If You Follow Me On Twitter I Talk About My Trust A Lot
You have probably seen me talk about my trust that I set up for my family earlier this year. All in all it was not a long process, the longest part was figuring out what to do and what exactly a trust is legally. Once I understood this and consulted with lawyers I finally had a trust. I was at the bank setting up a trust account and the thought hit me
Why isn’t there an app that could have done this for me?
Oh wait! I can write it!Thoughts while talking to the banker.
So after leaving the bank I immediately went home, grabbed my laptop and started coding the MVP. Within 30 minutes I had an app that generated a .docx trust document that was formatted using data grabbed from a vue.js frontend and charges $50. I used my trust document as a template and showed the app to a lawyer. They loved it, I just need to be sure to let people know I am not a lawyer and advise them to always consult with a lawyer. So after changing some verbiage to cover my bases I was ready to put the app out to world and get feedback. I wanted trustgenerator.com or trust-generator.com but both of those were taken so I decided on trustsgenerator.com
When I put it out I actually got my first sale on my first day and a few more on the second day. However I felt $50 was still too high for a lot of people and I didn’t want to just appeal to those who could afford an estate lawyer in the first place. I wanted this app to be for the people.
So Far This App Has Given A Nice Residual
This goes back into my investment strategy I speak about which is having a portion of your portfolio to include monetized apps. My investment goal is to have 60% of my income to come from applications. Trusts Generator is a complete self-contained system that handles file management, billing and email. I have to spend < 1 hour a month maintaining this application. This setup is the motivation behind my venture 401K Apps.
Considering that I spend so little time doing maintenance, this app can potentially give me a better return than most of my other apps. I will definitely be paying attention to the analytics heavily.
I recently added an affiliate network to the system. Allowing them to share a custom link to create a new trust. I share my profits 50/50 and can pay out via Paypal or Cash App!
I am also adding the ability to generate your trusts through text message using a SMS chat bot! However currently I’m working on ad campaigns to help get the word out. My goal is to generate 1000 trust documents by the end of 2020, so we’ll see how it goes.
Analytics is huge to me so I will be adding the code to track more metrics and use that data to determine what areas of the app I need to tweak and fix. Lastly I need to crank up the marketing! If I want to reach that 1000 trust generated mark I’m going to have to make some very targeted ads and get busy. I will be updating everyone on my journey as it continues and if you haven’t already check out the app and let me know what you think!