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Published on November 27, 2020

21 Money Making Ideas to Try At Home Now

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21 Money Making Ideas to Try At Home Now

Working from home is a widely used term these days. According to The Commonwealth Fund, around 16 million people lost their jobs in the US alone. Other researchers put the number at 20-40 million.[1]

As more people lose their jobs, they are looking for money making ideas that they can do from home. This is why this article is important at such time as this.

Even if you have lost your job, it is important to understand how you can make that extra dollar. A job is never enough to bring financial abundance unless you are the CEO of a blue-chip company.

It is said that the average millionaire has 7 sources of income. This enables them to mitigate risk and make more money. This article will give you 21 money making ideas that you can easily start from home now.

1. Start a Blog

Starting and growing a blog is a good way of making more money every month. It is easy to start and manage. To start one, you need the following:[2]

  • Choose a niche. This is where you decide what you will be writing on and to whom. Choose a niche that is broad enough to create enough content demand.
  • A domain name. This is a name that is unique to your blog. For example, lifehack.org is the domain name here. You can get a domain name for as little as 1 dollar for the first year. Make sure you choose a short and memorable name that is related to your content.
  • A hosting plan. A hosting company stores your website data in their servers and sends it to the browser upon request. Make sure you choose a good hosting company because that will affect the performance of your blog.
  • Design expertise. You need to hire someone to create the blog for you. It is also possible to learn and do it by yourself. Most hosting companies will provide an easy to use website builder. Make sure the website looks professional.
  • Content. Content is king when it comes to blogging. Produce long and high-quality content.

After starting a blog, make sure you monetize it. The easiest way to do this is to use the Google AdSense Program. You can also apply to be an affiliate marketer for various companies. This way, you can start making extra dollars from home.

2. Produce YouTube Videos

YouTube videos are also one of the best money making ideas today. YouTube has over 1.9 billion users every month. Over 500 hours of content is uploaded on the platform every minute.

To make money from YouTube, you need the following:[3]

  • Start a YouTube channel. This is all free. Use your Google account to register.
  • Upload video content regularly. Market your content on social media to gain a following.
  • Have at least 1000 subscribers and 4,000 hours watched on your channel in the last 12 months.
  • Create a Google AdSense account.
  • Apply for different YouTube monetization features from your account.
  • Submit for review. If you qualify, you will be notified.

Video content is almost catching up with written content. It is worth producing it as we move into the future.

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3. Sell eBooks

If you are a good writer, you can make money by selling eBooks online. Produce at least a 10,000 words eBook and upload it on Amazon. You can also set your own eCommerce store. The eCommerce store can be part of your blog.

It is important to understand that writing is easy but marketing your eBook will be hard. For example, there are millions of books on Amazon. To stand out, you have to be a good marketer, not just a good writer.

4. Creating Sponsored Content

Companies pay to get mentioned in relevant pieces of writing. For example, if you have a blog with high traffic, you can approach relevant firms to sponsor your content. This is also important if you are doing an eBook or magazine.

5. Paid Guest Blogging

Some sites pay freelance writers to create content for them. Use platforms like Fiverr and Upwork to connect with potential buyers.

To succeed, make sure you write high-quality content and exceed the expectations of the client. High-quality content is highly practical and actionable.

Do not write about everything. This will dilute your effectiveness. Take several topics and develop unmatched expertise. This will give you a competitive advantage in the market.

6. Renting Space

Many people are making money by renting space in their houses. If you have a big house, you can use Airbnb to rent some rooms for visitors who are on vacation near you.

7. Renting Your Car

You can also have people hire your car for a daily fee. This is a good way of turning a liability into an asset.

People will always hire cars to attend high-end functions. You can charge between 30 and 300 dollars per day depending on the type of car and the location.

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8. Online Courses

For experts, this is one of the best money making ideas. Educate people about something valuable and make money. To do this, you need to produce content that guides people into getting a specific high-income skill and then sell it.

Udemy and Skillshare are good platforms to post your content. Set a reasonable fee for your courses and market them. As people enroll, you will start making money passively.

If you can get millions of people to take the courses, you might have to retire early because that income is high enough to sustain you for life.

You can also sell the courses on your website. This is a good long term strategy.

9. Affiliate Marketing

You can start a website specifically for affiliate marketing. This is where you promote other people’s products, refer them to the seller, and get a commission when a successful transaction is made.

This is one of the ways many bloggers make money nowadays. The most common program is Amazon Associate Programs.

10. Dropshipping

Dropshipping is a business model where one sells products online without even having physical products. It is just about connecting the buyer and the seller online.

Dropshipping is very convenient because there is no storage cost or actual shipment on your part. You just have to set up a store. This online store should be connected to the seller. When an order is made, the seller will ship the product to the buyer.

Your work is very minimal. You just have to market the products and get as many people as possible to make the purchases.

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11. Life Coaching

You can make money by helping people solve their problems. This is what life coaching is about.

To help people solve their problems, you can use The Grow Model.[4]Here is what it means:

  • G- Goals. Help the client generate goals.
  • R- Reality. The client should understand the current reality. This provides the gap between what is being achieved and what should be achieved.
  • O- Options. What options does the client have moving forward? How will the gap be bridged?
  • W- Way forward. Which option will the client select to reach the predetermined goals?

If you can help people get better and happier, they will keep recommending your services to their friends. All of these can be done at home.

12. Become an Influencer

Influencers are paid handsomely to promote commodities. However, you have to have a massive following in the digital space to be considered. For example, if you have 100,000 followers on Twitter, Instagram, or Facebook, you can approach companies to help promote their products.

13. Academic Writing

Academic writing is one of the most famous money making ideas for young graduates. Here, you produce content for academic purposes. This can be writing a report for university research or doing a project for students.

14. Start a Podcast

Podcasts are very famous nowadays. Most people prefer listening rather than reading. You can record a series of informative audio files and have people listen or download.

If your podcast gets thousands of listeners or more, you can get a sponsor. The sponsor will pay you to get mentioned or advertised on your podcasts.

15. Start a Webinar

Webinars are also one of the most common money making ideas around today. This is where you host a seminar online. People can then pay and participate virtually from all over the world.

You can also offer the webinar for free and get sponsors.

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16. Paid Online Surveys

Companies love to know what people in their market think about various topics, products, and ideas. This will shape the way they create and market their products.

You can take these online surveys online and get paid. InboxDollars, Swagbucks, and MyPoints are the most famous online survey sites.

17. Sell Old Stuff

You can make money from home by selling some of your old stuff in your house. These can be furniture, electronics, automobiles, etc. Whatever you do not need in your house can be converted into cash.

18. Invest in Dividend-Paying Stocks

This is a good way of making money from home. Just buy stocks of companies that give annual dividends and hold them for the long term. These stocks will bring you money without having to work.

19. Develop Mobile Apps

Mobile apps are widely used. They are very effective because once installed, they will be highly visible on the mobile device. The user will be tempted to open them now and then provided they provide value.

Build an app that provides massive value to people and then work with advertisers to monetize it.

20. Network Marketing

There are many network marketing firms today. Many aggressive marketers are making money by just having people join. As they get more people to join, their networks get bigger. Any time a person in their network makes a transaction, they get paid.

21. Trade Cryptocurrency

You can make money by trading Bitcoin and Etherium from home. As the world evolves, cryptocurrency will become even bigger.

Bottom Line

There you go. You can get an extra source of income by executing any of the 21 money making ideas. They will give you more money to spend and invest.

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To become successful in any of them, you need hard work, persistence, and patience. Nothing worth doing is easy. You will encounter many challenges and competitors. If you are not committed, you will not make any mone

Featured photo credit: Corinne Kutz via unsplash.com

Reference

More by this author

Mark M. Gachunga

Founder Wealthy Wolves Consulting Ltd and Giimark Education & Publishers Ltd

How To Retire Early (And What To Consider Before You Do) 21 Money Making Ideas to Try At Home Now How to Start Investing Without Taking Major Risks

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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