How to Earn Money You Can Count On Every Month
When most people consider how to earn money beyond their regular day-job (should they have one), the default tends to be something that requires another time-for-money exchange.
You know the types … a second (or third?) job, taking surveys, being a secret shopper, or even participating in some sort of science or drug-treatment experiment.
What these have in common is that they’re all active income streams. Meaning that there’s an exchange of time for money. This exchange is one of those things that has become ingrained in us, but it’s completely backward thinking.
Time is our most precious commodity, so why are we selling it for pennies on the dollar?
It’s time to switch our thinking from active to passive income streams.
A passive income stream requires that you do the work up-front, and get paid residually. This income can continue for months or even years after the work was done to set it up.
Doesn’t that sound like a better option?
Here are some of the best ways I’ve learned how to earn extra money I can count on every month!
It’s time to tap into those unused skills or hidden talents.
Fiverr.com (and sites like it) is a virtual marketplace where people can offer or request services starting at $5 or $10. It’s not uncommon for this to be a base price that can increase for added complexity or customizations.
No, this is not big money immediately, but as your reputation grows you can quickly become the go-to provider for your niche. This all adds up to some decent earning potential.
Wait, isn’t this still active income?
You caught me … but isn’t it better to create your own schedule and do a handful of small projects you really love than toil for some boss you have to get permission from if you want to eat lunch?
2. Start an Online Store
Do you have a talent to make things or can you source items people are looking for?
There are a few great places you can set up a virtual store of your own to sell your wares. Just take some pictures and write a great description and you’re ready to get started! You can even allow people to contact you for custom orders that gets money coming in before you even lift a finger (except to reply to their email).
3. Peer-To-Peer Services
Peep-to-peer services have changed how we now perform a lot of our every-day tasks. Have a few spare hours in your day, or an extra bedroom? Uber and Airbnb are 2 of the biggest examples of how you can use this new economy.
There seem to be more and more of these services coming online all the time. I recently heard about a new peer-to-peer delivery service called Roadie, providing a great way to earn extra cash along your daily commute, a road trip or any other drive you’re taking.
Roadie works by connecting people who have stuff they need to send with drivers heading in that direction. So now you can get paid $8-$50 for local trips, or $100’s for long-distance deliveries. You can pick up as much as you can fit in your car!
4. Network Marketing / MLM
One of the best ways to launch your own business is through network marketing, sometimes known as MLM (or multi-level marketing). The low overhead and huge upside potential generally make your investment much safer than any other franchise-type business or startup.
I remember learning about the concept of network marketing back in Marketing 101 at university. It left me wondering how you find one!
The concept is simple: rather than paying for huge add campaigns and retail outlets, business opt for recommendation selling instead. These days with the advent of social media, every company is jumping on-board with this model as part of their business strategy.
When’s the last time you bought something or went to a new show/restaurant without checking reviews online first??
Network marketing companies got a bit of a bad rap about 30 years ago that they’re still paying for. With strict guidelines in place and watchdog groups out there monitoring behaviours, there are a lot of really great companies to choose from. From utilities to skincare, from health and wellness to travel, there’s bound to be a company that fits your values and lifestyle.
If you’d like to know more about how network marketing compares to other entrepreneurial ventures, check out the trailer to this awesome video!
5. Dividend Investing
Ya, I saw you … trying to skip right past this section … thinking the stock market isn’t for you.
Stock investing isn’t as hard as you might think. In fact, it’s easier than ever to get involved. All you need is to create an account with a brokerage. For most people that’s their bank, but there are lots of great discount brokerages available that can be much better value than the banks. Personally, I’d recommend Questrade. Their fees are super low, they have great technology and customer service, and I’ve never had a problem with them.
No matter who you go with, always start with a free trial so you can really see if the offerings meet what you need.
One of the biggest lessons about investing that I can share with you is this: Only invest in industries and with companies you understand.
Pay no attention to the “flavours of the week” or that “hot stock tip”. If you don’t understand the company or the industry, stay away. Sure you may give up some profits, but you’ll also save a lot of money!
The second piece of advice I’ll give is this: look for stock that provides a solid dividend. A dividend is a monthly or quarterly payment that companies make to their shareholders based on earnings. This way, no matter what the stock price is doing (you’re in for the long-term anyway!) you’ll always get some income you can count on.
I’ll go into this a lot more in an upcoming post, so stay tuned!
6. Brand Yourself Online
One of the absolute best ways I know of for how to earn money is to brand yourself.
What does that mean?
Think of it this way. You want to create something you can take ownership of and control. Sure you’ll align yourself with companies, products, and services you believe in, but you aren’t in control of any of those things. Companies come and go. Product and service offerings change. Compensation plans and organization structures change. The only constant is you.
What you need to figure out is what YOU stand for and who you want to help. Everything else just becomes a vehicle to deliver your best you to the market.
Did a product just get discontinued? Find a new one to promote. Company change their values? Time to align with another. All the while the value you are providing remains.
Admittedly this is not as easy as it may seem on the surface. Some significant time and effort are required, especially to build your solid foundation to work from.
If this interests you and you’d like to know more about the plug-and-play system I use for everything I do online, watch a quick overview video here and I’ll be in touch.
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Be sure to comment below and let me know what you’ve come up with for how to earn money you can count on every month!
P.S. If you’d LOVE to start Your Own Blog with “Just 3 Clicks”, check THIS out!
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Here is a list of the resources mentioned in this post:
MyLeadSystemPro (MLSP) – The plug-and-play system I use to brand myself online, complete with all the state of the art training and mentorship you need
Rise of the Entrepreneur Movie – Watch today’s best experts and thought leaders forever change how you view work and wealth
Blogger’s Jumpstart Guide – Download my FREE guide outlining how to successfully start your own blog