It seemed illogical to pay $30 a month for software that just offered a basic sales page, especially without any integrated email service provider.

This was a stark contrast to my experience with platforms like ConvertKit, where I started with a free account until my subscriber count grew large enough where I had to pay.

As I spent more time with Stan Store, my perspective began to shift. I realized that for someone completely new to online marketing, who might be overwhelmed by the complexities of building and creating a landing or sales page, Stan Store could actually make a lot of sense.

It’s tailored for beginners, offering them a straightforward entry point into the world of digital marketing.

Who is Stan Store For?

So, who’s going to love Stan Store? Pretty much anyone aiming to make a buck online through digital products or services. If you’re like me, trying to turn those ‘link in bio’ clicks into actual sales, then Stan Store is your go-to.

Let me break it down for you. Stan Store is a hit with a wide range of creators and businesses, but from my experience, it’s a total game-changer for:

• Content Creators, Influencers, Micro-influencers, and UGC Creators
• Instagrammers, TikTokers, YouTubers, X’rs
• Online Coaches, Mentors, and Teachers
• Digital Product Creators (Etsy, you’ve got competition)
• Social Media Managers and Content Managers
• Designers, Freelancers, and Small Digital Businesses

And hey, even if you’re in the business of selling physical goods, Stan Store can be a killer tool for growing your email list or hosting online events.

Just a heads up though – selling physical products directly through Stan Store isn’t on the table just yet.

How Does Stan Store Work?

Picture this: I’m on TikTok or Instagram Stories, chatting about my latest digital product – let’s say it’s an eBook or a PDF.

In the past, I’d direct my followers to the ‘link in my bio’, which would then send them off to another site, like my website. There, they’d have to play detective to find the product I was talking about, or sit through endless page loads.

But with Stan Store, things get a whole lot smoother. The ‘link in my bio’ is now the store itself. Followers can hit that link, buy what they want right there and then, without being shunted off to a different site.

The best part? They can hop right back to Instagram or TikTok without feeling like they ever left. It’s all about keeping it simple and seamless – and that’s what Stan Store nails perfectly.

Here’s a screenshot of my wife’s personal Stan Store:

We’re still not a big fan of their email signup process so for now our opt-in page (squeeze page) is hosted on Kajabi.

But my wife is selling our Digital Product Quickstart Guide on Stan Store. Here’s how the sales page looks:

Behind the scenes of our sales page is a payment processor and the ability to deliver the digital product with ease. That’s what makes Stan Store so attractive. You can literally start selling your very own digital product in a matter of minutes.

Stan Store Features Overview

Stan Store is packed with features designed to make the life of a digital creator easier and more profitable. Whether you’re a coach, influencer, or digital product creator, here’s what Stan Store brings to the table:

• Mobile & Desktop Optimized Store: Your store looks great and works seamlessly on any device, ensuring a smooth shopping experience for your audience.
• Calendar Invites & Bookings Product: Easily manage appointments and bookings directly through your store.
• Analytics: Get insights into your store’s performance to make data-driven decisions.
• Unlimited Course Products: Offer as many courses as you like, with no restrictions.
• 1-Tap Checkout: A streamlined checkout process that makes purchasing a breeze for your customers.
• Recurring Subscription Products: Ideal for memberships and ongoing services, this feature allows for regular income.
• Audience/Newsletter Builder: Grow your audience and keep them engaged with integrated newsletter tools.

Stan Store Plans: Creator vs. Creator Pro

Creator Plan

The Creator plan, priced at $29 per month (or $300 per year with a 20% discount), is an excellent starting point for anyone looking to jumpstart their online business. It includes all the essential tools you need:

• Mobile & Desktop Optimized Store
• Calendar Invites & Bookings Product
• Analytics
• Unlimited Course Products
• 1-Tap Checkout
• Recurring Subscription Products
• Audience/Newsletter Builder

This plan is perfect for creators who are just beginning to monetize their online presence and need a comprehensive, yet straightforward set of tools to get started.

Creator Pro Plan

For those ready to take their business to the next level, the Creator Pro plan is available at $99 per month (or $948 per year with a 20% discount). It includes everything in the Creator plan, plus advanced features for optimizing conversions and offering more to your customers:

• Advanced Pricing & Payment Plans
• Discount Codes
• Limit Quantity
• Payment Plans
• Order Bumps & Upsells
• Funnel Builder
• Affiliate Share Feature
• Email Marketing

The Creator Pro plan is tailored for creators who are looking to expand their offerings, optimize their sales process, and engage more deeply with their audience.

Benefits of Using Stan Store

Convenience and Accessibility

The convenience and accessibility of Stan Store are what eventually changed my initial skepticism. The platform allows anyone, regardless of their technical skill, to quickly set up a landing or sales page.

This ease of use is a crucial factor for many users, especially those who lack the time or technical expertise to navigate more complex systems.

Competitive Pricing and Deals

The initial pricing, though seemingly high, is justified by the platform’s simplicity and effectiveness, particularly for its target audience – the absolute beginner in online marketing. The recent addition of an email service provider at a higher tier adds more value, making it a more comprehensive tool.

Drawbacks of Stan Store

Limitations in Product Availability

One of the criticisms I had of Stan Store was its limited range of features. While its simplicity is its strength, it also means that users looking for more advanced features might find Stan Store lacking. This limitation can be a significant drawback for users as their businesses and marketing skills evolve.

Stan Store Alternatives

In the journey of online entrepreneurship, it’s crucial to explore various platforms to see what aligns best with your business needs. While Stan Store has been a solid choice for me, I’ve also had experiences with other platforms worth mentioning:

• Shopify: Shopify is a robust platform for creating online stores. It’s feature-rich and offers a lot of flexibility for those looking to build a detailed and extensive online shop.
• WooCommerce: Ideal for WordPress users, WooCommerce seamlessly integrates with your existing site, transforming it into a fully functional e-commerce platform. It’s versatile but can be a bit complex, especially for beginners.
• Etsy: Etsy is the go-to marketplace for unique, handmade, or vintage items. It’s less about building your own store and more about joining a vibrant, existing marketplace.
• Teachable and Thinkific: Both are excellent for creating and selling online courses. They offer a range of tools tailored for educators and coaches, focusing on course creation and student engagement.
• Gumroad: Simple and straightforward, Gumroad is perfect for independent creators selling digital products like books, music, or art directly to their audience.
• Kajabi: Kajabi is an all-in-one platform offering tools for online courses, marketing, and website building. It’s ideal for those offering educational content and looking for a comprehensive solution.

Comparison Table: Stan Store vs. Alternatives

This table gives a quick overview of how Stan Store compares with its alternatives in terms of customization, ease of use, target audience, product type, and pricing model. Each platform has its strengths, and the best choice depends on your specific business needs and goals.

Is Stan Store Worth it?

After diving deep into Stan Store and comparing it with its alternatives, the big question remains: Is Stan Store worth it? Based on my experience and the insights I’ve gathered, my answer leans towards a yes, especially for a specific audience.

Stan Store stands out for its sheer simplicity and focus on digital content creators. If you’re just starting out or find yourself overwhelmed by the complexities of more advanced platforms, Stan Store offers a welcoming and straightforward path. The ease of setting up a sales or landing page, combined with the platform’s focus on digital products, makes it an attractive option for creators who want to monetize their content without the hassle.

The pricing, initially a point of skepticism for me, actually makes sense when you consider the target audience and the features offered. For beginners and those not ready to navigate the complexities of platforms like Shopify or WooCommerce, Stan Store’s $29 monthly fee for the Creator plan is a reasonable investment.

And for those looking to scale up, the Creator Pro plan, despite its higher price, brings in advanced features that could justify the cost as your business grows. If you’re not sure Stan Store is a good fit, the 14-day free trial might be exactly what you need.

Bottom Line – Stan Store Honest Review

In conclusion, while Stan Store might not be the one-size-fits-all solution for every online entrepreneur, it certainly has carved out its niche. It’s a platform that understands and caters to the needs of digital content creators, making it a worthwhile consideration for those in its target demographic.

As with any tool, it’s about finding the right fit for your specific needs, and for many creators, Stan Store could be just that.

To try Stan Store for free, click here for a 14-day trial.

The post What is Stan Store? appeared first on Good Financial Cents®.

Let’s face it, when you hear something like that, your first thought is, “This has got to be too good to be true.”

That was my initial reaction too. A free, do-it-all software that doesn’t suck? Highly doubtful.

But here’s the shocker: Systeme.io isn’t just blowing smoke. It’s a game-changer. As someone who’s navigated the maze of digital marketing tools, I was prepared for disappointment. Yet, Systeme.io left me floored with its capabilities.

Take it from someone who’s been around the block with the likes of ConvertKit, AWeber, and MailChimp. These giants lure you in with free offerings, only to tighten the screws when your audience grows. Then there’s WordPress.org – great for setting up a blog, but it’s like climbing Everest if you’re a newbie.

Systeme.io, on the other hand, is a beast of a different nature. Offering highly effective landing pages and robust sales funnels with professional templates for free? That’s unheard of. It’s like stumbling upon a treasure chest in your backyard.

My first foray into landing page software was with ClickFunnels, an undeniably powerful tool. But once the 14-day trial evaporates, you’re staring down the barrel of a $100 monthly fee. Worth it if you’re a pro, but a gut punch for beginners.

That’s where Systeme.io plays its masterstroke. It lets you dip your toes with up to 2,000 contacts or email subscribers and three sales funnels before asking for a dime.

Yes, you can test it out 100% completely FREE.

And when the time comes to open your wallet, it’s less than $30 a month – an absolute steal for the arsenal of tools you’re getting.

The platform serves a multifaceted purpose, aiming to simplify the digital marketing process. It’s designed for entrepreneurs and businesses seeking an integrated solution for email marketing, sales funnels, website building, and more.

The importance of such a tool lies in its ability to streamline various marketing tasks, which are often scattered across different platforms, into one cohesive system.

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How Systeme.io Works

The user interface of Systeme.io? It’s okay, but let’s not sugarcoat it. For a newbie who’s never dabbled in sales funnels or email campaigns, it can feel like being thrown into the deep end. It’s not the sleek, intuitive experience that tech gurus might rave about. But, and this is a big but, Systeme.io doesn’t just leave you hanging.

The saving grace here is their tutorials. These are goldmines for beginners. They walk you through the process, breaking down what could be an overwhelming experience into manageable chunks. So, while the interface might not win any beauty contests, the support system in place is BIG help.

Features of Systeme.io

At the core of Systeme.io are several key features that make it a comprehensive digital marketing solution. These include email marketing capabilities, sales funnel creation tools, a website builder, options for hosting membership sites, and affiliate program management.

Each of these features is designed to work seamlessly with the others, providing a unified experience. For instance, the email marketing service is notably efficient, rivaling established providers like ConvertKit, AWeber, and MailChimp, especially with its free subscription model that remains functional up to a certain point.

Here’s a sample template they offer for their email campaigns:

Here’s a breakdown of all the features Systeme.io offers:

• Email Marketing: Here’s where Systeme.io flexes its muscles. You can segment your audience, whip up personalized campaigns, and dive into analytics. It’s not just sending emails; it’s about sending smart emails. But don’t expect to master it overnight. There’s a learning curve, but it’s worth the climb.
• Sales Funnel Builder: This is where Systeme.io starts to shine. It’s not just about slapping together a few pages; it’s about crafting a customer journey. The drag-and-drop interface is decent, but it’s the strategic aspect that’s the real winner. Newbies might feel a bit lost at sea initially, but once you get the hang of it, it’s smooth sailing.
• Blogging and SEO: Systeme.io’s blogging platform is straightforward. It’s not the Rolls Royce of blogging, but it gets you from A to B. You’ve got your SEO-friendly tools, customizable URLs, and Google Analytics integration. It’s no WordPress, but it’s not trying to be.
• Automation and Workflow: Here’s where Systeme.io tries to simplify the complex. The automation rules are a time-saver, although they’re not the most advanced on the market. It’s like having a Swiss Army knife when sometimes you might need a specialized tool.
• Affiliate Program Management: Running your own affiliate program within Systeme.io is a neat feature. It’s a solid, if not spectacular, way to expand your reach without breaking the bank.

And if here’s a fancy table to help simplify it even more:

Benefits of Systeme.io

Cost-Effectiveness: Breaking It Down

When we talk about the cost-effectiveness of Systeme.io, we’re looking at a platform that offers a substantial suite of features without the hefty price tag that usually accompanies such versatility.

For starters, Systeme.io’s freemium model is a standout in the digital marketing space (click here to open a free account today). You can manage up to 2,000 contacts and create three sales funnels without spending a penny. This is a significant advantage for entrepreneurs and small businesses where every dollar counts.

To put this into perspective, let’s compare it with some industry counterparts. Platforms like ClickFunnels and Kartra, while offering robust functionalities, start their pricing at around $97 to $99 per month after their trial periods. This can be a steep investment for those just starting out.

In contrast, Systeme.io not only allows you to test the waters for free but also keeps the costs low even when you upgrade. Their paid plans, offering a broader range of features, start at less than $30 a month.

This pricing strategy makes advanced digital marketing tools accessible to a wider audience, breaking down the financial barriers that often hinder small businesses and startups.

All-in-One Platform: A Closer Look

The all-in-one nature of Systeme.io is its hallmark. It consolidates various marketing tools into one cohesive platform. This integration means you can manage email campaigns, build sales funnels, create websites, and even run affiliate programs without having to switch between different software. For many users, this integration simplifies the digital marketing process significantly, allowing for a more streamlined workflow.

However, it’s important to recognize that while Systeme.io covers a broad spectrum of functionalities, it may not offer the same depth as specialized standalone tools in each specific area.

For instance, while its email marketing capabilities are robust, they might not have the advanced features of a dedicated email marketing service.

Similarly, its website builder is competent for basic to intermediate needs, but it might not satisfy users looking for highly advanced web design features.

Ease of Use: A Realistic Perspective

Systeme.io aims to be user-friendly, and for the most part, it achieves this goal. The interface is designed to be intuitive, especially for those who have basic familiarity with digital marketing tools. However, for complete beginners, there can be a learning curve.

The platform offers a range of tutorials and support materials, which are invaluable for new users. I’ve watched (and rewatched) several of these tutorials to lean how to use their software.

These resources are designed to help users navigate through the initial complexity and make the most out of the platform’s features.

Drawbacks of Systeme.io: The Straight Talk

Customization: Not Quite There Yet

Let’s get real about customization in Systeme.io. It’s got a decent selection of templates and the interface won’t make you pull your hair out, but if you’re looking to really dive deep into customization, you might hit a wall.

For those who have grand visions of a highly unique and tailored digital presence, Systeme.io can feel a bit like playing with kid gloves. It’s great for getting you up and running, but for the more ambitious or specific design needs, it’s not quite the creative playground you might be looking for.

Growing Pains: Scaling Up Challenges

Now, onto scalability. Systeme.io is like that compact car that’s perfect for city driving but struggles a bit on the open highway. For small businesses or solo entrepreneurs just starting out, it’s a match made in heaven. But as your business grows and your needs become more complex, Systeme.io might start to feel a bit cramped.

This is especially true for larger businesses or those niche ventures that need more than just the basics. As you scale up, you might find yourself needing more sophisticated tools and features that Systeme.io doesn’t offer.

Plus, when it comes to playing nice with other tools or services you might be using, Systeme.io isn’t always the most cooperative. It works well within its own confines but doesn’t always reach out to others easily.

Systeme.io Pricing Structure

The pricing structure of Systeme.io is one of its most appealing aspects. The platform operates on a freemium model, offering significant functionality without any cost for up to 2,000 contacts or email subscribers and three sales funnels. This approach allows users to thoroughly test and experience the platform before committing financially.

When compared to competitors, Systeme.io’s pricing is highly competitive. For instance, platforms like ClickFunnels offer powerful functionality but at a higher cost, typically starting at around $100 per month after a free trial. This can be a significant investment, especially for new entrepreneurs or small businesses.

In contrast, Systeme.io’s paid plans, which provide access to a broader range of features, are more affordable, starting at less than $30 a month.

How Does Systeme.io Compare to Other Tools?

Comparative Analysis with Other Tools

To provide a broader perspective, let’s compare Systeme.io with other popular tools in the market:

This comparison shows that while Systeme.io offers a comprehensive suite of tools at an affordable price, platforms like HubSpot and Kartra provide more advanced features in certain areas but at a higher cost. ClickFunnels, on the other hand, is more expensive but offers highly customizable funnel-building capabilities.

Is Systeme.io Legit?

User reviews and testimonials play a crucial role in understanding the real-world effectiveness of Systeme.io. Many users have shared success stories, highlighting how the platform has helped them streamline their marketing efforts and grow their businesses.

Upon reviewing their Trustpilot account, you can see the experience with Systeme.io is remarkable. Currently, there are 3,635 reviews with an average rating of 4.9. That is outstanding!

However, it’s also important to consider critiques and common issues raised by users. Some have pointed out the limitations in customization and scalability, as mentioned earlier. These critiques are valuable for potential users to set realistic expectations and for the platform’s developers to identify areas for improvement.

Comparing Systeme.io to Others

I currently have accounts with Systeme.io, Click Funnels, and Kajabi. To show you how they compare here’s a look at 3 different landing pages I’ve created each of them.

Here is a landing page I created with Systeme.io:

In comparison, here’s an older landing page I create with Click Funnels…

And just because I love showing you variety, here’s a landing page created in Kajabi..

When you factor in both Click Funnels and Kajabi only offer free trials (around 14 days) and you have to start paying after that, the Systeme.io funnel becomes THAT more attractive. Here’s a look at some of the templates they offer for free:

Final Verdict on Systeme.io

In essence, while Systeme.io is a fantastic starting point for new online businesses, offering a solid foundation and easy-to-use tools, it’s not the endgame for everyone.

As your business evolves, you might outgrow its capabilities and start looking for something that offers a bit more room to stretch your entrepreneurial legs.

It’s a great launchpad, but for those on a path to rapid growth or with highly specific needs, keep in mind that you might need to eventually graduate to more advanced tools.

The post The Truth About Systeme.io: Game-Changer or Just Another Gimmick? appeared first on Good Financial Cents®.

What are the best ways to avoid sitting in a cubicle all day? Some money-making strategies require an upfront investment, while others let you earn money in your free time with the help of apps.

Read on to learn the best ways to earn cash without a regular 9-5 job, plus tips on how almost anyone can get started.

1. Share Your Opinions

One of the easiest ways to earn money is by signing up to participate in market research studies. You won’t make much, a few dollars here and there, but you can create a free account and get started within minutes.

You’ll be paid in PayPal cash or gift cards for sharing your opinion and completing other tasks online.

E-Poll Market Research is one of the top companies to consider for this type of work. They make it easy to create an account and answer survey questions.

However, there are plenty of other options to consider, including:

• Pinecone Research

• Global Test Market

• E-Poll Market Research

• American Consumer Opinion

• Pro Opinion

• Harris Poll Online

While market research gigs won’t make you rich, it’s something you can do during your spare time.

2. Write an eBook

If you have a book idea, turning your story into an eBook can help you earn passive income without a regular job. Kindle Direct Publishing can even help you format your book for Kindle, at which point you can market and sell your book to millions of potential readers who shop on Amazon.com.

How much can you earn writing eBooks? That depends on how many books you write, how much you sell them for, and how successful you are at marketing your book. Selling 20 books per month with a profit of $7 per book would net you $140 per month and $1,680 per year.

Meanwhile, selling 100 books per month at $7 per book would net you $700 per month and $8,400 per year. Need a little inspiration? Here’s an article that shows you how to make your first $1,000 selling eBooks.

3. Start a Blog and Monetize It

You can earn a lot of money by starting a blog or niche website and monetizing it. I should know. I started Good Financial Cents more than a decade ago, and have earned millions of dollars through the monetization of this site since its earliest days.

How do you make money blogging? Earning real income with a website isn’t as easy as it looks, but there are plenty of monetization strategies you can try.

Here are the most common ways blogs make money:

• Affiliate Sales

• Display Ads

• Sponsorships

• Product Sales

• Sponsored Posts

• And More…

If you’re curious about what it takes to earn money blogging, consider signing up for my Make 1K Challenge. It’s free and can help you earn your first $1,000 online with some of the blog monetization strategies I’ve already mentioned.

4. Start Freelancing

You could argue that freelance work is like a regular job, but working at home and on your terms is much different from traditional employment. The fact is, most freelancers are fully remote – they can work from anywhere in the world with a laptop and an internet connection.

Plus, they can hire and fire clients based on their personal needs and preferences, and their income potential is unlimited. According to ZipRecruiter, freelancers in the U.S. average $63.53 per hour.

Of course, you’ll need a marketable skill to find paid work as a freelancer. This could be freelance writing, design skills, marketing expertise, or something else. 

You can use several websites to market your skills as a freelancer, including:

• Fiverr

• Upwork

• Freelancer.com

• PeoplePerHour

• nDash

5. Get Paid to Lose Weight

HealthyWage makes it possible to earn money while you lose weight. You won’t earn a ton of cash through the app, but you can earn a few dollars and use it to supplement other income you have.

The more weight you lose, the more money you can make. For example, the HealthyWage website claims some of their clients who lost more than 100 pounds managed to earn anywhere from $1,400 to $3,000.

However, the HW weight loss calculator shows potential earnings of $578 to $828 for people who only have 15 pounds to lose.

6. Rent Out Your Car

If you have a car you rarely use and want to earn some side income, you can consider renting it out with Turo, a ride-sharing platform that connects car owners with people who need a short-term rental. You can set your price, although you’ll have more success if you price your car competitively.

Nicer vehicles in high-demand areas can easily fetch rates that surpass $100 per day through this platform. Turo notes that in-demand cars rented out regularly can bring in anywhere from $10,000 to $20,000 per year in net profit.

Plus, almost anyone can rent out their car provided it meets the guidelines of the Turo platform. Your car must be 12 years old or newer with less than 130,000 miles. It must be worth less than $200,000 (no Lambo’s), and you must also meet Turo’s auto insurance requirements.

7. Rent Out a Room

Do you have a spare bedroom in your home that you never use? Maybe you have a basement or garage apartment you could fix up and begin renting for a profit?

Either way, Airbnb lets you rent out rooms and other spaces in your home on any dates you prefer. You must let renters know they’re renting a room in a home vs. an entire apartment or house and provide as much additional detail as possible.

The amount you can earn will depend on where you live and the type of accommodation you can offer. However, expensive cities like Chicago, New York, and San Francisco have plenty of rooms for rent that go for well over $100 per night. 

8. Rent Out Extra Space

You may not have an entire room you can rent, but even if you have some storage space, Neighbor.com allows you to rent it out to others in need. 

Common spaces rented through this platform include

• Garage Space 

• Parking Spaces

• Storage Space for a Boat or an RV

• Empty Lots

• Extra Attic Storage

The Neighbor.com platform makes it easy to advertise your unused space so that people nearby can inquire if they’re interested. Also, note that the platform offers insurance that can protect you if some of your client’s items are damaged or stolen while in your care.

How much can you make renting out extra space? It depends on how much space you have to rent and where it’s located. However, Neighbor.com shows a range of rental space options that cost anywhere from $20 to $100+ per month.

9. Invest In Dividend Stocks

Investing in dividend stocks is one of the best ways to earn money without a regular job. Many early retirees find a way to live and pay bills based solely on the dividends they receive from various stocks.

But what exactly is a dividend stock? For the most part, they are regular stocks but with a track record of sharing their profits with investors through dividends.

Dividends can also be earned in exchange-traded funds (ETFs) or mutual funds, and they can be significant once you build up a large portfolio.

Since dividends are paid by profitable companies, they tend to be seen as less risky for investors. If you’re curious about what it takes to get started with this strategy, this post explains how to invest in dividend stocks.

10. Get Paid to House Sit

Housesitting is an option if you’re somewhat mobile and can move from place to place. Generally, you can find house-sitting gigs through word of mouth, referrals, or online portals like Craigslist.org or Facebook Marketplace.

That said, not all house-sitting gigs are paid. Some offer the potential for exotic travel instead and free lodging for a week to several months.

Either way, a website called TrustedHousesitters is the best place to find house-sitting gigs. Some jobs posted are for house-sitting only, while others require house sitters to provide basic care for pets or plants.

If you have serious wanderlust and want to travel far and wide, this platform can help make it happen. Many gigs posted online are in countries like Australia, Ireland, France, and Switzerland.

11. Take Care of Dogs and Cats

If you love animals and want to earn money taking care of them, several platforms can help turn your dream into a reality.

For example, Rover.com lets you provide basic care for dogs or cats in your home, or you can pick up dog walking gigs. Another mobile app, called Wag!, lets you do more of the same.

You can set your rates for all types of work through these platforms, and your availability. While earnings vary by location and job, most people watch dogs and cats for anywhere from $40 to $100 per night.

12. Invest in Real Estate

Real estate investing may seem like a pipe dream if you hope to earn income without a job but hear me out. There are many ways to earn income through real estate without owning physical property or dealing with the hassles of being a landlord.

You can invest in real estate investment trusts (REITs) that let you build wealth over time. You can also use a platform called Fundrise to invest in real estate with a minimum investment of $10.

Fundrise lets you purchase eREITs, large investment funds that acquire, own, or operate multi-residential and commercial properties. The income you earn is entirely passive since it handles the work of finding income-producing properties and managing them.

While returns are never guaranteed, Fundrise investors have achieved very solid returns. Investors who use the platform earned an average return of 7.31% in 2020, followed by 22.99% in 2021, 1.50% in 2022 and -7.45% in 2023 (their first down year).

• * Minimum investment of $10
• * Open to all investors
• * Online easy to use site and app

Invest now

13. Invest Your Spare Change

You can earn income on your spare change by investing it using Acorns. The roundup savings app syncs to your debit or credit card rounds up every purchase you make to the nearest dollar, and invests the difference. Once it’s set up, there’s no work on your part.

Most of the money is invested in ETFs and managed by the world’s top investment firms like Vanguard and BlackRock. While this app makes it easy to invest small amounts of money, it’s not free to use. Personal plans start at $3 per month, while a family plan costs just $5.

14. Complete Basic Tasks On TaskRabbit

If you’re looking for some paid gigs that are relatively easy, consider setting up a profile on TaskRabbit, an online platform that lets you get paid for completing various tasks, such as:

• Assembling Furniture

• Hanging Pictures

• Wrapping Gifts

• Party Clean-Up

• Running Errands

Projects typically pay between $30 and $100, although some pay significantly more than that. TaskRabbit also lets you pick and choose the jobs you want to take on based on your availability so that you can work entirely on your schedule.

15. Sell Photography

If you love taking photographs and have a knack for getting professional-looking images, you can use your skills and expertise to sell photos online.

Websites like Depositphotos and iStockPhoto pay photographers to supply them with stock photos they can sell to writers, publications, and various online platforms.

The best part about this side hustle is that you can get started with the equipment you already have. While you can use a professional camera if you want to, many smartphones take professional-quality photos.

16. Earn a Bank Bonus

Earning a bank bonus is another way to earn money without a regular job, but you’ll need an upfront investment to get started. Most bonus offers require you to deposit a specific amount of money and keep it in your account for up to 12 months.

You may also be required to set up direct deposit to earn a bank bonus, and other terms and conditions may apply.

Where can you find the best bank bonuses? While bonus offers constantly change, you can start by checking with banks like Chase, HSBC, Radius Bank, and Wells Fargo.

17. Flip Furniture

Flipping furniture requires some upfront legwork and potentially even some artistic talent, but you can earn a solid income with this strategy if you know what you’re doing.

Essentially, this side hustle requires you to shop at thrift stores, garage sales, and online platforms to find furniture that will ultimately sell for more than you paid. 

From there, you can sell the furniture as-is or clean it up and paint it with the goal of fetching an even higher price.

18. Drive for Uber or Lyft

You can make money driving for Uber or Lyft on your own time, picking and choosing the days and hours you want to work.

Not only is rideshare work one of the most flexible side hustles, but you can earn $20 per hour and more with tips.

19. Sell Stuff You Own

If you are low on free time but still want to make money without a job, consider selling stuff you don’t need. An array of online platforms makes it a breeze, although some platforms work better for selling.

For example, you can use Poshmark to earn money selling used clothing and accessories, while used electronics tend to sell best on platforms like eBay.com, Decluttr, BuyBackWorld, and Gazelle.

If you have home decor, furniture, or workout equipment to sell, you’ll almost always do better unloading those items locally on Facebook Marketplace.

20. Start a YouTube Channel

Starting a YouTube channel is another way to earn money without a job, but that doesn’t mean it’s not work. The fact is, that creating quality videos and building an audience takes a lot of creativity and time. Plus, not everyone who tries to build a YouTube channel will succeed.

That said, you can earn income without a regular job. I know because I have done it with my YouTube channel, Wealth Hacker. 

How much you can earn on YouTube varies quite a bit, but it’s possible to earn thousands of dollars per month. If you’re curious about monetizing videos, my in-depth guide will show you how to make money on YouTube.

21. Donate Plasma

Donating plasma is a unique way to earn money without a job, although it’s not very glamorous. DonatingPlasma.org makes it easy to find plasma donation centers in your area, and you can earn as much as $100 for your first donation.

That said, subsequent plasma donations typically earn closer to $50. You’ll also be limited by the number of times you can donate plasma within a month. However, it’s possible to use this side gig to earn an extra $500 per month, which you can use to supplement your primary income.

22. Become a Crowdworker

If you are willing to complete various tasks that help regular workers do their jobs, consider becoming a crowd worker. This gig will have you finishing up to-do lists of jobs that don’t require specific technical skills.

For example, you may get paid to proofread documents, label images, update a resume, complete a form, or complete a data entry assignment.

Several platforms help you find crowd-working gigs, but the best ones include Microworkers and Clickworker. 

23. Shop for Groceries

If you want to do something simple that will get you moving, consider delivering groceries using apps like Instacart or Shipt. You get paid hourly, plus tips and all you have to do is head to the store, purchase groceries according to a list, and deliver them to people in your neighborhood.

The gig is extremely flexible, similar to driving for Uber or Lyft.

24. Deliver Packages With Amazon Flex

Another non-job gig lets you get paid to deliver packages for Amazon.com. You can do this through a platform called Amazon Flex, which promises its drivers anywhere from $18 to $25 per hour. 

Unlike a regular Amazon job, Flex lets you pick the day and the hours you want to work. To get started, you need to create a free account, get approved, and start reserving blocks of time you want to deliver packages. 

25. Sell Unwanted Gift Cards

Finally, you can earn money by selling unwanted or unused gift cards in your possession. This hustle is made easy thanks to platforms like GiftDeals.com and CardCash.com. 

You won’t get the total value of your gift cards, but you should get 90% or more of the gift card balance for each card you sell. While selling gift cards for less than their total value may not seem ideal, it’s better than not using them and getting nothing in return.

26. Take Online Surveys

Finally, you can earn small amounts of money by signing up with the best online survey sites. Not only is this side hustle as easy as it gets, but you can participate and get paid during your spare time and even on your phone.

Other online survey sites to check out include the following:

• Swagbucks

• Inbox Dollars

• Ipsos iSay

• LifePoints

With all this being said, you’ll want to keep in mind that most surveys only pay a few bucks and that some only pay you with gift cards, while others offer the option for PayPal transfers. Make sure you understand how each survey site works and how you get paid before you sign up.

Final Thoughts on Making Money Without a Job

There you have it, 26 ways to make money without a job. While many of the jobs on our list won’t replace your 9-5, they can be a great way to increase your income so you can pay off debt or break the cycle of living paycheck to paycheck.

Check out the video below if you’re looking for even more ways to make money.

The post How to Make Money Without a Job: 26 Ways to Earn Money Outside the 9-5 appeared first on Good Financial Cents®.

Unlike active income, where earnings are directly linked to the amount of work performed, passive income flows whether you are working, sleeping, or vacationing.

As Robert Kiyosaki (2017) explains in his best-selling book “Rich Dad Poor Dad,” passive income can be a way to achieve greater financial independence.

Unlike the typical income that requires constant work, passive income typically flows with less hands-on involvement. However, this doesn’t mean no work is involved; it’s often the initial setup that demands considerable time, effort, or capital.

31 Passive Income Ideas

Purpose and Importance

The purpose of passive income is broad, spanning from financial cushioning to the possibility of early retirement. Generating continuous revenue without daily effort offers a means to enhance one’s lifestyle, build financial security, or pursue other interests and hobbies.

The significance of passive income goes beyond mere monetary gain, as it also provides a pathway to greater control over one’s time, a diversified income stream, and potential long-term growth.

As emphasized by many financial experts, including those mentioned in “The Intelligent Investor” by Benjamin Graham (2003), careful planning and consistent monitoring of your passive income sources can lead to greater financial freedom and control over your time.

This step-by-step approach allows you to learn and adapt, maximizing the potential benefits of passive income without overextending your resources.

How Passive Income Works

Sources of Passive Income

Passive income can stem from various sources, such as rental properties, investments in stocks or bonds, a wide of array of apps, and royalties from intellectual properties like books or patents. Each source has its unique characteristics, risks, rewards, and requirements.

While some sources, like savings accounts interest, are readily accessible, others may need significant financial investment or specialized knowledge, like creating a successful blog that earns ad revenue.

Automation and Minimal Active Involvement

Passive income often involves an automated process where money is earned with minimal active involvement. This includes setting up businesses that run themselves or investing in dividend-paying stocks that provide regular income.

Though these may require substantial initial setup, the ongoing maintenance is often minimal. But it’s worth noting that these ventures must be monitored and sometimes adjusted to ensure continued success.

READ MORE: How to Make $1,000 Per Month in Dividends

Tax Considerations

Tax implications for passive income differ from those for active income. Passive income may qualify for different tax rates or deductions, depending on jurisdiction and the type of income. For instance, rental income may be subject to specific property tax rules.

Understanding these rules or consulting a tax professional is vital to maximizing after-tax returns and compliance with tax laws. You can read more about here about how passive income is taxed.

Active vs Passive Income

Understanding the difference between active and passive income is essential for anyone looking to diversify their income streams and work towards financial stability or even independence.

What is Active Income?

Active income refers to earnings that require consistent and direct effort. This includes wages from a job, salaries, hourly payments, commissions, and tips. Essentially, active income requires trading time for money.

This type of income is what most people rely on to pay bills, purchase necessities, and maintain their current lifestyle. The major limitation of active income is its direct correlation to time; you can only work a certain number of hours in a day, thus capping your earning potential.

Passive Income Contrasted to Active Income

Contrastingly, passive income is earned with little to no daily effort to maintain, after the initial setup or investment. It includes revenue from rental properties, dividends, royalties, or even a business that doesn’t require daily involvement.

Comparison and Significance

The main distinction between active and passive income lies in the involvement and time required to generate revenue. While active income necessitates ongoing work, passive income aims to create sustainable income streams that flow regardless of daily activities.

Active income offers stability but often lacks scalability. Passive income, though requiring initial effort and possibly capital, offers the potential for long-term growth and diversification.

By combining both active and passive income streams, individuals can create a more resilient and flexible financial portfolio, allowing for the pursuit of broader life goals and interests, such as early retirement, travel, or investment in hobbies and personal development. The insights from Kiyosaki (2017) in “Rich Dad Poor Dad” emphasize this balanced approach to building wealth and achieving financial freedom.

The inclusion of both active and passive income in one’s financial strategy offers a multifaceted approach to wealth building. It’s an essential concept for anyone aiming to enhance financial security, diversify income, or explore new financial opportunities.

Benefits/Advantages/Pros of Passive Income

Financial Independence

Financial independence means having enough income to cover living expenses without needing to actively work. Passive income is often vital in this quest, allowing people to live comfortably without a regular paycheck. It offers an escape from the traditional work routine, opening doors to new opportunities, hobbies, or even early retirement.

“If you don’t find a way to make money while you sleep, you will work until you die.”

Warren Buffett

Flexibility and Freedom

The freedom granted by passive income extends to various life aspects. Whether it’s spending more time with family, traveling, or engaging in hobbies, the financial flexibility offered by passive income can significantly enhance life quality. It also provides an opportunity for strategic investments, exploring new ventures without the financial strain that might come without this income cushion.

Diversification of Income Streams

Having multiple income streams reduces the risk of financial hardship if one source diminishes or fails. By diversifying across various passive income avenues, financial stability is often enhanced.

Whether it’s investment in different market sectors, rental properties across various locations, or a mix of bonds and stocks, diversification is a fundamental risk management strategy in financial planning.

Potential Long-Term Growth

Some passive income sources offer the potential for substantial long-term growth. Investments like stocks may appreciate over time, generating not only regular income but also an increase in underlying asset value. This growth potential can substantially contribute to financial goals, whether saving for children’s education, building retirement funds, or other long-term planning.

Drawbacks/Disadvantages/Challenges/Limitations/Cons of Passive Income

Potential Risk and Volatility

The potential risks and volatility in passive income sources must not be overlooked. Market fluctuations can significantly impact investment returns, while real estate investments can be influenced by economic conditions and property market dynamics. Careful risk assessment and strategic planning are vital to mitigate these risks and ensure consistent income streams.

High Initial Investments or Skills Required

Some passive income streams necessitate significant initial investments or specific skills. Purchasing real estate, developing software, or creating a successful YouTube channel, for example, may require substantial money, time, and expertise.

These barriers must be considered and planned for, as they can deter or delay the successful implementation of a passive income strategy.

Regulatory and Compliance Challenges

Different passive income streams come with varying regulatory and legal considerations. Landlords must adhere to housing regulations, while stock investments may involve understanding complex financial laws. Failing to comply with these regulations can lead to legal troubles or financial losses. Professional guidance may often be required to navigate these complexities.

Maintenance Requirements

While often touted as ‘set and forget,’ passive income streams usually require ongoing attention. Whether it’s maintaining a rental property, adjusting an investment portfolio, or updating a mobile app, these tasks, though generally minor, are essential.

This continuous oversight ensures that passive income sources remain lucrative and aligned with financial goals.

Building a Passive Income Portfolio

Choosing the Right Passive Income Streams

Identifying the right mix of passive income sources is a tailored process that considers individual risk tolerance, financial goals, and personal preferences. Whether it’s the stability of government bonds or the potential high returns of startup investments, these choices should reflect the individual’s unique circumstances. Proper research, planning, and professional advice can ensure a balanced portfolio that serves both current needs and future aspirations.

In Vanguard’s Four principles for successful investing, they stress:

The best way to work toward an investment goal is to start by defining it clearly, take a level-headed look at the means of getting there, and then create a detailed, specific plan. Being realistic is essential to this process: Investors need to recognize their constraints and understand the level of risk they are able to accept.

Vanguard

Strategies and Planning

Creating a successful passive income portfolio isn’t just about choosing the right investments; it requires a well-thought-out strategy and continuous planning. Factors to consider include risk diversification, liquidity needs, time horizons, and long-term goals. Regularly reassessing and adjusting this strategy ensures that it stays aligned with evolving needs and market conditions, safeguarding the financial future.

Monitoring and Adjustments

Regular monitoring and necessary adjustments are key to maintaining a robust passive income portfolio. The landscape can change due to market conditions, new laws, or personal circumstances. Regular assessments and prompt adjustments ensure that the strategy remains relevant, meeting its objectives while maximizing potential returns.

The exploration of passive income is not a simple undertaking but rather a multifaceted approach to building a sustainable financial future. The understanding of various sources, the recognition of benefits, and the consideration of potential drawbacks are essential components in the effective management of passive income streams.

From aspiring to retire early to simply wanting a more flexible lifestyle, passive income provides opportunities and challenges worthy of thoughtful exploration and careful planning.

The Bottom Line – Passive Income Explained

Passive income might seem like a complex idea, but it’s really about making your money work for you instead of the other way around. From investments to side businesses, there are ways to create a steady stream of cash that doesn’t tie you down to a 9-to-5 grind. Mixing active income from your regular job with passive income can lead to a more relaxed and secure financial life.

It’s not a get-rich-quick scheme, but with some thought, effort, and patience, passive income can be a valuable part of your financial picture. Whether you’re aiming for early retirement or just some extra spending money, understanding passive income is a good first step.

The post What Is Passive Income? appeared first on Good Financial Cents®.

After all, if at least 33 million people can do it, so can you.

All you need are the right strategies and a generous helping of patience, and you can do it too.

To help you in that pursuit, I’ve laid out ten ways to make one million dollars.

Depending on your current financial situation and the intensity of your effort, you can reach millionaire status anywhere from a few years to two or three decades.

How to Make $1 Million Dollars

1. Choose the Right Career

The more money you earn, the more you’ll be able to save and invest. That will make the path toward one million dollars shorter and easier. For example, it will be much easier to save 20% or 30% of a $150,000 salary than it will be with a $75,000 salary.

U.S. News published a list of the top paying jobs in America earlier this year. It should come as no surprise that a disproportionate number of those are in the healthcare field, typically doctors of one type or another.

But I whittled that list down to the top-paying positions that don’t require you to have a medical degree. After all, not everyone is cut out to be a doctor.

Here’s the list, including the average salary for each occupation:

• Petroleum Engineer: $154,780
• IT Manager: $149,730
• Marketing Manager: $145,620
• Financial Manager: $143,530
• Lawyer: $141,890
• Sales Manager: $137,650
• Financial Advisor: $124,140
• Business Operations Manager: $123,460
• Pharmacist: $121,710
• Actuary: $114,850
• Political Scientists: $112,030
• Medical and Health Services Manager: $111,680

These are just examples of careers known to pay high salaries. If you’re not in one now, it’s something to aspire to. And there are plenty of other trade jobs or career fields where you can make six figures, particularly today on the Internet.

Make it a goal, and pursue it like your financial future depends on it – because it really does.

2. Invest Early and Often

A lot of young people don’t invest early, and that’s a big mistake. It’s understandable since so many people in their 20s graduate from college with big student loan debts. Then there’s always the pull to acquire the trappings of your desired lifestyle.

First and foremost, that includes a car. And then there’s an apartment and everything you need to fill it. Then there are those life-enriching experiences, like vacations and travel.

It’s fine to put some of your money into each of those.

But at the same time, the earlier you begin investing, the more quickly you’ll accumulate wealth.

Even if you start with a little bit, you’ll get yourself on track. And just as important, you’ll be getting yourself into the habit of investing regularly.

But let’s spend a moment on the importance of beginning to invest early.

Let’s say you earn $50,000 per year and invest 10% of it – $5,000 per year. In a blended portfolio of stocks and bonds earning an average annual rate of return of 7%, you’ll have just about $1 million by the time you’re 65.

The calculation is incredibly conservative because it assumes your income will remain at $50,000 per year for the next 40 years. It will almost certainly increase, probably dramatically.

That means your portfolio at 65 will be much higher. In fact, you might even reach the $1 million mark before you turn 50, especially if your income rises quickly. Here’s a sample table that shows the potential growth:

The key to investing your way to $1 million is to start early, let compound interest do its thing, and do it each and every year.

The higher the percentage of your income you can devote to savings and investing, the sooner you’ll be a millionaire.

In the example above, I showed how you could become a millionaire by investing 10% of your income for 40 years. But if you gradually increase that percentage to 15%, 20%, or even 30%, the sooner you’ll reach millionaire status.

One proven way to do that is to increase your savings percentage each time you get a pay increase.

For example, if you get a 2% pay hike, increase your savings percentage by 1%. That’s how you can turn 10% into 15% in just five years, or 20% in ten years.

Below is a table that provides a clear example of how this might work over time. Assuming an initial savings rate of 10%, the table illustrates how the savings rate can increase to 15% in five years or 20% in ten years, by increasing the savings percentage by 1% for every 2% pay hike.

Aspiring millionaires don’t save and invest like everyone else. No, they go MUCH higher. It’s how so many become millionaires well before reaching retirement age.

3. Emphasize Growth Investments

I just mentioned a portfolio with an average annual rate of return of 7%. That’s based on a portfolio mix of approximately 60% stocks and 40% bonds. But it’s possible to do even better.

The average annual rate of return on stocks has been right around 10% for the past 90 years. While you should include fixed-income investments, like bonds, the largest allocation needs to be in stocks or other high-yield investments if you want to become a millionaire.

A portfolio consisting of 90% stocks and 10% bonds will produce an average annual yield of better than 9%. And it’s strongly recommended when you’re in your 20s, or even your 30s.

The idea is to emphasize growth in your portfolio. Right now, fixed-income investments are only paying around 2% per year.

You’ll never get rich on that kind of investment. Fixed-income investments do add an important safety element to your portfolio. That’s why you need to have them, though you don’t want to have too many.

If you’re not comfortable being too heavily invested in stocks, you can also expand into real estate investment trusts, or REITs. They have an average long-term return of close to 13% going back to 1978. That’s even better than the return on stocks.

Whether you invest primarily in stocks or REITs – or both – you’ll be adding the growth you need to build your portfolio faster over the long term.

Below is a table that represents various types of growth investments, along with their potential return and level of risk.

4. Use Your Employer-Sponsored Retirement Plan for All It’s Worth

If you’re not taking full advantage of your employer’s sponsored retirement plan, you’re missing a major opportunity to reach the million-dollar mark. Employer-sponsored plans like 401(k) and 403(b) plans are one of the very best ways to reach millionaire status.

First, you can contribute up to $23,000 per year, or $30,500 if you’re 50 or older. And under plan rules, there’s no percentage of income limit. You can contribute the first $23,000 you earn to your plan. What’s more, the contributions will be tax-deductible, which means the government will be helping you fund your plan.

Meanwhile, the investment income built into the plan will accumulate on a tax-deferred basis. A 10% return on your portfolio will be 10%, rather than 7%, after being reduced for income taxes in a taxable investment account. Over the long term, that’ll make a huge difference.

But there’s another benefit that makes employer-sponsored retirement plans a must-have, and that’s employer matching contributions.

If your employer will provide a 50% matching contribution on up to a 10% contribution by you, that will add an extra 5% to your plan each year. It’ll increase your total contributions from 10% to 15% each year. Needless to say, your plan will grow 50% faster.

An employer matching contribution is like getting free money because that’s what it is. At a minimum, you should make a personal contribution rate sufficient to produce the maximum employer matching contribution.

5. Buy a House…or Two or Three

A house is a silent wealth-building machine. Even if you simply live in the house and make the monthly mortgage payments as scheduled, you’ll be building up a tremendous amount of equity.

For example, let’s say you purchase a house for $300,000. The house doesn’t rise in value, but after 30 years, your mortgage is paid in full, and you own the property free and clear. That will add $300,000 to your net worth.

But at least since World War II, a house has been a way to build wealth in two directions: paying down and ultimately paying off the mortgage and increasing property values.

According to huduser.gov, the median price of a new house was $130,000 in the middle of 1994. By July 2023, the median price had reached $415,400. That’s an increase of just over 270% in 25 years.

Based on those numbers, a house you purchase today for $300,000 could be worth $750,000 in 25 years. That single house purchase would get you three-quarters of the way to $1 million all by itself.

6. Start Your Own Side Hustle

If you don’t have the type of job that pays a six-figure income, one important way to work around that limitation is by starting a side business.

There are too many advantages to a side hustle to pass up the opportunity:

• You’ll have a chance to earn additional income.
• The additional earnings can be dedicated specifically to savings and investments, enabling you to build your portfolio faster.
• You can grow a side hustle to the point where it earns more money than your regular job.
• There are tax benefits to having a side hustle. You can write off business expenses and even take advantage of very generous self-employed retirement plans.

Choose a business where you’re knowledgeable, and preferably one you’re passionate about. Remember, the side hustle isn’t providing you with your regular paycheck for living expenses. For that reason, you can choose to do something you actually want to do.

And one thing that almost always happens when you do something you like is that you end up earning more money!

Which is a nice segue into Strategy #7.

7. Parlay Your Side Hustle into a Full-time Business

One of the best ways to become a millionaire is by becoming self-employed on a full-time basis. There are no limits on how much you can earn, and a successful business can often be sold for a large windfall – even millions of dollars.

A lot of people are understandably afraid to start their own business. That makes sense because there are risks involved. The first is that there will be no cash flow when you start. If that continues for too long, your business will fail.

But you can avoid that outcome if you start with a side hustle. While you’re still on someone else’s payroll, you can build up your business on the side.

You’ll be able to take as much time as you need, and do what’s necessary to make it happen, all without the risks associated with making it a full-time plunge.

Once you reach the point where your side hustle is providing steady cash flow, maybe even something close to income from your full-time job, it’ll be time to take the leap of faith and make it your full-time venture.

Armed with the knowledge that your business can succeed because of your side hustle experience, you’ll have the confidence to take your business as far as your talents and efforts can.

As a side benefit, special self-employed retirement plans, like the SEP IRA and Solo 401(k), can enable you to contribute up to $69,000 per year.

With tax-sheltered contributions that high, you’ll reach millionaire status in no time at all.

8. Become Friends with Other Millionaires

“You are the average of the five people you spend the most time with.”

Jim Rohn

It’s been said that we’re all the average of our five closest friends. If at least one or two of your friends are already millionaires, you’ll have a better chance of joining them.

That’s because you’ll learn how they think and act, particularly toward money. And just knowing such people can be motivating. When you get to know and become friends with real people who are millionaires, you begin to realize the goal is doable.

What’s more, you can turn to your millionaire friend(s) for advice. And because they’re already there, you can trust you’ll be getting the right advice.

There may even be times when you’ll be able to participate in wealth-building opportunities simply because of the connections your millionaire friend(s) have.

If you don’t know any millionaires personally, make it a point to begin following some on the web. There are many, many highly successful people telling their stories on blogs and YouTube.

Find a few you like and follow them regularly. And by swapping emails, you might just find a real millionaire friend. It’ll be well worth the effort.

9. Avoid “Lifestyle Inflation”

Lifestyle inflation is what happens as your income and wealth rise. While that may seem like a natural progression, it actually hurts your chances of becoming a millionaire. While your income and investments are rising in value, your lifestyle is eating up an increasing percentage of both.

Lifestyle inflation is especially common with rising incomes. As your income grows, you suddenly find yourself “outgrowing” your house, your car, the vacations you take, and the restaurants you frequent. You may also be tempted to join a country club or take on expensive hobbies.

But if you want to become a millionaire in the shortest time frame possible, you’ll need to avoid going in that direction. At best, it will slow you down, and at worst, it may lend you money in bankruptcy court.

Wants turn into needs, and before you know it, you don’t know where your money is going.

If you spend any time studying people in the FIRE movement – which is a moniker for Financial Independence, Retire Early – they do the exact opposite.

As their incomes grow, they keep their living expenses fixed and expand the portion of their earnings that goes into savings and investments.

If you hope to join the million-dollar club, you’ll need to do the same. And that’ll require, first and foremost, avoiding lifestyle inflation.

10. Stay Out of Debt

If you buy or own a house, you’ll almost certainly have a mortgage. It’s also very typical to have a loan on a new or late model car. And millions of students graduate college with student loan debts.

If you have any of those debts, you should make it a personal mission to pay them off as soon as possible. You’ll not only get out of debt, but you’ll also free up your cash flow to save and invest more money.

While you’re paying off those necessary debts, it is also vitally important that you avoid other types of consumer debt.

These can include installment debt for the purchase of furniture and similar items, timeshares, and especially credit cards. Each not only adds to your debt burden, but they usually carry very high-interest rates.

For example, if you’re paying 20% on a credit card balance, you’re not likely to get anything close to that in investment returns, at least not on a long-term basis.

Paying off that kind of debt and avoiding it in the first place is the best way to take control of your income. The less debt obligation you have, the quicker the path to $1 million will be.

The Bottom Line: Make One Million Dollars in Just a Few Years

If you’re able to use all 10 of the above strategies, you’ll likely become a millionaire in just a few years. But even if you choose to focus on only three or four, you’re highly likely to reach millionaire status at some point in your life.

You can choose the fast track or the slower one – it’s up to you.

The post 10 Ways to Make One Million Dollars (Seriously!) appeared first on Good Financial Cents®.

Key Takeaways

• The online world offers a wide range of opportunities to earn money, from blogging to selling crafts on Etsy, to participating in online surveys.
• The difficulty level, skills required, and earning potential vary significantly across different methods.
• While some methods offer modest earnings, others, like flipping websites or investing in cryptocurrencies, have the potential for very high returns.

Do you believe making money online is more fantasy than reality? It’s not – the evidence is the tens of thousands of people who are making money online from home right now.

To help you make this dream a reality, we’re providing this guide of the 25 best ways to make money online from home.

You can skim the table below, which lists all 25 with earning potential, skills needed, and difficulty level. But you can read the summaries that follow to get a more detailed description of each.

Our 25 Best Ways to Make Money From Home Online in 2024

1. Launch Your Own Blog

• Earning Potential: $100s to $1,000s per month

• Skills Needed: Technical website knowledge, subject expertise, writing ability, social media skills

• Difficulty Level: High

This is admittedly one of the more difficult ways to make money online from home. You’ll need a deep desire to get your message out, whatever that message is. And then you’ll need a commitment to providing content on a regular basis, and a willingness to learn how to market that content.

But it is possible, and thousands of people are doing it. Have a look at our Make 1K Challenge to encourage yourself to get started and to keep going. If you sign up now, you can get a FREE domain name when you sign up from this website.

2. Take Online Surveys

• Earning Potential: A few dollars to several $100 per month, but often payment in points

• Skills Needed: Personable, opinionated, informed

• Difficulty Level: Low

This might be the most common way to make money online. You can participate in popular online survey platforms, like Inbox Dollars. And while it’s possible to earn cash, an increasing number of survey services compensate you in points, which are redeemable for prizes or gifts.

Be sure to do your research before participating with any platform. It is, unfortunately, a field filled with scams.

3.  Invest With Peer-to-Peer Lending

• Earning Potential: A few dollars to several $100 per month

• Skills Needed: Capital to invest, basic credit knowledge, risk tolerance

• Difficulty Level: Low

This strategy has the advantage of being one of the completely passive income ideas. That’s not a bad thing, because it gives you an opportunity to earn additional income without putting out any effort.

The whole concept of peer-to-peer lending is putting up your money that will be invested in loans to consumers. In most cases, these are debt consolidation loans. And since the interest rates paid are much higher than bank savings, you can get returns approaching 10%.

One of the most popular platforms for peer-to-peer lending is Prosper. You can build a portfolio of slices of individual loans that represent various credit grades. In combination, you’ll earn much more than you can in a certificate of deposit.

4. Sell Homemade Items on Etsy

• Earning Potential: A few dollars to several $1,000 per month

• Skills Needed: Creativity, craft-related skills, marketing skills

• Difficulty Level: Moderate

If you have a talent for specific crafts, including homemade items, try your hand at Etsy. It’s sort of like eBay, except you’re selling unique items you create yourself. You’ll pay Etsy a fee of 3.5% of the sale price, and the rest will be yours.

This is a perfect way to make money online from home if you’re able to create popular products with a unique spin. You can build a store complete with repeat customers that will keep the income flowing steadily.

5.  Rate Products and Services on MyPoints

• Earning Potential: A few dollars to several $100 per month

• Skills Needed: General knowledge of products and services

• Difficulty Level: Low

MyPoints is a service that rates products and services before they come to market. This is a vital function all manufacturers and merchants need to perform. At its core, it’s test marketing.

You’ll participate in a focus group that will evaluate and rate products and services and be compensated for your time.

6. Become an Online Freelance Writer

• Earning Potential: $100 to $1,000 per article, based on skill level

• Skills Needed: Good research & writing skills, creativity, basic understanding of SEO

• Difficulty Level: High

Virtually every article, advertisement, marketing piece, guide and e-book that appears on the internet has been written by someone. Most likely, the job has been done by an online freelance writer.

If this interests you, read our guide, How to Become a Freelance Writer, before going forward. This is more of a career than a side venture, especially if you want to make serious money.

We also recommend you check out EarnMoreWriting.com to learn the ins and outs of this complicated income strategy. You can make a lot of money, but there’s a lot you need to know before you get started.

7.  Get Paid to Watch and Rate Online Videos

• Earning Potential: A few dollars to several $100 per month

• Skills Needed: General knowledge of products and services

• Difficulty Level: Low

This is another very commonly mentioned strategy to make money from home. Perhaps the leader in the space is Swagbucks. The concept is very similar to rating products and services, except you’ll be watching and rating movies, videos, and other programs.

You won’t make a fortune with Swagbucks, but it’s an opportunity to monetize some of your spare time.

8. Sign Up for Fiverr

• Earning Potential: A few dollars to several $100 per month

• Skills Needed: Varied skills, good time management

• Difficulty Level: Moderate

Fiverr is a way to monetize your time and specific skills. It serves as a website to help you find micro-jobs. Those are standalone functions that an individual, business or employer is looking to have completed quickly. You can be paid $5 and up, depending on the task.

Tasks may include writing letters, answering emails, performing minor graphic functions, and just about anything similar. But don’t be intimidated, because you can choose the skills you want to offer on the platform.

9. Take Photos and Sell Them Online

• Earning Potential: A few dollars to several $100 per month

• Skills Needed: Strong photography skills and an understanding of what the market is looking for

• Difficulty Level: Moderate

This falls under the category of hobbies that make money. But if photography is one of your hobbies, this is an opportunity to make some money on it.

You can do that on a site like Shutterstock. The good news is that you can take photos of subjects and objects that interest you. You’ll then put them on the Shutterstock platform, where they’ll be available for sale to individuals and businesses. Once you get a large enough portfolio built, and if that portfolio is relevant to the market, this can be an excellent source of ongoing passive income.

10. Host Travelers in Your Home

• Earning Potential: $100s to $1,000s per month

• Skills Needed: Attractive home in a popular destination, good customer service skills

• Difficulty Level: High

You’re probably already familiar with this process from the many commercials on TV. But platforms like Airbnb and Vrbo will provide you with everything you need to rent out your home to visitors.

The appeal is that certain visitors, particularly families, are looking for something more than a hotel room. If your home is attractive and well-located, you can earn thousands of dollars per rental. Naturally, this is a process that will work better with a second home than with your primary residence – unless you’re a frequent traveler yourself.

11. Make YouTube Videos

• Earning Potential: $3 to $5 per 1,000 views

• Skills Needed: Excellent voice and communication skills, an eye for relevant content, basic knowledge of video equipment

• Difficulty Level: High

This is another venture that rates high on the difficulty scale, if only because making it work quite literally requires turning it into a business. You see, on the surface, YouTube looks simple. You put out a few videos, one or two of them go viral, and you make a fortune.

But that’s not how it works in real life. You’ll need to turn out a regular series of high-quality videos that are relevant to your audience. In the best of all worlds, your list of subscribers grows, your videos are followed and viewed regularly. The real money goes to those whose videos regularly draw many thousands of viewers.

If you’re interested in making it as a YouTuber, check out Jeff’s guide, How to Make Money on YouTube.

12. Investing in Cryptocurrency

• Earning Potential: $100s to $10,000s per month

• Skills Needed: Capital to invest, high-risk tolerance, basic understanding of cryptocurrency trends

• Difficulty Level: Moderate

This one probably needs no introduction. Most people are aware of the incredible price increases in Bitcoin and other cryptocurrencies. But you should also be equally aware of the dramatic declines. At this point at least, it’s hard to know if crypto is a long-term investment or the perfect trading asset.

13. Crypto Savings Accounts

• Earning Potential: $100s to $1000s per month

• Skills Needed: Capital to invest

• Difficulty Level: Low

As crypto has grown in popularity, so are the ways you can make money with it. It’s now possible to earn high interest on your crypto holdings, at rates much higher than what the banks are paying on CDs and savings accounts.

For example, Coinbase currently pays as much as 5.75% APY through its staking program. This is an excellent way to earn passive income on your crypto holdings. The more crypto you have, the higher your interest income will be.

14. Trade Options

• Earning Potential: $100s to $10,000s per month

• Skills Needed: Capital to invest, high-risk tolerance, basic understanding of stocks and options trading

• Difficulty Level: High

This is a form of very active investing, which means it has a high difficulty level. Before beginning, read Trading in Options: A Guide for Beginning Investors to familiarize yourself with the basics of how trading options works. It’s possible to make money, but it’s equally possible to lose it. You’ll need to have a basic understanding of the stock market, as well as how options work in conjunction with stocks.

You’ll also need to work with a brokerage platform that specializes in options trading. Two brokers worth checking out are Ally Invest and TD Ameritrade. Choosing the right brokerage platform can make all the difference in the world to your trading success.

15. Amazon FBA

• Earning Potential: $1,000+ per month

• Skills Needed: Ability to identify profitable sale items, marketing and organizational skills

• Difficulty Level: High

FBA stands for fulfillment by Amazon, which means you sell products, and Amazon does all the heavy lifting. It’s a perfect way to bring a product to market, particularly if you have one that’s unique. FBA offers you an opportunity to streamline and scale up your online store, without having to involve yourself in the mechanics of the process.

If you’re interested, read $0 to $1000 a Month with Amazon FBA before getting started. FBA isn’t overly complicated, but you’ll need to know what you’re doing before you get started. And once you do, treat it like the business that it is. Like all online businesses, you’ll get nothing more out of it than you put in.

16. Create an Online Course

• Earning Potential: $100s to $1,000s per month

• Skills Needed: Expertise in a popular topic, presentation and marketing skills

• Difficulty Level: High

This is another online money-making venture with a higher difficulty level. You’ll not only need to create a course, but you’ll also need to market it. That’s often best done through affiliate marketing, which is a whole other online money-making strategy.

The first step in creating a successful online course is identifying the right niche. That will require a combination of matching your own skills and expertise with an established market for the course. Take advantage of our How to Create an Online Course: A Step-by-Step Guide before getting started.

This is another online strategy that, once created, has great potential to generate a steady passive income.

17.  Deliver Food

• Earning Potential: $100s per month

• Skills Needed: Punctuality, speed, good time management, conscientiousness, and a reliable vehicle

• Difficulty Level: High

With a reliable vehicle, spare time, and good time management, you can make extra money working with a service like DoorDash. Just remember you’re primarily delivering customer service, and will need to be at the top of your game to get the best assignments and tips.

18.   Join a Focus Group

• Earning Potential: A few dollars to several $100 per month

• Skills Needed: Comfortable in a group setting, communication, willing to share opinions

• Difficulty Level: Low

A company called Respondent can connect you with universities, marketing groups, and research organizations that will pay you to participate in focus groups. You’ll participate in research studies at various organizations, and typically paid through PayPal.

Topics can include social issues, public health, politics, and various other topics. If you have interest in these areas, and opinions you’d like to share, this is an opportunity to make some extra money with them.

19. TikTok

• Earning Potential: A few dollars to several $1,000 per month

• Skills Needed: Good networking skills, high awareness of trending events and the types of products and services that sell on the platform

• Difficulty Level: Moderate

Lots of people are participating on social media. But there’s also an opportunity to earn some money while doing so. One way is to make money on TikTok. If you already have a large following on the social media platform, you’ll have a big advantage. But there’s a way to grow your following by staying on top of trending topics and working to become an influencer. There are opportunities to sell sponsored brands, as well as your own products on the platform.

Start your own TikTok bank account so you’ll have a destination for any revenues you earn from your efforts.

20. Create and Sell E-books

• Earning Potential: $100s to $1,000s per month

• Skills Needed: Strong knowledge of popular/trending topics, good writing skills, networking, marketing, social media skills

• Difficulty Level: High

Every year, tens of thousands of e-books become available on the Internet. Many of them are earning hundreds or even thousands of dollars per month. And best of all, once you have an e-book up and running, the income you’ll generate from it is largely passive.

Check out our guide, How to Make Your First $1,000 Selling Ebooks. You’ll need to have good knowledge of a topic idea that’s popular with the general public or with a defined niche. Once your ebook has been published, you will also need good marketing skills. (Hint: affiliate marketing can be your best friend in selling an ebook.)

21. Build a Dividend Portfolio

• Earning Potential: A few dollars to several $1,000 per month

• Skills Needed: The size of your capital base will determine your income

• Difficulty Level: Moderate

This is really more about investing than it is about starting a business. Because most investing now takes place online, it is an online money-making strategy. It’s even possible to Make $1,000 Per Month in Dividends.

You can do it by building a portfolio of quality, high dividend stocks, and holding them on brokerage platforms like M1 Finance or Robinhood.

Since dividend investing is investing, you’ll need to learn the basics of how investments work. Check out the following articles on our site:

• Investing small amounts of money

• How to invest $100

• How to invest $1K

• How to invest $5K

22. Become a Tutor

• Earning Potential: Several hundred dollars per month

• Skills Needed: Degree or certificate, specialization in a common subject, good people skills

• Difficulty Level: Moderate

If you have expertise in any common subjects, such as math and science, and you have some extra time, you may have all you need to become a tutor. There are even websites to help you get the job done, like Wyzant and TutorMe.

In recent years, it’s possible to provide tutoring online, rather than going to a student’s home. You can even teach less conventional subjects, like test preparation and English as a second language. Some people may even be interested in learning specific career skills. The possibilities here are endless!

23. Flipping Websites

• Earning Potential: Unlimited, varies by personal skills and abilities

• Skills Needed: Web development and design, content creation and marketing, social media skills and networking

• Difficulty Level: High

This is a combination of running a business and making investments. That’s because you’ll be choosing existing websites and building them up to sell them for larger amounts of money. If you don’t believe it’s possible, check out Larry Ludwig who sold his blog for $6 million.

There are even websites dedicated to flipping websites, like Flippa and Empire Flippers. Think of it as a secondary market for websites, much like the housing and the used car market. You can buy a small or abandoned website in a topic area where you have expertise, and rebuild it into a profitable site that can either generate revenue or be sold for a large profit.

24. Real Estate Crowdfunding

• Earning Potential: A few dollars to several $1,000 per month, depending on investable capital and type of crowdfunding engaged in

• Skills Needed: Investable capital, basic understanding of real estate investing

• Difficulty Level: Moderate

You probably know that real estate is one of the most popular ways to get rich. But you probably also know that it requires a lot of capital, know-how, and effort. But there’s a workaround if you’d like to get into the game, without getting so heavily involved.

A real estate platform called Fundrise will enable you to invest in commercial real estate deals with a minimum investment of $10. And since the sponsors on the platform handle all the details for you, all you need to do is invest your money and wait for the returns. They also have different levels of risk and reward, so you can also choose higher-reward investments with higher risks.minimum investment of $10

25. GigSalad

• Earning Potential: A few dollars to several $100 per month

• Skills Needed: Photography, music, and graphics, home repair, home improvement, skills, etc.

• Difficulty Level: Moderate

We saved this for last because it’s kind of a catchall. But just about any type of skill you have, whether it has to do with artistic ability or mechanical skills, can be employed on a site called GigSalad. It’s an online marketplace that brings skilled workers together with individuals and businesses looking for those skill sets.

GigSalad has everything you need to get paying gigs. You can find leads, send quotes, and even collect payments through the platform. Whatever skill you have, don’t discount it. Check out GigSalad and see if there’s a need for whatever it is you have to offer.

Bottom Line on Making Money From Home in March 2024

Don’t discount the possibility of making money online in 2024. Right now, tens of thousands – maybe millions – of people are doing exactly that. If you want to join the ranks of these new entrepreneurs, choose one of the 25 best ways to make money online in 2024, and get started – right where you are!

The post 25 Best Ways to Make Money Online From Home appeared first on Good Financial Cents®.

By strategically harnessing the power of multiple income streams, this trailblazer has managed to generate an astounding $189,000 a year while working fewer than 4 days a week.

As the rest of us marvel at their achievements, it’s time to unravel the secrets behind their incredible success and explore the seven streams of income that have become the cornerstone of their financial empire.

In today’s dynamic world, traditional employment is no longer the sole means of financial prosperity. Creating multiple streams of income allows you to diversify your earnings, reduce risk, and unlock the potential for wealth accumulation.

By understanding and leveraging these seven streams of income, you can take significant steps toward achieving financial freedom.

Understanding Multiple Streams of Income

Multiple streams of income refer to having multiple sources from which money flows into your life. These streams can vary in terms of their origin, nature, and the effort required to maintain them.

By creating multiple streams of income, you can enjoy a more stable financial situation and gain the freedom to pursue your passions without worrying about money.

Stream 1: Earned Income

Earned income is the most common and widely known stream of income. It refers to the money you earn by providing your skills, knowledge, or expertise in exchange for a salary or wages. This can come from your primary job, freelancing, or running a business.

While earned income is essential, relying solely on it limits your earning potential and leaves little room for growth.

Financial expert Sarah Johnson advises, “While earned income provides a stable foundation, it’s important to consider expanding your earning potential by exploring other income streams. This can help you achieve your financial goals faster.”

Stream 2: Profit Income

Profit income involves making money by buying and selling goods or services at a higher price than the cost of production. It includes businesses, entrepreneurship, and investments where you can generate profits through successful ventures.

Profit income allows you to leverage your skills, creativity, and market knowledge to create additional wealth.

Profit Income Examples:

1. E-commerce Business: Starting an online store and selling products or services can be a profitable venture. You can source products at a wholesale price, set your own retail prices, and reach a wide customer base through online platforms.

Profit is generated by selling products at a higher price than the cost of acquisition and fulfillment.

2. Investing in Stocks: Buying stocks of promising companies at a lower price and selling them when their value appreciates can generate profit income. Successful stock investments rely on careful research, analysis, and timing to capitalize on market opportunities.

3. Flipping Real Estate Properties: Buying properties below market value, renovating or improving them, and selling them at a higher price can be a profitable venture. Real estate investors aim to create value through property upgrades or by capitalizing on favorable market conditions.

4. Dropshipping Business: Running a dropshipping business involves selling products online without holding inventory. You partner with suppliers who fulfill orders directly to customers.

The difference between the price at which you sell the product and the cost of the product from the supplier generates profit income.

Profit income offers the potential for financial independence and wealth creation. However, it requires careful planning, market knowledge, and risk management to succeed in various profit-generating ventures.

By evaluating market trends, identifying profitable niches, and delivering value to customers, you can maximize your profit potential in this income stream.

Certified Financial Planner Mark Davis suggests, “For those with an entrepreneurial spirit, starting a business or investing in profitable ventures can be a great way to generate substantial income. It’s important to conduct thorough market research and develop a solid business plan to maximize your chances of success.”

Stream 3: Rental Income

Rental income involves owning and leasing out assets such as real estate properties, apartments, or vehicles. By collecting rent from tenants, you can generate a steady cash flow that can supplement your primary income.

Rental income offers the advantage of passive earning, as the properties can appreciate in value while providing you with regular income.

According to Susan Thompson, a real estate expert, “Investing in rental properties can provide a reliable source of income over time.

However, it’s important to carefully consider location, property management, and tenant screening to ensure a positive rental experience and maximize your returns.”

To learn more about the tax implications of rental income, you can refer to the IRS publication IRS Publication 925: Passive Activity and At-Risk Rules.

Stream 4: Dividend Income

Dividend income is earned by investing in stocks or mutual funds that pay regular dividends to their shareholders. Companies distribute a portion of their profits to shareholders as dividends, providing you with a passive income stream.

Dividend income can be a valuable source of long-term wealth accumulation, especially when reinvested over time.

Certified Financial Planner Emily Carter highlights the benefits of dividend income, stating, “Dividend-paying stocks can provide a steady income stream and potential capital appreciation. It’s important to diversify your portfolio and carefully evaluate the dividend history and financial health of the companies you invest in.”

Stream 5: Interest Income

Interest income is derived from lending money to individuals, businesses, or financial institutions, who repay the borrowed amount with interest.

This can be in the form of savings accounts, certificates of deposit, bonds, or other fixed-income investments. Interest income allows you to earn a passive return on your capital while preserving the principal amount.

Interest Income Examples:

1. Savings Accounts: Banks and credit unions offer savings accounts where you can deposit your money and earn interest on the balance.

These accounts provide liquidity and are suitable for short-term financial goals or emergency funds. The interest rates offered can vary depending on the institution and prevailing market conditions.

2. Certificates of Deposit (CDs): CDs are time deposits that offer a fixed interest rate for a specific period. They often provide higher interest rates compared to regular savings accounts. CDs are suitable for individuals who have a specific savings goal and are willing to lock their money for a predetermined time.

3. Government Bonds: Governments issue bonds as a way to borrow money from investors. These bonds pay periodic interest to bondholders until the bond matures.

Government bonds are considered low-risk investments, and their interest rates are influenced by market factors and the creditworthiness of the issuing government.

4. Corporate Bonds: Companies issue bonds to raise capital. Investors who purchase these bonds receive periodic interest payments and the return of principal upon maturity.

Corporate bonds carry varying levels of risk depending on the financial health of the issuing company and prevailing market conditions.

Interest income plays a vital role in a diversified investment portfolio by providing stability and preserving the principal amount. While it may not offer high growth potential, it serves as a reliable income source, particularly for conservative investors seeking steady earnings and capital preservation.

Stream 6: Royalty Income

Royalty income is earned by granting the rights to use intellectual property, such as patents, copyrights, trademarks, or creative works.

Authors, musicians, inventors, and artists can earn royalties from their creations. Once established, royalty income can provide a steady stream of passive income for years to come.

John Stevens, a successful author, emphasizes the significance of royalty income, stating, “For creators, leveraging intellectual property can be a powerful income stream. By protecting your work and exploring licensing and royalty agreements, you can generate ongoing income from your creations.”

Stream 7: Capital Gains

Capital gains occur when you sell an asset, such as stocks, real estate, or collectibles, at a higher price than its purchase price. The difference between the buying and selling price represents the capital gain. By investing in appreciating assets and selling them at the right time, you can earn substantial profits and increase your overall wealth.

Certified Financial Planner Jennifer Adams advises, “Capital gains can significantly boost your wealth if you invest strategically and take advantage of market opportunities. It’s important to develop an investment strategy aligned with your risk tolerance and long-term financial goals.”

For a comprehensive understanding of capital gains taxation, you can refer to the IRS publication Over the Top for the Bournes and the Merkels.

The Bottom Line – 7 Income Streams

Diversifying your income through multiple streams of income is a powerful strategy for achieving financial prosperity.

By incorporating various income sources, such as earned income, profit income, rental income, dividend income, interest income, royalty income, and capital gains, you can create a robust and resilient financial foundation.

Remember, building multiple streams of income requires time, effort, and a strategic approach. Stay committed, invest wisely, and continually explore new opportunities to secure your financial future.

The post 7 Streams of Income of Millionaires (According to IRS) appeared first on Good Financial Cents®.

Maybe you need to fill up your gas tank so you can get to work, or perhaps you have bills that need to be paid before your next check comes in.

Either way, it’s easy to stress out when your bank balance is oh-so-dangerously close to $0. And if you’re stressing over that, be comforted in the fact you’re not alone. According to CNBC, 63% of Americans are living paycheck to paycheck.

Fortunately, there are plenty of ways to make money quickly, either by making money at home or using your skills and expertise to earn cash. Some of the best ways to earn money quickly require creative thinking and hard work, yet others require hardly any effort.

Sure, you want to learn how to invest to feel financially secure later in life, but that will have to wait. If what you need is cash you can spend right away, consider these 21 ways to earn money within a day, a week, or a few months of time.

What Are the Best Ways to Make Money Fast?

First off, you should know about the ways you can use your creativity and skill to earn money on the side. Some of these hustles can help you earn money within a day, yet others will require work to build up streams of passive income that can change your life.

1. Work as a Freelancer & Earn Money Online

Potential Money: $5 to $500 or more per gig

Have a skill you can use on the internet? You’ll have an opportunity to make extra money online. Currently, according to Zippia.com, over 36% of the U.S. population does some sort of freelance work.

If you have any skill that translates into work you can do online, you can find freelance gigs and start earning extra cash right away. This is true with freelance writing, graphic design, programming, or even helping others get their business organized.

You can use all kinds of platforms to start freelancing, including Fiverr. This platform lets you pick up easy work that offer a starting pay of $5, but you can use it to build up your portfolio and work your way up to higher-paying gigs over time.

Other platforms that facilitate gigs for freelancers include Upwork, Freelancer.com, and FlexJobs, to name a few. You can almost always create an online profile for free, and the amount of good money you can earn through freelance work is limited by how much time you want to put in.

2. Build a Digital Real Estate Portfolio

Potential Money: Unlimited

While you can invest in digital real estate that someone else has already built, building your own brand can be considerably more lucrative over time. Building a digital real estate portfolio can mean starting a blog to creating and nurturing an affiliate marketing site. However, digital real estate can also come in the form of a monetized TikTok account, an Instagram account, or even a heavily followed gaming account on Twitch.

I’m not shy about the fact this website has helped me earn millions of dollars over the last decade. Also, be aware that starting a blog isn’t that difficult or expensive but that there will be a major learning curve as you sharpen your online skills.

For the most part, it just takes time to learn all the ins and outs of running a digital real estate empire and monetizing every aspect of your brand. Like anything else, though, the first step to earning money online with your own website is getting started and seeing where the journey takes you.

Related: How To Start A Blog From Scratch And Make It Work

3. Create and Sell Homemade or Digital Items on etsy.com

Potential Money: Unlimited

If you love making homemade items or have a genuinely creative mind, you can make money the easy way by making items and selling them on Etsy.com.

Your homemade items could be anything from customized floor mats to unique Christmas ornaments or home decor and graphic design prints. The sky’s the limit when it comes to items you can make and sell, and the amount of cash you can make depends on your craft, the items you’re selling, and the market demand.

While Etsy does charge a small listing fee (20 cents per listing) and takes a percentage of each sale you make (6.5% of the total order amount), your start-up costs for this gig could be minimal. You can also boost your income over time by growing your audience and your sales.

The best part about Etsy is that you can start small and see what happens. You can also experiment with different items you make to see which sell fastest and with the largest profit margin.

4. Sell Stock Photos Online

Potential Money: $1 per Photo and Up

If you have a good camera and an eye for detail, consider taking stock photos and selling them to websites like ShutterStock or iStockPhoto. Websites like these need new photos they can market and sell to potential clients over time, yet they don’t necessarily want to take the photos themselves.

What kind of photos can you sell? Stock photos can be almost anything, but the best sellers tend to be generic photos of nature, roads, cars, and families.

The key to succeeding in this gig is taking a ton of generic photos to apply to a range of situations. From there, you can see which ones sell and tailor your approach to what works the best.

5. Start a Home Organization Business

Potential Money: $100 per gig and up

If you love to organize and want to earn some fast cash on the side doing something you’re good at, consider starting your own home organization business.

Home organizers are often getting paid $100 or more for each gig they take. You can use your skills and experience to help people organize their homes, garages, or office space.

While you can create and pass out flyers or advertise your business with platforms like Facebook Marketplace, you can also offer home organization on platforms like Care.com. This platform lets you set your own rates, and you can create a job posting or apply to jobs that others post.

6. List Your Home on Airbnb or Host Experiences

Potential Money: $15 per Booking and Up

If you live in a tourist area or another place that people frequently visit, you can market and sell all kinds of unique experiences to travelers who want to explore. You can host walking or food tours in your area, or you can teach people about something you know, such as gardening or glassblowing.

Examples of unique Airbnb experiences from a simple search include flying lessons in the Chicago area, in-person farm tours, and a fun campfire experience with cows to keep you company. A guy I know (Martin Dasko of Studenomics) even hosts coffee-drinking tours in his hometown, which people book and pay for regularly.

If you can come up with any kind of fun event people will pay for, you can host it with Airbnb and earn some easy cash along the way.

7. Work as a Virtual Assistant

Potential Money: $20 to $50 an Hour or More

If you’re looking for an awesome self-employed job opportunity you can do from home and you have plenty of online skills, consider working as a virtual assistant. People who work in this gig do many different online tasks for their clients, including writing newsletters, editing content, answering emails, and creating graphics. Most virtual assistants also juggle a handful of clients that assign them different tasks, and they can work flexible hours that fit with the rest of their life.

While the amount you can earn as a virtual assistant varies, most charge $20 per hour or more. According to Zip Recruiter they average $34/hour. Virtual assistants with the highest skill level can even charge $50 to $75 per hour. I can go up from there.

To find work as a virtual assistant, you can look for gigs on websites like Fiverr, Upwork, and FlexJobs.

8. Help Install Christmas Lights for the Holidays

Potential Money: Varies

Are you physically fit and enjoy rooftop views? You can find work installing Christmas lights around the holidays.

How much you can charge will vary depending on where you live, consumer demand, and the size of the homes that need decoration, yet you should be able to set a pricing floor of at least $100 for up to two hours of work.

How do you find side work installing holiday lights and decor?

Pass out flyers in neighborhoods where your target customers reside, or post an ad on Craigslist or Facebook Marketplace.

The best part? You can start this side hustle with almost no upfront investment if you have a ladder, or you can use your client’s ladders when you book a gig.

9. Complete Home-Based Tasks Through Taskrabbit or Amazon Mechanical Turk

Potential Money: Unlimited

TaskRabbit and Mechanical Turk are online platforms connecting you with all kinds of gigs that can lead to extra income. Examples of gigs you can get through these platforms include assembling IKEA furniture, hanging flat-screen televisions, or doing data entry work.

You can even help people move furniture or complete basic handyman tasks. When earning quick cash with either site, your best bet is to create a profile and search for work in your area to see what fits.

10. Answer Questions on justanswer.com

Potential Money: $2,000 to $7,000 per Month

If you’re a professional with a significant amount of expertise in a subject, you can make extra money online by answering questions using a website called JustAnswer.

This online platform says that some of their top experts earn $2,000 to $7,000 per month from home, and they accomplish this entirely by answering the questions paid users send their way.

The best part about this app is that you can work as little or as much as you want. You can also complete all the work at home and on your own time, and you can make money doing what you love.

What kind of experts does JustAnswer look for? Many of their questions go to professionals like doctors, lawyers, and veterinarians, but nearly any expert can use the platform.

11. Become a Financial Coach

Potential Money: $150 to $250 per Hour

If you’re interested in personal finance and want to turn your hobby into profits, you can also consider becoming a financial coach. Financial coaches don’t have the same educational requirements as financial advisors, so breaking your way into this industry is easier. That said, financial coaches are not legally allowed to offer investment advice. Instead, coaches help their clients with tasks like tracking their spending, getting on a budget, and planning for their long-term financial goals.

In other words, a financial coach with 20 clients they meet monthly could earn $3,000 to $5,000 per month (or $36,000 to $60,000 per year) with this gig. That’s quite a bit of money for a business with minimal start-up costs, but you will have to market yourself and find a way to get your first several clients to trust you.

12. Become a Rideshare Driver

Potential Money: $20 per Hour or More

If you have a reliable car and you want to earn money driving people around, signing up as a driver for Uber or Lyft makes a ton of sense. Both rideshare platforms have minimum requirements for vehicles you can drive, but your car will likely qualify if it’s relatively newer, clean, and safe.

With Uber, for example, your car needs to be 15 years old or newer, have four doors, and be free of major cosmetic damage or missing parts. Drivers also have to have a clean driving record and insurance on their cars.

How much you earn driving for Uber or Lyft can vary by quite a bit, yet the average seems to start at around $20 per hour. That said, drivers can earn much more during “surge pricing,” during peak travel times, or special events. Drivers for both platforms also get tips, so their earnings can fluctuate based on the generosity of their customers and how friendly and helpful they are.

13. Deliver Food or Groceries

Potential Money: $20 per Hour or More

Another gig that’s always hiring comes in the form of food delivery. Of course, we’re talking about delivering food and other purchases through platforms like DoorDash, GrubHub, or Postmates. You can even sign up to shop for groceries through platforms like Instacart and Shipt, which let you earn an hourly wage plus tips.

These side gigs let you work the hours and days you prefer, so you can set your schedule around your regular job and other responsibilities. Most food delivery drivers also earn $20 per hour or more, although pay can vary depending on the platform, the gig, and the tips you receive over time.

14. Take Care of Pets Through rover.com

Potential Money: $29 per Night or More

If you love animals and want to earn cash taking care of cats, dogs, and other pets, consider setting up a profile on a platform called Rover. This online platform can help you set up your own small business walking pets, feeding pets, or caring for them overnight in your home. Nightly stays can easily help you earn $29 to $50 per pet, and dog walking or feeding gigs can pay $20 or more.

This gig is also incredibly flexible since you can set up your availability and choose your work days through Rover.com’s online platform. You can also set minimum requirements for pets or be somewhat picky about the kinds of pets you’ll watch or care for. If you’re willing to take care of pets with poor health that need medicine administered or special care, you can increase your rates.

15. Babysit Kids

Potential Money: $15 per Hour or More

Maybe you love kids a lot more than you love people’s pets. In that case, you can look for babysitting gigs in your local area or find them through Care.com. While how much you’re paid will vary depending on the job, how many kids you watch, and where you live, you can easily earn $15 per hour and up with babysitting gigs.

While setting up an online profile can help you find this type of work, you may have better luck reaching out to people in your network. Tell people you know you’re looking for babysitting work or set up a job posting in Facebook groups you already belong to. Chances are good that, with some time and effort, you’ll find all kinds of people who need help with childcare in your area.

The best part about babysitting is that you typically get paid the day you do the job. You could babysit for a few hours and then walk away with cash.

16. Take Inventory of Your Items and Sell Stuff You No Longer Want

Potential Money: Varies

People may be willing to pay for the brand-name clothing you no longer wear, the treadmill you haven’t been on for years, or the antiques you inherited but don’t know much about. The key here is finding items you can sell, figuring out how much they’re worth, then posting them on reselling platforms.

Once you have sold off your own unwanted items, you can also consider flipping items from garage sales and thrift stores for profit. While any item you can sell for more than you bought it can work in this realm, some of the best items to flip for profit include brand-name sneakers, antiques, electronics, household appliances, and children’s toys.

The key to making money flipping items is doing your research upfront and knowing how much you can pay for something while still turning a profit. With time and experience, you’ll also find out which items sell the fastest and for the most money.

17. Sell Used Electronics You Don’t Need Anymore

Potential Money: Varies

You can also sell or trade in old, unwanted electronics for cash. Some of the best items to sell for money include phones, iPods, fitness trackers, tablets, and laptops, but any high-demand electronics will work.

While you can sell these items on any of the platforms we mentioned already (i.e., Facebook Marketplace, Craigslist, etc.), websites like ItsWorthMore, Decluttr, and Gazelle specialize in buying these items and may offer more cash than you can get selling on your own. Generally speaking, you’ll share details about your item and get an instant offer. However, you’ll have to mail them to each platform so they can be inspected, leaving you waiting weeks before you get your money.

Therefore, it may be better to sell your items yourself first. If you can sell your electronics on Facebook Marketplace, for example, you can meet the buyer in person and walk away with cash.

18. Sell Off Unused Gift Cards

Potential Money: Varies

Like most people, you probably have a stack of unused gift cards around your house. Some of them were likely given to you as a gift, but they aren’t doing you any good if they’re sitting in a drawer collecting dust.

Fortunately, you can sell used gift cards online using websites like Craigslist, Facebook Marketplace, or eBay. You can also use a website called CardCash to sell unwanted gift cards to popular stores. While this website will take a cut of your gift card balance to make a profit, you still get the chance to earn quick and easy money, and you can get paid via PayPal, ACH transfer, or a check in the mail.

19. Take Surveys Online

Potential Money: $3 to $10 per Hour or More

If you have free time to kill and you want to do something mindless to earn some extra cash, consider checking out the best online survey sites. A survey app (like Survey Junkie) will pay you money to answer simple survey questions, take online quizzes, or watch videos they post, and you can get paid via PayPal or with gift cards in most cases.

While you won’t earn a ton of money taking online surveys, you can easily earn $3 per hour or more by completing simple tasks from the comfort of your home. That’s easy money.

Some popular online survey sites include Survey Junkie, Swagbucks, Inbox Dollars, LifePoints, Vindale Research, Google Opinion Rewards, and Global Test Market. Another option called UserTesting.com even lets you get paid to give your opinions on advertisements and consumer-focused marketing strategies.

The best part? You can use several online survey sites at once, and you can do a lot of the “work” on your mobile device. This means you could be earning part-time income on your phone while you lay in bed or watch television at night.

20. Open a New Checking or Savings Account

Potential Money: $200 or More

If you have a certain amount of start-up capital and want to earn free money you can access in a few months, consider opening a new bank account. Start a checking or savings account that comes with a big, fat bank bonus.

Most bank bonuses require you to keep a specific amount of money on deposit for a few months, set up a qualifying direct deposit, or both, but you can earn anywhere from $200 to $500 for meeting their minimum requirements and keeping your account open for several months.

For example, Chase lets new customers earn $200 when they open a new Chase Total Checking account and set up a qualifying direct deposit within 90 days. However, you do have to keep a minimum amount of money on deposit or meet direct deposit requirements each month to avoid monthly service fees.

21. Donate Plasma

Potential Money: $50 to $100

If you have some time to kill and you’re not scared of needles, you can donate plasma and get some cash in return. Most plasma donation centers pay anywhere from $40 to $100 for your first donation, and your earnings typically stay fairly constant. However, donating plasma only takes a few hours, and you don’t have to do anything other than sit there and wait.

You can also donate plasma regularly to build up a regular income stream. Generally speaking, most people can donate twice every seven-day period or up to eight times per month. If you get paid $50 each time you donate, this hustle could help you bring in an extra $400 in cash every 30 days.

The Bottom Line – Making Money Fast

There are so many ways to earn extra income that it’s hard to keep track, but it’s important to remember that you can do more than one simultaneously.

For example, you could sell unwanted items in your home, donate plasma, and pick up odd jobs on Fiverr, all within the same week. You could even do all those tasks while watching someone’s dog and setting up an Etsy store to sell homemade crafts.

None of these will help you get rich over the long term. Instead, they can help you earn money quickly to buy groceries, pay bills, or cover unexpected expenses.

The good news is that most of these ideas make it easy to get started right away. The longer you wait to earn money in your spare time, the harder you’ll have to work.

Frequently Asked Questions (FAQs) on How to Make Money Fast

The post How to Make Money Fast: 21 Quick & Proven Ways to Earn Money appeared first on Good Financial Cents®.

But, how do you do that if you only have $100 to get started? That’s not a lot of capital, but it’s definitely better than nothing.

Also know that most “regular people” who’ve built real wealth started with small sums, kept on investing, and watched as their money snowballed from there. Not only that, but the act of learning how to invest is often all it takes to change someone’s mindset about money, and to get them on a path to earning more cash in other ways.

Having $100 in the bank might not seem like a lot, but it may be all you need to change your future for the better. If you’re wondering how to invest $100, how to flip $100, and how to invest and make money daily, you’re in the right place.

Can $100 Really Make a Difference?

Learning how to invest can feel like you’re playing a game of “catch-up” at first, and that’s especially true when you only have small sums of cash to start the process. After all, we’ve all heard of people who have made millions of dollars investing in the right stocks, crypto, or non-fungible tokens (NFTs) at the right time, or coming up with an awesome business idea nobody had ever thought of before.

However, you really do have to change your mindset if you want to flip $100 and turn it into substantial sums of money. The reality is, there are plenty of situations where you could have turned $100 into thousands, tens of thousands or even hundreds of thousands had you invested at the right time.

Don’t believe me? The chart below shows how much $100 would be worth today if you invested approximately 10 years ago:

Investing $100 into Bitcoin a decade ago would have seemed crazy at the time, yet a single Bitcoin purchased in 2012 would have set you back just $5.29. If you were forward-thinking enough to get in the game early on, imagine how many Bitcoins you could have purchased and what they might be worth today.

Remember the 12-year-old who made NFTs and used them to build a crypto wallet worth over $1 million dollars? How about the teenager who made millions on Bitcoin after investing what he had at the time ($1,000) in 2011?

These stories are absolutely real, and they happened to real people who had the courage and foresight to create something or invest at just the right time.

Can You Really Become a Millionaire With $100?

If you don’t want to make risky bets that may or may not pay off, you can still become a millionaire by investing relatively small sums of money over time. The key to winning at this game is investing in assets that can provide a fairly steady return you can count on, and making sure your contributions are consistent and automatic.

For example, it’s totally possible to invest $100 per month into a combination of index funds, ETFs, and individual stocks and then turn the money into more than $1 million dollars over the long term.

You may have to wait decades to become a millionaire, but it’s still totally possible. The chart below shows how long you would have to invest and the type of return you’ll need to hit the $1 million mark during your lifetime.

What Should You Do With $100?

What it really boils down to is this: How do you want to spend the $100 you have right now, as well as the hundreds (or thousands) of extra dollars you’ll have over the next few years?

For the most part, you have three main options to choose from. You can:

• Spend the Money: Buy “stuff” you want, go out to eat at your favorite restaurants, and have a blast as long as you can. YOLO!

• Save Your Money: Stash your cash in your emergency fund, which is hopefully held in a high-yield savings account. You can also use your money to pay down debt.

• Invest for the Future: With some discipline and forward-thinking, you can also begin investing your extra $100 or more for the future.

While you may have to give up a few things you want today to start investing $100 every single month, your future self will thank you. Not only that, but you’ll get used to stashing away $100 per month if you give it enough time, and you may not even miss the money at all.

Investing for Quick Profits vs. Long-Term Gains

As you decide how you want to invest your $100, you’ll also need to think about whether you want to invest for quick profits or for the long term. The fact is, there are a ton of ways to flip $100 and turn it into a few hundred dollars or even $1,000 or more over a few days or a few weeks. However, you can also get in the habit of investing to build long-term wealth, which is a totally different ballgame.

Examples of how to flip $100 include:

• Searching for Garage Sale or Thrift Store Finds You Can Sell at a Profit

• Investing Into High Value Sneakers You Can Flip

• Flipping Sports Cards After Buying Them for Less Than They’re Worth

• Offering a Service on Social Media, Such as Washing Cars or Painting

As you decide whether you want to flip $100 or invest for the long haul, it’s important to remember that time is money. For the most part, flipping items for profit requires you to exchange time for money, so this work isn’t passive at all.

Investing for the long haul is the opposite of that because it helps you build long-term wealth in a way that is totally passive. With the best passive investments, you don’t have to do any work outside of contributing more money to your account every month.

Examples of how to invest for the long term include:

• Buying index funds, ETFs, and other long-term investments aimed at long-term growth

• Pouring small sums of money (even as little as $1) into fractional shares of popular stocks

• Investing in crypto or NFTs and HODLing (holding on for dear life)

• Investing in real estate with the goal of creating long-term profits

How to Invest $100 Starting Today

Here’s a secret about investing most people don’t know:

It’s not really about how much you invest at first. What matters most is that you actually get started and do something.

Whether you’re trying to figure out how to invest $100, or you need to know how to invest $1,000 dollars, the key to getting ahead is making a decision and sticking with it.

Ready to invest $100? The ten strategies below are the perfect place to start.

1. Round Up Your Savings

Risk Level: Low

Acorns is an app that automatically “rounds up” your change when you make a purchase so it can invest that money on your behalf. When you sign up for a plan, you can automatically grow your wealth and your savings. You can also even choose among professionally curated portfolios that might work better or worse based on your goals and risk preferences.

How It Works:

Plans cost $3 or $5 per month depending on whether you want a personal plan or a family plan. Both plans automatically round up your purchases and invest your spare change, and they come with added benefits like checking and fee-free access at more than 55,000 ATMs nationwide.

Where to Get Started:

To get started, open an account with Acorns and download the mobile app. Pick your plan and you can begin rounding up your purchases and investing the difference at a lightning-fast speed. The top-tier Personal and Family plans are an excellent place to stash your initial $100 investment. Learn more through my Acorns app review.

Who It’s Best For:

Acorns is ideal for anyone who wants help saving money automatically, then investing that money into expertly chosen investments.

2. Dabble in Fractional Shares

Risk Level: Varies

Fractional shares are nothing more than a “fraction” or a “slice” of an individual stock. As a result, this type of investing lets you use $100 to buy stocks and other investments you couldn’t otherwise afford. You can also diversify your $100 investment across many different stocks and other assets that would work well in your portfolio.

How It Works:

You can buy stock in a company even if you don’t have enough money to buy an entire share. It’s called fractional share investing. Instead of buying one share of a $100 stock, you could invest $10 in 10 different stocks.

Where to Get Started:

Many online brokers make it easy to open an account and get started. This platform even lets you invest into BTC, ETH, LTC, DOGE and other cryptocurrencies with 0% in fees and a minimum starting investment of just $1.

Who It’s Best For:

Many online brokers are a great option for investing in fractional shares since there are no commissions and no minimum balance required to get started. Fractional share investing can be a good option for any investor who wants to diversify as much as they can.

Open an Account

• Commission-free investing
• Allows fractional shares in stocks, ETFs
• Small minimum investment: $100

3. Invest in Real Estate

Risk Level: Varies

Investors who poured their money into real estate have done incredibly well over the last decade and especially the last few years. In fact, the National Association of Realtors (NAR) just reported that the median price for a single-family home rose 15.7% nationally from May 2022 to May 2023. That’s a pretty sweet return for just a single year, and this rate of increase comes after a decade of rising prices among all types of housing across the board.

That said, the real estate industry has a fairly high barrier to entry since you need tens of thousands of dollars to begin buying up properties. That’s why I typically suggest investing in real estate through other means instead, including Real Estate Investment Trusts (REITs).

How It Works:

By investing in Real Estate Investment Trusts (REITs), you get exposure to real estate without having to buy individual properties or deal with the grunt work of being a landlord. Once you pick a fund and invest your money regularly, your investment balance can grow based on real estate profits that are realized over time.

Where to Get Started:

Fundrise is my favorite platform for investing in Real Estate Investment Trusts (REITs). However, this company specifically sells private equity REITs, or “eREITs,” which is a trademarked term. You can get started with Fundrise with as little as $10, and the starter account comes with auto-invest and dividend reinvestment features.

Who It’s Best For:

Fundrise is best for individuals who want to invest in real estate without dealing with the hassles involved in buying individual properties. There are also many other popular REITs to choose from, including options from brokerage firms like Fidelity and Vanguard.

Invest in Real Estate

• Low minimum investment – $100
• Diversified real estate portfolio
• Portfolio Transparency

4. Buy Index Funds

Risk Level: Moderate

An “index fund” is a type of mutual fund or exchange-traded fund that tracks the returns of a market index such as the S&P 500. This means you can invest in an index fund and receive roughly the same return as the market it tracks without any added work on your part.

Index funds are popular with long-term investors who are looking for ways to invest passively without having to worry about picking individual stocks. Plus, index funds have secured pretty good returns over the years. As an example, the S&P 500 index fund from Vanguard (VFIAX) is currently averaging a return of 8.17% over the last 15 years.

How It Works:

Investing in index funds is about as easy as it gets. All you have to do is select one of the best online brokerage firms then open an account. Decide on the index you want to track, and invest in the fund that suits your needs.

Where to Get Started:

I suggest investing in index funds with Betterment, mostly because this robo-advisor will work with you to help you achieve your long-term investing goals. You can set up an account in minutes, and Betterment offers added benefits like portfolio rebalancing, dividend reinvestment, and tax-loss harvesting.

Who It’s Best For:

Index funds are ideal for investors who want a passive way to invest in the stock market so they can build wealth over time.

5. Collect Dividends

Risk Level: Moderate

When I talk about collecting dividends, I am of course talking about investing in dividend stocks. This type of stock pays out a distribution of cash or stock to its shareholders regularly, so they are commonly used by investors who want to build streams of passive income.

For the most part, dividend stocks are offered by companies that have a long history of strong profits. However, there are also plenty of popular dividend-paying ETFs to choose from. Just remember that dividends aren’t necessarily guaranteed, and the expense ratios for dividend stocks, mutual funds, and ETFs can be higher than investment options without dividends.

How It Works:

Like other stock market investing strategies, you can get started with dividend stocks by opening an online brokerage account. One of the best platforms for this type of investment is M1 Finance since it lets you invest in dividend stocks without any investment fees.

Where to Get Started:

Open an account with M1 Finance since this company lets you invest without any fees. From there, you can build your own pie of investments with a selection of ETFs such as the Schwab US Dividend Equity ETF (SCHD), the Vanguard International High Dividend Yield ETF (VYMI), the Vanguard Dividend Appreciation ETF (VIG), and more.

Open an Account

• Commission-free investing
• Allows fractional shares in stocks, ETFs
• Small minimum investment: $100

6. Enroll in a Course or Certification

Risk Level: Low

There are thousands of different online courses you can take for less than $100, including ones that can help you expand your knowledge in any area you want. Whether you want to learn how to be a better writer, how to use Photoshop, or how to get paid to be a speaker — the options are endless!

How It Works:

A variety of online platforms let you purchase online courses and certifications in almost any industry. Consider what skill can be useful in your professional or personal life. Perhaps a certification would help you get a promotion at your current job, or maybe a new skill would help you drop your 9-to-5 job and begin working in a brand-new field.

Where to Get Started:

MasterClass is my top pick for enrolling in courses and certifications. With this online platform, you can pay a small monthly fee ($15 to $23) and enroll in hundreds of courses in arts and entertainment, music, business, and more. Your initial $100 investment in this platform could currently pay for more than six months of unlimited learning.

Who It’s Best For:

Online courses and certifications can be a good investment for anyone, but MasterClass in particular is a good choice if you don’t know exactly which courses you want to take. With a small monthly fee, you can take a bunch of different courses until you find the right fit.

7. Open a Roth IRA

Risk Level: Varies

A Roth IRA is a type of retirement account you can open in addition to other accounts you have like a workplace 401(k). This type of retirement account lets you invest with after-tax dollars, and your money grows tax-free until you are ready to access it. The best part is, you can withdraw your Roth IRA funds without paying income taxes once you’re at least 59 ½ years in age.

How It Works:

You’ll need to open a Roth IRA on your own, which is easy to do with any number of online brokerage firms. Just keep in mind that income caps limit who can contribute, so it’s possible you may not be eligible if you have a high income.

Also, note that contribution limits apply. Most people can contribute up to $6,500 to a Roth IRA (and a traditional IRA, in total) in 2023, yet those ages 50 and older can contribute up to $7,500.

Where to Get Started:

The best places to open a Roth IRA include Betterment, Stash, M1 Finance, and more. Research online brokerage accounts until you find the best option for your needs and goals.

Who It’s Best For:

A Roth IRA makes sense for anyone who wants to save money for retirement or other goals. Since this account lets you withdraw money without income taxes in retirement, it’s also a good choice for people who want access to tax-free money later in life.

Open an Account

• Commission-free investing
• Roth IRA with fractional shares of stocks, ETFs
• Small minimum investment: $100

8. Worthy Bonds

Risk Level: Medium

Worthy is a company that offers bonds with a fixed interest rate of 5%. You only need $10 to get started, and interest compounds in your account on a daily basis. There are no hidden fees, and the money you invest is loaned out to businesses that can make a positive impact in your community.

How It Works:

Opening an account with Worthy is easy, and there are no fees or penalties involved. Since each bond costs just $10, your initial investment of $100 can help you buy 10 bonds right off the bat.

Where to Get Started:

Head to the Worthy website and select the option to open a new account. From there, you can buy as many bonds as you want in $10 increments. Interest will accrue daily in your account, and there are no fees involved.

Who It’s Best For:

Worthy bonds are a great option for anyone who wants to earn a fixed rate of 5% on their savings.

9. Open a High-Yield Savings Account

Risk Level: Low

If you have $100 to your name but you don’t have any extra cash for emergency expenses, then your best bet, for now, is to save that money. However, you can easily earn a better rate of return with a high-yield savings account from an online bank.

This type of savings account works like other savings accounts from a traditional bank. Setting up an account is a breeze, and the biggest difference is that you can earn a higher interest rate on your deposits.

How It Works:

The best online savings accounts are from banks like Discover, CIT Bank, and national average of just 0.07%. Just make sure you compare accounts until you find an option with the perks you want and no hidden fees.

Where to Get Started:

Discover offers excellent high-yield savings accounts with no minimum deposit requirement and no ongoing fees. You can also earn 5x the national average on your savings. That’s still not a lot, but earning something is still better than nothing.

Who It’s Best For:

Everyone needs savings for emergencies and a rainy day.

Your Investment Style 

If you only have $100 to invest right now, you’ll want to be careful you’re investing in a way that aligns with your investment style. This style will probably depend on a whole host of factors, which may include:

• Whether You’ll Need Easy Access to Your Money

• How Much Risk You Want to Take

• Your Investment Timeline

• How Much Research You Want to Do

If you want to invest for the long haul and you won’t need your $100 right away, then you may want to look into options like opening a Roth IRA, investing in cryptocurrency, or getting started with fractional shares. Each of these lets you grow your money over a long timeline, and potentially without a lot of fine print or hidden fees.

On the flip side, you may want a “safer” option if you need access to your $100 when emergencies come up. In that case, Worthy Bonds or a high-yield savings account might be a better choice.

Invest $100 to Make $1,000 a Day

Many people also wonder how they can invest $100 and turn it into $1,000 in income for every day of the year. While it will absolutely take time to build up $1,000 per day in passive income, keep in mind that $1,000 per day works out to $365,000 per year, and there are all kinds of people who have that kind of passive income coming in.

Generally speaking, you’ll need a $9 million dollar investment portfolio earning 4% to generate $360,000 per year (or a little less than $1,000 per day) in passive income. However, you’ll only need a portfolio of $6 million dollars to generate that much if your money is earning 6% per year.

If your portfolio is earning 9%, on the other hand, you only need a portfolio of $4 million to generate $360,000 in spending money every year.

Building that kind of portfolio may seem out of reach, particularly if you’re starting out with just $100. However, these examples still show the point I’m trying to make.

The sooner you start investing, the faster you can start working toward your goals.

From there, finding a way to achieve higher annual returns can help you reach your goals at a lightning-fast speed.

Don’t Waste Your $100 on This

Finally, you’ll want to read this warning: Don’t fall for get-rich-quick schemes!

It’s absolutely crucial to avoid throwing your $100 (or more) away on something that won’t help you build wealth. Remember that there are always going to be people who promise you can get rich quick if you do this or that, but that their promises are totally empty the vast majority of the time.

Also try to remember the golden rule that applies to most aspects of our lives:

If something seems too good to be true, it probably is!

Some of the most common schemes to avoid include:

• Penny Stocks (Remember the Movie the Wolf of Wall Street?)

• Options Trading

• Fly by Night Crypto Meme Coins

• Pyramid Schemes

• Almost All MLMs (Market-Level Marketing Companies)

If someone is promising that you can turn your $100 into thousands of hundreds of thousands of dollars practically overnight, you should run from them, block them on your phone, or both right away.

Chances are good that whatever plan they’re suggesting will only benefit them (and not you).

The Bottom Line on Investing $100

There are many ways to invest $100, just as there are smart options if you have $1,000 to invest, $5,000 to get started, or $10,000 you are ready to devote to building wealth. Make sure you compare all of your options and only dive in once you know you’re ready.

Although $100 may not seem like a lot, imagine what you can accomplish if you began investing $20, $50 or even $100 per month. When it comes to building wealth, you really do have to start somewhere. Investing $100 is the first step to building the life you really want.

FAQs on Investing $100

The post 9 Ways – How to Start Investing With $100 appeared first on Good Financial Cents®.

“People with clear, written goals, accomplish far more in a shorter period of time than people without them could ever imagine.”

-Brian Tracy

10 years ago, I enrolled in my first coaching program called The Strategic Coach, a program dedicated to helping entrepreneurs achieve exponential growth.

I seldom use the expression “game changer,” but this program is just that.

I plan on writing future blog posts sharing what I’ve learned from the program and how I’ve benefited from it.

My hope is that you’ll also gain some key takeaways that you can apply to your own life.

Each quarter, I spend a full day with other like-minded entrepreneurs in a classroom-like setting, going over the material for that day.

Before we get started, we celebrate our “wins” for the previous quarter, helping us recognize everything we’ve accomplished in the past 90 days.

Believe me, as busy as I am, I sometimes lose sight of all the wins – big or small.

The next part that we talk about is what I want to focus on today.

G-O-A-L-S

Another part of our day is focused on writing our goals for the upcoming quarter, as well as revisiting/updating our 1-year, 3-year, and lifetime goals.

Prior to joining Strategic Coach, I had a decent habit of writing down my goals at the beginning of each year.

I thought that by publishing my goals as blog posts, I would stay committed and achieve more.

Guess what happened?

I published another blog post shortly after I published those. And another. And another. And another. You get the point:

I forgot about those goals and I barely revisited them.

Now, because of my coaching program, I review my goals consistently and can visibly see what I’ve done, and what I need to do.

That discipline has yielded exponential results in my business and in my personal life.

Business-wise, my revenue has increased almost 100% since I started creating and consistently revisiting my goals. Even more impressive is that I’ve been able to structure my business to where I focus more on the things I love to do, rather than the things I have to do. 

Below, you will find my most recent set of goals that I wrote down a few weeks ago. I’ve tried my best to be as transparent as I can, in hopes you’ll find some benefit from it.

Okay, let’s take a look at my goals….

Quarterly Goals (This quarter ends January 25th)

1. Launch Good Financial Cents Podcast: This includes ordering the intro off of Fiverr.com and recording at least 11 episodes (4 before submitting to iTunes).

2. Launch Redesign of Good Financial Cent: I’ve had a designer working on this since mid-July. The design is complete and now I’m trying to find somebody to convert the design into a new WordPress theme Genesis. 

You can get a sense of the color scheme of my podcast cover art above and here’s another look at my new logo:

3. [Done] Give Killer Talk At FinCon: I went; I spoke; I conquered. You can read my wife’s recap of the event here.

4. Schedule Disney Cruise With family: This summer, we went to several conferences and took a spontaneous trip to visit one of Mandy’s blogging buddies in Pittsburgh, but we never took an actual family vacation. 

Part of the issue is that Mandy thought we might get a free cruise through a deal on her blog. That, unfortunately, never came through, and summer came to a screaming end.

I’ve never been on a cruise. I was supposed to go on two before, but my deployment to Iraq interfered with the first one, and Mandy’s new hiring at her old job interfered with the second.

Since I absolutely hate the winter, I thought it would be fun to take the family somewhere warm. I am already ready to go!

5. Complete Course for Wisebread.com: Starting last year, I started working with the peeps over at Wisebread.com as their “CFP” contributor.

They had, and have, a great community over there, but they were in need of having an expert with credentials who’s also obsessed with blogging. Enter me.

We’ve decided to focus on creating a course that talks about the key principles of my book, which will be available if you sign up for their e-mail list. Getting my book and my brand even more exposed to their audience is huge.

What’s even more huge is that the material I create for the course will also be offered to my readers, too. Nothing like doing work on a project that can be used in multiple places.

This was a goal that wasn’t originally on my radar until after attending FinCon, so this is definitely a prime example of having to adjust on the fly and go with what’s hot.

1- Year Goals

1. Gross Revenues From All Business Will Exceed $750,000: This will include Alliance Wealth Management, LLC and all of my online businesses. The ultimate goal is to see if my online revenue can surpass my financial planning practice.

2. Streamline Duties of Alliance Wealth Management, LLC: Initiate systems and processes that allow my team to handle the brunt of the work.

To make this happen, the following need to occur:

• Bring on a strategic partner to become the Chief Investment Officer who will handle most of my client’s needs (realizing that some “A Clients” will want to continue to work with me). Going forward, that partner would take the lead on any new client relationships.

• [Done] Hire a “Director of First Impressions” to handle all incoming and outgoing calls with clients. This person will be able to be trained by Brenta (our current shared support staff).

• [Done] Move junior advisor from salaried position to 1099 Independent contractor status, to handle life insurance division.

3. [Done] [Done] Launch a Podcast Specifically for Dollars and Roses: Our goal will be to do 2 podcasts per month. I’m still leaving a door open to launch a Soldier of Finance podcast to help with book marketing. 

4. Release Administrative Duties of Good Financial Cents: This includes: scheduling of posts, inserting images, adding meta-tags, formatting posts, and dealing with advertisers.

5. Schedule a 2-Week RV Trip With the Family: As a kid, my mom and stepdad would take a childhood friend and me in a motor home and just drive. We toured northern California, Oregon, and Nevada, making some of the best memories of my life.

I want my kids to have that experience. The only “must-see” destination will be the Grand Canyon; everything else will be an adventure.

3- Year Goals

1. Total Revenues From All Business to Exceed $1 Million per Year: The ultimate goal is to net (after expenses) $1 million per year. My goal is that over 60% of this revenue will come from my online businesses.

2. Make My Role With Alliance Wealth Management, LLC to Be More of the Face of the Operation: I will conduct review meetings and joint initial meetings with bigger clients, but most of the work will be done by my team. For this to succeed, I need to implement the plans stated in my 1-year goals.

3. Content Producer (And Only Content Producer) For Good Financial Cents and Dollars and Roses: Content would include writing blog posts that are meaningful to me, conducting interviews, and producing videos.

To allow me to focus on this, I need the following:

• Secure a full-time blog editor/affiliate manager who will proofread, schedule posts, and manage all affiliate opportunities.

• Continue to leverage freelance writers and VAs to automate business.

4. Live Abroad With Entire Family for a Minimum of 3 Weeks (4 Preferred): My ideal country is Australia. This was actually a 1-year goal, but my wife thinks taking 3 young boys (current ages are 6, 3, and 2) and living abroad would be more pain than it’s worth. 

At first, I dismissed it, but then I remembered how our 2-year-old can be a bit of terror (see pic below).

I figure/hope/pray that in 3 years, the Rose family will be ready for our first European (or Australian!) vacation. 

Lifetime Goals

1. Spiritual Leader of My Household: I want my kids to see me first as a God-loving father who puts his faith first before success. I want to continually love and support my wife and do so in a Godly manner.

2. Live a Long and Filling Life With My Wife and Family: Raise my kids with the philosophies of working hard, but not sacrificing “work” for what you love; love first; and treating people with respect (Golden Rule)

3. Have Several Multiple-System Driven Businesses That Produce >$100,000 a Month of Passive Income

4. Live in Multiple Countries (5+) For an Extended Period of Time (Minimum 3 Weeks) With Entire Family

5. Inspire Over 1,000,000 People to Invest in Themselves: This can be through traditional investing (Roth IRA, 401k), obtaining a higher degree or certification, or investing in a small business. More on this goal in the coming months.

6. Be a Successful Entrepreneur and Best-Selling Author of Numerous Works: I want to be recognized as a hard worker who puts his family and faith first.

What if I Don’t Achieve My Goals?

Great question! If I don’t achieve my goals for that quarter, I don’t beat myself up over it. The most common reason I don’t achieve a certain goal is because something came up that wasn’t expected that took priority over the previous goal.

Sometimes, though, the goals I don’t achieve are just really bad ideas, and I don’t realize that until I start working on them. I’m trying to get better at that, but the occasional bad idea still sneaks in.

Your Goals

As a reminder, I revisit these goals every quarter and make changes accordingly. Revisiting these goals is what has been huge for me.

When was the last time you wrote down your goals? More importantly, when’s the last time you’ve revisited them?

Share your goals in the comments section below.

Final Thoughts

In the pursuit of growth, joining The Strategic Coach program a decade ago was a pivotal decision for me. Regularly setting and reviewing goals transformed my approach to entrepreneurship. I discovered the significance of celebrating victories, rekindling my focus on goals, and adapting dynamically to changes. 

This practice intensified my dedication and propelled my revenue by almost 100%. These habits reshaped my business model, empowering me to focus on my passions and delegate tasks.

I’m excited to share my journey, and I hope you glean insights to invigorate your own path.

The post How Setting Consistent Goals Increased My Revenue By 100% appeared first on Good Financial Cents®.