Cash In By Finding New Ways To Streamline Your Income Sources
If you are working a full-time job that gives you a paycheque after every month, you might be wondering: is this financial earning model sustainable?
Whatever justifications you have regarding your professional career, one thing is for sure: while the security of getting a paycheque at the end of each month is monumental, it still cannot fulfill your life goals and aspirations.
Monthly income from one stream is great to pay bills, but what happens once you require an extra influx of cash to make a house downpayment or build an asset.
You cannot use your emergency fund every time now, can you?
This is where the importance of diversifying income becomes pivotal, and we are going to guide you on how to build it.
In today’s highly globalized world, earning money is easier than ever.
All you need is an internet connection and a personal workstation such as a laptop, and in no time you can wire yourself to the realm of online earning.
Whether it is forex trading, freelancing, or making online courses, every opportunity brings with it a range of earning possibilities.
Ready to earn? Read on.
1. Forex and Stock Trading
Forex and Stock trading markets are extensive global networks of buyers and sellers that deal with the exchange of currency and company stocks respectively.
Every day an average trading volume of $5 trillion takes place where millions of traders earn a fortune.
With a little initial training on how currency and stocks work and exchange around the world, a beginner trader can quickly learn how to make the most out of a volatile opportunity, and say goodbye to frugal habits.
Forex trading specifically, is streamlined around the world.
There is an elaborate ecosystem of brokers that offer a friction-free entry into the realm of FX trading.
For example, traders from Canada use native brokers to ensure they are abiding by financial regulations in the region while trading.
The amount of currency and stocks that are converted every minute make price movements extremely lucrative.
This volatility makes forex and stock trading highly appealing to traders as it brings with a chance of high profits.
Stock Trading Tips For Beginners
Here are the things you need to keep in mind when starting out as a beginner:
- The FX market (forex or foreign exchange market) is a highly-liquid and the largest marketplace where national currencies are exchanged against one another through currency pairs.
- The reach of forex markets is truly global because national currencies form the foundation of trade, commerce, and finance.
- Traders use currency pairs, for example, the EUR/USD to trade against each other.
- There are two domains of forex trading: it exists as a spot market that deals in cash, and a derivatives market that offers forwards, futures, options, and currency swaps.
- Using the forex market, traders can hedge against international currency and interest rate risk.
- As a rule-of-thumb, to make informed trading decisions, traders should have keen insights about geopolitical events and global financial decisions, so they can compute the consequences on the forex market.
2. Sales and Affiliate Marketing
This type of income-earning is passive in nature and is compatible with people that have a penchant for running websites and blogs.
Through affiliate marketing, you can sign up for the promotions of products that belong to a specific niche, and market them to an audience.
Whenever you convert the marketing to a sale, you can earn a flat fee or a percentage commission.
If you slowly build a thriving audience through high-quality content on your specialized blog or website, the instances of sales can skyrocket, and with it your earnings as well.
As an affiliate marketer, you are basically a salesperson for a company or a product.
Whenever you convert your marketing efforts to a sale, a commission is earned.
The best thing about affiliate marketing is that you can scale it profoundly.
While traditional salespeople only represent one company, successful affiliate marketers can promote products of their choices and represent whatever company they like.
And guess what?
You earn commissions from all of them.
Affiliate Marketing For Extra Income
To get started with affiliate marketing, we have enlisted the essential steps for you below.
- First, you need to decide on a platform to build an audience. Although you can use the likes of Facebook and Instagram as well for affiliate marketing, we recommend that you explore starting a blog or making a youtube channel.
- Narrow down your niche. This is an extremely important step. In order to build authority, you need to show the audience that you are credible, therefore having a specific niche or domain is essential. For example, rather than making a food blog, you can try baking or grilling which is much more personalized.
- Select an affiliate program. There are two types of affiliate programs: one which pays more but has a low-volume of customers and the other that pays less but has a high-volume of customers. You need to decide which suits your style.
- Produce high-quality content. In order to do this, you need to make sure that affiliate links are naturally included in the content. This can only happen if the content you produce provides utility to the readers.
- Work on getting traffic to your website. This can either be done through using SEO techniques or using paid marketing strategies to drive traffic to your website.
- Convert the traffic to buyers. When it comes to affiliate marketing, the goal isn’t to only get traffic, rather is to convert traffic into sales. This can be achieved by using appealing calls-to-action in the content, and placing the links naturally so that the reader is inclined to click it and buy any product.
3. Create Your Own Product and Sell It Online
To move beyond the drudgery of selling your services, you should focus your energies on producing a product.
This way, you can achieve the desirable stage of earning passively, whereby the specialized product can be copied infinitely and sold to huge magnitudes of people.
The options are endless. The product can either be an instructional video or an educational course that isolates your strongest skillsets and trains learners on it.
You can also develop a marketing platform around the product such as a dedicated website or social media handle.
This will allow you to develop a potent customer-acquisition strategy, one which constantly connects you with the target consumer base.
If you think that you have mastered a craft in your professional or educational career, and can teach people as well, then building a course might be the most suitable product for you.
The first step is to pick a topic, and then start planning content around it.
During this phase, make sure that you use catchy language, appealing graphics, and other design elements to garner the attention of any online onlooker.
The art of upselling rests on the foundation of gaining the attention of a reader.
After you are done with creating the content of the course, you are ready to host it online.
You can either do this through a course-hosting platform or build your own marketing asset such as a website and get it ranked using SEO techniques or paid marketing.
Once a sales page is made, start pricing the course content and coming up with lucrative deals that make the offer difficult to resist.
Keep in mind that you need to show learners that your course can change their life or that the skill you teach is indispensable.
4. Write an Ebook
The e-reading population is increasing every day as convenient reading solutions are becoming widespread.
This staggering audience gives rise to the opportunity of writing an ebook that can be read by thousands of people worldwide.
Sure, writing a book sounds like a lot of work, but it can be dealt with smartly as well.
For starters, you should be on the lookout for a specialized niche.
Look for a relatively underexplored topic, and one that can resonate with readers.
If you are in the mood to explore your creative aspirations, then writing a piece of fiction can also do the job.
Once the book is complete, you can sell it online through e-reading platforms such as Amazon.
This will become your passive revenue stream and you can earn from royalties throughout your life.
Tips For Self-Publishing An E-Book
Here are the steps you need to follow to self-publish an ebook and make extra income:
- Write a book on a compelling or contemporary topic. Whether its a piece of fiction or nonfiction is entirely your choice.
- Create an Amazon KDP account, if you want to sell your ebook on amazon. This is a wise choice, given that Amazon is the largest eCommerce market by both volume and popularity in the world. It is also leading the world’s e-reading revolution by facilitating the publishing of ebooks.
- After creating the account, upload the book to amazon and format it to fit the publishing format and criteria.
- Now you have to decide the ebook publish date, create hype around the product and watch it sell
Conclusion: Diversify Your Income Streams
If there is one lesson we get in 2020, it is that diversifying your income stream is essential.
Gone are the days when people could live their lives on a modestly conservative income all their lives.
Today’s fast-paced world, evolved under the wake of the internet, offers people a sea of opportunities to make a living through different means.
The methods mentioned above are only the tip of the iceberg, but they are still vital to get you started.
After reading this insightful text related to the realm of making extra income, you can take the first steps towards financial freedom.
There is a whole world of side-hustlers who have managed to create reliable side income streams to facilitate their bloated budgets using the domains mentioned above.
Who is stopping you?
Discussion: Have you tried any of the above ways to earn extra income in 2020 and have you been successful? Share your thoughts below as I’d love to hear your feedback.