First let’s think about a general approach strategy – if we want to earn money, either online or offline you have to offer something in exchange. It’s either your skills, a service that you have created that people are willing to pay for or you are re-seller/broker benefiting from arbitrary deals. But I am sure you can think of a few other things to quickly make money (online):
Image Credit: 401K
First 7 Tips: Generating Revenue Without Any Money!
First, I would like to write down a few tips how you can generate an extra income without an upfront investment. However, as you may know, it is a lot easier to make money online or offline if you are prepared to make an investment. If that’s you, then jump directly to the last 3 tips on making money via investments
1 Writing About Your Passion Without Creating A Website (Residual Income)
Ok, so maybe creating a website is not something you want to do, that’s ok.
So, what else can you do? Let’s take a look at your passions. What do you think how many people are also interested in your passion? And would you currently consider yourself an expert in this field? If you don’t, is there at least something you know that others would find valuable and is not common knowledge, something people might even pay for? Great.
How much work would it be to write down the information and would you be willing to do this today? If so, get started now and then sell your ebooks on popular marketplaces. The key to this is that you use a headline that people can relate to. For example, let’s say your passion is photography and you are frequently doing landscape photography. Why not sell a guide titled: “The 10 Most Common Mistakes Beginner Landscape Photographers Can Make” and describe some of the mistakes you made when you first started out. A lot of people would pay for this. In fact, a lot of people out there are willing to pay for beginner guides, because they want to pick up a skill or two. If you already have some knowledge in a certain field you can sell that knowledge and make a profit.
The best thing? It can quickly turn into residual income.
2 Selling Your Skills (Exchanging Your Time For Money)
We live in a world where it has never been easier to exchange your time for money. Sure, it may not be cool to work for someone else instead of creating something yourself, but if you need to make a quick buck either to pay off something or to make an investment yourself, then it may be worth it and is a lot easier online than offline.
Image Credit: Toni Verdú Carbó
There are many freelancing websites out there and to my surprise some sites still have very little US freelancers. The prime example is freelancer.com – the site is full of freelancers from all over the world, but you rarely find native English writers on there. If you want to sell your skills and can offer them at competitive prices, you will find a great marketplace with very little native competition on there. A good place to make a quick buck online:
Consulting services are also in huge demand, more about that below.
3 Selling Some Hand-made, Crafted Things Online (For Moms, Creative People)
Image Credit: Elaine
You know how to bake, knit, take photos, create paper figurines or craft beautiful pieces of jewelry out of parts you can buy from a local store? Great!
People love hand-made stuff and by now there are many platforms where you can sell your creations:
4 Consulting Someone Online via Skype or Webinars! (HOT Niche!)
People are willing to pay big bucks for consulting services. If you believe you have a special talent for something, you are good at working with people and you can sell yourself, then it may be a great idea to start a consulting service. Skype consultations have never been that popular. People all over the globe are willing to shell out money for their personal development and picking up new skills. Watching a Youtube video to pick up a skill or watch someone via Skype who can actually interact with you is a completely different experience.
5 Help A Small Business Owner With Promotion (HOT Niche!)
Many business owners know how important online marketing is and will pay people to post unique messages on user boards, user groups and forums. If you are good at writing and can convince someone to hire you for this job, it’s an easy way to make some extra money online and it quickly adds up. Even if they pay only $10 per hour, you only need to invest 2 hours per day to get to $600 in revenues each month. Do it for a while and you can scale this up, hire additional writers and create a full-fledged business selling this type of service to global businesses.
6 Start A Tumblr Blog And Promote Niche Campaigns (Free Website!)
Tumblr.com and WordPress.com are both awesome authority sites. What does that mean? It means you can easily rank articles you write. This worked a lot better a few years back, but even today there are a lot of people making a decent living blogging on those two sites. I even know of some marketeers who own no webhosting at all and always use free services to promote their campaigns. Obviously, this has many drawbacks and you can’t do this for long (at least I would recommend to get a webhost as soon as possible), but it’s a great starting point. You have to pay no monthly fees and you can start a website without paying for it.
Start a blog about expensive products (HDTV’s, Cameras, Projectors) and put some affiliate links to Amazon on it and you will start brining in extra cash each month.
7 Cancel All (Online) Contracts, Consider Moving
Ok, this is not stricly online, but one of the best ways to make money is to simply cancel all of your contracts! Wait, what? Yes, cancel your broadband contract, cancel your telephone contract, cancel your magazine subscriptions and so on. There are always cheaper alternatives! And trust me, canceling subscriptions can be a lot of fun. Sometimes you even find loop holes to get out of a contract earlier because your provider increased the price or because you moved to another place.
There will be at least one thing you don’t really need that you are currently subscribed to. Once it’s canceled, you will have more money to spend on other things each month. Sure, some will cast this strategy aside, believing they don’t have any subscriptions they don’t need, but there’s always something you missed.
Moving to a cheaper place can also be a great way to have more money by the end of the month. Ask some of your work colleagues what they currently pay for rent. Are your living costs high, compared to your peers? That’s a good indicator it’s time to move to a cheaper place.
Next 3 Tips: Making Money Offline Or Via Investments
Next on the list are 5 tips for people who are prepared to sell valuables to make an investment (in themselves) or who already own a portfolio / have some money for additional investments
I suggest you keep reading even if you believe you have no money right now. Especially the arbitrage strategy is underused and a lot of people could make a profit if they had the guts to sell some of their valuables.
8 Generating Residual Income Via Investments (Read Even If You Believe You Have No Money!)
Everyone over the age of 20 has some money somewhere. Look around you and look at what you currently own. Now, imagine for a second that money was no concern and everything was up for sale (you could just buy it back later). I am sure there are a few things you would never dare to sell, like some collectibles or your house, but usually you will find something that you can part with and that you can sell to someone for a higher price. You can then invest that money right into something that generates residual income for years to come.
What is residual income? Residual income is income on auto-pilot that you receive without doing a darn thing. The best examples are stock dividends, rent for a place or vehicle that you lease out or a money generating website that receives organic traffic.
Do you have an item that you lend out a lot? Maybe it is a good idea you start leasing out this particular item to more people. A good example: Quad bike, motorcycle, etc. …
9 The Arbitrage / Broker Strategy (Requires Items Or Investment)
The broker and arbitrage strategy requires that you either possess something of value or have the money to make an investment
The arbitrage strategy is usually one of the smartest because for someone without a website or without the skills to create one, brokering a sale is a really great way to generate revenue. Let’s say you currently own a motorcycle, some rare postage stamps or a rare video game from the 90’s or anything else that other people are also interested in. The chances are good you have a passion for this topic and you will know the approx. price for the item and you also know what people are willing to pay for it. Do some more research and find out what the highest price people are willing to pay for the item is and then compare it to your initial investment. Can you make a profit? And if yes, do you know a place where you can buy the same item for a cheaper price? Great, you’re now in a situation where you can do arbitrage selling and make a profit.
Of course, there will be emotional attachments and in most situations you are not willing to part with it or there may be seller’s remorse later on, so it is essential you really think hard about what it is that you actually want and what you need the money for.
Obviously, if you have a lot of knowledge about postage stamps or motorcycles you could also make a regular investment and then sell the item for a profit, but that requires that you currently own money.
10 Selling Your Mortgage / Selling Real Estate
Disclaimer: You should always get a professional consultation before making bold decisions. Also, this point is probably more interesting for people who are currently considering a real estate investment to make additional money and generate residual extra income
Why I personally don’t like real estate as an entrepreneur myself: Real estate is illiquid, which means you can’t get your liquidity back quickly and only with great effort. Transactions and taxes quickly add up and often make real estate investments very unprofitable – you also frequently have to invest into repairs which also lowers your returns. However, a lot of real estate maintenance costs are deductible from taxes if it is not your own house!
Here’s a great article about the advantages and disadvantages of real estate in an investment portfolio
Now, I don’t recommend to sell or mortgage your house per se, but for some (depending on what you need the money for) it may be a lucrative strategy. Warren Buffet said he did not buy a house when he could first afford it because he could not profit from the stock market without any money (he had about 500,000 USD back then). So if you have a mortgage that you are currently paying off and there’s a great deal of money invested, it may be a lucrative option. Of course, you need to carefully think about this and whether the risks are actually worth it or not. It would be plain stupid to sell your mortgage if you are not 100% convinced you can make a profit using the money. Plus, you may not even get back the entire sum! However, if you’ve always wanted to start a business and there is a great demand for your service or products (people keep asking you for this) then it may be a good idea to invest into yourself, rather than owning a house. Obviously, it’s still a risky thing to do – your business could quickly go bankrupt and most businesses (some say 95%) fail within 5 years, a house on the other end is yours as long as you can afford to pay the mortgage.
Some studies have shown that a long-term stock portfolio of high-dividend paying bluechip stocks can easily outperform real estate investments. On the other hand investment experts advise that real estate can be a great addition to diversify a portfolio. Diversification is always important. When stock markets crash, real estate owners keep smiling.
Even if you believe you have no money, there’s usually something you can part with or a contract that you can cancel to save money. That money that you save can be invested into things that will earn you residual income (stock dividends, websites and more)
Do you have any great tips to make money online or offline (often overlooked!) that are worth mentioning? Let us know in the comments!
We’d appreciate a share!