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How Can You Actually Earn Money from Amazon Mechanical Turk

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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.

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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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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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