Sometimes the best way to learn is by doing it yourself. If you're wondering how to turn $1,000 into $2,000 or more, then this article will help you out with some do-it-yourself tips on doubling that amount of cash.
This isn't an easy endeavor, but if you follow these basic principles, you'll be well on your way to making those extra bucks. And we promise there's no need to break the bank! The following nine ways will show you how to make quick money from home using free resources.
The first thing you should know about earning money online is not to expect overnight success. It takes time before you see any real results -- usually months. But once you start getting traffic to your website and generating leads through ads, affiliates, etc., things really pick up quickly. Once you have enough momentum going, the profits keep coming.
To earn money in the quickest possible time frame, consider starting off small (like less than $100) and building slowly until you reach your financial goals. This strategy works pretty much every single time because it keeps you focused only on what matters most: growing your business.
Once you get started, here are some additional steps you might want to take to maximize your earnings potential:
Start promoting affiliate products instead of selling them directly. If you build trust among customers, they'll eventually find value in buying other products from you as well.
Keep improving existing product pages so users don't leave right away. Make sure everything is working properly and user friendly.
Use multiple marketing methods like SEO, PPC, social media advertising, content marketing, email list rentals, and others. You won't become a millionaire just because one method didn't work for you. Try different ones till something clicks...
Now let's say you've been trying to grow your blog/business without success. Maybe you haven't made anything close to what you were hoping for after several weeks. In such cases, it pays to focus on boosting daily income rather than monthly. After all, even if you doubled your revenue each day, wouldn't that still mean you'd end up with twice fewer sales per week compared to when you started?
What you need to realize is that if you continue having consistent growth over a period of several days, weeks, and months, then you're actually doubling your weekly income. So now let's look at how you could possibly achieve that in 30 consecutive days:
Day #1 - Double your AdSense earnings ($50). Google allows advertisers to buy contextual ad space within their own site. To qualify for this option, you must use their Content Network program.
You can apply for it via AdWords interface. Here's a guide explaining how to set up your account.
Note that you may also try placing banners on websites relevant to your niche.
Days #2 & #3 - Increase traffic to your page(s) 2x ($150 each = $300 total). There are many factors why people visit blogs and sites including quality of writing, design, and usability, targeted keywords used in posts and articles, backlinks pointing to your domain, and so forth. Use tools like Google Analytics, Site Catalyst, Rank Tracker Pro, and Backlink Watchdog to analyze your traffic performance regularly.
Days #4 & #5 - Add 100+ new subscribers to your email list ($75 each = $900 total). A subscriber is someone who opts in to receive information from your newsletter, blog updates, promotions, offers, coupons, discounts, etc. Email marketing has proven effectiveness in driving qualified traffic to businesses while increasing average conversion rates.
Be careful though, since spamming is considered bad practice. Be transparent with your subscribers regarding what kind of emails you send and always provide valuable info.
Days #6 & #7 - Promote your brand and offer 3x times higher commissions ($225 each = $675 total). Now you understand why it's important to drive traffic to your webpages. All visitors are prospects looking for solutions related to their problems. Give them good advice, useful tips, and informative tutorials. That's where you come in.
Also, raise prices for services accordingly. For example, if service costs $25 today, increase it to $30 next week. Your clientele will appreciate it, especially considering the fact that you're helping them save money.
Days #8 & #9 - Sell two premium packages 4x times faster ($600 each = $1200 total). As mentioned earlier, people tend to purchase stuff they need. Put together two high-end bundles which include digital products and physical goods. Offer a lower price tag bundle priced at 50% cheaper to attract attention. Then sell the top package on Fiverr or another similar marketplace.
Remember, you can create such special deals either based on certain actions (e.g. sharing links to friends), past purchases, current subscriptions, number of followers, referrals, level reached, and so on.
For instance, you can promote "FIVERR Bundle" to bloggers who bought your previous course. Or you can offer "LIKERS Get 10% Off!" promo code to Twitter fans who followed you recently. People love bargains and bonuses, so give them plenty of opportunities to save big money.
There are thousands of ways to make money online, ranging anywhere between passive streams of residual income and direct investments. Some methods require little effort and investment capital and therefore are suitable for beginners. Others demand serious time commitment and significant upfront payment.
Here's a simple idea for you: Start teaching others how to duplicate what you did and enjoy the fruits of their labor. You would be surprised how lucrative it can be. Just imagine how much you can earn if you teach five students to do the same -- that comes to $10,000 per student annually. Let's assume a typical rate of 20 percent commission split with you. That means you'll pocket $4,000 per year. Not too shabby. Of course, it depends on your expertise and knowledge base.
But wait, you probably already have experience running successful eCommerce shops. Why not combine both skillsets and monetize your talents?
A few years ago, I was a self-employed professional photographer offering freelance photography assignments to clients. At least part of my job involved sourcing fresh stock photos from various places online. Over time, I became quite proficient in finding images matching specific requirements and pricing brackets. Soon, people began asking me to run photo shoots themselves. Eventually, I quit my fulltime position and dedicated myself entirely to helping others acquire unique pictures.
Today, I'm successfully running my own photography studio providing wedding, portrait, event, and promotional shots. My company name is PhotoBizBox and its mission statement sums it up perfectly: "We believe that everyone deserves beautiful prints."
I hope these tips helped you gain some inspiration for creating your own profitable side hustle. Good luck!
If you're trying to build wealth or just get ahead financially, it's important to know where the best opportunities lie—and that often means making some tough decisions about what to do with excess cash flow each month.
There is no shortage of situations in which someone has thousands sitting around waiting to be invested wisely. But if you don't have any idea what to put this money toward, then there really isn't much point in keeping it at home. Fortunately, there are plenty of ways to turn those unused funds into more than enough money for yourself (or others) without having to worry too much about interest rates. Here are nine great ideas on how to use that extra thousand per month.
You might think that earning another 1% return wouldn't amount to anything significant but that assumption would only hold true if you were investing directly into bonds. If not, consider these options instead:
Put it under your mattress - The risk here is that inflation could take its toll over time as well as possible housing market fluctuations. Still, many experts agree that even taking such risks is better than leaving your money idle in the bank.
Start a side business - One option is creating your own product or service that people will pay to buy from you rather than going out and selling them something else—so long as you've got the skills necessary to create a successful venture like that. You'll also need to determine whether you want to go full-time or part-time so you can keep your day job while working on your new company. There are countless success stories online of folks who did exactly that by using their savings accounts to fund their businesses before eventually becoming profitable entrepreneurs.
Invest it in real estate - Another way to earn higher returns is through buying property. It may seem counterintuitive given recent economic conditions but owning rental properties actually makes sense when done properly. Not everyone is ready to jump right in though because of things like credit scores, down payments, etc., so start small until you feel comfortable doing larger deals. This strategy is especially effective since most landlords offer favorable lease terms compared to other forms of investment.
For anyone who wants to quickly grow their capital base, flipping homes is one of the fastest ways to achieve that goal. With the help of investors, wholesalers, contractors, and sometimes banks, amateur homeowners looking to sell their houses can easily end up netting hundreds of thousands of dollars within months. For example, in 2014 alone, investors helped close on nearly 100 million worth of residential sales —that’s almost 20 percent of total closings nationwide!
But first you’ll need to find a house to begin with. To save time, try checking sites like Zillow and Trulia to see what’s available in your area. Just remember, once you sign a contract to purchase the place, you’re legally obligated to complete the deal according to whatever terms set forth in the agreement. Once you find a suitable property, contact local Realtors to schedule showings, which usually happen two to three times daily during peak seasons. Also, always research potential sellers thoroughly and stay away from anyone who seems overly eager to sell quickly.
Once you land a buyer, negotiate aggressively. Don’t accept the listing price unless everything checks out completely and you’ve come to a fair compromise. Afterward, hire a licensed contractor to inspect the property and estimate repair costs. Then ask for a deposit upfront to cover said repairs. Finally, wait patiently until closing day to walk away. Keep in mind that buyers tend to change plans last minute, so be prepared with alternative offers if negotiations hit road blocks midway through.
The stock market is notoriously unpredictable and volatile. While you shouldn’t count on getting rich overnight, you still stand to gain significantly from diversifying your portfolio across various asset classes. That being said, stocks aren't necessarily bad either. They typically provide decent dividends and growth potential, depending on the industry or sector you choose. However, they are inherently risky investments, meaning they fluctuate frequently based upon factors outside of our control. As such, it’s generally recommended to invest smaller amounts of money initially and gradually increase your stakes as you become more familiar with the markets and learn more about specific companies.
When picking individual equities, look for solid dividend yields along with strong financial fundamentals. Stocks with high PE ratios (ratios between earnings and book value), low debt levels, steady revenue streams, and stable management teams are good bets. Of course, the above criteria doesn’t mean you won’t ever strike gold. On the contrary, certain stocks continue to outperform year after year simply due to luck. So keep tabs on major indices like S&P 500 and NASDAQ Composite. In addition, check out Motley Fool Stock Advisor tool to discover top picks among different sectors. And don’t forget to read quarterly reports, annual reports, news articles, and dig deeper into the details behind every company you’re considering.
Another popular way to play the stock market is via mutual funds. Most big brokers offer dozens of diverse equity products tailored specifically to meet your needs. Some specialize in particular industries (like tech or healthcare) or geographic locations (such as North America or Asia). Others focus primarily on domestic, international, large-, mid- and small-cap stocks. Before choosing one though, figure out exactly why you want to invest in shares. Is it for income purposes or to boost retirement assets? Maybe you need access to a specific type of security or want exposure to a certain region. Whatever the case, it pays to spend some time researching different funds and comparing fees, performance records, and portfolios.
It goes without saying that you’d probably prefer to earn a little bit more than nothing with your money. Unfortunately, we live in a world plagued by Wall Street greed that forces us to endure subpar returns for fear of missing out. Luckily, there are several passive income ideas that allow you to sleep peacefully knowing your hard earned money continues to generate substantial profits on autopilot. Two common examples include:
Real Estate Investment Trusts (REITs): REITS trade publicly on exchanges like NYSE and Nasdaq and represent ownership shares of underlying assets like apartments, shopping malls, hotels, office buildings, retail stores, golf courses, oil rigs, etc. Unlike direct ownership, however, REITS incur minimal operating expenses. Although most issues affecting the economy impact REIT prices negatively, historically speaking, they’ve been quite resilient against downturns.
Tax Lien Certificates: Tax liens are government backed loans that give borrowers 90 days to repay outstanding taxes. When lenders redeem tax lien certificates, they receive repayment in exchange for releasing the original borrower’s obligation to IRS. Since the process involves both parties receiving something of value (either certificate holders or liens respectively), it qualifies as a legal form of passive income. Typically issued for less than $100 apiece, tax liens are easy to acquire and cost next to nothing to maintain.
Of course, there are tons of additional possibilities including lending money at extremely low interests rates, starting blogs, developing apps, building websites, renting commercial space, reselling collectibles, writing books, franchising, licensing intellectual property, offering consulting services, etc. All of these approaches involve leveraging your expertise and/or contacts to develop valuable digital products or services that appeal to customers who recognize your name or brand instantly. And unlike traditional jobs, you get paid handsomely regardless of how busy your calendar gets.
If you've got some extra cash lying around that isn't earning much of anything right now, it's worth figuring out what other ways there might be to make more with it.
It could help pay off debt or fund an emergency fund. It also helps to know which investments offer the most bang for your buck so you can get as large a return on your money as possible — without losing too much sleep at night. Here are nine ways to turn 1,000 bucks into twice as many pennies.
There are two main ways people typically try doubling their money quickly: by investing it or spending it. Let's start with the former first.
The easiest way to do this is through index funds. Indexed mutual funds have become increasingly popular over the last few years and they're often recommended by financial planners because of their low expense ratios (which means less of your hard-earned income going toward paying fees). In general, these funds invest in a mix of different stocks and bonds based on a particular category like small cap (for growth), mid caps (for moderate risk) or large caps (for stable returns). The goal is to balance between long term gains (like growing your 401k assets slowly but steadily) and short-term profits (making big wins from time to time).
As far back as 1804, Benjamin Franklin wrote about "investing for life," meaning diversifying your portfolio among various stock sectors, instead of trying to pick winners and losers within each one. More recently, Warren Buffett has advocated buying index funds rather than individual stocks. He says "it would take ten times our normal prudence just to avoid being 50 percent invested in securities we don’t understand."
"You will likely earn less interest if you put half your money into something you don’t fully comprehend," he writes in his 1998 book, The Snowball.
One caveat though: If you already own indexed funds, switching them to another company may not give you any tax advantages since taxes are based on net gain or loss after expenses. You'll need to check with your accountant before doing this.
Another option is using a robo advisor app like Betterment or Wealthfront. Robo advisors use algorithmic trading to automatically buy and sell specific types of ETFs (exchange traded funds) based on certain criteria such as market conditions, price movements and volatility. They charge lower fees than traditional brokers while still charging higher ones than passive index funds.
But beware! Like regular brokers, roboadvisors aren't required to disclose conflicts of interests, nor are they legally liable for losses incurred due to poor trades. For example, there was an incident where Betterment wrongly predicted that its clients' shares were about to fall sharply, causing heavy losses. According to Bloomberg News, Betterment didn't even notify customers when things went terribly wrong until months later. To protect yourself, set stoplosses above the worst trade values, ask questions whenever you feel uncomfortable, and read reviews online before signing up.
Of course, doubling your money overnight sounds almost impossible. But here are three proven methods that actually show promise.
First, consider opening a Roth IRA. This type of savings account lets you keep contributions free of federal income taxes once you reach 59½ years old. However, withdrawing money early gives you a chance to grow it faster. One strategy involves making smaller deposits throughout the year and then taking larger withdrawals. Or you can choose to withdraw gradually as opposed to having lump sums available. Either method increases your chances of beating inflation.
Second, think about getting involved in real estate crowdfunding. There are several companies that let ordinary folks pool together their resources to purchase properties. With enough of these investors contributing, they create leverage, allowing buyers who wouldn't normally qualify for loans to finance homes. As the name suggests, these deals tend to close quicker than conventional mortgages, usually requiring anywhere from 3 to 12 months. Plus, the longer you wait, the bigger the risks associated with purchasing property. And unlike traditional lenders, these platforms require no credit checks.
Thirdly, if you want to go beyond flipping houses, look into starting a network marketing business. Some MLM businesses are legitimate opportunities, especially those built upon personal relationships rather than products. So how does it work? A typical distributor earns commissions every time someone signs up under him/her. Since distributors only recruit others and never personally meet potential recruits, there's little overhead costs. Also, because these networks rely heavily on word-of-mouth advertising, they generally cost virtually nothing to run.
In fact, according to research firm StatisticBrain, home networking companies earned nearly $6 billion in sales revenue in 2016.
When thinking about maximizing your earnings power, it's important to weigh both sides of the equation. On the downside, high-risk investments come with skyrocketing rewards. Unfortunately, they also carry hefty risks. Even seasoned investors lose money sometimes.
For instance, commodities traders suffer major losses during downturns. Stock prices drop significantly after bad news hits Wall Street. Then there are wild swings caused by natural disasters, geopolitical events and presidential elections.
On the upside, however, high-return options involve relatively limited downsides. For starters, you're unlikely to end up owing Uncle Sam thousands in capital gains taxes. Secondly, if you play it smart, you should expect to reap huge benefits down the line. Consider leveraged buyouts (LBOs) as an example. An LBO refers to a situation where shareholders agree to exchange their common equity for preferred equity. Usually, the latter carries greater voting rights. When done correctly, this transaction results in a significant boost to share value.
An LBO works well in conjunction with proper management skills and a solid track record. Of course, successful managers are scarce. That's why experts recommend looking for good leaders to join forces with. In addition, it pays to stick to industries that have room for innovation. Take Netflix Inc., for example, whose stock jumped from $90 per share in 2010 to $300 today. Why did this happen? Because Netflix had successfully pioneered new subscription streaming services and transformed itself from DVD rentals into the world's largest video-on-demand platform.
Lastly, focus on areas that enjoy strong demand. Many entrepreneurs find success selling B2B solutions to established brands. Think Amazon, Apple, Google and Facebook. Their core competencies lie in building scalable technology infrastructure, designing user experiences and improving customer satisfaction levels. By focusing on solving existing problems, these firms generate billions in annual revenues.
To maximize your wealth accumulation, diversify across multiple asset classes, namely fixed income, equities, alternatives and commodities. While owning a diverse array of investments allows you to ride out economic storms, it also poses challenges. Having lots of irons in the fire makes managing your finances harder.
And therein lies a key lesson learned from legendary investor Sir John Templeton. His secret? Focus solely on one area. Yes, he accumulated great wealth in multiple markets. Yet, he said his biggest source of happiness came from working in ONE industry: private investments. After retiring from banking, he founded the University City Science Center in Philadelphia, Pennsylvania. Today, it attracts hundreds of students annually. According to Forbes Magazine, the school generated roughly $50 million in taxable revenue in 2015.
Become CEO of your own lead generation software company, just follow our battle-tested guidelines and rake in the profits.