The world is changing, and traditional ways of making money no longer apply. It’s an age-old adage, but one that truly is worth contemplating: you can’t earn what you need in today’s world without changing it for the better.
There are plenty of ways to make money online, and many of them can be quite lucrative. But just because the methods may be digital doesn’t mean that they aren’t old-school as well.
The following will discuss four ways to make money that are as beneficial as they are old-school:
Blogging is an excellent way to make money, as it allows you to write and post regularly while also getting paid for it. The income may not be high initially, but you can build a brand, build a community, and eventually make a decent amount of money from it. You’ll need to have a sizable audience for this method to be worth trying, but if you do, then blogging can be a profitable venture. Many bloggers now make a full-time living from it, and if you’ve got a talent for writing, then this could be the route for you.
2. YouTube Marketing
YouTube is the second-largest video platform in the world, raking in billions of views per day. It’s highly popular among young people, with 88% of Gen Z and 76% of millennials using the platform. What’s more is that 42% of respondents want to learn about new products through short-form videos such as TikTok and Snapchat stories. If you can get on board and utilize this platform for marketing and advertising your products, then you can make a good amount of money off of it. You’ll need to be careful about the contents of these videos, as brands may not always be comfortable with you promoting their products in this manner, but ultimately, you can use these platforms to your advantage.
3. Start an Online Store
It’s always popular to wonder where all the retail sales are going, as well as why so many traditional brick-and-mortar stores are closing. One solution may lie in online stores, which allow vendors to sell directly to consumers without the need for a physical storefront. If you can create a successful online store, then it potentially can be a lucrative venture, regardless of whether or not you have any other online income streams.
Finally, we arrive at the most traditional of the four, but not necessarily the least lucrative. As the name would suggest, consultancy is when an individual or company provides expert advice or assistance to others for a fee. It’s not necessarily a bad way to make money, but in today’s world, it’s often associated with higher-end jobs and roles, and it usually requires quite a bit of training or education in order to get started. However, just because a job requires a certain level of education doesn’t mean that it’s not worth getting started in. It can be a lucrative way to make some extra money while you’re studying, or even when you’re just entering the workforce. If you’ve got the education and the requisite skillset, then consultancy may be the route for you.
The Dangers of Making Money In The ‘Smart’ Way
Even as the world is changing, it’s important to acknowledge the risks that come along with making money in today’s world. In today’s world, as in the past, some of the most serious threats to your financial security come from outside sources. This is why it’s important to remember to be careful with your money and stay within your limits, regardless of what may be available to you online. The following are a few ways that making money in today’s world poses risks to your financial security:
The Spread Of COVID-19
The pandemic that was first reported in China continues to wreak havoc around the world, affecting countries and communities both large and small. The most recent tally for the global pandemic includes roughly 8.8 million cases and over 500,000 deaths, with the death toll projected to reach up to 2.5 million people globally. The spread of COVID-19 has been staggering and continues to grow rapidly, particularly in countries where the government’s handling of the crisis has been ineffective or inadequate. Unfortunately, the risks of making money during these times are quite serious. For starters, the World Health Organization has classified the rapid spread of COVID-19 as a global public health emergency, and as such, all countries are now working tirelessly to contain the pandemic.
Even if you don’t fall victim to the virus, the uncertainties surrounding the pandemic make it difficult to predict how much revenue your business may lose. With so many people fearful of traveling and spending their time in public, businesses that rely on tourism have been decimated, as have travel and leisure-related businesses, such as golf courses and spas. In some cases, governments and businesses are now relying on online and phone-based systems to keep track of business, which means that even if you’re not physically present at a business, you may be providing critical support in terms of keeping online records and communicating with customers — and that’s not even counting the financial risk that you assume by being in business.
Inflation has always been a serious problem, and it’s been compounded by the recent economic downturn, as people have been forced to keep a close eye on their finances and stick to their budgets just to make ends meet. The result is that there are now a lot of financially vulnerable individuals out there, which, in turn, creates a lucrative market for those looking to take advantage of people’s financial fragility.
If you’ve got an interest in making money online, then it’s imperative that you understand how inflation works and try to keep an eye on your expenses, as well as those of your customers. The more you know, the better, as there are various tricks to making money even when inflation is high. But if you do decide to get into this line of work, then be certain that you’re not taking on more risk than you’re willing to assume.
The Great Recession
The last couple of years have certainly not been kind to anyone, let alone those interested in earning quick cash. The economic crisis that came to be known as the great recession began in 2008 and continued for more than a decade, leaving a mark on every aspect of our lives, including how we make money. The number of people filing for bankruptcy is at an all-time high, and while times have improved and individuals are getting back on their feet, the great recession still casts a long shadow over the world of business — and how to make money within it.
Many individuals survived the great recession by taking on more debt and relying on their home’s equity to make up for the lost revenue. This is why it’s important to be mindful about the risks of getting into debt and make sure that you’re not overextending yourself. While having more debt may present certain advantages, such as the ability to purchase goods and services more easily, it also carries with it several risks, the greatest of which may be losing your home to foreclosure. If this happens, then it’s game over for your finances.
Global warming is another serious concern that’s been compounding since the last economic downturn, as rising sea levels and extreme weather patterns wreak havoc on the world’s coastlines and put more pressure on already overburdened infrastructure. Businesses that rely on fishing, tourism, and shipping for their trade routes are especially vulnerable, as are governments that depend on revenue from these industries for their survival. The spread of COVID-19 brings its own environmental element to the table, as the disease is transmitted through contact with infected animals and contaminated food supplies, meaning that those who eat unhealthily and lead a sedentary lifestyle are putting themselves at substantial risk of contracting the virus.
Making money during these times is certainly not easy, and these are certainly not ideal conditions for doing so. But just because the methods may be old-school doesn’t mean that they’re ineffective or unprofitable. Indeed, with the right strategy and planning, you can use the existing structures to your advantage and ensure that you’re making the right financial decisions for the coming months and years.
Make Money In The ‘Traditional’ Way
Despite all the risks and hazards that come with making money in today’s world, there are still a lot of individuals who rely on entrepreneurial spirit and ambition to create wealth and prosperity for themselves and their families. If you’re one of these individuals, then it’s important that you don’t let the risks of making money in today’s world deter you from pursuing the American Dream. The following are four ways that you can make money in the traditional way and maintain your financial security: