It pays to cast your financial net online, where possibilities abound.
Monetizing your expertise — whether in social networking or transcribing — is one way to make money while sitting at your computer at home. But others also are popping up, such as taking online surveys or even predicting election results.
The good part: You don’t have to pay a dime. And with some sites, you can start making money online immediately. Some of these gigs are small, steady streams of cash, and some you could be putting your two week notice in soon.
Can you make accurate predictions?
Are you good at forecasting election results or the price of gold?
Then predictive sites are for you. Introduced by the Chicago Board Options Exchange in 2008, binary options are financial contracts that let you earn money by predicting the rise or fall of financial assets. You can buy them at binary option brokers.
You can predict hundreds of events — such as presidential election results or Academy Award winners — by buying shares if you think the event will happen or selling shares if you think it won’t happen. If your prediction is accurate, you make money. If it isn’t, you lose money.
“Some power users buy thousands of shares at a time,” says Carl Wolfenden, “Others put $50 down and hold their shares. It’s a lot of fun.”
“You should be warned that you can lose your entire investment,” Wolfenden says, “On the winning side, your money-making potential is unlimited.”
For experts, this can really pay off. But for beginners it could be like walking into a casino.
Start A Bed & Breakfast or AirBnB
You already have a place to live. If you live near a college campus with visiting parents or near music or sports venues, consider starting a little bed and breakfast.
If that seems too hard, check out sites like AirBnB, which help you rent safely and ensure you get paid. I used this service when traveling in Switzerland with a friend and can confirm it is a great service.
Make Money Trading “Forex”
Foreign exchange is the exchange of one currency for another or the conversion of one currency into another currency.
Foreign exchange also refers to the global market where currencies are traded virtually around the clock. The largest trading centers are London, New York, Singapore and Tokyo. The term foreign exchange is usually abbreviated as “forex” and occasionally as “FX.”
The U.S. dollar is the most actively traded currency. The most common pairs are the dollar versus the euro, Japanese yen, British pound and Swiss franc. Trading pairs that do not include the dollar are referred to as crosses. The most common crosses are the euro versus the pound and yen.
There are companies that will pay you big commission checks to refer people to their products online. This is the most popular way to supplement the income you make at your job, and make a full time income from home.
One thing you need to do is make sure you’re promoting a high ticket item. Products that sell for $4,000 or $5,000 can pay commission checks up to $2,000 a piece.
Also, make sure you use a sales funnel. A sales funnel is a special website designed to capture someone’s email address, show them a recorded webinar, and close on the sale.
For the best free training on how to do this, we recommend The Black Box Business Model. Their step by step training videos make it very simple, even if you’re not “tech savvy”.
ABC contributed to this post.