6 Different ways to make money online !
This weeks topic that I’ve been planning to talk on is about different ways on how to make money online from anywhere in the world, as long as you have an internet connection and a computer.
There are many ways on how to make money online, and today I want to touch on the ones that I have had personal experience with, was it negative or positive. Anyone can make money at home, like it’s not that complicated, but more often than not you do need to put forward an initial investment. In many cases the investment required can be as low as $10 , or as high as $1000. Pretty much any sum of money that you can afford to stake.
Before I get on with the 5 different ways on how to make money online, I want everyone reading this to know the following facts before you decide to pull the trigger on investing, was it a penny or your years salary:
- I AM NOT A FINANCIAL ADVISOR. I AM JUST A GUY THAT IS SHARING HIS VIEWS
- DO YOUR OWN ADDITIONAL RESEARCH ON ANYTHING THAT I’M ABOUT TO SAY
- DO NOT INVEST / STAKE ANY MONEY THAT YOU CANNOT AFFORD TO LOSE
- THERE ARE NO EASY WAYS TO MAKE MONEY ONLINE. DO NOT BELIEVE ANYONE THAT TELLS YOU OTHERWISE
- NOT ALWAYS, BUT IN MANY CASES THERE ARE MORE LOSERS THAN WINNERS WHEN IT COMES TO INVESTING MONEY. OTHERWISE EVERYONE WOULD BE MAKING MONEY AND WE WOULD ALL BE RICH, WHICH MAKES NO SENSE
Let’s get started then! Again, I’ll list my 5 methods of making money online in no particular order.
1: INVESTING IN CRYPTOCURRENCY
I currently have $150 invested on cryptocurrency, but which one, I cannot say, because I do not want to influence you, the reader, in any way on which cryptocurrency you should put your money in. Hopefully my investment one day gets to the moon and I can come back to write another post on it! Or maybe I lose it all and make a post on how to lose money.
But what is Cryptocurrency? Most people know about Bitcoin ( BTC ) , but not many know other alternatives to Bitcoin. Some other well known alternatives to Bitcoin are Ethereum, Litecoin, Cardano, Polkadot & Bitcoin Cash just to name a few, and there are thousands of alternatives to choose from.
The thing with cryptocurrency is that in today’s markets it’s a very volatile way of investing money, meaning that the prices can fluctuate a lot during the day. I still prefer to invest on the long term, but it’s not that uncommon to see some cryptocurrencies go from $1 to $100 in a week, or the other way around from $1 to $0.01.
There is a skill involved in investing to cryptocurrencies in a similar fashion to investing in stocks. I personally try to see where the crypto coin I am interested in is going to be in long term, not short term, meaning that if I see the coin being used years from now, then I will invest my money without a second doubt. There are other reasons also on why you would want to invest on any given crypto coin, but at the current time of posting this I do not have enough experience to elaborate any further.
With cryptocurrencies you should be very cautious on where you put your money. Cryptocurrencies are filled with shills, the type of people that want to hype up the crypto coins they are holding through social media, news, etc. Much like how news affect stock prices.
Reason these ‘Shills’ want people hyped on certain crypto coins is, that they are most likely a major holder on that coin and want people to buy-buy-buy, so the value of the coin goes up. And after value goes up, the major holder sells their shares at a huge profit and crashes the market, thus leading all the smaller investors losing money.
Those investors can then of course slowly buy their shares back again when the market has crashed and cause another hype & crash when they have acquired back enough shares. There is actually an official term for this, called ‘PUMP & DUMP’. You should google that up!
So in my humble opinion you should avoid ever putting money into something that is overhyped, especially in the crypto markets.
2. BECOME A SOCIAL MEDIA INFLUENCER
Exactly what I’m doing now. I’m up-keeping my own blog and writing new stuff every week in hopes that one day I will have enough viewers that I can make a small income from advertisement, or endorsing products on my blog. I do plan to also add a youtube channel later on to extend my reach to capture larger audiences.
You shouldn’t consider on becoming a blogger or social influencer if money is your only goal. You have to have a certain level of passion for it. I’m not doing this just because I know that one day this could make money.
I’m blogging because I enjoy writing my ideas and sharing useful knowledge with people. In it’s own way it’s kinda satisfying for me, when someone reads a post that I’ve made and says that ‘Hey, I really like what you wrote. Your post helped me with the problem that I had for a long time!’.
So basically I’m not blogging for money, but because I like the feeling of being helpful to other people, was it a small or big help.
Maybe some of you want to blog or make videos for youtube because of money, but if you do things in life just because of how much money you can make, then you’ll be having a burn-out very fast. And when you do get a burn-out, you’ll quit on what you are doing. Blogging, youtube, twitter, tumblr etc. All require patience and long term vision in order to succeed. What I’m doing is work, just as any other work. You wouldn’t be able to work as a cashier on a supermarket for very long if you didn’t like what you were doing.
To be more specific: A streamer on Twitch or Youtube. What you stream is really up to you, but the idea is, that you broadcast what you do on your computer to the world to see. To name a few, you could stream playing video games, cooking food, talking on things that matter to you or even watching videos with other viewers. Streamer is also a social influencer, but I think it needs it’s own topic.
A common misconception about streaming is, that you have to be social and talk a lot and be funny, but that’s not true. There are people out there that want to watch you because of your personality, and if you do decide that you want to stream let’s say you playing League of Legends, then you don’t have to worry about being funny or even good at the game.
When you are just starting out, the most important thing that you need is consistency. If you want to make a living from streaming, then it is crucial that you see it as a work similar to 9AM-5PM job. If you go into streaming with the mindset that ‘I’ll stream when I feel like it’, then the chances of you succeeding will be slim. Anyone can be the next Andy Pyro, but most people fail with streaming because of treating it more like a hobby.
I’ve tried streaming many many times, and I had a chance to blow up at one point when I had regular 10-20 viewers each day, but I didn’t blow up because I didn’t have the passion for it. Eventually I got burned out and quit streaming for good, but for someone that enjoys live interaction with people and don’t mind streaming 5-6 days a week for 5+ hours, then streaming might be something that you should look into.
If you are unsure whether you like streaming or not, it doesn’t hurt to start it off as a hobby and see after few weeks that if you still like doing it!
4. ONLINE POKER
This is something that I had doubts on if I should bring this topic up or not. I decided to share this still, because I’ve had a lot of experience playing poker online. I have a lot of experience on both Pot Limit Omaha & No Limit Texas Hold’Em.
Some of you might wonder that how can you win with poker? Isn’t it just gambling similar to Blackjack or Roulette? Well no, it’s not. In Roulette & Blackjack you play against a house that always has a 0.5-1% edge over you, where as with poker you are playing against other people, and the most skillful players make the most money in poker. In the long run you will ALWAYS lose playing Roulette or Blackjack, but with poker you will always win long term, assuming that you are a good player. Please be aware that around 70-80% of players in poker lose money, and only around 5-10% actually make a stable living from it. Those figures by the way are numbers I pulled out of thin air with no proof to back up, but I know that those figures are not far from the truth.
So if you dream on making a living playing poker, just know that you have to study the game a lot and also play insanely exhausting hours daily. Poker is not for majority of people, no matter how much you think you are smart and calm person.
I used to play poker many years on and off, and I know a lot about the game. The reason why I never made it with poker was because I was never mentally strong enough to play the game. I would win money often, but when I lost even the slightest amount of money, I would also lose my mind and get tilted and just stop caring, which is why most poker players fail and only few succeed. Yes, luck is big part of the game, but with skill & patience you can overcome luck factor.
You still want to give poker a try? Well you can start off by creating an account on any major poker site, Pokerstars being the most trusted site. I know that with europeans there should be no problems playing poker online, but if you are from Asia or America, then your options are probably slightly more limited on where you can play poker online.
5. INDEX FUNDS
Just a quick touch on this, as right now I’m not experienced enough to give deep analysis on index funds. But if you have ever looked into investing your money on stocks, then you should also consider investing in index funds.
The way index funds work is, that it minimizes the variance of wins & losses by using your money in a portfolio, where the goal is to invest on multiple different stocks. So let’s say that you invested all your money onto Apple stock, say about $1000. After a month Apple stock takes a dive and your $1000 investment goes down to $900.
How index funds battle this is, that they spread your $1000 in to let’s say 500 different stocks ( S&P 500 index fund as an example ) that are known to give a positive return over time. So even if your 249 stocks out of 500 lose, your other 251 make profit. And because index funds use your money on known performers, your chances of losing money with index funds are virtually none, or that’s what most analysts say.
The absolute great thing about index funds are, that they work in a compounding way, giving your $1000 a return of 5-10% annually. With 5% annual interest, your $1000 would be $1628.89 after 10 years, and it’s money that you just left to grow interest and didn’t have to work for. It’s money that makes money when you sleep!
What if you invested $100,000? The first year you’ll make $5000 profit on average, and on the 10th year your initial $100,000 investment returns you a $6288 profit!
But as always, only invest what you can afford. Nothing in the world of investing is a 100% guaranteed profit.
These are my 5 ways of how to make money online just to give you guys ideas on alternative ways on how to make money. Internet full of money-making opportunities that just wait for people to tap on.
6. SELL YOUR EXPERTISE ONLINE
Are you good at programming? Are you perhaps good at drawing art? Maybe you specialize on giving people economical advise? Then Fiverr might be the place for you!
Fiverr is a website where people can sell their expertise on various fields! My personal experiences with Fiverr are positive, as when I used to stream on twitch.tv, I once paid a person on Fiverr $15 to create a custom emote for my twitch channel that my subscribers were able to use.
If you are really good at something, then the chances are that you won’t be having trouble finding customers that need your services. Even musicians can create customized audio for customers and charge a fair fee, as competition on Fiverr is high enough that customers won’t get ripped off.
I cannot tell anyone on how to make money online or where to put their money in, but in terms of what is the ‘safest’ way out of these 6 options, then I would recommend on everyone to take a further look on index funds and on how they work with your free time.
Index funds have been around for many years now, and they have endured the ups and downs of markets, giving investors annual profits even through market crashes, or through these difficult covid-19 times that we are living in.
But cheap alternatives that only require a very minimal investment from your part if none at all are: Fiverr, Streaming & Social media influencer.
Creating your own domain and buying web hosting will cost you around $50-$100 yearly.
Streaming requires a decent PC & Internet connection, which some of us have, meaning that you don’t need any additional capital to get started with streaming. If you have neither of those, then a good streaming PC will cost on average $1500 when bought brand new, but even older $500 PC’s can handle streaming nowadays. Internet connection will drain you another $25-$100 monthly depending on where you live.
Fiverr you just need to setup an account and you are done. Obviously you need an internet connection aswell as tools that you use to sell your services to other people.
That’s it for today’s post. I have nothing else to add at this time, but if you have any questions for me, then right now I have setup a facebook page where people can stay in touch with me. See you again on next post!