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15 Easy Ways For Everyone To Make Money With Social Media

15 Easy Ways For Everyone To Make Money With Social Media

Even though it’s a relatively new industry, there are already a number of ways to make money with social media. Every major social media outlet has in some way helped users turn their hobby into a business or turn their business into a bigger business. Here are 15 common ways people make money with social media.

1. Tantalize Customers With Your Product On Pinterest

Small businesses can benefit in big ways from getting users to “pin” photos of their items on to their Pinterest boards. Create an account, engage in the community by pinning other people’s photos and upload photos that entice people to buy your product.

2. Run An Online Instagram Shop

If you have items that would be attractive to Instagram users, it’s relatively pain-free to set up a shop by connecting your account to the service inSelly. WikiHow has a great guide walking you through all the steps.

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3. Copywriting

Twitter and Facebook can be great ways to show off your language and grammar skills. Prove yourself to be adept in the language of your choice to get yourself hired to write for a living.

4. Editing

Editors in particular have found success marketing themselves on social media, since services like Twitter and Facebook are great proofs of concept for their skills with the written word

5. Manage Social Media

There are a lot of companies seeking someone to handle their social media presence. Sadly a fair share of those positions are internships, but there are also many paid opportunities out there. Search “social media” on job boards to find results in your area.

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6. Comedy Writing

A lot of new comedians birthed their career on Twitter. 140 character jokes or funny insights can gain you a lot of attention, so if you’re a particularly clever wordsmith consider giving comedy a shot to make money with social media.

7. Creative Writing

Fantasy author Neil Gaiman broke ground with A Calendar of Tales, for which he asked his large Twitter following to submit questions and turned some of their answers into short stories. You can do something similar that involves interacting with your audience, or even serialize a whole novel or short story over many posts.

8. Airbnb

Anyone can become a renter via Airbnb, which gives users a chance to rent places to stay in 190 different countries. Fast Company has a great write-up on how someone made a six-figure income through Airbnb.

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9. Monetize A YouTube Channel

Not only can you make money with social media, you can turn yourself into a phenomenon. Just ask Grace Helbig, who’s developed a large audience through the hilarious videos she posts every week. She makes a significant sum just off ad revenue from her YouTube channel.

10. Become An Amazon Affiliate

When you join Amazon’s Affiliate Program, any sales made from a link you provide to Amazon will net you a small percentage. Cultivate a following and promote specific items on your blog, then include an affiliate link to the item on Amazon so that when a follower purchases something you’ll get paid.

11. Promote Posts

Get your sales pitches in front of more eyeballs with promoted posts, available through almost any social media service. It’ll cost you a little cash, sure, but it could net you huge rewards.

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12. Sell Your Art

Tumblr and Instagram (Tumblr especially) are great places to post original artwork and get a lot of responses and shares. If your art starts going viral, you can turn that interest into income by selling prints and other merchandise through an online store like Etsy or Big Cartel.

13. Sell Rights To Your Photos

If you take good enough photos, people will pay you to use them! Flickr is a popular place to view photos, and this WikiHow explains how to sell the photos you’ve posted there. You can also license them under Creative Commons, which won’t net you any money but will expose your photographs to a wider audience.

14. Demonstrate Your Musical Abilities On SoundCloud

SoundCloud is one of the best places to get your music noticed, and I’m not just talking about the near-impossible goal of becoming a rock star. If you know how to come up with a catchy jingle, you can post it on SoundCloud to get clients flocking to you to create music for their commercials, radio ads, etc.

15. Innovate

These are just the known ways to make money with social media. The field is so new that many more avenues are likely to open up in the future. Consider how you can utilize social media services to grow your career or even create a new one altogether!

Featured photo credit: mkhmarketing via flickr.com

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Matt OKeefe

Matt is a marketer and writer who shares about lifestyle and productivity tips on Lifehack.

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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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