New labeling encourages 'go native' ginseng

A call to have ginseng certified as "forest grown."

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Branson’s drug leak embarrasses the UN

WHEN you’re worth nearly $7 billion, you don’t really think twice about p*****g off the United Nations.

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Amazon sues fake reviewers

WHETHER buying an iPhone case or hiring an Uber, online reviews are increasingly important for internet users. But just how much can you trust them?

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Bank employee’s $8 billion stuff-up

A JUNIOR staffer at a major investment bank made the mistake of his life, accidentally transferring more than $8 billion to the wrong person.

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Cash In on Naptime: 14 Creative Ways to Make Money While Your Kids Sleep

Raising a family is hard work. The greatest mistake a stay-at-home parent can make is to plan on a flexible schedule and tons of free time to run a home business.

But if you’re flexible and manage your time cleverly, you can make extra money while your kids are asleep.

“On a perfect day, my youngest naps around 9 a.m. for an hour and then they both nap for about two hours in the afternoon,” says Ami Spencer Youngs, freelance writer and mother of one- and three-year-old boys.

“Some days it doesn’t work out,” she admits, “but when it does, it’s good found time to get some emails sent, invoicing done or some other administrative stuff that might take up time later when I could be focusing on billable work.” Youngs can earn $25-$50 during those magical two-hour naps.

Not every day will yield that glorious uninterrupted work time. Some days, you’ll have to squeeze in a few minutes of work during your child’s power nap, or after you’ve put your kids to bed.

Here’s how to make money from home, whether the kids are out for a few minutes or a few hours.

You’ve been running around all day, and your brain is fried. The baby is finally asleep.

But now you’ve only got 20 minutes before the rest of the kids come home from school — and the baby wakes up again.

Here are eight ways to make money during a short nap — with minimal brain power.

1. Take Online Surveys

Earning potential: $7-$8 per hour

The pay per hour isn’t high, but the energy you’ll put into taking surveys is minimal. If you sign up for several survey sites, like Swagbucks or InboxDollars, you could start a steady stream of revenue.

Complete 10-20 surveys in your free minutes to earn an extra $50 per month.

2. Watch Videos

Earning potential: $20-$225

It won’t be quite like getting paid to watch Netflix, but sites Swagbucks and InboxDollars pay you to watch videos. Brands pay these to get their clips in front of as many people as possible, and they pass some of those earnings on to you.

The videos cover everything from entertainment to travel, so you’re bound to find something you’ll enjoy. And if you don’t want to actually pay attention, you don’t have to. This writer figured out how to make the videos run in the background — on mute.

3. Earn Sign-Up Bonuses

Earning potential: $100-$250 per bonus

Banks and credit card companies are always looking for new customers — and are willing to reward you for being one of them. If you’re smart with your savings and credit, why not earn money for the financial services you’d be using anyway?

Some bank offers require you to actually leave the house, but here are three accounts you can open online:

• Earn up to $250 when you open a new checking account with Chase.
• M&T Bank will pay you $150 when you open a new checking account.
• Santander will pay you $150 to open a new qualifying checking account.

Once you’ve earned a bank account bonus, take a look at credit card sign-up bonuses.

Follow our guide to choose the cards with the best bonuses and how to ensure you’ll be able to meet spending requirements. Apply for the credit cards online, use them for your normal purchases to earn cash or travel rewards.

4. Sell Your Junk Mail

Earning potential: $20 every six to 10 weeks

SBK Center is a market research company that will pay you for your junk mail and email.

Start by applying to be a Consumer Panelist. Then forward your junk email to SBK, and send it your junk direct mail in the self-addressed, stamped envelopes it provides.

You’ll earn points for each piece of qualifying mail you send. Once you earn 2,000 points, you’ll receive a Visa gift card. These work just like debit cards, so you can spend the money you earn nearly everywhere.

Frequent users can earn up to $20 in points every six to 10 weeks. It’s not a huge source of income. But it’s easy, and you’re getting the junk mail, anyway — why not get paid for it?

5. Become a Mail Decoy

Earning potential: $100 per month

If you want to earn more money from your junk mail, consider signing up for additional mailing lists. The Hauser Group will pay you to tell it about the mail you receive.

Run out to the mailbox while your child’s asleep, and report when you receive mail from certain mailing lists, like specific catalogs and flyers.

The company will pay you 25 cents for each piece of decoy mail you report. Consistent reporting can boost the amount of mail you receive, so you could eventually start earning about an extra $100 per month.

6. See If You’ve Got Unclaimed Money

Earning potential: varies

This woman got a check for $50,000 when she learned of a life insurance policy her brother had forgotten about. A payout that high isn’t common, but around $1,000 is. That makes a quick online search worth it, right?

Every U.S. state has unclaimed property programs, as do Puerto Rico, the U.S. Virgin Islands, and Quebec, British Columbia and Alberta, Canada.

Here are some instances where you might have unclaimed money:

• Inactive bank accounts
• Contents of safe deposit boxes
• Utility security deposits
• Uncashed paychecks
• Uncashed dividend checks
• Unclaimed trust distributions
• Unclaimed refunds of mortgage insurance
• Forgotten retirement accounts

7. Browse Class-Action Settlements

Earning potential: varies

Speaking of claiming surprise money, I recently submitted my information to claim $50 worth of free StarKist tuna from a class-action settlement. These opportunities pop up all the time, and most consumers have no idea they could qualify.

That’s because these cases often don’t make headlines. And you can’t be expected to search online for potential lawsuits for everything you purchase!

Instead, use your free minutes to scan through Top Class Actions, which keeps updated listings of — you guessed it — class-action lawsuits and settlements.

You won’t have to wade through legal jargon to understand what you’re owed. The site summarizes settlements clearly, and you can usually claim your money online pretty easily.

And don’t worry; not every settlement requires you to provide proof of purchase to claim your money. That could be tough, as they’re often for products you may have purchased more than a year ago.

If your kids are a little older or tend to take longer naps, you’ve got a bit more time to work with — sometimes an hour or more.

“I’ve been known to try to make these magical hours happen by putting the boys in the car after lunch and going for a drive,” says Youngs.

“If all goes well, I can park, pull out my Surface and my lap desk that I keep in the vehicle, and get an hour to 90 minutes of focused work done before anyone wakes up.”

These options are a little more involved than the ones above, but you’ll still be able to accomplish a fair amount of work during your child’s hour-long nap.

8. Fulfillment by Amazon

Earning potential: $400 to $9,000+ a month

Through Fulfillment by Amazon, you buy items you’d like to resell, then send them to Amazon — which handles the rest of the selling process, from storage to shipping to customer satisfaction.

Choose to sell anything you want (that fits Amazon’s categories), ideally something you know well. The Penny Hoarder founder Kyle Taylor sells toys, and last year, he made $10,000 through FBA in November and December.

FBA offers a great opportunity to do a little bit of work during each nap. One day, you might research buying opportunities — sales or promotions where you can buy your inventory at a discount.

The next, you might upload your items to Amazon and package them for shipping to the distribution center. Amazon has a partnership with UPS, so you might be able to ship directly from your house.

9. Find and Sell Unused Gift Cards

Earning potential: varies; in 2014, a study estimated $750 million in gift cards went unredeemed.

The last time you received a gift card, did you spend it right away, or tuck it in your wallet for later?

Chances are, you’ve got a few gift cards lying around — so turn them into cash.

Take a few minutes to go through your wallet, purse, dresser, junk drawer or anywhere else you might have tossed a gift card. Then check sites like Raise, Gift Card Granny, CardCash or even eBay to see which one will help you sell your card for the most money.

For example, right now on Raise, one seller is asking $49.59 for a $52.68 Target gift card. So you won’t quite make back the card’s full value, but hey, you’re getting paid for something you weren’t using!

10. Sell Stock Photos

Earning potential: $1 per photo

You may have tons of untapped money-earning potential in your daily life. Pull out your camera while walking the dog, relaxing at the park, grocery shopping or just playing with blocks in the living room.

These are all valuable moments — and people are willing to pay for photos of them. To get started, check out our beginner’s guide to selling stock photography. Then use naptime to edit, upload and list photos for sale on microstock sites.

You don’t even have to invest in a professional camera to get into the stock photography game! Download an app called Foap to sell photos directly from your iPhone.

11. Find Short-Term Freelance Gigs

Earning potential: $5-$50 per gig

Hammering out an online task or two each afternoon could help pay for a much-needed date night next weekend.

What you’ll do varies wildly.

For $5 or $10, you might design a simple logo for a client through Fiverr, tag photos through Mechanical Turk or promote someone’s website through Gigbucks.

When you have more time (and want to earn a bit more money), grab a proofreading assignment from Upwork, complete virtual odd jobs through TaskRabbit or scan online gigs on Craigslist.

If you’re able to wake up before your kids a few days a week or  carve out a few uninterrupted hours after they’re down for the count at night, you’ll probably find it easier to work on these earning opportunities than you would in short power-nap bursts.

They might not be quick moneymakers, but these options can help you lay the foundation for future growth — for example, something you might want to pursue once your kids are in school.

12. Start a Freelance Business

Earning potential: limitless!

Whether you choose freelance writing or personal shopping or even calligraphy, you’re probably going to need a little more time to focus than a 20-minute nap will give you.

However, you can still start a freelance business while your kids sleep — if you’re strategic about it.

“If only my youngest is napping, I focus on short tasks like responding to emails, updating and sending out invoices, and writing notes and doing research for blog posts,” says Spencer.

But she takes advantage of the longer, quieter periods to do the bulk of her creative work.

“When I have more time and both boys are sleeping, I’ll flesh out those blog posts, work on document creation and editing for clients, and do other more focused tasks.”

Dipping your toes in the freelance waters? Try some of these in-demand virtual assistant services, like formatting blog posts in WordPress or curating content for social media.

13. Find or Create a Product to Sell

Earning potential: up to you!

Can you sew adorable Halloween costumes? What about cute holiday ornaments and decorations?

If you prefer to work with a keyboard over a glue gun, why not create a fun Helvetica T-shirt or package your experience as an ebook or digital course? Or find a generic product to sell under your own private brand?

You’re probably not going to turn a profit in a weekend, but a few long naps or post-bedtime work nights could help you lay the foundation for your new business.

14. Start a Blog

Earning potential: up to you!

It’s definitely not a quick way to make money, but starting a blog can eventually help you earn some cash.

“As I worked to develop my blog, it began to attract advertisers,” says Cat Alford, blogger and mom of twins, told The Work at Home Woman. “It was very slow at first, and I used to only receive one email from advertisers every month or two.”

“Now, I field emails every day, and in the last three months, I’ve made a full-time income from my website after only making pocket change for several years.”

Here’s our step-by-step guide to starting a blog, from coming up with an idea to figuring out how to make money from it.

How Will You Make Money While Your Kids Sleep?

Whether you have 10 minutes or two hours, you can earn extra money while your kids are asleep. It might not be enough to cover your mortgage payment (yet!) but every little bit helps.

Your Turn: Do you make extra money while your kids are napping or after they go to bed? Share your stories in the comments!

Disclosure: We have a serious Taco Bell addiction around here. The affiliate links in this post help us order off the dollar menu. Thanks for your support!

Heather van der Hoop is Senior Editor of The Penny Hoarder. When she’s not reading or writing, you can usually find her climbing rocks, mountains and trees. She tweets occasionally: @heathervdh.

The post Cash In on Naptime: 14 Creative Ways to Make Money While Your Kids Sleep appeared first on The Penny Hoarder.

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Want to Work at Home? 12 Blogs to Get You Started Today

If you’re dreaming of earning cash from your couch, you could probably use some help: Legitimate work from home jobs can be difficult to find. Scams aplenty keep many of us our the cubicles for years.

Luckily, there are a wealth of resources online to help get your work-from-home income stream — or streams! — started.

We’ve combed through the clutter and selected blogs that feature valuable information, advice and inspiration for people who want to work from home. Whether you’re looking for a full-time job or just a side gig, we’ve got a blog for you.

Introducing The Penny Hoarder’s 12 favorite work-from-home blogs:

Best If… You’re a Stay-at-Home Parent

1. Work at Home Wife

Angie Nelson was fed up with the “cubicle farm” and office politics in corporate life. She started researching how to make money legitimately online, and, in 2007, launched her virtual assistant business. After receiving emails from others looking to do the same, The Work At Home Wife blog was born.

Post you’ll love: “Work From Home Jobs: 101 Companies that Hire Remote Workers”

“I aim to provide valuable information about how to make money from home, tools of the trade and how to reach those goals that will provide you with the means to earn a living online without having to live online. … I invite you to join me as my journey continues. Every moment of working at home is a learning process.” — Angie Nelson (Click to tweet!)

2. Work at Home Woman

Holly Reisem Hanna’s career spanned from nursing to social media. After becoming a stay-at-home-mom, she created The Work at Home Woman as a resource for other remote workers in March 2009. Holly works as a social media manager and runs the blog, dedicated to helping others on the “work from home journey.”

Post you’ll love: “10 Work at Home Jobs That Don’t Require Being on the Phone”

“Blogging has given me freedom, flexibility, financial stability and has launched the business that I had only dreamt of. Besides the perks of being able to stay at home with my daughter, blogging has introduced me to opportunities and people that I would have never met else wise.” — Holly Reisem Hanna (Click to tweet!)

Best If… You Want to Earn a Passive Income

3. Smart Passive Income

Whether you’re already earning money online and looking for ways to streamline your business, or you can’t tell a domain name from an email campaign, Pat Flynn can help you create and nourish passive income streams. Flynn has grown his online presence from a personal blog into a business that generates over $100,000 per month — and he shares every step along the way on his blog.

Post you’ll love: “The History of My First Online Business”

“It turns out that getting laid off was the best thing that ever happened to me. Without my 9 to 5 job holding me back, I’ve since been able to earn more money and work less (with more flexible) hours — which in the end allows me to be home and spend time with my family.” — Pat Flynn (Click to tweet!)

4. Dumb Passive Income

Full-time trucker Matthew Allen pokes fun at himself both in his domain name and his personal description. But monthly passive income reports that never seem to dip below $1,000 don’t sound dumb to us! It isn’t quick money, but it’s steady and significant. If you’re interested in keeping your day job but generating a hefty cushion for your savings or to pay off debt, Dumb Passive Income is a great place to start.

Post you’ll love: “How to Start with Passive Income Online” can get your passive earning enterprise off the ground, even if you’ve never so much as visited WordPress.

“In my experience, it takes a great deal of time and effort to create these types of income streams. But once they are set up and the passive income rolls in month after month, the effort to maintain is minimal. And believe me — after you get this to work once, you will be addicted and you will want to create more and more passive income streams.” — Matthew Allen (Click to tweet!)

Best If… You Need a Side Hustle

5. Budgets Are Sexy

Blogger J. Money admits he didn’t get his act together until he bought his first home in 2007 — what he calls a “much-needed wake-up call” — and started carefully managing his money. After a crash course in personal finance, he started Budgets are Sexy in February 2008.

Post you’ll love: Any from J’s “Side Hustle” series, like “High-Fashion eBay Reseller,” a guest post by Sarah Ming.

“My goal with this blog is to get people to stop and pay attention to their money. … You won’t find any long in-depth instruction manuals or anything else that bores me to death here, as I really want this to be a fun place to share and interact with each other.” — J. Money (Click to tweet!)

6. Side Hustle Nation

Nick Loper is an entrepreneur and the “Chief Side Hustler” at Side Hustle Nation. He worked a corporate job and built his side business on nights and weekends, and gives his readers the tools — and confidence — to do the same. Nick’s blog is more than just documenting the journey: It’s a guide to building a “future of real financial freedom.”

Post you’ll love: “79 Side Hustle Business Ideas You Can Start Today” — an epic list and downloadable PDF, so you can print it out and hang it up for inspiration!

“The beauty of these side hustle ideas is that many don’t require a huge initial investment or even necessarily a highly specialized skill-set. … each has the potential to earn you money in your spare time.” — Nick Loper (Click to tweet!)

Best If…  You Have Wanderlust

7. Location 180

Dream of running a business from a Thai beach or Parisian cafe? Then it’s not just a work-at-home job you’re seeking; it’s location independence, or the ability to work from anywhere. And here to help you on your journey is Location 180. Sean Ogle’s blog offers a comprehensive rundown of the location independent lifestyle: Everything from how to start your business to where to live.

Post you’ll love: “Why My Location Independent Business Has Been So Successful”

“My business is successful because I don’t get bogged down on one project. If I’m struggling in one area, I’ll go do something else and come back to it when I’m ready. I put quality of life, the things I like doing and the people I like being around on the forefront of everything I do.” — Sean Ogle (Click to tweet!)

8. The Suitcase Entrepreneur

If you’re an aspiring digital nomad, you’ll find lots of resources on The Suitcase Entrepreneur — but we have to say our favorite part of Natalie Sisson’s site is her podcast. Each week, she interviews a guest who reveals the details of their location-independent life and business. Tune in to be educated and inspired!

Post you’ll love: “24 Incredible Lessons Learned from Being in Business”

“Nobody can tell you who you are, and who you’re not, what you’re capable of and what you can’t possibly achieve. Only you can make your dreams come true. Only you can achieve what you’ve always wanted. STOP listening to the naysayers, the fear mongers and people who do not have your best interests at heart. START giving yourself permission to make this your best life ever.” — Natalie Sisson (Click to tweet!)

Best If… You Love to Write

9. Be a Freelance Blogger

If you love to write, you stand to make some decent cash as a freelance writer. But how do you circulate your work? Sophie Lizard and her team of guest bloggers offer practical advice on how to build a substantial portfolio and get your work out there. Be a Freelance Blogger provides endless advice on how to get started, get hired and get earning. If you’re serious about taking your writing to the next level, give this website a thorough read. 

Post you’ll love: “Freelance Blogging With No Time and No Money: How One Single Mom Made It Work”

“Don’t listen to the fear. Everything will be OK. Don’t waste time ‘learning’ — get the tools you need to learn, and then learn by doing. Absorb as much as you possibly can from your clients’ expertise.” — Ashley Gainer (Click to tweet!)

10. The Write Life

This comprehensive resource — founded by The Penny Hoarder’s executive editor, Alexis Grant — will transform your freelancing efforts. Instead of a slogging away at your keyboard alone in a basement or coffee shop, you’ll be part of a well-supported community activity — and one that will actually get you paid. This collaborative blog makes the process of going from writer to earner transparent, fun and achievable.

Post you’ll love: “How to Make Your First $100 as a Freelance Writer,” by C. Hope Clark

“We understand that integrating writing into your life is about more than sitting down to write. … Succeeding as a writer in today’s digital world takes so much more: Figuring out how to work with clients, navigating the changing landscape of traditional publishing, learning the ins and outs of social media, growing a following for your blog and finding a community that will support you along the way.” — Alexis Grant (Click to tweet!)

Best If… You Dream of Building a Virtual Empire

11. The Art of Non-Conformity

While not as practical or “how-to” as some of the other blogs, we can’t get enough of Chris Guillebeau and the Art of Non-Conformity. Why? Because, as the name suggests, Guillebeau looks at everything through a unique lens. Whether it’s a blog post, a course or a book like “The $100 Startup,” we’re betting you’ll learn a lot about life, travel and, of course, business from this site.

Post you’ll love: “How to Run a Business and Still Care for Your Family”

“Priorities are not just a question of time, in other words, they are also a question of focus and intention. I think it’s important for each of us to be able to say: This is what I am living for. This is what matters. I will select these values and allow them to be my compass.” — Chris Guillebeau (Click to tweet!)

12. Tropical MBA

The web abounds with information for people who want to sell their services online (coaching, consulting, writing, etc), but what if you want to sell actual products — and still be location-independent? Turn to Tropical MBA, where Dan Andrews and Ian Schoen share the strategies they used to build a multi-million dollar business. Even better, give their weekly podcast a listen — it covers a range of topics every aspiring entrepreneur should know about.

Post you’ll love: “I Want to Make Money From Anywhere in the World — Where Should I Start?”

“It’s not going to be about where or when you start. You start now. Your business and future will come from the types of actions you do every day.” — Dan Andrews (Click to tweet!)

Whether you’re a stay-at-home parent who wants to spend more time with your kids, or a 20-something itching to travel the world, working from home doesn’t have to be just a dream. With some creative thinking and careful research, you too can start working wherever and whenever you want.

Read and bookmark the blogs above to learn about the opportunities — and motivate yourself into action!

Your Turn: Do you have a favorite blog that helps you earn money at home? Let us know in the comments!

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Sanofi Pasteur partnership to accelerate development of vaccines for developing countries

Sanofi Pasteur has announced the creation of a Global Health Vaccine Center of Innovation, partnering with the Infectious Disease Research Institute and the Bill & Melinda Gates Foundation.

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3 Tips for Celebrating Halloween at Work Without Embarrassing Yourself

Don't let your antics haunt you for holidays to come.

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When Enough Is Enough: How Much Is Too Much Debt?

Debt can creep up on you, and we often miss the warning signs – until it’s truly overwhelming. Photo: Laurence Simon

Most Americans carry some amount of debt — often a lot of it — and many of us might juggle a mortgage, car payment, and student loans without feeling overwhelmed. But if you’ve ever struggled with a crushing amount of debt, you know the sinking, desperate feeling that follows you wherever you go. You know what it’s like to wonder how you got in this position — and how it feels to worry that you’ll never dig your way out.

But eventually, most people get to the point where they’ll do anything to escape the enormous weight of those monthly payments. In due course, they recognize that something has to change, and stay up late figuring out ways to turn it all around.

Still, it usually starts with an epiphany of some kind, and sometimes even a “light bulb” moment. Other times, people don’t realize they have too much debt until they actually reach rock bottom, or until their everyday lives become impossible.

How Much Is Too Much Debt? 14 Warning Signs

Getting into debt is easy, but realizing you’ve taken it too far takes courage and strength. Here’s how more than a dozen personal finance bloggers knew that “enough was enough” — and decided it was time to make a change.

1. You’re Adding to Your Balances Every Month

“We realized we had too much debt when we were adding to it every month,” says Kelly Whalen of The Centsible Life.

When you’re not tracking your spending or watching those credit card balances closely, “adding to the pile” is easy to do. For Whalen, the key to turning her situation around was simply recognizing that her balances were growing in the first place.

“It was hard to notice that trend at first as we weren’t tracking our finances carefully and had always been fine,” she said. But once they started tracking their spending, they were able to make big changes and pay off their debts over time.

Glen Craig from Free From Broke also saw his rising debt balances as a sign it was time to change.

“I knew I had too much debt when, after paying my bills, my debt still went up because of interest,” he said.

2. You’re Living Paycheck to Paycheck

For financial coach Melissa Thomas, the realization came when she found herself living too close to the cuff. “We decided we had too much debt when we had to put Christmas on credit because we were living paycheck to paycheck,” she said.

Jason Vitug from Phroogal.com also knows what it’s like to live down to his last dollar. “I would count the days to payday so I could make all the minimum credit card payments so I wouldn’t be reported late,” said Jason, adding that he would then use his available credit to pay for monthly bills and food.

When your debt payments consume so much of your income that you’re living down to the wire, it’s time to do something about it. And that’s exactly what both Melissa and Jason did; over time, they became debt-free and claimed their freedom.

3. When You Partner Up and Realize You Have Double the Debt

Getting married is a joyous occasion, but what happens when you realize your spouse has just as much debt as you do?

That’s exactly what happened to Deacon from Well Kept Wallet when he married his wife and they combined finances; practically overnight, their joint debt burden surged.

“We made decent money but felt like we could never get ahead because of our debt payments,” he says. Fortunately, he and his wife tackled their responsibilities together and are now debt-free.

4. Your Debt Payments Cost More Than Your Home

If your debt payments cost more than your rent or mortgage, you know it’s time to make a change. For Lance Cothern of Money Manifesto, the moment of truth came when he got tired of paying what amounted to a “double mortgage.”

Over the course of three years, Lance and his wife paid off more than $80,000 of student loans together. How did they do it? They “made a plan, earned extra income, and paid a ton of extra money” toward their loans each month, said Lance.

 5. When Debt Stands Between You and Your Dreams

If you have a lot of debt, you may be left with few choices when it comes to your career. With huge monthly payments to service, you may not be able to take your dream job, start a new business, or live the life you truly want to live.

Michelle from Making Sense of Cents found herself in that predicament after graduating from college with tens of thousands of dollars in student loan debt. Fortunately, focusing on those loans and paying them off turned their situation around.

“My husband and I decided we had too much student loan debt when it was preventing us from following the career path we wanted to in life,” said Michelle. “It’s paid off and we are now happier than ever!”

Something similar happened to Elisabeth Kelly of Matter of Life or Debt at the beginning of her debt-free journey. “When I was flipping through a National Geographic Travel magazine, I realized how much more we could travel if we were paying closer attention to our money and got out of debt,” she said.

Elisabeth admits she’s still “plugging away” at her debts, but she knows she’ll pay them off eventually. Until then, she says, she’s focusing mostly on “budget-friendly travel.”

6. Your Net Worth Is Less Than Zero

Have you ever checked your net worth on a site like Personal Capital? If you haven’t, it’s worth exploring (especially since it’s free). By deducting your liabilities from your assets, sites like this show your true wealth.

But what if your net worth is negative — if your true wealth is less than nothing?

That’s exactly what happened to Candice Marie of Young Yet Wise.

Although she was afraid to see the numbers at first, she was curious to see the truth about her wealth — or lack thereof. “Once I subtracted my assets from my liabilities and saw I was in the negative, I knew I had to do something to change it.”

7. You Add it All Up, and Can’t Believe What You See

Jessica Garbino from Every Single Dollar knew she had too much debt the day she finally decided to add it all up. While she was scared to face the music at first, she drew on the life experiences of her immigrant grandmother to find the courage.

“I almost passed out when it totaled $56,000,” says Garbino, adding that her a-ha moment took place after watching her grandmother balance her checkbook. It was at that moment that she realized she was living irresponsibly “after all the sacrifice she and my grandfather made coming to the U.S. from Cuba.”

At that moment, Jessica knew she could no longer waste the opportunity she had been given.

Andy Josuweit, CEO of Student Loan Hero, knew his debt had spiraled out of control when he opened his first student loan bill and realized he wouldn’t be able to repay it without some serious hustling.

“I knew I had too much debt when I was 22, and received my first student loan bill (over $850!), was unemployed, and had no clue how I was going to pay. I survived by moving back in with mom and dad, cashing unemployment checks, and teaching myself how to build and sell websites to local businesses.”

8. You Can’t Afford to Buy a Home

David Auten and John Schneider, also known as the Debt Free Guys, knew they had too much debt when they found themselves renting from a friend because that was all they could afford. As two mid-30s professionals in the financial services industry, they knew they could do better.

“Our friends were buying houses and we were renting a basement,” they said.

As life partners, David and John paid off their debts together, and now teach others to do the same.

9. Your Monthly Minimum Payments Cost an Arm and a Leg

If you’re just making the minimum monthly payments, getting out of debt can take almost forever. And when your monthly minimum is more than you owe on anything else, digging your way out can seem impossible.

Grayson Bell of DebtRoundup.com found himself in that position several years ago, but has since turned his life around.

“I realized I was in too much debt when all of my minimum payments were costing me more than my mortgage,” said Grayson. “I was floating by each month, but didn’t know because I never aggregated my finances.”

10. When You Realize All Your Money Belongs to Someone Else

For financial coach Whitney Hansen, the moment of truth came when she realized her debt was making all her life decisions for her. “I wasn’t able to follow my dream of starting my own business and had to work in a job I hated, because my money belonged to someone else,” she said.

When all of your expendable income goes toward debt payments, it can be disheartening. Fortunately, Whitney found a way to improve her situation over time. “I paid it off in 10 months and never took out debt again!” said Whitney.

11. When Your Credit Score Starts to Suffer

A good credit score is essential if you ever want to buy a house, take out a car loan, or borrow money to start a business. Unfortunately, your credit can suffer if you owe too much money in relation to your credit limits.

That’s one of the first signs Linsey Knerl of 1099 Mom noticed when she decided it was time for her family to make a change.

“I knew we had too much debt when my credit score dropped because our debt to available ratio was out of whack,” she said, referring to the fact that her credit utilization was far too high.

To improve her score, Linsey did what she needed to do; she paid down her debts and didn’t look back.

12. You Realize You’re One Step Away From Disaster

Being in debt is similar to not having an emergency fund; in either situation, a job loss, unexpected illness, or family emergency could throw your finances into a tailspin.

Jackie Beck of TheDebtMyth.com decided her debt was too substantial when she got the feeling her job might be in jeopardy. “I had no idea how I would be able to make the payments if I got laid off — and I could see the writing on the wall at my job,” she said.

Another blogger, Kim Parr from Eyes on the Dollar, witnessed this exact situation with some family members before realizing she could be next. “I realized we had too much debt after watching family members lose their house to foreclosure, knowing we’d be in the same boat if one of us lost a job,” she said.

Meanwhile, Scott Alan Turner’s debt moment also came when he realized he was just one step away from disaster. “I knew I had too much debt after I closed on my house, had a big car payment, mortgage, bought a bunch of furniture on a no-no-no plan, and had drained my bank account,” he says.

13. Your Credit Card Is Denied Because You Owe Too Much

A mountain of debt can create a vicious cycle. And when you owe more than you can afford to pay back, it can be difficult to even get to work at times.

Jason Butler of The Butler Journal realized his debt was out of control when, every month, he went over his credit limit to pay for the gas he needed to get to work. And Chris Holdheide of Wallet Impact knew his time was up when his credit card was rejected at the gas pump. “I hated that feeling,” he said.

The bottom line: When you owe so much that your credit cards aren’t always being accepted, even for bare necessities, that’s a telltale sign that things have gone too far.

14. It Will Take Years to Pay Everything Off

While a small amount of revolving debt may be easy to squash right away, things can get out of hand quickly. And sometimes, you don’t realize how much you owe — and how long it will take you to pay if off — until you sit down and run the numbers.

Jeff Fruwirth from Sustainable Life Blog decided his debt was enough when he realized that even if he paid his entire salary before taxes toward his debt, it would still take him two years to pay it off.

Liz Stapleton’s light bulb moment was similar. The Friday Night Shenanigans blogger says, “I knew I had too much debt when I added up how much it cost me in interest every day, and it was more than what I made in two hours at work.”

Yep, you read that right. She was working for two full hours – every single day — just to pay interest.

Getting Out of Debt: How to Know It’s Time

If you’re in debt and ready to make a change, you have to be ready to say enough’s enough. You have to get to the point where you’re thoroughly tired of the struggle, and ready to make some sacrifices — to do whatever it takes to turn it around.

Your light bulb moment could be anything — the constant stress that comes with having lots of bills, the desire to travel more, or the simple realization that you could be doing better if you really, truly tried.

If debt is holding you back, now is your moment to decide to stop digging — and to find a way out instead. Getting out of debt won’t happen overnight, but the process can’t begin until you decide it’s time.

How did you know you had too much debt? Did you have a light bulb moment?

Related Articles:

• Debt Payoff Calculator
• How to Make Your Debt Repayment Plan
• 10 Things You Can Do to Tackle Your Debt Right Now
• How to Live a Rich, Modern Life Without Debt

The post When Enough Is Enough: How Much Is Too Much Debt? appeared first on The Simple Dollar.

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10 Classic (and Unique) Retirement Gift Ideas

Celebrate your colleague’s retirement with one of these thoughtful gifts.

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Savings update: top cash Isa rates trail taxable accounts

Sylvia Morris

Piggy bank smashed_0.jpg

Headline rates on cash Isas continue to lag behind those paid on taxable accounts. On tax-free cash Isas, the top easy access account comes from Post Office Online Cash Isa at 1.51 per cent, including a 0.86 percentage point bonus for the first 12 months.

Headline rates on cash Isas continue to lag behind those paid on taxable accounts. On tax-free cash Isas, the top easy access account comes from Post Office Online Cash Isa at 1.51 per cent, including a 0.86 percentage point bonus for the first 12 months.

Savings update: top cash isa rates trail taxable accounts

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Headline rates on cash Isas continue to lag behind those paid on taxable accounts. On tax-free cash Isas, the top easy access account comes from Post Office Online Cash Isa at 1.51 per cent, including a 0.86 percentage point bonus for the first 12 months. Virgin Money Defined Access Isa is a slightly better rate at 1.56 per cent, but it limits you to making three withdrawals a year - although there is no bonus on this account. Best deal with no bonus and no withdrawal facilities comes from Nationwide's Instant Isa Saver Issue 3 at 1.4 per cent. But on taxable easy-access accounts the top deal stands at a higher 1.65 per cent before tax (1.32 per cent after tax) from RCI Bank Freedom Account and ICICI Bank HiSave SuperSaver, with no bonus or withdrawal restrictions. The same pattern is evident for fixed-rate accounts. TOP FIXED-RATE ACCOUNTS On fixed-rate cash Isas Virgin Money pays a top 1.81 per cent for one year, followed by AA Savings' Isa deal at 1.75 per cent, where the deposit taker is Bank of Ireland. Virgin Money pays 2.06 per cent for two years. But on taxable fixed-rate bonds you can earn at 2.07 per cent before tax (1.66 per cent after tax) for one year with Charter Savings Bank. French-owned RCI Bank and FirstSave both pay 2.06 per cent (1.65 per cent), while Harrod's Banks now offers 2.03 per cent (1.62 per cent). For two years, top deals include RCI and Hampshire Trust banks at 2.35 per cent (1.88 per cent).

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8 Unusual and Unglamorous Investment Opportunities

What's ugly to some investors can provide a handsome return to others.

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How to Commemorate a Colleague’s Retirement

These retirement gift ideas will help you celebrate the occasion.

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How to Save Money When Purchasing a New Phone

Waiting until prices drop is one solid strategy. 

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Cars We Remember: Remembering the military Jeep and those wonderful Willys Jeepsters

Q: Hi, Greg. I am a lover of all Jeeps and Willys vehicles. When I moved to this town in 1969, I drove a 1948 Jeepster with a Chevy engine. I recently bought a 1949 with a 350 Chevy small block, and I had the engine rebuilt and then added new paint and convertible top with side windows. It is looking good. My friend has one he wants to sell. It is all original except for three sets of horns. Thanks for reading my letter, and how some Jeep and Jeepster history? Gregory [...]

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6 Psychological Principles That Influence Reader Loyalty

Frustrating, isn’t it?

You can do everything right and still end up without any readers or customers.

Even with great content and a great product, there’s one other thing you need to consider:

People aren’t always logical.

It seems simple:

Good content + targeted audience = raving fans and growing business

That would be true for robots, but not people.

Why?

Because people have cognitive biases, which is essentially a fancy term for reasons that lead to irrational decisions.

These biases can prevent readers from reading content, sharing it, signing up for email lists, or even buying products.

The good news is that the most important biases are very reliable. They affect a large portion of the population (even you and me).

Once you learn about them, you’ll start recognizing when your decisions are swayed by things other than facts.

You can then incorporate them into how you design your business, and you’ll grow much faster.

In this post, I’ll tell you in detail about six cognitive biases that you can leverage in your business to get more readers, subscribers, and customers. 

1. Look like an angel with the halo effect

Rich people are smarter than the average person, right?

Maybe a tiny bit, but no, they really aren’t.

And yet most people, when asked that question, will tell you that rich people are smarter than the average person.

But studies have shown that intelligence has no correlation with success or wealth.

This is a bias that almost everyone develops naturally, and it’s called the “halo effect”:

The halo effect states that our opinions on any one trait of a person or brand naturally extend to their other traits (even non-related ones).

In simpler terms, this means that if someone is particularly good looking, you’re likely to assume that they are intelligent, caring, and successful and that they possess other positive traits.

On the other hand, if you see someone who is ugly, you’re likely to assume that they are dumb, rude, and unsuccessful.

The halo effect has been studied in great depth.

In one study, subjects judged 27 different personality traits, such as kindness, trustworthiness, etc., of people in pictures.

Then, they were asked to estimate how successful these people were, including how happy they were and what quality of job they had.

Guess what happened? The subjects way overestimated the success and happiness of the attractive people.

In another study, subjects evaluated essays after having seen the photo of each supposed author.

The attractive authors had an average rating of 6.7, while the unattractive authors received an average of 5.9. This was on the same essay.

On another essay, the attractive authors scored 5.2, while the unattractive authors scored 2.7.

Pretty people get the benefit of the doubt.

How you can use the halo effect to grow your business: The biggest takeaway from the halo effect is that you need to highlight your best features and hide any undesirable features.

And when I say “your features,” I’m talking about your brand.

That may or may not include you as a person. When it comes to Quick Sprout, my name is a big part of my brand. It’s why I include the professionally taken picture in the sidebar. I may not be a model, but I’m not completely ugly (right? ).

Your first step is to make a list of your brand’s best features. Not just the good ones—the best ones.

It could be many things:

• your looks (if you’re tied to your brand)
• accomplishments (relevant to your niche is best, but even irrelevant are okay)
• something about your product (a great rating or large customer base)
• spectacular content (are you known for a specific tool or guide?)

Whatever it is, you want to highlight it throughout your website and even in your marketing efforts elsewhere.

Examples of the halo effect in action: Let me show you a few real life examples of the halo effect used successfully.

The first example is about leveraging an impressive accomplishment.

Noah Kagan was the 30th employee at Facebook when Facebook was just 1 year old.

Currently, he writes at OkDork about a variety of entrepreneurial topics. He often mentions that he was the 30th employee at Facebook because he knows it’ll show him in a good light (even if he did get fired).

The default perception of anyone who reads about that is that this guy accomplished something great. He must be smart, successful and possess many other positive qualities (he actually is a really knowledgeable guy).

On top of mentioning it on his blog, he also mentions it in various presentations he gives and when being interviewed for other articles:

If you’ve done something that most of your readers will find impressive (which is why relevance might be important), mention it often.

After they read it, they’ll assume that you know what you’re talking about and will be more likely to become a subscriber.

Second is Danny Iny, who might be the best example of how to use the halo effect.

Danny owns Firepole Marketing and used the halo effect to grow his blog’s audience.

At first, he started targeting a very specific audience by writing about only one niche. After he cemented himself as an “expert” to his readers, he started writing about another related topic.

Because his readers already saw him as an expert in the area of marketing he wrote about initially, they automatically viewed him as an expert in the other topics he started to write about (social media, product creation, etc.).

This is a great strategy for anyone beginning with content marketing.

I did almost the same thing with Quick Sprout.

Early on, I mainly wrote about branding. You can still see those posts I wrote back in 2007.

Once I wrote several posts on branding, I started to branch out into other topics.

I continued to do that over time, and now I write about almost every marketing topic there is. But it all started with me being seen as an expert in that one niche.

Finally, how about a non-marketing example?

A great example of the halo effect is how Apple marketed the iPod.

About 10 years ago, Apple wasn’t the giant it is today (it was still pretty big but on a different scale altogether).

What it did have is a killer product in the iPod. Everyone loved it.

Apple leveraged this early success by putting nearly its entire marketing budget behind the iPod.

They took control of that niche in the tech industry.

From there, all the people that loved the iPod started giving other Apple products a chance. Since they made such a great MP3 player, they must make great computers, phones, tablets, etc.

And now, they could create almost any tech product and sell it as a leader from the start.

When you use the halo effect properly, you leverage your past successes to expand your business.

2. The IKEA effect

The IKEA effect states that all good things come from Sweden. Just kidding, of course.

What it really states is that people put a high value on pre-assembled products.

The reason that happens is because we like to create things—to be productive. There’s nothing that makes you feel more productive than building something that you can use.

It’s called the IKEA effect because most products sold by IKEA need some assembly.

Despite the name, this principle has been studied fairly extensively by some top psychologists.

There is one important caveat of the effect though:

A Harvard analysis led by Dan Ariely determined that the increased valuation of the product only occurred when the subject actually finished building the product.

This makes sense when you think about it. If you can’t figure out how to build something, you’ll be disappointed and frustrated.

But if you do end up building a decent product, you’ll feel pretty good about yourself and, as a result, will rate the product highly.

The study also pointed out another interesting aspect of the IKEA effect. Even people who don’t like the do it yourself (DIY) projects still overvalued their creations. That shows that it’s our innate desire to build things, which is why this principle applies to just about everyone.

How can you “IKEAize” your website?

If you sell physical products, it’s pretty simple to apply this principle. Start selling your products with just enough assembly work left to make someone feel that they’ve accomplished something.

It needs to take a bit of time and effort, or it won’t feel to your customer like they created anything.

But the IKEA effect can also be applied to digital products and content.

Let me walk you through four different options that you may be able to use.

Option #1 – Create worksheets as lead magnets (easy ones): People don’t want to build furniture from scratch—that’s hard.

But hammering in a few nails and attaching a few pieces? That’s doable in an hour or two for most people with a reasonable amount of effort.

One type of lead magnet that you should consider offering web site visitors is a worksheet that breaks down a somewhat difficult problem that they care about.

For example, if you write about online business, you could offer a worksheet that helps someone narrow down their niche.

Or if you write about habit formation, you could offer a worksheet that walks readers through a goal-setting process.

The key is that it has to be relatively easy.

People expect to spend a few hours putting together furniture, but they only expect to spend 10-15 minutes on most lead magnets.

Break it down into simple pieces, and make sure it looks nice so that your reader actually feels like they created something of value. (Of course, they did create something of value, but they will feel that it is even more valuable because they did it).

Here’s an example of a worksheet that is, coincidentally, about generating lead magnet ideas:

It’s only two pages long and creates a good looking plan that a reader would be proud of.

Option #2 – Create tools that do most of the work for your readers: Some tasks can’t be broken down into a few questions because they are too complicated.

If you can take some of the work out of a process with a tool, the difficult process becomes more realistic for the average reader.

Say I’m writing about how to run a split test.

I could go into the equations behind basic statistics (variance, standard deviation, etc.); however, very few readers would be comfortable learning and applying that.

Instead, I would just recommend using a tool such as Is Valid.

Users just need to enter in their sample size and conversion rate of their control and test groups, and the tool creates a pretty report:

If I wanted to take the IKEA effect to the next level, I could have the readers download the results and paste them into a Google Docs worksheet, along with other information about their split test (e.g., hypothesis, traffic source, etc.).

Option #3 – Create courses where customers build things: Online courses are getting very popular now.

They are a great way to teach readers premium content while getting paid for it.

But besides helping you monetize your website, courses give you the opportunity to have your students build things.

One great example is edX, which offers post-secondary level courses from many top tier universities and colleges.

There are many great courses about computer science, mainly programming.

The courses have lectures, of course, but the assignments at the end of each section help the course-taker write an actual code to create something.

For example, here’s a basic hangman game that’s an early assignment in an introduction to computer science class:

For someone new to programming, that’s a huge accomplishment and a source of pride.

In a course format, you can break down the main parts of the functions behind the project so that it’s not intimidating. You can even supply some of the answers if the problems are particularly difficult.

And although programming is a perfect subject for this, you can have students create something in just about any course.

In a course on social media marketing, guide students to create a social media plan. In a course on nutrition, have them create a meal plan based on your lessons.

Option #4 – Get early signups to take action: Getting your readers and customers to place a high value on work you help them create is important for many reasons. One of the reasons is they will come back for more.

One of the biggest issues that app startups face is onboarding new customers (getting them used to the product and using it on a regular basis).

What many smart startups have begun doing is having new users immediately create something through a guided tutorial.

It could be as simple as creating a profile—although actually using the tool is even better.

Canva is a great tool for creating beautiful custom images.

When you sign up for it, you will be walked through the process of creating your first design as part of the onboarding process.

The key point is that the image looks great because the product itself is very good.

After a user understands the basic functions of the tool and has created something valuable to them, they are much more likely to come back and use the tool again.

3. People get overwhelmed easily

Rationally, the more choices you have as a consumer, the better off you are.

But, as you know, people do not always act rationally.

The third principle that we’re looking at is called the “paradox of choice.”

It’s a very simple principle, which shows that after a certain point, having more choices causes less action.

People become overwhelmed by the decision and are scared of making a mistake. It’s much easier to find the best option out of 3 than out of 10.

Many experiments have shown that conversion rate actually goes down when there are too many choices.

And “too many” can be as few as 3 or 4, depending on the context.

The paradox of choice could be affecting important metrics in your business in a few ways.

Example #1 – Too much in the sidebar: A classic mistake by website owners is to stuff as much information in the sidebar as possible in the attempts of improving their website page-views.

For example, look at this long list of categories in the sidebar of a food blog:

If I were looking for new recipes, I’d feel overwhelmed looking at this list. Picking from a list of 20+ options is difficult.

So, what’s the alternative?

The simple alternative is to reduce that list to 3-5 most popular categories.

That way, instead of trying to pick from similar things like “Italian,” “noodles,” and “pasta,” I could pick from things like “desserts,” “dips,” and “main courses.”

It would be a much easier decision.

Example #2 – What do you really want your reader to do? In an effort to grow their businesses as fast as possible, most website owners do the opposite.

They read that they should include social sharing buttons on every post as well as a ton of internal links.

They’re not necessarily wrong, but they go about it the wrong way.

Take a look at the following mess that immediately followed a blog post:

When a reader finishes reading a post, they have a lot of different options to pick from:

• should I share the post?
• if so, on which social network?
• do any of these other posts look interesting?
• should I just go to the next/previous posts?
• should I comment (that’s below)

You need to decide what your primary goals are for each piece of content you create.

Want the reader to keep reading on your site? Include lots of internal links in the content and 2-4 links after the post to popular posts.

Want the reader to share your content? Include 2-4 share buttons before and after the content (or floating buttons in the sidebar).

Want email subscribers? Have an opt-in form at the bottom of the post (and nothing more).

Less is more.

Example #3 – Even when buyers know what they want, they still don’t act: When you have qualified leads, you need to be even more aware of how this paradox may influence their decisions.

Whether you’re trying to get visitors to sign up for something or buy something, don’t give them too many choices.

For example, Unbounce found that when they changed the number of upcoming demo sessions visitors could sign up for from 4 to 3, conversion went up by 16.93%.

Your simple action plan for cutting down reader choices: Whenever you’re trying to get a visitor to do something, think about it from their perspective.

If the decision seems like it might be difficult and cause some anxiety, make it easier by removing choices.

The most common places of overcrowding on websites (and their blogs) are:

• the sidebar
• pricing pages
• right after a post
• social sharing buttons

You’ll notice that I only have two social sharing buttons on my posts now. I used to have many more, and then I switched to three. Currently, I’m testing the two-button setup.

How do you know how many choices you should offer?

Simple: test it. You should always test any changes you make to see if they significantly affect the metrics you’re worried about.

4. Your reader is always right, even when they’re wrong

You’ve heard that the customer is always right.

Along the same lines, your reader is always right, or at least they think they are always right because of confirmation bias.

Confirmation bias explains that people are likely to look for information that goes along with their beliefs and opinions.

If I were a huge supporter of reusable grocery bags, for example, I would tend to spot any headlines about reusable grocery bags.

When I came across an article that supported my viewpoint that bags are good, I’d think to myself that it’s a well-written article and that I’m right (of course!).

Here’s where things get interesting:

If I came across an article that showed that reusable bags are actually bad, I would dismiss, or at least pay much less attention to it than I would to that other article. Why? Because it presents information that goes against my opinion.

In fact, instead of changing their beliefs when they come across a good argument against their beliefs, most people will actually feel stronger in their original viewpoint.

This is the reason why you can’t win an argument sometimes, even when the correct (logical) answer is so clear to you.

Despite all the evidence you might be able to provide, most people will refuse to be wrong and will double down on their positions.

There are two main ways in which confirmation bias can affect your marketing.

Key Point #1 – Form your message around your readers: Imagine if tomorrow I published a post saying “content marketing and SEO are stupid.”

This is obviously against my opinion, but more importantly, it’s against the viewpoint that you and all the other Quick Sprout readers hold.

Similarly, you have to think about opinions your readers hold.

For example, readers of a recipe blog might be against animal cruelty. If the blogger made a post encouraging hunting for meat, it would probably go against what most readers believed.

Due to confirmation bias, we discount sources that have information we don’t agree with. Therefore, those readers will quickly decide that the blog isn’t very good and will not return.

Key Point #2 – Focus on attracting the right readers: When you’re starting out, much of your time is spent finding your target audience and then attracting them.

This includes strategies like guest-posting and being active in forums.

This is where it’s really important to know your audience.

For example, the inbound.org community are huge supporters of inbound marketing to grow a business.

Say I created a product for online business owners.

If I wanted to attract them to my site, should I write and submit a post about using paid advertising to grow a business on inbound.org?

No, I shouldn’t. Instead, I should write a post that revolves around an aspect of inbound marketing.

Secondly, consider how you should approach your guest-posting.

Let’s say you own a site about gardening.

So, you seek out blogs talking about related topics like home renovating, growing your own food, and so on. The idea is to funnel the readers from those sites to your own.

One place your target audience might hang out at are vegan recipe blogs.

Pop quiz: what kind of topics should you avoid in this situation? If you guessed posts about animal products, you’re right.

Instead, appeal to what the audience believes in the most. In this case, try to tie-in gardening to vegan eating (e.g., “X Vegan Superfoods You Can Grow at Home”).

5. Get your readers to jump on a bandwagon for you

Ever heard of a bandwagon sports fan?

They never follow a particular team very closely, but when the team starts winning or has the chance of winning a big tournament, all of a sudden they become the team’s biggest fans.

The reason for this is that people like to simplify their decisions by trusting the crowd. It’s called the “bandwagon effect.”

At first, it makes sense. If a ton of people think something is good, it probably is.

But what ends up happening in many cases is that the first group of people decides whether a product is good or not, and the rest just follow that decision.

So, just because 100,000 people bought a product doesn’t mean it’s great.

You can take advantage of the bandwagon effect in four easy ways.

Way #1 – Highlight the size of your readership: If you want to convince people that your content is popular, show that you have a lot of traffic or subscribers.

For example, Content Marketing Institute has a massive email list of over 140,000 people.

Instead of offering a free bonus or highlighting a benefit of joining the list, they simply focus on highlighting the size of their list:

If 140,000 people subscribed to the blog, it must be good, right?

Way #2 – Encourage comments: You may look at my posts, see hundreds of comments, and wonder how I get so many.

The truth is the hardest ones to get are the first few dozen.

Once people see those, they are more eager to contribute their opinions as well.

First, reach out to your close contacts and ask them to comment on new posts.

Then, you will need to get your readers to start using promotional strategies. If you have those initial 5-10 comments and also encourage new comments, you’d be surprised to see how quickly people will jump on the bandwagon.

Way #3 – Get early help on social media: On any social media or aggregator site (like inbound.org or Reddit), your content is essentially voted on by the community.

It is first exposed to a small group of followers.

If they like it, it will get shown to more.

If a post gets a lot of shares or votes right away, that signals to future voters that the post is good. The new voters are much more likely to rate it positively or share it.

When you share a new post on any type of social media site, coordinate with at least five people to make sure they vote for it or share it as soon as possible.

Get the wagon going so that future voters can jump on it.

Way #4 – Focus on reviews: If you sell a product on any major e-commerce site, you need good reviews.

Reviews are one of the biggest factors that determine if a browser buys or not.

A great example of this is the Kindle marketplace.

All new books start out with zero reviews. Most authors offer their books free in order to get as many people to read them as possible.

On top of that, they encourage their close friends to leave the first few reviews.

Even just a few 5-star reviews can start the bandwagon effect.

If people read glowing reviews, they are much more likely to buy the book, which can lead to more reviews.

This is the epitome of “fake it until you make it.”

6. Take away the risk, and readers will do anything for you

The final bias is called the Peltzman effect, otherwise known as risk compensation.

If someone is driving without a seatbelt and you tell them to put it on, how will that change their driving?

It turns out that most people will start driving faster and more dangerously.

Crazy, right?

The Peltzman effect basically states that the safer someone feels, the more likely they will take risks that they ordinarily wouldn’t.

Private testing showed that using certain automobile safety devices could reduce accidents by a large percentage. However, this study showed that when these devices were used, drivers drove more recklessly, and accident occurrence didn’t change at all.

When it comes to your online business, that means one thing:

If you’re asking a subscriber or customer to do something they might see as risky, make it as safe as possible to improve conversion rates.

Here are a few specific tactics you can use:

Tactic #1 – Guarantee success: When facing a major purchase, customers want to know that if the product doesn’t live up to their expectations, they can get their money back.

As long as you actually have a good product, you don’t need to worry about giving many refunds.

One of the best guarantees I’ve seen was offered by Danny Iny in his now defunct course, the Audience Business Masterclass.

He stated that if you don’t make at least $3,000 per month using his system after a year, he’d refund the cost of the course and pay you an additional $1,000.

All of a sudden, buying the course seems a lot less risky.

Tactic #2 – Flaunt your early wins to get better outreach results: Most outreach campaigns consist of sending cold emails—trying to connect with people you don’t know.

The biggest challenge is to not come off as a typical salesperson, regardless of what you’re looking for.

To improve your reply rate, you can drop a few recognizable names to give your message credibility.

Let’s say you’re creating an expert roundup.

You reach out to your first few experts, and a couple agree to participate.

Instead of sending your original template, you can now mention that you already have a few experts willing to contribute.

Once you’ve added your social proof, you’ve helped your potential contributors feel less like they might be risking wasting their time replying to you and ending up in a low quality roundup roundup. Now, they feel safer and more willing to participate.

Conclusion

The way people think isn’t always logical, which is why psychology is one of the most important things a marketer can study.

Understanding how your target audience thinks will affect your marketing strategy and tactics.

The six psychological principles I’ve shown you in this post are some of the most important concepts you will learn.

Take the time to understand them, and think about how they apply to your business.

If you’re having trouble connecting the principles to your business, leave a comment below with more details and your specific problems.

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