Credit Tip Tuesday #45 Best Ways to Make Money Online

In our previous Credit Tip Tuesday blog, we went over the importance of having multiple income streams and gave you some ideas on what you could do to add to your streams of income. In todays world, it's becoming even harder securing a mortgage or even keeping up with the rising costs of living, so by adding multiple streams of income, this is an excellent way to not only keep up but to even get ahead.

The opportunities you can find on the internet for extra work is increasing at an exponential rate. Remote jobs are becoming popular and the art of freelancing has given many individuals the chance to make extra money.

Today we're going over The Best Ways to Make Money Online.

1. Freelancing

There are many websites that offer freelancers opportunities to find work such as Upwork & Fiverr (to name a couple). You can find a wide range of work such as copywriting, social media management, photo editing, video transcription and much more!

These jobs do not require you to be in person and can actually be done at the comfort of your own home. This is the beauty of being able to work remotely and the rise in technology over the recent years. If there's something the pandemic taught us about work, it's that these opportunities are much more accessible and lucrative if done properly.

With freelancing, you can opt to get paid on a per project or a per hour basis. Depending on how efficient you are with the area you specialize in, it could be more advantageous to go with the per project basis as you can really increase the per hour earnings if you can get the done work quick enough.

2. Start a Blog

Do you have any hobbies or passions you love to talk about? Well, if you start a blog on these topics, there's a chance you could get paid by writing about them. If you've ever researched articles around the realm of Top 5 Birthday Gifts or even The Most Underrated Players in Fantasy Football, these are just a couple of topics people are writing about and they get paid in a different number of ways.

How can you even get paid writing a blog you may ask? Well below are ways you can:

Affiliate links is one way these blogs can get paid. This is essentially a commission for every-time someone purchases a product you had linked in your blog. Many retailers such as Amazon offer these types of incentive programs. So if you ever see products in a blog with a link to it, that's an affiliate link right there.

Google Adsense is another way for these blogs to get paid. If you have a blog that generates high traffic, advertisers would actually pay to have their ads appear on your site. 

By being able to generate traffic and conversions to your site, you can combine these two ways to make money and bring in some serious cash throughout the year. Choosing topics and niches that do not get lost with time can help ensure your blog still receives views no matter how many years pass. This is a great way to earn passive income. 

3. Starting an E-commerce business

As technology ramps up, we have discussed that more and more people are using the internet for not only work, social media browsing, but also for online shopping. Sites such as Amazon & Shopify have helped contribute to the rise in online businesses and stores being setup. 

With the pandemic, there were actually some businesses who benefited from it since they were able to adapt with the times and reach a broader audience by going to a more online focused business model. 

The benefits of having an E-Commerce store is that you aren't just limited to the surrounding area of your store. You can essentially sell worldwide if you wanted and the ability to scale these businesses are much more possible in comparison to a standard physical shop. 

There's many products you can sell online these days and some popular niches are:

• Health & Fitness
  
• Electronics
• Kitchen
• Home Decor
• Office Supplies
• and many more

Paid online advertising, word of mouth and the use of social media can help contribute to the sales and views your online store gets. Definitely consider looking into what competitors in your niche are doing and try to replicate the platforms they are on. It's not about reinventing the wheel so sometimes it's better to work smarter, not harder. 

4. Video Editing, Photography & Graphic Design

You could argue this could go under freelancing (which is true) but we decided to give this it's own category in this blog. Since we talked about how businesses are all moving onto the internet and headed more towards an E-commerce direction, the need for digital assets is more than ever with these businesses. 

If you're someone who knows how to create videos, photos and do some graphic design work, you can make some serious money by helping these businesses out. The internet is an ever-growing beast and it seems like it'll only get bigger from here.

Being able to provide valuable digital assets for businesses is a tremendous skill to have since it essentially is the front lines when it comes to advertising products and services. These digital assets are the first things people see when coming across an ad or page.

Making money here can be as simple as a per project basis or you could even charge clients on a monthly contract basis. This allows for you to take on as many clients as you want and that you can fit within your schedule.

Some clients even have their own photographers/videographers and hire freelancers to edit all the footage for them so if you have access to a computer and good internet, that makes this job much more attractive to those who have these skills. 

5. Social Media Management

When creating an online presence, you need someone to create posts and advertisements for your pages and that's where a social media manager comes into place.

Sometimes business owners don't have enough time to put their focus on social media and so they either hire people in the workplace to do it or outsource to someone else.

Sometimes these duties are on a voluntary basis just to get the pages up and running and so by freelancing and offering your services to these places, you have a lot more time to put into growing an online presence. 

The duties of this includes social media posting, story creations and community engagement in order to grow the followings of the pages.

A common payment for this role would be a monthly contract and so if you have the time, you can take on multiple clients and build your own block of businesses to manage. If you already have a day job, it's not as time intensive as it seems and you can definitely help supplement your income by doing this and if the workplace allows for it.

6. Starting a YouTube Channel

If we told you 10 years ago that YouTube was a place where you could make money and have as your full time job, you probably wouldn't really bat an eye. Today, YouTube is providing careers for many creatives in the world and the earnings potential for this route is astronomically huge. Just like blogging mentioned earlier, YouTube is a platform in which you can share your passions and interest with viewers and get rewarded for it. 

If you can get your account big enough and generate a lot of views/subscribers, this opens up a whole lot of options for how you can get paid. Some ways being:

Affiliate Links - If you review a product or want to share products you use daily, people can use your links to purchase

Google AdSense - YouTube will play ads before and during your videos in which you get paid for

Sponsorships - Brands will pay you to talk about their products in your videos

Merch - You can sell products or merchandise related to your brand for your followers to buy such as clothing, accessories and even mugs

As you can see, the potential to make money on YouTube is huge and should be taken seriously. If you have the time, effort and skills that can go into making a channel, definitely consider starting up on YouTube.

Overall, making money online has never been as easy as it used to be. Having a computer seems to be the main tool for most of these jobs and if you have the willingness to pursue one of these jobs and have the skillsets, try out one of these methods and let us know if you found it useful!