When you figured out that the path to financial independency is an income game, you quickly hit a wall. This was the case for me! When I first figured out that in order to get to my goal I need to just invest into ETFs and maybe take some risks with crypto, I was very optimistic! I am also very thankful that I got onto this path because digging down the rabbit hole of crypto was one of the biggest eye openers for me. Nevertheless, I quickly hit a demoralizing wall. With my current income it would take me a looooong time to get to the level that I truly feel comfortable.
Yes, I am aware that this path is not a quick route and that it always takes time to generate wealth but this is where my current thoughts are coming in. At this point it is just an income game and in today’s article I want to discuss the different possibilities that we have to generate the extra buck in order to make more money work for us.
Being A Middle Man
On my search for the perfect side hustle, you will find tons of courses and adds. I was always under the impression that they will not help you and I still think that they are very much scams because most of them are promising your to get rich quick. The other thing that is constantly advertised is drop shipping. Imagine you are just a middle man that connects potential customers with potential sellers. If you want to make it a little bit fancier you create your own products with print on demand. The prototype for that are mugs, as they are easy to print and every body needs them.
I must admit that I was reading a lot into it. I was even very close to opening up my own shop and try myself out! This was until it got into the complexity of the different fees. I must admit that this is a topic that is not easy to understand for me and so I have given up very quickly. I know that to generate some extra income is not easy and needs time and dedications but if it is already very demoralizing to set up a shop and you are potentially losing money with it, it is surely everything but motivating. I am not giving up on that but I might need some more guidance with that so if somebody here has a great YouTube video on how to start here, it would be very much appreciated!
Affiliate Marketing
The next big thing that I stumbled on was Affiliate Marketing. Either with an Email Newsletter or with Links under videos or blogs. The creativity of this kind of machinery is endless. The main idea is that you are advertising a product by a company and if a potential buyer uses your link, you will get a small cut of the price. While at first I was thinking that this might be very cool, I quickly realized the following things:
First: Where are you getting the people to advertise it too? It must be something like a follower base or if you use an email newsletter, how can you get the people to subscribe? Second: You don’t want to provide people with useless crap because you will lose credibility and the people will stop following you or listen to you. In my opinion this income source is reserved for every influencer out there that does not care about his follower base. They are probably making millions form their fan base and do not even care. This is something that I am not willing to do and am very far away from which is why I think that this path is kind of blocked for me.
Royalties
Speaking of influencers I always have to think of YouTubers with millions of subscribers. While they can make money from affiliate, they can also make some good money from Royalties! Each video that they post will make them money for the rest of their lives basically. This is insane! Imagine all those YouTubers getting money for a video that is up there since 2015. That’s like 7 years of getting revenue. Obviously they need to stay relevant and the income goes down as the clicks on this video decrease. It is still a crazy amount of money in my opinion
While it sounds very tempting to find a cool fan base and make videos about something you like and enjoy your time with others, this YouTube business seems to be very hard and painful in the beginning. In order to be relevant it will take you over a yea, probably even more until you can see some money flowing your way. This is obviously a grind and I do not scare away from this. On the other hand, it is also not guaranteed that if you grind your butt of, that you will get a soldi follow base and therefore solid clicks. You need to be talented and consistent, while on top of that getting picked out from a very saturated market. In my opinion it is almost not worth anymore to start a YouTube “career”.
Second Job
What can be an immediate relief in generating some extra income is to get a second job. Most of the time it would be a night shift or maybe a special job at a supermarket. It sounds very tempting but is definitely exchanging just time to money. I think that if you need quick money, this can be a very feasible way to generate some extra income and get over the depression phase or to generate this extra something to invest it into crypto or stocks.
Thinking the long term game, I think it is more clever to invest this time instead into yourself. Rather it’s being by learning a better skill or if it is just mental health time in order to perform better at your current job. I think that this will give you a much better chance of a raise and ultimately again more money in the long term than having to work a second job.
Digital Products
Last but not least there is the way of having digital products that you can sell. Some sort of apps or digital planners that you can program once and then sell multiple times over and over again. I think this is something worth thinking about, but you need to come up with something that does not exist yet! Not only that but you also need to have the special skill set or already some money to your hand that you can spend for developing this product.
In my opinion it is worth trying, but with the right idea! When the idea is not great and you are not passionate about this project you should not invest time into it. I think it would be just very easily lost time that you could have used for something else. With that being said, I am always trying to brainstorm in this direction and who knows, maybe one day there wil be a great opportunity waiting around the corner!
Conclusion
All in all, this income game grind is really exciting. It just opens up many possibilities and forces you to think outside the box. Furthermore, I would encourage everyone to try out as many paths as possible. Who knows, if 9 out of 10 things do not stick but the 10th path sticks, you are having a great source of income generated for yourself! This is what I am currently doing and who knows, maybe in a few months time I can report to you that I found a cool way to extend my sources of income. Until then, the grind continues!
Published by ga38jem on
LeoFinance
On 10th September 2022