Wondering how you can start earning interest on your savings? Or perhaps you do not have savings at all, but you want to start making money online? There are ten proven ways of making money online. Some involve investing some money, while others do not require any investment.
Purchasing a house is the most rewarding the vast majority ever make. A house has two major benefits over different kinds of ventures. You can buy a residential or commercial property and rent it out to tenants or find crowdfunded real estate opportunities. Crowdfunding is an invitation to the public to raise funds for a project. When the project becomes successful, then you get a certain percentage in profits.
The main advantages of opening a savings account is that it has low investment costs and unlike other long term investments, you can withdraw from a savings account at any time. However, the only challenge with savings accounts is that they give you back a low rate of interest.
Invest for the Long Term and always remember these two basic rules:
~ Warren Buffett, Adam Smith`s Money World: How to pick Stocks and get rich, PBS (1985)
What is passive income?
Passive income is the money that you earn on your investments with little to no effort involved .
Passive income can prove to be valuable during tough times and it helps manage cashflows when you experience some financial challenges.
How can you make money online?
Table of contents
1. Start forex trading
Forex trading involves the buying and selling of financial securties, that is, you buy one currency and sell another. It can be done online and it requires little to no investment (well, the capital required depends on the broker that you choose as well). A forex broker provides traders access to a platform where they can trade forex. For example, most traders use a platform known as MetaTrader 5. In order to access this platform, they need a broker.
How to choose a broker?
Consider the startup capital required. If you are starting out, and you do not have much capital, consider brokers who offer minimum startup capital. There are some brokers who also give you a bonus to start trading after you sign up with them. Brokers such as XM and FBS offer such a sign up bonus. Using a sign up bonus has an advantage that you won't need to deposit any funds to start trading, and you can withdraw the profits that you make from the bonus. However, trading with a bonus comes with terms and conditions, which i recommend you read first before you sign up.
The trading platform that you will be using to do forex trading should be user friendly. The broker should also have various finacial securities to offer. Most traders in Zimbabwe sign up with Deriv as their broker because it allows traders to deposit or withdraw using their local currency, the minimum deposit required is US$5 and there are various financial securities that you can trade. The best part is that they offer indices which can be traded on weekends as well. In addition, when you sign up with the broker, you can create a demo account, which allows you to test your trading skills before you invest money.
If you would like to start forex trading i recommend that you read books to learn how you can make money with forex trading.
2. Invest in stocks
Stocks are probably going to be the best venture you'll ever make, besides a house. You don't need to take care of a stock. In the event that the organization thrives, you share in the thriving. In the event that it makes a profit, you'll get it, and in the event that it raises the profit, you'll receive the reward. To invest in stocks, you need a broker, just like when you are doing forex trading. You can invest in stocks online through a broker such as Deriv or invest in local stocks by registering in the Zimbabwe Stock Exchange (ZSE). You can register an account on ZSE Direct which is the official platform that enables you to remotely buy and sell securities listed on the Zimbabwe stock exchange.
If you are interested in learning more about how to start trading stocks, you can download Stock trading books for free.
3. Become an affiliate marketer
An affiliate marketer makes money through commisions for marketing a company's services or products. In order to do affiliate marketing you need to choose a market niche which you can influence, research on affiliate programs available and consider the competition in that niche. If there are many affiliate marketers in that niche, you need to develop a unique strategy to lure customers. You can sign up for the amazon affiliate program which is the largest affiliate marketing program in the world. Commission is earned when a customer purchases or uses a service that you are marketing.
4. Become an online freelancer
An online freelancer carries out short term tasks that are posted on an online freelance website. One of the most common freelance websites in Zimbabwe is Appen which allows you to complete different tasks at the time most convenient time to you. In order to work on Appen you will need a google account, a laptop/PC and a phone. Earnings can be withdrawn from Appen to a payoneer account (sign up and get $25 bonus) or a bank account.
5. Create a website
If you enjoy writing, you can start a blog where you can share your experiences, knowledge or latest news. The website can be monetised through ads or affiliate marketing. If you do not have time to create content, you can take advantage of websites such as Adsterra which allow you to share direct links on social media platforms and earn money when a user opens the link. There are forums that pay you for sharing content. Forex traders take advantage of the MT5 forum which allows you to earn for each post that you make. Another option is to start an online selling business. You can setup a website where people will be making orders or use social media to market your business.
6. Invest in real estate
Purchasing a house is the most rewarding the vast majority ever make. A house has two major benefits over different kinds of ventures. You can buy a residential or commercial property and rent it out to tenants or find crowdfunded real estate opportunities. Crowdfunding is an invitation to the public to raise funds for a project. When the project becomes successful, then you get a certain percentage in profits.
7. Create a savings account
The main advantages of opening a savings account is that it has low investment costs and unlike other long term investments, you can withdraw from a savings account at any time. However, the only challenge with savings accounts is that they give you back a low rate of interest.
Invest for the Long Term and always remember these two basic rules:
Rule # 1: Never lose money
Rule # 2: Never forget Rule # 1
~ Warren Buffett, Adam Smith`s Money World: How to pick Stocks and get rich, PBS (1985)
Comments
Post a Comment
Submit A Comment