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How Can You Actually Earn Money from Amazon Mechanical Turk

How Can You Actually Earn Money from Amazon Mechanical Turk

If you’ve always wanted to make money online, there’s a new sheriff in town: Amazon Mechanical Turk. Mechanical Turk is a great place to begin your search for online income for several reasons. First, Amazon is a reputable company, and in a sea of spammy sites promising get rich quick schemes, you can rely on them to pay you for your work. I’ve already gone through the process myself and made $6.00, so I can attest to the fact that you will receive your money as long as you follow the guidelines. However, as with any online venture, you should definitely weigh the pros and cons before deciding to open an account.

Pros:

1. Easy Set Up

If you want to set up an Amazon Mechanical Turn account, simply go to their website, find the section where it says “Make Money on HITS (Human Intelligent Tasks)” and sign up. It takes 48 hours for approval, but once you get it, you can immediately start making money. You can search for jobs in a variety of ways. I just look at the ones that are right on the homepage to start out just to get an idea of what is offered.

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2. You Can Work From Anywhere

Whether you are waiting on the bus, sitting in a doctor’s office, or hanging out in front of the TV, you can be making money with Amazon Mechanical Turk, as long as you have a computer (or tablet) with a wifi connection. You can access your account from any computer anywhere, which makes it really simple to quickly and easily rack up money.

3. It Has Flexibility

Mechanical Turk doesn’t require you to meet a specific earning threshold to keep your account open. You can also create your account and close it whenever you want to, so there are no strings attached. Complete tasks at any time of day or night. Your schedule is completely up to you.

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4. There’s No Limit

So far, there’s not an earning limit on Mechanical Turk. You can learn earn as much money as you want, as long as you are willing to put the time in.

5. There’s Not A Lot of Skill Required

While some companies that provide work on Mechanical Turk prefer people with certain backgrounds and skills, most don’t. So, you don’t have to complete a degree to be eligible to work. In fact, as long as you are over 18 and meet basic requirements, you should be able to set up an account relatively easily and earn money the same day.

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So, now that we’ve gone through all of the pros, it’s only fair that we weigh the cons.

Cons:

1. The Pay Is Not High

If you get paid over $1.00 for a competed Mechanical Turk task, that’s good. Of course, the tasks shouldn’t take you very long. Most of them range from a few cents to $0.25. So, you won’t get rich off of it, but you can definitely put in a few hours worth of work and save up to help pay for something you want, like a video game or a new book.

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2. You Can’t Quit Your Day Job

A lot of people work online jobs in hopes that, one day, they can quit their day job. While I’m sure it’s not impossible, it’s also not likely that you will be able to work solely on Mechanical Turk. Really, it’s just something that you can do in your spare time to supplement your income and help you purchase a few items that you want.

3. Not A Lot of Room For Advancement

With many online work opportunities, there is room for advancement with different perks opening up for different levels. With Amazon Mechanical Turk, you can complete various tests to be certified in certain areas, but as of right now, there are no specific rewards for completing a lot of tasks and doing them well.

4. Some Questionable Opportunities

One type of job I saw offered on Mechanical Turk was that people can get paid to click on ads on various websites. If this is for personal gain as opposed to business research for the people advertising this job, it is actually against Google’s terms of service. I’m not saying every person who advertises this type of job is doing something unsavory, but please do your research before completing certain tasks.

Ultimately, how much or how little you can make from Mechanical Turk is completely up to you. While it may not be beneficial to seasoned freelancers who are used to a higher hourly rate, it can definitely be great for college students or those who are currently unemployed to try to make a few extra dollars. With a focused effort and a strategy to pick only high paying opportunities, you can definitely make minimum wage with Mechanical Turk. In a down economy when jobs are hard to come by, I think it’s a great option to pad your monthly income and enable you to purchase a few things for yourself.

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Catherine Alford

Catherine is the go to personal finance expert for educated, aspirational moms who want to recapture their life passions.

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Published on May 7, 2019

How to Invest for Retirement (The Smart and Stress-Free Way)

How to Invest for Retirement (The Smart and Stress-Free Way)

When it comes to stocks, I bet you feel like you have no idea what you’re doing.

Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

Here’s how to invest for retirement the smart and stress-free way:

1. Know Clearly Why You Invest

Odds are you already know why should invest for retirement.

But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

  • Will you spend more time with your family?
  • What does retirement mean to you?
  • Are you looking to launch that business you’ve been holding off for years?

Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

2. Figure out When to Invest

“The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

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A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

Investing your money well depends on your emotions.

Why?

Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

4. Open a Reliable Retirement Account

Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

  1. Vanguard
  2. TD Ameritrade
  3. Charles Schwab

5. Challenge Yourself to Invest Consistently

Committing to invest for retirement is hard, but continuing to do so is harder.

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Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

6. Consider Where to Invest Your Money

The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

Robo Advisors

Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

Bonds

Think of bonds as “IOUs” to whomever you buy them from.

Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

Here are the different types of bond categories:[5]

  1. Treasury bonds
  2. Government bonds
  3. Corporate bonds
  4. Foreign bonds
  5. Mortgage-backed bonds
  6. Municipal bonds

Mutual Funds

Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

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Real Estate

Yes, buying a home is an investment when done correctly.

Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

Savings Accounts

Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

7. Master Disincline to Dodge Short Success

Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

So how can you master delayed gratification?

By building your discipline.

Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

8. Aggressively Invest on This One Investment

I’ve mentioned several types of investments but haven’t covered the most important one.

It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

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More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

But, how can you invest yourself?

Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

Retire Happy with Excess Money

The key to a secure financial future doesn’t only belong to financial experts.

It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

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Featured photo credit: Matthew Bennett via unsplash.com

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