Business

Ways to make money online that sound amazing but aren’t realistic


The internet offers us a whole new way of making money. If you are in need of quick cash, you can try selling things on Craigslist or diving into the economy of remote workplaces. If you are in need of a long term income there are plenty of options available and see if I know considering I have been making money on my articles for a long time, almost since I graduated from college.

However, Ways To Make Money Online They are not much different from what people have tried to get rich from since society began. For example, in the 19th century many English and Irish (mostly men) left their homes to start a new life in New Zealand. This was drawn not only to the gold mines but also to the abundance of opportunities in industries like the logging business. , Textile and hunting. In the book The penguin story of New ZealandThe historian Michael King quotes an article from this period: “Here, where social disabilities, exclusive caste, overburdened competition and stereotypical conventionalism of the old world have not yet taken root, there is a clear field for talented men, skill and energy rise the social Up the ladder and attain a level of wealth and social elevation few in other countries can achieve. “

Ways to make money online that sound amazing but aren’t realistic
Ways to make money online that sound amazing but aren’t realistic

Does this way of thinking, optimistic and believing in meritocracy sound like the logic that leads people to turn to the internet? Of course, not all people who went to New Zealand found money or got rich. The mines were overcrowded, the seals were being reinstalled, and in no time what seemed like free money was becoming very competitive.

The same thing happens on the internet. Let’s check out digital gambling sites like DraftKings or FanDuel, both of which claimed to give new users $ 500 “risk free” for their first bet. At first glance this seems very easy, but the money is on the site which encourages you to keep betting against people who are likely to have more resources, more experience and fewer scruples than you. If it really was that easy to make money online through gambling sites, they wouldn’t have to offer you $ 500 to convince you of this.

I probably don’t have to tell you that sports betting is a bad way to make money online. But it represents many ideas for making income on the internet: it all starts with an easy win or a touch of excitement (something that keeps you from doing it) but then it gets complicated and more competitive.

So how do you know if your money-generating idea has real potential? It starts with remembering that an idea is not the same as a company. You should be able to describe exactly how you get from the first step to the last (preferably generate income). It’s simple, but worth saying: if you really want to make money online, you need to know how you are going to make money online. You can’t be these guys:

It is certainly possible to make money online using these strategies, but it is a much longer and busier journey than you imagine.

1. Become an Instagram influencer

Once again, Yes It is possible to make money like Influencer. You don’t even need millions of followers to do this: many brands are trying to maximize their investment by splitting their budget into multiple micro-influencers (people with 10,000 followers or less, even less than 1,000) who have a smaller, but have a more engaged audience than the big celebrities. In fact, Rakuten Marketing surveyed 719 advertisers from the US, Australia, UK, France, and Germany and found that respondents spent 40 percent of their influencer budget on micro-influencers (compared to just 28 percent on celebrities).

If we just let the numbers guide us, we may think that there is enough money to be made this way. Influencer Marketing Hub predicted that $ 6.5 billion would be spent on influencer marketing in 2019, starting with 4.4 million posts on Instagram with tags like #spom, #ad, or #brandname, indicating that it is are paid ads. In the same report, Influencer Marketing Hub said that only 11 percent of influencers are 100 percent compliant with US guidelines, which means there are certainly more than 4.4 million ads.

This may sound like a large number, but consider this: According to Hootsuite, 1 billion people use Instagram per month and 500 million people use Instagram Stories every day. An article published in Reuters in 2016 stated that Instagram users uploaded 95 million photos and videos a day, which would bring us more than 34 billion posts to Instagram over the course of a year, and it has not been the case as of 2016 climb.

According to these estimates (4.4 million ads, 34 billion total posts), only 0.01 percent of the posts on Instagram are sponsored.

Even if you step into the upper tier of Instagram users, there is no guarantee that you can make steady income from your content: Emarketer says that even influencers with 30 to 500,000 followers will only pay an Instagram post an average of 507 dollars. For nano influencers (500 to 5,000 followers), that figure drops to just $ 100.

If you need to hit the highest 99.99 percentile in your job to make $ 100, there are better ways to make money online.

2. Take part in multi-level marketing

You have no doubt seen examples of tiered businesses on your social networks, even if you don’t really know what they are. Maybe one of your cousins ​​uploads Avon or Tupperware posts to their social networks, or you have an old friend who sends you a message to try out a new “amazing” product.

In an article published in AtlanticDarlena Chenha summarizes with the title “Beware of Selling Yoga Pants on Facebook” how often we experience multilevel marketing companies in our daily life. He writes: “Those who suggest this often think of multilevel marketing as a pyramid scheme or a fraud. Those who sell it believe the business model is a straightforward way to earn extra income from home. Here’s how it works: “Consultants” (salespeople from a direct selling company) encourage new hires to sell products online, and in addition to the money they make from their own sales, those consultants make a percentage of what they sell to your recruits. In return, these recruits will recruit more salespeople and earn a percentage of their sales and so on forever. “

in the We understand that you can make money using the resources of a recognized brand. That is why we made our list 500 franchise companies. But there is a huge difference between opening a new Planet Fitness location and becoming a multi-tier distributor: you will make money with a good franchise, and you probably won’t with a multi-tier business.

According to the FTC, “some MLMs are illegal pyramid schemes and most of the people who join these companies make little or no money. Some lose money. People who join an illegal pyramid scheme may not realize they have joined a fraudulent company and usually lose everything they invest. Some are also heavily in debt. “

In 2019 Vox published an article titled “Over 100 LuLaRoe Sellers Have Filed Bankruptcy” highlighting two of the big problems facing companies like LuLaRoe:

  1. LuLaRoe’s “consultants” need to invest around USD 5,000 in the “starter kit” in addition to covering other costs.
  2. The products were, as Vox wrote, “not for sale”. There were too many sellers and too few buyers.

The solution for many unsuccessful salespeople is to recruit more people: you may not be able to sell LuLaRoe leggings, but you can convince someone that the business is an easy way to make money and you will earn a bonus for ” Sponsorship “. to a new advisor who buys more than the starter kit.

“My ‘godmother’ was a single mother of two … she talked about how to stay home and support her family and I was intrigued,” advisor Sherry Evans told Racked. “I’ve seen posts about how much money people make and I thought this could be the way to protect my family’s financial future.”

After a year, Evans still owed. When the article Racked came out, he was still trying to liquidate his inventory. Unlike her, “her mentor claims to have received a $ 100,000 bonus.”

At the end of the article, Evans concludes, “It’s all about money, $ 6,000 or more for each new consultant … they don’t care about anything else.”

The next time you see someone uploading things about how to make money online when you start selling beauty or apparel products, be careful. Consider this checklist for pyramid schemes:

  1. They emphasize recruiting
  2. No real products or services are being sold
  3. They promise a high return on investment in the shortest possible time.
  4. It’s easy money or passive income
  5. No demonstrable gain in sales
  6. There is a very complex commission structure

If you know someone who is considering investing in an MLM or who is considering doubling up on the investment they have already made, remind them that they will most likely lose money instead of creating sustainable income.

3. Buying and selling shares (day trading)

This is how the US Securities and Exchange Commission defines daily stock trading: “Brokers buy and sell stocks quickly during the day in the hope that their stocks will continue to appreciate in value for seconds or minutes. Who do they belong to so they can make money quickly … While day-to-day operations are not illegal or unethical, they can be very risky. Most individual investors don’t have the money, time, or temperament to make money and face the devastating losses that it can bring. “

As with the other items on this list, you can make money selling and buying stocks per day. In fact, Tim Sykes, an employee at , says he made more than a million dollars doing it. However, this is not an additional job that will make you money fast. The US Securities and Exchange Commission warns people that this is an extremely stressful full-time job. You cannot get into the idea of ​​easy income and must be ready to suffer financial losses and even borrow money.

When I Googled the term “day trading”, the first video featured was titled “Day Trading: How To Make $ 500 In 15 Minutes”. It almost sounds like FanDuel is offering it, doesn’t it? If you have free money, nothing bad can happen to you.

The second recommended video was called “The Reason 80% of Each Broker Lose Money.”

Buying and selling stocks is a perfect example of an internet making money idea that sounds incredible but isn’t realistic. Think about it: if this was a really good idea, and you could really learn to predict the market, then everyone would. Big investors like Warren Buffett would turn trillions into trillions in a matter of weeks.

But that’s not how Buffett recommends investing. He says there are only two rules: never lose money and never forget the first rule.

According to Buffett, the most important trait to becoming a successful investor is “a temperamental quality, not an intellectual quality. You must have a stable personality ”.

Stability. Patience. These are the barometers of a good investor and a good investment.

When I interviewed Troy Bader, CEO of Dairy Queen (owned by Berkshire Hathaway), he said that the leadership of the investment firm DQ gave a guideline: Protect the brand today, but build it for the future. This is almost the opposite of a stockbroker’s attitude.

Investor Phil Town talks about the risks (and the potential benefits) in this video:

https://www.youtube.com/watch?v=ODeeuTEbDAs

Town says that this type of job is difficult to achieve and that only one in 100 will get it. But these meager successes are no accident. Town notes that those who do this professionally “use expensive software, hardware, and new services to find opportunities to buy, and invest a lot of time to make them”.

Chances are you won’t make $ 500 in 15 minutes just because you want to, regardless of what this YouTube video told you.

What are the realistic ways to make money online?

If you want to use the internet to generate extra income, there are many better ways than becoming an influencer, getting in on multiple levels, or buying stocks. Entrepeneur employee R.L. Adams had a few opportunities to make money online including:

  1. Use the “gig economy”. Apps like Postmates, Uber, and Lyft offer opportunities to make extra cash.
  2. Use existing websites. You can use Craigslist in many ways: to upload space rental ads, advertise your services, and much more. You can also freelance your services on sites like Upwork and use your skills to make money online.
  3. Sell ​​your stuff. You don’t have to buy multi-tier products worth 5,000 pesos to make an inventory of the things for sale. Most likely, you already have a lot of things that other people cannot take advantage of. Think like Marie Kondo and remove what you don’t need.

If you already have a business, there are many more ways to make money online. You can start promoting on social media (even with influencers) or write a book to use as a product and lead generator. They can create a website to showcase your work or offer a range of tutorials.

Regardless of how you maximize your internet income generating opportunities, remember that a stored weight is an gained weight. The best way to “make” money online is just not to lose it.

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