lead us quickly to a product for a side hustle and maybe even the automation required to limit our required hours each week.  We will not always find this to be a passive approach to income.  Nevertheless, it can be done with proper outsourcing. Customization vs. Value-Added Reselling There are several ways to add value to a product.  When one thinks of value-added reselling, often the addition is in the form of services, packaging, or delivery.  However, you can also extend a product or provide customization or configuration that is not available OOTB.  This process can then be outsourced and provide a revenue stream that is mostly passive.  Build On Success The best thing about this approach is starting from a known quantity.  You are building on the sales and marketing of others.  They created the product and built some level of a customer base.  The number they currently have will give you an idea of what to expect.  Of course, you are making changes.  Nevertheless, the bottom end of your sales should be at least where the raw products are.  This approach gives you a baseline of expectations and a short path to getting a product out the door (with less risk). New From Old There are many ways to go from the concept of value-added reselling.  That includes the ability to combine products in a way that creates a new one.  For example, you could combine a USB drive and a flashlight.  This example is hardly ground-breaking, but it could be a way to generate income.  You could even box up products and sell it as a subscription.  These are very popular and also have become a sort of cottage industry.  Check out CrateJoy for some good examples and a platform for launching your own.

Passive income is a hot topic in certain quarters.  Likewise, we have mentioned and even discussed this approach to revenue over the years.  This season will focus on passive income approaches and side hustle families of work that are in the "work now, earn later" vein.  While some of the topics this season will have the potential for life-changing income, many will not, and some will be very small.  The key concept to remember is that any additional income is the icing on the cake.  Some additional funds are better than none. Money Making Money One of the areas we will dig into for several episodes is the idea of your money working for you.  This approach is a classic example of a snowball result.  You can start small and re-invest the passive income so that there is steady growth of the base that is generating revenue.  As time goes by, this can become a substantial revenue stream.  Patience is essential for these approaches and often some knowledge about how the instrument works (e.g., real estate, stocks, collectibles). Negative Income, Passive Debt While we will not talk about it specifically, one of the best ways to improve your financial situation is debt management.  If your money is costing you.  For example, loans and other debt, then you may find the fastest way to a better bottom line is attacking that debt.  Low-interest debt can be leveraged for passive income that earns more than the debt costs.  However, you want to make sure that the return on debt is worth it.  Of course, high-interest loans and debt needs to be paid down ASAP. Catching Up We have covered this topic several times in the past.  However, here are a few past articles and episodes that provide more background as we start into the new season.  These articles should start your mind working on passive income approaches that may be the best fit for you. Side Hustle To Passive Income The Snowball Effect of Passive Income Building Skills and Passive Income Through New Products

Whether in audio form or the old-school paper version, books are an essential part of becoming a better developer.  Better yet, they can help us enjoy life and lead to overall success.  As we pause between seasons, it seems like a good time to go over a few book recommendations.  These are reads that have had a significant impact on me.  Thus, I share them in hopes that they similarly impact you. Reference vs. Good Read Book Recommendations A distinction I make in these recommendations is the difference between a reference and a good read.  The formerly mentioned books are easy to pick up and read in a piecemeal fashion.  They also are good to return to as the mood takes you.  The "good read" books follow more of a story pattern and are generally more entertaining.  A John Grisham novel would be a good read while most programming books are references. Re-Readability A key point to note for any of these books is the idea of re-reading them.  I have found all of these books worth reading more than once.  Some of them are even worth returning to on an annual basis.  Of course, reading them that often may be difficult.  However, the audiobook form of these can be perfect for refreshing your memory or boosting morale when needed. Links to the Books Recommended The Four Hour Work Week Crush It Rework Will It Fly? Quiet - The Power of Introverts in a World That Can't Stop Talking The Five Dysfunctions of a Team The Source Code of Happiness The New One-Minute Manager

As a podcaster, I am also a fan.  I listen to numerous shows and have for many years.  Therefore it makes sense to offer an episode of podcast recommendations.  There is an enormous number of options available, but maybe this episode will help you find some good ones and sort through the noise. The Tip of The Iceberg The recommendations are by no means a complete list.  The options available are as broad as the interests you and your friends and family may have.  I recommend you browse through Apple Podcasts a time or two every year.  You will be able to find some excellent shows to match your latest interests.  In particular, you might find some shows that cover your most recent technical focus and new things on the horizon. How I Chose These Podcast Recommendations These shows are on my regular listening list.  I use the Overcast app with speeds often set at 1.25 times standard rate.  This setting allows me to consume a lot of content and more or less keep up with the latest episodes.  I do listen to a few more shows than those listed.  Thus, I have plenty of content each week to cover drive time and also have it run in the background when I work.  Even so, I still have a backlog for long car trips, flights, and vacations.  These have allowed me to reduce my amount of reading to keep up with life and world events.  I hope you find them helpful in your pursuit of becoming a better developer. Links to the Shows Recommended Develpreneur - Building Better Developers Boag World Smart Passive Income Entrepreneur Magazine Podcasts Entrepreneurs On Fire The Feed Motley Fool Money Podcast Ted Talks Daily Tim Ferris Harvest Business Review Hardcore History No Agenda

In this stand-alone episode, we look at solvers block.  This is what I call the situation where one can not seem to push through to a solution.  It is not due to options that have not been tried.  Instead, it feels like there are no further options to explore. Solvers Block Hits Us All We all have good days and bad ones.  Sometimes everything falls into place, and we feel super productive.  However, there are also days or even weeks where we feel like we are running in quicksand.  Each day starts with the same problem and ends without a solution.  This is not a situation that only novice developers face.  Even the most senior and experienced of us can hit a wall. A Mental Reset The old recommendation of stepping away is one of the best in these situations.  When you feel yourself running over the same options, it is time for a change.  You can physically step away from the problem or even do so mentally.  Sometimes it is ok to solve a different problem, but cleaning your mental state is better. The physical options are best when you do something that gets you away from the problem mentally as well.  Thus, mindless tasks like sweeping a floor, going for a walk where you are counting your steps or anything that keeps you from mentally returning to the problem.  This includes taking a nap.  A little sleep may allow your mind to roam free and consider new options.  Even better, try a little meditation.  The goal is not to focus on something; instead, let your mind drift. New Horizons The bottom line goal of removing solvers block is to generate new things to try out.  Ideally, we eliminate potential solutions and eventually get to the desired one.  We may feel a long way from the solution.  However, as long as we are walking through those potential approaches, we are moving in the right direction.  That is all we need to do to avoid this situation.  We need to generate new and different approaches to the problem.