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5 Online Jobs That Could Change Your Life

5 Online Jobs That Could Change Your Life

Work from home jobs may have a bit of a bad rep as they are often not really all that they are sold to be, but real online jobs are a whole different ball game. If you are tired of the daily commute and can’t stop counting the clock once you actually make it to the office, it may be time for you to consider a career change via the very real and potentially highly profitable online jobs that are out there.

Online jobs that pay well are not necessarily ones that you can just walk into, but if you’ve got the motivation to do some basic study, you will certainly have options. Here is a little breakdown of five online jobs that could see you ditch the commute and develop a brand new career.

1. Virtual Assistant

Are you great at organising? If you are, it might surprise you to learn that a lot of people are really not all that good at it. The shift to more and more business being carried out online also means that there are now many people looking for virtual assistants.

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This means that the whole structure of business has changed. Secretary and PA jobs are now very much positions that can be done without you ever having to go to any office. Email, Skype, and high-speed internet connections everywhere mean that Virtual Assistants are in increasing demand.

Online jobs such as this are great as they don’t restrict you to working with only one client at a time. If you really are good at organising, there is no reason why you couldn’t be a Virtual Assistant for a number of people at the same time.

2. Online Reseller

This is one of the more interesting online jobs that you could do, but it’s also a bit more difficult to make consistent work. It’s one of those online jobs that you could dip into part-time at the outset. If you find that it’s working out for you, go all in. If not, keep searching for something you do like and that you can make work.

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Basically, an online reseller is somebody that sells stuff for people who are too busy to do it for themselves. If you’re already a bit of an Ebay whizz, this could be perfect for you. It’s also something that you will be able to get into more easily if you already have a strong profile on sites where people buy and sell goods online.

3. Online Teacher

If you would love to teach but don’t really like the idea of going to a school every day, this could be one of the best online jobs for you. This isn’t the simplest of online jobs to get into, as you you’ll need to have success with finding students, and you’ll almost certainly need to be qualified in the subject you’d like to teach. Having said that, after years of working in the real world, you may now be a specialist in your field and this could be turned into a very lucrative gig for you.

Typically, online teachers will most often be tutoring children who need extra work to keep up or get ahead at school. With this in mind, you should be expecting to do most of your work once schools are out for the day, and you also have to be financially prepared for the holidays when work will often dry up.

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4. Web Designer

The global business landscape changed forever with the arrival of the internet. Now, even the smallest businesses can set themselves up online. To do this properly, they need a good web designer who will make them stand out from the competition. With everybody needing a website, this means that becoming a web designer is one of the most lucrative online jobs out there.

An eye for design and creativity generally tends to help if you want to make a mark in this field. It is also highly advisable for you to consider taking a course, either one led by a teacher or a self-taught one that you can do at your own pace. Those people who are already relatively computer literate and creatively minded will soon get the hang of this kind of role. Once you do, it’s time to start pitching clients and building up a portfolio of work.

When you get fully initiated into this online world, you’ll discover that there are many connected areas that you could spread your expertise to once you’ve gotten the lay of the land. Then again, web design is a highly interesting role in itself. You could build upon your knowledge to become an absolute website master, but it’s probably not really all that necessary.

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5. Content Writer

For budding writers, this may sound like one of the great online jobs to get into. It is, but it’s also a lot more hard work than it might seem from the outside. If you can get good clients who provide you with interesting assignments, it’s awesome. If you don’t have a portfolio of work and have to work on boring pieces for pennies, it’s quite the slog.

Getting the negatives out of the way, however, this is definitely one of the online jobs that you can turn into a career if you have patience and just persevere with it. You will have to take the low-end jobs at first, but there is good work out there if you can prove yourself. That’s the other little problem — there are just so many people competing for the same jobs.

Luckily, there is also a lot of work to be had. Once you learn how to recognise the time wasters from the people who are genuinely looking for quality collaborators, the interesting, well-paid work can start flowing in!

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Last Updated on September 2, 2020

How to Set Financial Goals and Actually Meet Them

How to Set Financial Goals and Actually Meet Them

Personal finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. That’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

In this article, we will explore ways to set financial goals and actually meet them with ease.

4 Steps to Setting Financial Goals

Though setting financial goals might seem to be a daunting task, if one has the will and clarity of thought, it is rather easy. Try using these steps to get you started.

1. Be Clear About the Objectives

Any goal without a clear objective is nothing more than a pipe dream, and this couldn’t be more true for financial matters.

It is often said that savings is nothing but deferred consumption. Therefore, if you are saving today, then you should be crystal clear about what it’s for. It could be anything, including your child’s education, retirement, marriage, that dream vacation, fancy car, etc.

Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives that you foresee in the future and put a value to each.

2. Keep Goals Realistic

It’s good to be an optimistic person but being a Pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going beyond what you can realistically achieve will definitely hurt your chances of making meaningful progress.

It’s important that you keep your goals realistic, as it will help you stay the course and keep you motivated throughout the journey.

3. Account for Inflation

Ronald Reagan once said: “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman.” This quote sums up what inflation could do your financial goals.

Therefore, account for inflation[1] whenever you are putting a monetary value to a financial objective that is far into the future.

For example, if one of your financial goal is your son’s college education, which is 15 years from now, then inflation would increase the monetary burden by more than 50% if inflation is a mere 3%. Always account for this to avoid falling short of your goals.

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4. Short Term Vs Long Term

Just like every calorie is not the same, the approach to achieving every financial goal will not be the same. It’s important to bifurcate goals into short-term and long-term.

As a rule of thumb, any financial goal that is due in next 3 years should be termed as a short-term goal. Any longer duration goals are to be classified as long-term goals. This bifurcation of goals into short-term vs long-term will help in choosing the right investment instrument to achieve them.

By now, you should be ready with your list of financial goals. Now, it’s time to go all out and achieve them.

How to Achieve Your Financial Goals

Whenever we talk about chasing any financial goal, it is usually a two-step process:

  • Ensuring healthy savings
  • Making smart investments

You will need to save enough and invest those savings wisely so that they grow over a period of time to help you achieve goals.

Ensuring Healthy Savings

Self-realization is the best form of realization, and unless you decide what your current financial position is, you aren’t heading anywhere.

This is the focal point from where you start your journey of achieving financial goals.

1. Track Expenses

The first and the foremost thing to be done is to track your spending. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you will be surprised by how small expenses add up to a sizable amount.

Also categorize those expenses into different buckets so that you know which bucket is eating most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pumping up your savings rate.

If you’re not sure where to start when tracking expenses, this article may be able to help.

2. Pay Yourself First

Generally, savings come after all the expenses have been taken care of. This is a classic mistake when setting financial goals. We pay ourselves last!

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Ideally, this should be planned upside down. We should be paying ourselves first and then to the world, i.e. we should be taking out the planned saving amount first and manage all the expenses from the rest.

The best way to actually implement this is to put the savings on automatic mode, i.e. money flowing automatically into different financial instruments (mutual funds, retirement accounts, etc) every month.

Taking the automatic route will help release some control and compel us to manage what’s left, increasing the savings rate.

3. Make a Plan and Vow to Stick With It

Learning to create a budget is the best way to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be organized

Nowadays, several money management apps can help you do this automatically.

At first, you may not be able to stick to your plans completely, but don’t let that become a reason why you stop budgeting entirely.

Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options, and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

4. Make Savings a Habit and Not a Goal

In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that, in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

Make savings a habit rather than a goal. While it might seem to be counterintuitive to many, there are some deft ways of doing it. For example:

  • Always eat out (if at all) during weekdays rather than weekends. Weekends are more expensive.
  • If you are a travel buff, try to travel during off-season. You’ll spend significantly less.
  • If you go shopping, always look out for coupons and see where can you get the best deal.

The key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice, which will be harder to sustain over a period of time.

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5. Talk About It

Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission.

Therefore, in order to stay the course, surround yourself with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

6. Maintain a Journal

For some people, writing helps a great deal in making sure that they achieve what they plan.

If you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

When you have a written commitment on paper, you are going to feel more energized to follow the plan and stick to it. Moreover, it is going to be a lot easier for you to track your progress.

Making Smart Investments

Savings by themselves don’t take anyone too far. However, savings, when invested wisely, can do wonders.

1. Consult a Financial Advisor

Investment doesn’t come naturally to most of us, so it’s wise to consult a financial advisor.

Talk to him/her about your financial goals and savings, and then seek advice for the best investment instruments to achieve your goals.

2. Choose Your Investment Instrument Wisely

Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about the common ones, like a savings account, Roth IRA, and others.

Just like “no one is born a criminal,” no investment instrument is bad or good. It is the application of that instrument that makes all the difference[2].

As a general rule, for all your short-term financial goals, choose an investment instrument that has debt nature, for example fixed deposits, debt mutual funds, etc. The reason for going for debt instruments is that chances of capital loss is less compared to equity instruments.

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3. Compounding Is the Eighth Wonder

Einstein once remarked about compounding:

“Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.”

Use compound interest when setting financial goals

    Make friends with this wonder kid. The sooner you become friends with it, the quicker you will reach closer to your financial goals.

    Start saving early so that time is on your side to help you bear the fruits of compounding.

    4. Measure, Measure, Measure

    All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments and taking stock of how our investments are doing.

    If we don’t measure progress at the right times, we are shooting in the dark. We won’t know if our saving rate is appropriate or not, whether the financial advisor is doing a decent job, or whether we are moving closer to our target.

    Measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

    The Bottom Line

    Managing your extra money to achieve your short and long-term financial goals

    and live a debt-free life is doable for anyone who is willing to put in the time and effort. Use the tips above to get you started on your path to setting financial goals.

    More Tips on Financial Goals

    Featured photo credit: Micheile Henderson via unsplash.com

    Reference

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