Achieving financial freedom is a long-term goal that lots of us share. Sadly, several barriers can prevent us from achieving our monetary dreams. Take the cost-of-living crisis currently sweeping the world; combined with rising inflation and interest rates, as well as paltry pay rises, our aspirations of abundance can sometimes feel out of reach.
However, not all hope is lost! In this hyper-connected world in which we live, there’s a very powerful tool at your fingertips that you can use to earn additional online sources of income without needing to take on a second job. When you know what to do and how to do it, using the internet to earn can actually be a feasible option.
Making Money Online
Now, before you panic, making money online doesn’t have to mean setting up and running a fully-fledged eCommerce business. Running an online company is as good a way as any to contribute to your financial future (provided it’s successful), but you don’t always need to work quite so hard. Instead, it’s possible to make money online via passive income streams.
What are passive income streams? They’re essentially low-effort ways to earn extra, regular cash. This can include setting up an online store, but it can also refer to everything from ad hoc freelance writing to selling unwanted items on marketplaces like eBay and Vinted.
If all this sounds too good to be true, don’t worry. While passive income streams are low effort, they’re not zero effort, meaning you’ll have to put some work and resources in at the outset. Over time though, provided you choose the right methods to focus on, your efforts will pay off in the form of regular income.
Using the internet as a means to generate income has also proven to be highly effective over the years. Not only have 1 in 6 US residents earned income using online gig platforms (source: Pew Research), but according to the latest US census data, 20% of Americans are bringing home an extra $4200 a year with their online passive income streams.
Effective Money-Making Ideas
You won’t be able to monetize all of the activities that you can do online, but you may be surprised at just what you’ll be able to turn into a regular source of income.
Playing P2E Games
Playing games for a financial reward is as old as the digital gaming industry itself. iGaming platforms set the benchmark for offering substantial real money prizes during the early 2000s, and they continue to innovate in the sector to this day, with various crypto roulette games and even Bitcoin poker being some of the innovations that have been achieved. Casino games aren’t accessible to everyone, however, so what other options are out there?
For some gaming enthusiasts, Play-to-earn (P2E) gaming could be a better idea. In short, it involves playing games powered by blockchains to earn digital assets. These rewards can include cryptocurrency tokens, NFTs (non-fungible tokens), or leading crypto coins like Tether and Ethereum. What sets P2E gaming apart from other sectors is that gamers are rewarded for playing and completing tasks, and these digital assets have real-world value.
Participate in Surveys and Focus Groups
If you run or have ever run a consumer-focused business, you’ll know just how competitive certain markets and sectors can be. Now, as a result of this enhanced competition, many brands are willing to pay consumers to share their honest thoughts on products and services.
Taking part in online surveys and focus groups is a handy way to boost your earnings. There are countless sites out there dedicated to paid surveys, with Survey Junkie, Cash Karma and Swagbucks being some of the best. Or, if you like the idea of being part of online focus groups, platforms such as User Interviews and Respondent can provide pretty lucrative opportunities.
Getting started with trading can be intimidating, especially with the dramatic highs and lows that go along with playing the stock market. The truth is, trading and investing in what are known as “financial instruments” — think stocks, bonds, currencies, commodities, and derivatives — can be one of the most fruitful ways to maximize returns on your money. And, here in the digital age, it’s an activity with a new, more accessible dimension.
Thanks to a wave of FinTech platforms like eToro and IG, the sector has become a whole lot more democratized. Now, anyone with a smartphone and an internet connection can start trading and investing to generate passive income. Meanwhile, the plethora of educational resources available online can make delving into concepts such as alpha and beta more accessible.
Maybe you’re already stretched to your limits holding down a nine to five; if so, setting up a side hustle won’t be the best option for you. But, if your lifestyle means you do have spare time on your hands, getting a side gig could be a great way to supplement your piggy bank!
We live in a gig economy, and it’s no longer uncommon to work a side hustle as well as a full-time or part-time job. Plenty of people use apps like Uber and DoorDash to monetize their spare time, as well as their assets. You can even turn your hobbies and interests into profitable ventures.