Forget about scrimping and saving.
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Blasphemous, right? There are plenty of personal finance gurus out there who will tell you that the way to get rich is to watch your spending and cut out frivolous expenses. That may be a way to get rich…in 60 years.
No, the way to get rich is to actually make money. And with the advent of the internet, it’s gotten easier than ever to do that. All the tools and training you need are right at your fingertips.
So, let’s get you on your journey. Here are 3 effective ways to make more coin:
1. Information Products
Everybody has some kind of hidden knowledge. What are you passionate about? What do you have special knowledge about? In other words, what is your “super power”?
If you can identify your super power, you can package that knowledge into an e-book, an online course or even app that you can then offer online. This area is growing like crazy, with online courses being a $100 billion+ industry already. Heck, if your idea really gains traction, you could offer all three. Kind of like Wall Street Survivor ;)
The beauty with online businesses is that the costs are super low (as simple as just hosting and website fees). That means your margins, or the amount of money you make per sale, are high. That’s a good thing. The fact that there are 2 billion people coming online in the next decade means that your potential market is only growing.
The best thing about teaching something online is that there’s no constraint on the amount of people you can reach. If you were to hold class in a physical classroom you are limited by the amount of students you can reasonably fit into a classroom. Likewise, your earning potential is constrained by the amount of time you can spend teaching classes.
That just doesn’t hold online. You can package your content and teach thousands of people at the same time through the internet.
There are tons of ready-made platforms if you just want to dip your toes in. Skillshare is an online resource where anyone can take an online class, and even teach one themselves. You could apply to become an instructor on Skillshare and see if there’s a market for your knowledge.
If the thought of creating a course online makes you nervous, that’s fine. Start small. Offer coaching one-on-one as a means of validating whether or not your business could work. If you can get at least three clients then you can reasonably start to think about moving onto the next step : world domination.
In all seriousness, starting small will give you a chance to refine your course offerings and streamline the program before it goes live on the web.
Who knows where that will lead you…
2. Offer Services
This method involves offering your services for a fee rather than a product. Again, this could be done online or in person.
Can you design websites? Offer your services on places like Fiverr or Upwork. There are numerous marketplaces where freelancers offer their services and you can quickly build a reputation and portfolio of work if you’re willing to understand how these sites work.
A few examples of businesses you could start: web design, social media management, powerpoint presentations, audio/video editing. The opportunities are only as limited as your skills, and if you don’t have the skills…get ’em!
No, seriously. This might be one of the best ways to learn a skill you’ve always been interested in. Pair your learning process with a business and you’ll be forced to learn quick. Here’s what we mean.
Let’s say you always wanted to learn how to design a website but never got around to it. Or you have major trouble with procrastination. Here’s what you do: offer your services as a website designer to do some cheap and simple tasks. At the same time you can start your education. As the work comes in, you will be forced to learn on the fly and learn fast to get your orders filled.
This is a bit of a sink or swim method – it’s definitely not be for everybody. But it has the possibility to supercharge your learning.
3. Affiliate Marketing
If the idea of creating an actual product doesn’t appeal to you, that’s okay. If you feel like you have nothing to offer in terms of a service, that’s also okay. Even if you don’t want to learn a skill, there’s still another option. You can always resort to affiliate marketing. That’s where you promote and sell things other people have made.
The way it works is that you earn a commission on every sale or lead that you send to a company. There’s a general feeling that this is a bit shady or scammy, but there’s honestly no reason it should be if you only push products you genuinely like and help people.
It should be about creating win-win-win scenarios. That means, it’s a win for you, for the people who buy the products and the providers. If you have a bit of a following on Twitter or some kind of audience, then affiliate marketing might be the answer for you.
You could go straight to the people, polling them to see what kind of products they need and then making the deals and connections to offer those products to them. Or you could create a blog, which specializes on marketing certain products. Awesome products. Products like Wall Street Survivor.
There are people out there who run websites that primarily provide information. For example, Oddshark primarily shows information on sports betting lines. At the top of their website, they have links to several online casinos. If you click through and open up an account with one of their partners, they make money. Simple.
If you’re interested in affiliate marketing but don’t know where to start then ClickBank might be a good place. It is an online marketplace for digital information products and its sole purpose is to connect content creators (people who make the products) with affiliate marketers (people who will sell the products for them).
There you have it, three ways to make more money. Forget about denying yourself a latte every third Tuesday. Instead, focus on how you can leverage your skills to earn more money, either on the side or as your main source of income.
It’s not easy…but the sooner you start the sooner you reap the rewards.