Where will you be

When I started looking at building websites and how to market them a couple of things kept popping up around seo and they where unique content only and link building using articles.

So I spent some time thinking about how to build links using article submission techniques and if you combine the 2 principles, ie duplicate content is bad, but to gain from article submission you need to submit your article to multiple sources I kept coming to the same conclusion for each site I have to create hundreds of articles.

I started searching the net and found this website called Spin Distribute, the service they offer is pretty interesting.

You write your article for them but submit it with substitute words so you might say “hello/hi/hey” or “grass/turf/lawn” and you do this throughout your article.  There software then rewrites your article hundreds of time based on the alternative words that you give them, they will also submit your article to hundreds of article directories and websites.

So I thought I would give them a try and have submitted my first article, it cost me just $4 so if it doesn’t work that well then to be honest I haven’t really lost out.

If your thinking of writing an article but don’t want to rewrite it hundreds of time then give them a go Spin Distribute.

I will update on how it goes and let you know the results, although I think it will take about a month or so for all the articles to get approved and for the links to be picked up by google.

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So I was thinking for my challenge I really need to think about some targets, both to keep me motivated, by giving me something to aim for.

I have already set my first target at aiming to reduce my mortgage to £120k by the time it comes up for renewal (Oct 2011), this would mean the mortgage multiple is 3 times my single salary which I think is a pretty safe multiple to be aiming for.

But what about longer term, if it is possible to achieve the first target, where should I be aiming to completely pay off my mortgage.

I have a quick look at my calcs and decided that if I was able to achieve target 1, then to completely pay the mortgage off within 5 years I would need to find overpayments of £2,000 per month.  This would actually be a reduction in the overpayments I would need to make in the first part of my challenge.

Maybe I’ve aimed the wrong way round, either way that will be my main aim, pay of my mortgage in 5 years with a mortgage free date of Oct 2014.

So this will require me to overpay my mortgage by £190k over the 4 years, £40k I already have so I need to find £150k which averages out at £2,500 per month.

For motivational purposes I now have 3 targets or aims.

1. Aim to overpay by a minimum of £2,500 per month to achieve my overall target

2. Reduce my mortgage to £120k by the next mortgage renewal.

3. Completely pay of my mortgage in 5 years (2014)

The numbers are pretty frightening but for some reason when you write them down they don’t seem to bad.  With my day job I deal with numbers so perhaps its just that I’m used to seeing millions rather than thousands.

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Before anyone embarks on a finance decision or any decisions that will impact your finances they should produce a statement of affairs.

This is basically a budget of your current financial position, so you calculate your income, your outgoings, your assets and your debts.  Its a bit like producing a set of accounts for a business, except your producing them for yourself.

By doing this you can work out what debt you owe, what % its on and therefore which is the most expensive debt you have.  Remember that although I am looking to pay of my mortgage if you have other debts it might be best to pay those off first as there probably more expensive than your mortgage.

Once you have a statement of affairs you can then work out a budget, because you’ll know how much is needed for living expenses ie running your house, car, feeding your family.  You will also know how much is needed for debt repayments ie the standard repayment.  The last piece you have left is your disposable income, this is money that can be either spent as you want of directed at overpaying your debts.  You can also use your statement of affairs to identify ways of cutting back on costs, such sky tv or mobile phones.

From producing a budget on my finances I know I can make a minimum overpayment of £636 per month.   This excludes making savings for pensions, holidays, and any one of items that happen during the year ie car insurance.

I will try to either find some good online budgeting tools or add one to this site for downloads.

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The Number 1 way to make money online website was launched a few days ago by the creators of BANS.

Since the launch there have been a number of reviews carried out, but more interestingly a site has been created that is taking the review one step further, they are actually following the guide step by step to prove that it works and are going to record the whole process on their blog.   Later in the year they will then give away the site that they have built to one of their readers.

Its a fascinating site and one that I will definatly be following as I too am looking to develop income earning websites as part of my quest.  It will also be interesting to see how my progress goes compared to theirs.

Visit their site for more info Build a Niche Store Guide

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