It's a perfect time to make money in 3D printing, while it's still a relatively new concept for many people. Designing and printing 3D products is not mainstream yet and not everyone has a 3D printer at home, you have an opportunity to use your expertise and printer to make some real money.
You can cash in on 3D printing in several ways. Even if you don't own a 3D printer, you can sell your 3D objects or designs or teach other people how to 3D print.
Regardless of where you are in the printing or designing process, it takes only a little digging to see how the money can come in.
Sell Your Designs
One of the best ways to make money with a 3D printer doesn't require that you own a 3D printer. If you have designs for a 3D printer that someone with a printer (or with access to a printer) wants, they might very well purchase your designs.
Shapeways is one place where you can open a 3D printer shop. These folks are the Etsy of 3D printing. If you have designs or models ready, you can make them available at the Shapeways website for customers to buy. Because it's print-on-demand, nothing is made until a customer orders it.
Shapeways has all the tools you need to build an online store. Plus, the site offers a tool called CustomMaker you can use to make your designs customizable, which is one way to let your customers turn your 3D designs into something more personal to them.
Sell Your 3D Prints
If you already have 3D printed objects, you can start selling them yourself anywhere, be it on Facebook or in dedicated shops like eBay or Etsy. Shopify is another e-commerce platform that works well for small businesses.
Another way to sell your 3D prints is to advertise them as such. Tell your visitors that you can print for them, and all they have to do is order from you and wait for the print. This takes the hassle out of them having to find a place to use a 3D printer.
Then, when someone orders a 3D print from you, you can print it at home if you have a 3D printer or have your designs printed at a place like Shapeways or another 3D printing service. Just ship the print out to the customer, and you've made money 3D printing.
Make Prototypes
Another way to cash in on 3D printing is to offer local engineering firms help with 3D printing prototypes. This is a good idea if you're a 3D designer because you don't have to worry about the printing yourself. Just design products for them and have them do all the printing. Chances are they already have a printing service or on-site printing capabilities.
Teach 3D Printing to Students
Lots of people are interested in 3D printing, especially students who are looking for careers in 3D design or 3D printing specifically. You can offer to teach classes for a fee and teach students how to set up and use their own 3D printers.
Finding 3D printing teaching jobs might be difficult, but advertising on social media sites and job offer websites is a place to start.
Print for Other People
3D Hubs and MakeXYZ have been growing like crazy and offer a nearly instant way to get into business as a 3D printer owner. You list your printer on their networks, and potential customers, usually local, can find you and request 3D printed work to be done.
Consumers, business owners, and busy engineers at large companies are often in need of 3D printing help. You can be the one to provide that service, locally or online, if you are willing to ship items to customers.
Jewelry designers can scan their designs and migrate to a 3D model and print sales process, which is similar to the custom options, but you could do this solo as long as you have a printer or a service.
Locate electroplaters in your area and find a way to combine forces. RePliForm works with anyone who has a 3D printer, but you could find platers in your area who would welcome new work, and then you can offer to coat your prints in nickel, silver, or gold.
Find a computer graphics (CG) expert or CG animator and offer to team up on creating physical 3D prints of animated characters — or go bigger and pursue licensing deals, like Whiteclounds is doing.
Have a garage sale. A garage sale is a great way to get rid of unwanted household items and make money in the process! Staples of garage sales include old clothing, books, toys, household knickknacks, lawn and garden tools, sports equipment, and board games. Larger items like furniture and occasionally home appliances are also sold. Garage sales take time and preparation, so make sure to start planning well in advance.[1]
- Set a date. Pick a date 2-3 weeks ahead of time. This will give you time to plan and advertise your sale.
- When setting a date, be conscious of the time of year and be sure to take weather and temperature into account. You are less likely to have good traffic on very hot or very cold days and rain is major deterrent.
- Advertise your garage sale in local newspapers, on community bulletin boards and on Craigslist. The more people who are aware that your garage sale is taking place, the more people who will show up!
- Gather items for sale. This should be done in the weeks leading up to your garage sale. Go through old boxes in the garage, attic and under the stairs. Walk from room to room and gather any items you no longer want or need.
- Attach a clearly written price label to each item. This will make it easier for customers and save you time on the day. You can use small adhesive labels, bits of masking tape or a sticker gun.
- Enlist help from friends, family and neighbors. This will make your garage sale more manageable and less stressful. You will also have more fun this way!
- Have plenty of change. Go to the bank the day before your garage sale and get rolls of quarters, dimes and nickels and plenty of dollar bills.
- Add interest to your garage sale by selling crafts, baked goods and beverages. Items like cookies and lemonade will sell well while also encouraging people to stick around a bit longer.
These ways of making extra money cover a wide range in terms of compensation and prestige. Check out the options to see what could work for you, keeping tabs on a projected per-hour rate so you can see what would be worth your time. The list is loosely arranged by 1. jobs requiring more skill or expertise, 2. gigs needing less and 3. things you can sell. And if you think of any good options I missed, please let me know in the comments.
1. Change jobs.
This is the best way to boost your earnings, as you have the most leverage at the moment that a company wants you but isn’t sure whether it can get you. Use that to your advantage in negotiations. Another benefit of getting a bump up when you switch jobs is that the percentage boost will be baked into all your future raises, elevating your lifetime earnings. Here’s how to negotiate your salary.
2. Request a raise.
Getting a raise is an excellent move because it doesn’t require you to trade more time for more money. You are putting in the same amount of time, but pulling a bigger paycheck. But, it’s always a bit tricky to ask for a raise when your company already has you at your current salary. You’ve got to make a strong argument you deserve the increase. Here are the top 10 mistakes to avoid when asking for a raise.
3. Freelance.
Freelancing is the next best thing to being paid more for your full-time work, because professional work always pays more than unskilled. To find opportunities, let former colleagues or other personal connections that you’re available for freelance gigs. (Here are some ideas on how LinkedIn could be useful for that.) Or, post on marketplaces particular to your field. For instance, Mediabistro, a journalism site, allows freelancers to post profiles of their experience and services. Though these are more up to chance, designers can bid on jobs at 99Designs.com or submit a design at Threadless, to see if it will be crowdfunded. Elance-Odesk also lists many freelance opportunities, and you can also post your own services on Fiverr, although some freelancers say these services create a race to the bottom on fees and so are not very lucrative. If you're new to freelancing, here's how to set your rates, and here's how to negotiate raises with clients.
How to connect usb device. 4. Blog.
If you have an area of expertise, you can create a website with ads and affiliate links, like blogger J. Money did (boosting his net worth $400,000 in 7 years) in and as Smart Passive Income guru Pat Flynn, who has so far earned $3 million blogging, does. Get Flynn’s tips on how to create value for your audience.
5. Coach.
If you have enough experience in your field to coach others with their careers, then create a website — or, if you have one, add a section describing what you’d offer as a coach. Advertise your services in industry forums and give new clients a discount or other incentives to refer you.
6. Tutor.
Whether for high school students or adults, you can monetize your expertise by teaching people with less experience or knowledge than you in that subject area. You can work with an established group like Kaplan for, say, SAT tutoring, or you could try hanging out your own shingle and making your services known either to students, parents and schools in your community. If you are targeting adults, you can create your own website or list your services with adult tutoring companies.
7. Teach an online course.
If you have an area of expertise, instruct a course through a site like Udemy or Skillshare.
8. Temp.
Many offices need temporary workers, so old-school companies like Kelly Services do still exist and list such opportunities. Indeed.com aggregates listings by location. Do an Internet search to find local listings.
9. Cash in on your craftsy side.
Do you knit or make jewelry or create letterpress items? Sell your wares on Etsy, Cargoh, Craft Foxes and other such sites.
10. Give tours of your city.
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Vayable allows you to guide tours centered around a particular cultural experience. Some members’ offerings include a Paris photography tour and a Queens tastes of the world tour.
11. Capitalize on your inner chef.
If your cooking skills regularly impress family and friends, get paid to create memorable meals for clients with KitchenSurfing.
12. Get paid to run errands.
If you’re handy and generally available to run errands, sign up with TaskRabbit or Zaarly, or just put a notice up on Craigslist to get groceries for time-crunched people or do general handy person tasks for the useless-with-a-hammer set.
13. Become a driver.
If you’ve got wheels, you can earn extra money shuttling around those without through Uber and Lyft.
14. Wash cars.
Even if you don’t have wheels yourself, you can spiff up those of your family, friends and neighbors.
15. Walk dogs.
If you have a flexible schedule and a passion for pets, ask friends, family or neighbors if they might need a dog walker. You can also post your services on dog walking sites.
16. Wait tables or bartend.
Almost anyone can wait tables, and if you know how to mix drinks, bartending can be a quick way to make extra cash. Both can be lucrative in tips. Read here to find out how to earn more in tips.
17. Cater waiter.
Try Waiters to Cater or find a local company offering cater waiters, and sign up for opportunities.
18. Clean homes.
Use a service like HomeJoy to find housecleaning opportunities.
19. Mow lawns, rake leaves or shovel snow.
Again, ask friends, family and neighbors if they’d like to hire you for these services.
20. Babysit.
Use SitterCity, and ask family, friends and neighbors if they could use a sitter or know of other families looking for one.
21. Photograph or play music at weddings.
If you're a musician or photographer, advertise your skills for weddings or other commercial events on your own portfolio site or with a service like Thumbtack, Gigmasters, Gigsalad, WeddingWire, and Snapknot.
22. Busk.
If you play an instrument and/or sing, take your music to the public squares or popular transit stops, keeping mind of local laws. Hey — even world-famous violinist Joshua Bell does it.
23. Be a delivery person.
You can apply at local restaurants, or try a service like Postmates.
24. Be a mystery shopper.
Get hired to shop and then report back on your experience. Find out how it works and then, to avoid mystery shopping scams, find legitimate opportunities at the Mystery Shopping Providers Association.
25. Promote products and events on the street.
Try Street Team Promotion for opportunities.
26. Rent your car out.
Try GetAround and RelayRides.
27. Host guests or rent out your place.
If you either have an extra room or can crash elsewhere to rent out your whole place, you can also make extra money by renting out your home to visitors to your city with Airbnb or VRBO.
28. Participate in focus groups.
Give your opinions on products and more. Try companies like Focus Pointe Global, Inspired Opinions, Harris Poll Online, Toluna, SwagBucks, MySurvey.com, Opinion Outpost, iPoll and Hiving.
29. Be a test subject.
When researchers run clinical trials, they need healthy subjects to use as a control group against the patients with illnesses. Find out more details from the National Institutes of Health, and search for clinical studies at ClinicalTrials.gov. For psychology experiments, contact your local university.
30. Participate in an online jury.
Star Medals are collectibles in. Super mario 3d land cheats for star coins. The Star Medals have a similar appearance to from, but they have stars on them instead of comets, and when or is nearby, they make the same twinkling sounds as in that same game. There are three in most levels ( have one or two, and has none.), like the of the games, but they work like from past 3D platformers. There are 285 Star Medals in the game's levels (including the Special Worlds), plus 50 in the, leading to a total of 335 to be collected.
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Help attorneys determine case value or public attitudes at eJury.
31. Write software reviews.
SoftwareJudge.com pays anywhere from $1 to $50 for original reviews.
32. Sell your castoffs on eBay.
Make sure it’s a valuable item and not just your old junk. Take good photos, write a compelling description and price accordingly. For more tips, find out how to declutter and profit from it.
33. Sell on consignment.
For items that you feel are better tried on or viewed in person, whether it’s clothing, shoes or vintage furniture, try a local consignment shop. You can also send items to ThredUp or The RealReal.
34. Sell old electronics.
Instead of recycling these items, see if they can fetch a price. Try stores like Gazelle, Next Worth and USell.
35. Have a yard sale.
For items that won’t sell on eBay, or aren’t worth the hassle of posting, host a yard, garage or stoop sale. Price items low. Think $10 or lower for clothing (except coats can go as high as $15). Antiques and furniture can go as high as $75. Books should be $1, other entertainment items $3-$5.
36. Sell your hair.
Find out what requirements your tresses need to meet before they're worth money at HairSellon.
37. Sell your photos online.
If you've got some eye-catching snaps, post them on Shutterstock, Photoshelter, Fotolia, DreamsTime and/or iStock.
38. If you're planning to shop, earn cash back.
Ebates offers cash back if you begin your online shopping there. But remember that if you spend a lot of money to get the cash back, you're defeating your ultimate purpose to earn more. So only use this when you were intending to shop anyway.
39. Sell your gold and silver.
Find out the weight of any gold or silver jewelry you'd like to sell with a kitchen scale or at a jeweler's. Find out the purity, i.e. 12K, and use Dendritics.com to calculate the potential value. Search for a reputable vendor at Jewelers Vigilance Committee, and also consult the Better Business Bureau. Then shop around for the best offer.
40. Sell bottled water at events.
Buy bottled water in bulk and sell it at festivals or other large events for $1 per bottle.
41. Collect bottles and cans for deposit.
If you live in one of the ten U.S. states that offer a deposit for cans and bottles, you can collect them and obtain cash.
42. Put ads on your car.
Check out AutoWrapped and FreeCarMedia.
43. Get paid for online searches.
Add Qmee to your browser, and if you click on a search result it offers, you'll earn some change.
44. Look for unclaimed money.
Yes, sometimes you can have money that you don't know about. Check in occasionally to see if you are owed any.
WATCH: Life Hacks For Your Wallet
For many people, making money online would be an absolute dream come true. If they could find a way to make money with a website or some other online venture, they could quit their job to focus on entrepreneurship, spend more time with their family, and finally take back control of their time and their lives.The crazy thing is, earning money online isn’t a pipe dream. I have been doing it for nearly a decade now with my website Good Financial Cents. I also know thousands of other people who are earning money online their own way with websites, courses, or unique marketing strategies.
Now, here’s the good news. The majority of online revenue strategies aren’t that complicated. Like any business venture, your online income takes time to grow. You need to be willing to devote the time and energy required to get your idea off the ground, and you need grit to stick with it even if your journey is slow when you first start out.
If you’re angling to earn money online but aren’t sure where to start, here are several of the best and most realistic strategies to consider:
#1: Google Adsense
If you've visited any website, you've seen Google ads. These ads are everywhere, and for good reason. Not only are they easy to set up on any basic website, but they can be lucrative once your website starts bringing in a steady amount of traffic. Hitman 3 free pc download.
One of the cool things about Google AdSense is that it's so easy to get set up. If you have a blog or website, you can sign up for a free Google AdSense Account. From there, Google will give you a unique code that you will paste onto your website. Google takes it from there, tracking your page views, traffic, and earnings on your behalf. There is no upkeep or maintenance to get this thing going, which makes it a no-brainer if you have a website already.
How much will you make? I think my best month with Google AdSense was almost $5,000 over the last ten years. That amazing month blew my mind since it was actually near the beginning of my blogging journey. When you go from making zero to $5,000 in a month, that will rock your world. For me, it also got me even more excited because I knew there were other ways to monetize.
#2: Affiliate Marketing
Whether you have a website or are still dreaming up ideas for a blog, you can also look into affiliate marketing. With affiliate marketing, you partner with brands and businesses within the content of your website. If you mention a product or service, you link to that produce or service using a unique affiliate code you received when you signed up for that particular affiliate program. From there, you’ll make money any time someone buys a product or service through your link.
Generally speaking, you’ll want to partner with affiliates that are related to your blog concept. Since I’m a financial advisor, I have focused a lot of my affiliate energy on financial products like savings accounts, credit cards, and investment accounts.
In addition to signing up for individual affiliate programs, you can also sign up for an affiliate ad network that offers a ton of different affiliates in one place. That way, you can see what works and what doesn’t work over time.
If you’re looking for inspiration, my friend Michelle Schroeder-Gardner of the website Making Sense of Sense has become the expert on all things affiliate marketing. Michelle earns more than $100,000 per month from her blog and the bulk of her income comes from affiliate sales. Michelle has had so much success with affiliate marketing that she even has her own course calledMaking Sense of Affiliate Marketing.
While Michelle works with a ton of affiliates in the financial services industry, one of her biggest affiliates is a blog hosting company called Bluehost. This just goes to show that you can make money with nearly any affiliate company or product if you know your audience and build up enough traffic to create sales.
#3: Consulting
Another way to make money online is via consulting. If you’re an expert in any field, you could potentially find people willing to pay you to counsel them on their personal or business goals. You might think you’re not important enough to consult for big companies, but you could be surprised at the types of expertise people will pay for.
My colleague Robert Farrington ofThe College Investor is a good example of someone who consulted online on the side in an unlikely industry. Robert told me that, after he had been blogging for a few years, a couple of brands reached out to him to ask him for help with social media and online marketing.
Robert said he did an average of 4-6 of these gigs per year for a while depending on his schedule and the work involved. The best part is, he charged a flat rate that usually worked out to around $100 per hour. And remember, this was pay he was earning to advise people on the best ways to use social media tools like Facebook and Pinterest to grow their brands.
If you want to start consulting but aren’t sure what steps to take next, you can also set up a free account throughClarity.fm. This website lets anyone who wants to offer consulting set up a free profile. Once your profile is set up, people will find you and book a session you’ll get paid for.
#4: Online Courses
If you have any skill you can teach others, it’s also possible to set up an online course you can market online. You can find online courses that teach anything from cooking to marketing or even freelance writing. Heck, I even offer my own course for financial advisors who want to take their businesses online--The Online Advisor Growth Formula.
Last year, Iprofiled my friend Joseph Michael of Easy Course Creation. Michael offers several different courses, including courses on a writing software called “Scrivener.” Over the years, Michael has earned six figures or more annually selling courses that help people achieve the kind of success he has earned.
Most people set up their online course through a platform like Teachable.com. With Teachable, you can upload your course materials and use the platform to manage customers and accept payments.
#5: Podcasting
Another way to make money online is by hosting an online podcast. I have the Good Financial Cents podcast to go along with my blog, and I use that platform to find new sponsors and advertisers all the time.
I still remember getting my first sponsor on the podcast and finding out they were willing to pay $8,000 for me to include a short clip at the beginning of each podcast for 90 days. That was insanely exciting to me at the time since I wasn’t sure I would be able to monetize my podcast that much at first.
However, there are tons of people making a lot more than me on their podcasts. Take the Entrepreneur On Fire Podcast hosted by John Lee Dumas. According to the show’s most recent income report, this podcast brought in a net income of over $400,000 in March 2018. Now, that’s crazy.
The key to getting ahead with podcasting is finding your niche, growing an audience, and then finding ways to monetize and connect with sponsors. This isn’t the easiest way to make money online since there are a lot of logistics that go into writing, recording, and editing a podcast, but it is still worth considering.
#6: Book Sales
While the publishing industry used to be heavy in print, you can complete the entire process of writing, publishing, and marketing a book online these days. Websites like Create Space will let you upload and take your book to print without getting a formal publisher involved, and you can even get your book on Amazon.com so people can buy it there.
A blogger I know named Joseph Hogue has a successful blog (My Work from Home Money) and a thriving book publishing business. Hogue has written several books he has published online to create an ongoing source of passive income. He says he averages about 685 books sold per month to bring in an average of $1,857 in revenue. Not bad, huh?
If you think you could write a book people would want to buy, this is a smart strategy to consider since the start-up costs can be minimal and you probably already have a computer and word processing software anyway.
#7: Lead Sales
Another way to make money online is by collecting leads. The main steps you need to complete to make lead sales work include setting up a website, getting traffic to that website, and making sure you’re collecting leads that someone will actually pay for.
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Here’s a good example of how lead sales can work in real life: My second website,Life Insurance by Jeff, brings in a ton of traffic from people who are searching the web to find answers to life insurance questions. While I used to have the website set up so I could sell these people life insurance myself, it was a lot of work to process all the different requests and clients. As a result, I started selling the leads I gathered instead.
Basically, lead buyers are willing to pay for the personal information I gather from people who visit my website. This is a win-win for everyone since I get paid for the leads and my website visitors are connected with someone who can help them.
Keep in mind though, you can sell leads in many different industries —not just life insurance. Really, you just need to figure out a niche, build a website and traffic, and see how much you can get for the leads you collect.
#8: Freelance Writing
If you have writing skills and creative talent, it’s also possible to get paid to create online content. I don’t do this as much as I used to, but I am very aware of how viable this income stream is.
One blogger I know, Holly Johnson, actually makes over $200,000 per year creating content for other websites. And actually, that’s on top of the six figures she earns with her blog, Club Thrifty.
Holly told me she started writing content in 2011. At the time, she still worked a full-time job but created content online part-time to supplement her income. Over time, she was able to double and triple her rates until she could quit her full-time job to write. These days, she makes bank as a freelance writer and teaches others to do the same via her online course,Earn More Writing.
According to Johnson, the key to making it as a freelance writer is figuring out a niche, networking with people who might hire you, and delivering high quality content 100 percent of the time. While there are a ton of writing job boards to help you get started, she says it’s fairly easy to find starter writing jobs on websites like Upwork.com.
#9: Sponsored Posts
If you have a website or a large social media following, you can also make money by pursuing sponsored posts and ads. But, how does this work? Basically, companies are willing to pay bloggers and social media influencers to promote their products and services. If you have a platform, be it a blog or a huge Instagram following, you can cash in.
The first time I got a sponsored post for Good Financial Cents, I was totally blown away. I think I got paid only $100, but that was a lot of money to me at the time. Later on, however, I realized companies that wanted a sponsored post really just wanted a link from my website to their own site. For that reason, I started increasing my rates.
These days, I charge around $4,500 for a sponsored post. Plus, I clearly mark all sponsored content as an #ad to stay in compliance with Google’s terms and conditions. I also only promote companies I use or believe in.
But, I also know bloggers that get $20,000 for a sponsored post. That’s pretty crazy, but it just goes to show what is possible.
Keep in mind though, you don’t need a website to do sponsored content since you can also get paid if you have a lot of social media followers. My wife has a pretty big Instagram following, and she gets all kinds of sponsorships. Not only does she get paid in cash, but we get a lot of free stuff, too. We’ve received free rugs, free lights, and free carpet cleaners. She only promotes things she loves though, so this strategy works really well for her.
#10: Webinars
Need more ideas on how to make money online? Another strategy is using webinars to market your product, service, or course. I’ve done webinars to promote my financial planning practice and to drum up interest in my online course for financial advisors. With a webinar, you’re basically offering a lot of tips and advice for free — usually in a live format. At the end though, you pitch your paid product or service with the goal of securing a few deals.
Professional speaker Grant Baldwin uses webinars to market his courses on public speaking, including Get Booked and Paid to Speak. While Baldwin offers plenty of free tips during his webinar, he offers his course at the end for people who want to pay to learn more. And, a lot of times, his sales pitch works.
No matter what you’re selling, it’s not that hard to set up a webinar and attract people to sign up with a lead magnet or Facebook ads. Heck, you can probably find a free webinar on how to create your first webinar if you look hard enough.
#11: YouTube
YouTube is another platform that has made it possible for people to earn money online. There are a ton of YouTube channels out there on any topic if you can think of, and most of the people with a big following are earning some money in exchange for their videos and time.
Marine officer turned men's fashion expert, Antonio Centeno has built a million dollar business from his YouTube channel, Real Men Real Style.
Last year, Forbes profiled some of the biggest players in the YouTube scene. According to the study, the top ten biggest grossing YouTube stars brought in $127 million from June 2016 to June 2017. The most popular, a gamer named DanTDM, earned $16.5 million of that on his own.
Will you earn that much? Probably not. However, you can start making money via YouTube using the platform’s own ad network or by getting sponsored posts. If you like doing videos, starting a YouTube channel can a fun way to earn some cash on the side.
#12: Build an Online Community
Last but not least, you can also earn money online by building an online community, although the monetization strategies you can pursue will vary a lot depending on your goals. You can build a community with a blog, for example. You can also build an online forum and charge people for membership. You could even build up a Facebook group and use your influence there to sell and promote products.
My good friends Shane and Jocelyn Sams have become experts in building online communities. They have one right now for their website –Flipped Lifestyle. This community shows people how to create an online business and connects entrepreneurs who are pursuing similar dreams.
Prior to that group, they had an online community for teachers looking for lesson plans. That probably sounds pretty random, but it's crazy the type of communities you can build and rally people around. If it's something that you're passionate about yourself and you want to connect with others that have that same passion, then an online community is something you should definitely consider.
The Bottom Line
There are a ridiculous number of ways to make money online and the ones I’ve covered here are just the tip of the iceberg. If you have time, a passion for almost anything, and at least some creative skill, you may be able to build an online income stream — or several — if you give it enough time.
But, don’t just take my word for it. If you look online, you’ll find thousands of success stories you can use for inspiration.
One day you could even create a success story of your own. But you’ll never know unless you try.
'Make your money work for you' is common personal finance advice, but it's not always clear how to make it happen.In practice, it can mean keeping your money in an interest-bearing account like a high-yield savings account or a retirement account.It could also mean investing in a business, in real estate, or in professional certifications that will enable you to learn more.'Make your money work for you' is such common personal finance advice that it borders on being cliché.But what does it actually mean? And more importantly, how can you do it?There's no simple answer — or a single way to do it. In fact, almost everyone can find at least one way to put their money to work. Below, Business Insider rounded up eight methods to get you started. 1. Open a high-yield savings accountSean Gould, a wealth strategist with Waddell and Associates and a certified financial planner, explains that before sending your money off to do the heavy lifting, you'll want to have an emergency savings account of about six months of living expenses stored in cash.A smart place to keep it is in an FDIC-insured high-yield checking or savings account, where it can generate more value as it waits.Read More: We asked financial planners for their favorite high-yield savings account, and almost everyone said the same thingA typical savings account offers an interest rate around 0.01%, and a typical checking account is the digital equivalent of putting your money under the mattress. However, high-yield checking and saving offer interest rates that exceed 1% — 100 times what you'd get otherwise.These accounts are usually available at online banks, which keep costs down by forgoing brick and mortar locations. Interested in a high-yield savings account? Consider these offers from our partners:2. Develop streams of passive income Passive income is the term colloquially used to define any money earned with little to no effort expended, according to Investopedia.Once you've set it up, passive income streams earn you money while you sleep. Sounds too good to be true, right? But fear not — it's not a get-rich-quick scheme. Creating any streams of passive income requires an investment upfront, whether of your time or money, but can lead to huge payoffs later. Common forms of passive income include real estate investments or silent partnerships in businesses, but it can also be generated by anything from making YouTube videos to using affiliate marketing on your blog. 3. Store it in retirement accountsRetirement accounts such as 401(k)s and IRAs are investment accounts, meaning your savings are invested in the market and have the potential to grow exponentially.'The key is to get money in a 401(k),' says Gould. 'Save as much as possible to have your money work for you tax-efficiently and to get money in the markets. The first bucket outside of the emergency fund is the 401(k) up to the match [if your employer provides one]. You don't want to give away free money.' After that, Gould explains, you'll want to put money in an IRA or a Roth IRA.'Another good tool people don't think about are HSAs,' he says, referring to the savings accounts for which people with high-deductible health insurance coverage are eligible. 'If you sock money away in an HSA you don't lose it, and whenever you have healthcare costs, you can pull the money out and not pay taxes on it. When you turn 65, it turns into an IRA and you don't get penalized for using it for other costs — you can pay Medicare costs and long-term care premiums.'Read more about how to use an HSA »4. Invest it in the marketIf you maxed out your 401(k) and IRA, next is an investment account, Gould says. 'The key is participating in the markets.'Being in the markets is not the same as trying to time the markets: Pulling money in and out to take advantage of favorable fluctuations and minimize the loss when the market dips is a strategy most experts advise against.Over time, Gould says, worrying dips in the market should even out, resulting in an overall gain. To take advantage of this effect, though, you have to leave your investments alone.And, he advises, 'Don't have more than three to six months sitting in cash. People like the comfort of money in cash because they're burned from 2008 and 2009, but inflation will eat away at your cash. Sitting in comfort is not a good way to make money.'Ready to invest? Consider these offers from our partners:5. Choose credit cards with rewards you'll actually useUsing a credit card might not feel like putting your money to work, but choosing a card with rewards appropriate for your lifestyle (read: airline miles cards aren't great for people uninterested in travel) means each dollar you spend on your cards is doing double duty.'As a financial planner, we don't like debt, but if you have the cash flow and predictability in your budget and you can pay off your bill every month, there are great credit cards out there,' says Gould.Read More: 8 of the best credit card offers this month — including a last-minute deal that expires soonIf you have credit card debt, this strategy isn't for you — the key to making your money work with your cards is being able to pay off your bill in full every month.6. Become a silent partner in a new businessStarting your own business can be a risky move, but if everything goes well, it can certainly pay off. Another way to reap the benefits of a successful new startup without the stress of getting a company off the ground is to become a silent partner who invests capital but doesn't handle any of the day-to-day operations.The prospect comes with pros and cons. You won't have any say in how the company is run or the daily decisions active employees make. But you'll earn a cut of any profits the business makes without putting in any long hours.However, you still run the risk of financial loss if the venture tanks. 7. Invest in real estateIf recent history has taught us anything, it's that housing isn't a guaranteed investment. That said, if you have the available cash and risk tolerance, investing in residential or commercial real estate may be a good fit.Investing in real estate is two-pronged: You could consider buying a single home to live in to be an investment, or you could invest beyond your home, into land to sell or stores or homes to rent. Branching out beyond your own home 'depends on your market and the appetite for rental real estate,' Gould says. 'In most markets, if you can handle the headaches and there's room, it's an option.' But in the spirit of diversifying your assets, Gould says to bear in mind that many homeowners already find real estate to be the largest asset in their portfolio, and cautions would-be real estate investors to be wary of weighting their portfolios too heavily toward one kind of asset.8. Pursue a professional degree or certificationAnother way your money can work for you is by increasing your worth on the job market. 'If you have time and money to invest in furthering your education, you can make yourself more marketable to become a higher earner,' Gould says. That doesn't only mean sinking tens of thousands of dollars into grad school. Making yourself more marketable as an employee or professional might be as simple as joining a workshop to improve your public speaking or taking a class to master Microsoft Excel.If you're looking to increase your skill set but don't have the money to help you do it, there are even tons of great free courses available online.- New Page
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