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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 January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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