Wealth Hacks

It’s time I drop an interval update on the on-going Fastlane 2K Challenge at The Fast Lane Forum.

At the start of this month, I joined the challenge and 20 challengers – myself included – were to take $50 in cash or assets and turn it into at least $2,000 in 30 days. See original blog post…

The challenge officially started on 28th May though I began on 1st June . So I was in 4 days late.

FOR THE RECORD: I am doing this challenge exclusively from the rest of my current Internet Marketing projects. That means no use of my mailing lists, products that were already created before, current email / affiliate promotions, etc. Just starting with $50 in my pocket… and some good ole’ favors.

Okay end of disclaimer. At the end of week 2, here are the current results:

The challenge had elapsed halfway through, and so far only myself and another challenger had hit the $2,000 mark.

MY RIVAL?

I read the other challenger’s thread and frankly, I have very little idea what he did, or what he does. I can only gather that he’s got really good contacts and he was able to secure $3,500 in just a few days!

AND ME?

I got $2,000 through a fluke of a copywriting job. LOL

I was approached to write copy for a client and the total was to be $4,000 for front-end sales letter, its One-Time Offer and Downsell. The deal we agreed to was 50% upfront payment and 50% upon completion.

While I personally thought I should get the full payment upfront, this is also the first time the client is working with me. And coincidentally, $2,000 would help me hit the minimum figure instantly. So that did it. Besides, this was done with no money down.

NEXT STEP

I’m not stopping though. I am counting on my next Warrior Special Offer to bring the heat to the table with my rival.

Initially, I was going to set aside $40 out of the meager $50 budget for the WSO listing alone. As far as offer copy, product creation and graphic design were concerned, I had to do them myself. I would need to count on affiliates to help so I was going to use DigiResults – WSO Pro was out of the option as it costs a further $19, which would be beyond the budget.

Now that I’ve got a $2,000 windfall + my unspent $50 budget, I will be outsourcing the graphic design. My offer copy was completed ahead of everything else, ironically. And the product creation is still underway. It’s a little too late to outsource it now since it’s more than half complete.

After all these are done, I will be rushing for the WSO listing – either this coming Friday or if not in time, next Monday. And I will be getting affiliates to help me push it.

Next update on this by the time this challenge is over.

Prior to starting this blog, I had answered to a challenge on The Fast Lane Forum – to take $50 in cash or assets and turn it into at least $2,000 in a month.

Here’s the full layout and rules of the challenge. The winner will be decided by who has generated the biggest sum at the end of the month, and also who has the most creative ideas implemented.

I quickly studied some of the 19 other players; many of them are from different disciplines and industries, and seems like I’m one of the few Internet Marketers here.

This is going to be interesting.

I’m starting this challenge officially today (1st June 2011) with $50 in my pocket. At the end of the month, I will return here to post my final results and what I did to get there.

Never thought I’d start a new blog. I’m not the ‘blogging’ kind of person. In fact, I can count the number of blogs I have with… two fingers?

One’s a business site, which is a static WordPress blog for most of the time. The other, my personal blog is something I’ve miraculously been able to it up to date since 2007. Probably because I don’t trust keeping all my content on Facebook. Remember what happened to MySpace and Friendster?

Which brings up the question, “Why did I start this blog?”

To my new visitors, my name is Edmund Loh as you can obviously see my name being plastered around this site (not because I’m narcissistic LOL).

It wasn’t an overnight decision to start this blog especially when there’s always a responsibility to update it every now and then if I were to keep it alive.

And I finally did.

The main objective of starting this site is to document my strategies, ideas and progress towards the ultimate financial goal:

I didn’t arrive at this figure with mere abstract thoughts. Initially, I was setting my sights on $30,000 a month passive. And then $50,000 a month because coincidentally in the Cash Flow 101 board game, one of the two ways to win the game is to produce $50,000 a month in passive income.

However after reading some groundbreaking books like The Dream by Gurbaksh Chahal and The Millionaire Fastlane by MJ Demarco, followed by deep impact conversations I’ve had with other greater millionaires, I realized that I was setting my goal too low.

I might as well aim for the stratosphere!

And yes, I’m emphasizing on “passive” here. Truth be told, generating six figures a month is possible. If I worked my butt off to extremes, lose some hair and age significantly, that is. And it’s been done before.

Creating a passive type of income is harder and requires different discipline and thinking than that required for earned income and capital gains. If you played Cash Flow 101 before, you might notice that it’s easy to have a lot of earned income but harder to build passive income.

I’ve been marketing online and selling digital products for the past 5-6 years. And the experience had been very rewarding and I am proud of my achievements so far.

However I’m ready to wipe my slate clean for a new, bolder challenge. And this time I’ll be recording my progress exclusively to this blog every now and then, and frequent enough. The end result I’m looking for is this six figures coming in at the start of every month before I lift a finger.

And I will utilize every resource, connections, and energies I have at my disposal to make this goal a reality. After all, since when has life been fair?

Right now at this time of writing, this blog is pretty basic and a bit rough. But it will do for now. Like everything else with a humble beginning, I envision that in the near future this blog will flourish with more stuffs, useful content… and of course a ton of good news

I’ll be posting my ideas, strategies, on-going projects, business deals, and thoughts on how to tackle my everyday challenges as I climb towards this goal. And I’m clocking myself for 2 years to make this happen.

If you are obsessed with the idea of creating passive income for yourself, then you and I share a common goal. I hope you will find my upcoming posts useful and of help to you.

Speak soon and until then!