While the Internet can be called the most significant innovation of our lifetime and many of us millennials use it pretty much all the time, we still seem to be constrained into the same 9-5 lifestyle that our parents were. However, it is possible to make money online, without going into the office. Here are a few simple ways to make money without having to leave your house!
You’ve probably heard plenty of people tell you about how they make money online, but what you probably hear less of is the specifics… What can you do? How much time will it take? What will you be earning? We’ve found 10 examples (and a bit more) and answer these questions for you.
10 Ways to Make a Living Online:
Build a website/blog
Potential earnings: $0-$10,000+ per month
Recommended Weekly hours: 21-40 hours
This is obviously what pops into just about anybody’s mind when they think about making money online. However, it take time to build an audience. The general rule of thumb is that if you post regularly, it takes about two years before you can make a decent living. Don’t expect results from day one and be diligent. Most people just start their blogs as a hobby, but about two thirds of the professional bloggers (who make the big bucks) consider it to be a full time job and less than 5% consider it a hobby, while the rest refer to it as a side-gig or part-time job. Your primary source of income will be advertisements (Google Ads is a very simple platform to earn money from every click on your webpage) and affiliate marketing, which is where you work hand in hand with a particular brand and mention them in your articles in exchange for a fee. And it’s really not complicated to create a blog. Platforms like WordPress, Blogger and Medium are excellent places to start and the interfaces are really easy. If you struggle, you can just Google your problem and it’s highly likely that you can find a helpful tutorial somewhere.
Potential earnings: $30,000 per year-$100,000+ per post
Recommended Weekly hours: 4-15 hours
Influencers probably have the easiest jobs when it comes to making money and they can make the most money for the least amount of work, but it’s really not so easy to get there… you kinda have to be famous first! Marketers typically split influencers into categories – nano influencers have between 2,000 and 10,000 followers; micro-influencers between 10,000 and 50,000 and the typical professional influencer will have in excess of 50,000. Influencers that have up to a million followers can charge as high as $10,000 per post, depending on the platform. However, the influencers with over a million can commonly charge $100,000 per post. Some of the ultra-famous influencers can even charge $250,000 per post!
Potential earnings: $0-$30,000+ per video
Recommended Weekly hours: 4 minutes of work per every minute of content
Not everyone is going to be Joe Rogan and get more than 100,000 views or listeners for each episode of their podcast, but Rogan has been doing it for over a decade now and it also helps that he can bring in highly reputable guests… But who knows? Stick at it for 10 years and you might come close. And it may not seem like it to the viewers, but these shows are incredibly hard work. For an hour long show, most podcasters would agree that there’s actually five hours of work (including recording), which involves scripting, organising guests, research, post production and a number of other things. Work hard and keep going, even when it seems like nobody’s interested in what you have to say and you can start making some serious money. And don’t hesitate to invest in some good equipment like microphones and cameras to produce high quality content. Also find a way to work on your elocution and spend time working on speaking clearly and with confidence.
Teaching English as a foreign language
Potential earnings: $7-$25 per hour
Recommended Weekly hours: 15+ (25-60 min per lessons)
This is an incredibly popular method of making a living as a millennial and, if you’re willing to take it offline, you can also travel to some exotic countries (particularly in the Far East). You can earn your TEFL qualification online on websites like TEFL Academy. It will take you less than 170 hours and cost less than $250. From there, you can pretty much decide on your hours and, particularly for those of us that are passionate about working with children, it can be a great deal of fun.
Potential earnings: $500-20,000 per month
Recommended Weekly hours: 30
If you have a skill, any skill, that can be completed remotely. The gig economy is just for you. Websites like Fiverr offer small opportunities to make money for everyone from writers to graphic designers to web developers. It’s often small projects and the fees are small, but do enough gigs every month and you can find yourself making a fairly comfortable living.
Potential earnings: $500-$20,000 per month
Recommended Weekly hours: 30
Much like Fiverr, there are plenty of sites out there that are geared specifically towards all the writers out there. Depending on your expertise, you can charge a suitable rate and businesses that need your services will come to you. The real trick with freelance writing, however, is to build up a set of steady, reliable contacts who keep coming back to you and offer you consistent work. And the more clients, you have, the more money you make. Those who trust in your ability will also be willing to pay you at a higher rate and you can make a pretty decent income if you’re a really good writer.
Potential earnings: Massive losses-$5 million+ per year
Recommended Weekly hours: Varies according to budget
Absolutely not a method of making money that I’d recommend, simply because of the risks involved. Whether it’s playing poker, slot or betting on sports and the races, the saying goes that “the house always wins”. However, if you’re an incredibly luck person, you can make millions of dollars. To win big, however, you have to spend big. And if you spend big, you can lose ALL of your money in a matter of seconds…
Potential earnings: Up to $5 per survey
Recommended Weekly hours: 5-20
Not exactly the most lucrative method of making money on this list, but certainly one of the easiest. It’s incredibly boring and can be time consuming, and you won’t be able to make a decent living, but it is a nice way to make a bit of money on the side. All you have to do is answer a bunch of questions…
Online day trading
Potential earnings: Average of $5,500 per month on $30,000 investment (±18% monthly return)
Recommended Weekly hours: 10-40 hours
Much like gambling, this is incredibly high-risk. However trading stock portfolios and cryptocurrencies (speculating) is a tried-and-tested method of making an income and people have been doing it since the early days of the Internet. Although, just like not anyone can walk onto Wall Street and make a fortune, online trading is restricted to the professionals. It’s certainly not guesswork and requires a thorough knowledge about how the markets work. On the other hand though, if you have a decent amount of money to invest, you can become very wealthy with minimal effort.
Potential earnings: ±$36,000 per year (average of writers with less than one year of experience
Recommended Weekly hours: 10-40 hours
Similar to doing surveys, writing reviews can be pretty easy work. However, the pay isn’t as bad. If you have enough experience and followers, your opinion starts to matter more and writers with a good reputation can charge high fees from marketers looking to promote their brands.
The shared economy/decentralized services are always worth a mention, with the likes of Uber, Bolt, and Lyft all emerging as highly popular apps that allows you to make money as a driver, while UberEats gives you the chance to deliver people’s food to them for a small fee. Other apps like Delivery offer the same service, but beyond food and includes all kinds of products. AirBnB allows you to rent outshort-term accommodation to travellers and Ammbr is a new platform that enables people to earn cryptocurrency while sharing Internet connectivity wirelessly.
Finally, although this could be time consuming, writing an eBook can earn you some decent money if you fancy your writing skills. You can receive 70% of the income for an eBook that is published on Kindle, which is available on all kinds of devices, from desktops to smartphones to tablets. And, given the sheer traffic running through Amazon, you’re bound to find somebody that’s interested in reading your eBook.
So what are you waiting for? The world out there is your oyster! And you don’t have to go anywhere to find your dream job. If you’re looking for a way out of your 9-5 life, the opportunities are there. And keep checking back with the Essential Millennial’s work section to find more articles on career advice and more detailed descriptions on how to make money online.