For those that are interested in building up alternative streams of income, blogging has become very popular. We've all heard about monetizing content, adding in advertising and finding sponsors, but there are some folks out there that have taken their efforts to the next level and seen they pay off substantially. The best example of this happened just recently, when a personal finance blogger sold his blog for a cool $12.4 million dollars.
John Wu, the founder of Bankaholic, is the lucky blogger that got the deal. BankRate, a popular banking website, had been working closely with Wu over the past few months, and after seeing the kind of reach and influence he had, they decided to make him an offer. It's not every day that a blog sells for more than $12 million dollars, and this news has supercharged the blogosphere.
"We have been working with Bankaholic in a co-brand relationship since July and have seen first-hand the volume and quality of its traffic," commented Thomas R. Evans, the President and CEO of Bankrate. "Bankaholic is ranked high in natural search for both deposit and credit card keywords. We believe their organic traffic will increase our deposit and credit card revenue, and with a high composition of free traffic, will help to improve margins."
Wu is going to remain on board with the company for an indefinite period of time and is currently the only employee. This is a great study of how passive income streams can turn into life changing rivers of cash, and while not everyone may be able to get that much money from their blog, we can learn a lot from Wu.
First, he set out to create something that would be useful and earn money. Next, he found ways to grow that blog, adding visitors and finally joint venturing with a larger company in a related niche. As a result, he was rewarded handsomely for his efforts. All of this can be applied to personal finance as well. By targeting a niche, finding ways to grow that income potential and taking the necessary steps to see it through, you can do quite well on an investment, a property or any other type of income stream.
You may not get $12 million, but fortunes have been made for centuries using that exact same premise. If you have been kicking the idea around of starting up a blog, this should be a great catalyst to get you started. Success stories like Wu's are always inspirational but they can only be of use to you if you take action. Find ways that you can use his blueprint in your own financial life and see just how quickly you can spin that into a reliable stream of income that will keep producing for you for many years to come. It is possible, and with a little hard work, you could be the next Wu, even if it's in real estate, your own business, or, even a simple blog.
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Originally posted 2008-12-25 05:21:16. Republished by Blog Post Promoter
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Great Article! With a little determination, anyone can succeed at blogging. I started only a year ago, and I’ve already done much better than I thought possible. Type “Savvy Sister Shops” in your browser to learn more about my blog!
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