Money is most important for everyone these days. All of us looking for various opportunities to Make money, no matter online or offline. When we talk about Online, it doesn’t any investment, you only need to work hard to get the money in your pocket. But its always a good feeling when you earn money without paying anything in the beginning.
Top ways to make money online and offline
No-risk matched bettingHands down the quickest way to make a lot of money (well, without breaking the law). Lots of students have genuinely made £100s from this technique. It’s completely legal, risk free, tax free, and anyone can do it.It works by taking advantage of free bets regularly offered by betting sites through ‘matching’ them at a betting exchange. Matched betting eliminates the risk (you are betting both for and against a certain outcome).This leaves you being able to squeeze out the free bet, which can be as much as £200! Multiply this by how many betting sites there are and you can quite easily come away with a profit of a few hundred pounds.Owen walks you through how to make your first £15 profit (using a real life example) in this gem of a guide to matched betting. If you know of any better way to make £30/hr sitting at home, please let us know!
Online surveysCredit: Julio Marquez – Flickr.com
An increasingly popular way for students to make money is to fill out online surveys in their spare time. Research companies are always recruiting new members to answer surveys and test new products.For a few minutes of form filling, you can make a couple of quid which is paid as cash or rewards. You can bag up to £3 ($5) for some surveys!A few good ones to try are: Toluna, Vivatic, OnePoll, MySurvey, SurveyBods, Valued Opinions, The Opinion Panel, YouGov, PopulusLive, Global Test Market, Pinecone, IPSOS, Hiving, PanelBase, MintVine, Opinion Outpost, Harris Poll, Mind Mover, New Vista, iPoll.Also sign up for Swagbucks which rewards you for surveys as well as simply surfing the web, watching videos and playing games.Update: See our new full guide to the best paid online surveys!
Paid for searching the webInterested in earning cash for doing what you already do online? This has to be one of the easiest methods of making money online without really any effort or change in your behavior.This innovative idea by Qmee.com rewards you for searching in Google, Bing or Yahoo. You just install a simple add-on to your browser and when you conduct a search there may be a few sponsored results alongside your normal search.Each Qmee result has a cash reward attached – if you are interested in it simply click on it and collect your reward.The best thing is there is no minimum to cashout – our first one was just 72p wired to our Paypal account. You also have the option to donate it to charity.Sign up now for free and start earning from your own searches!
Online market tradingThe historically hard-to-break world of investing in stock markets and currencies has been cracked wide open. Today there is no need to be a fat cat or fund the yachts of Wolf of Wall Street style stock brokers. You can do it all yourself with the help of online market trading platforms.Having spent many hours researching this new opportunity, I’ve been experimenting with the two biggest platforms: Plus500 and eToro.com.Both offer free practice accounts, and Plus500 also give you a free £20 (without depositing, terms apply) for their CFD service which is worth taking up. Overall I prefer eToro with over 4.5 million users worldwide. It was recently featured in the BBC 2 documentary “Traders: Millions by the Minute” and the Financial Times.One of the best things on eToro is the CopyTrader feature. This lets you literally see, follow and copy the investments of other top performing traders.Follow George’s complete guide to trading on eToro to learn more. I think $200 is a good amount to get the most out of the learning curve by trying out a few different markets. If nothing else you’ll learn a great deal about various investments and industries.Disclaimer: CFD trading can be volatile and you can lose your entire capital, so don’t throw your life savings into it! Trading CFDs may not be suitable for you. Please ensure you fully understand the risks involved.
Start your own websiteInterested in generating passive income? You need a website. It’s THE way to make money while you sleep.Starting a website takes less than 20 minutes, costs hardly anything and can be done by an 82 year-old. It only takes a bit of plugging on social media to get your first visitors, and there are plenty of ways to monetise your site.Save the Student is just one example of a successful website, started at university by Owen Burek in his first year, which has since grown into a full-time and sizable enterprise.Read Owen’s step-by-step guide on how to start a website in 20 minutes. It’s really one of the best assets you can have.
Affiliate marketingIf you’ve got a good presence on social media or perhaps you even have a blog or website, you can start bringing in money immediately by promoting all sorts of companies, products, services and offers online.Sign up to an affiliate network such as Affiliate Window, check their offers blog or browse the merchant listings to find something you think your friends would be interested in, grab your affiliate link and share it. If someone buys (can be within up to 90 days) using your link you’ll make a nice commission.To take it a step further, set up a website or a topical Facebook page and invite all your friends to join it and post your affiliate offers on there.
A part-time jobA part-time job is the obvious first choice, opted for by most students looking to supplement their student loan. It provides a pretty steady flow of income and can enable you to gain valuable work experience.However, depending on where you live, jobs are not always easy to find. Check local classifieds, our student job search, student job websites and your university careers service for vacancies.It’s also worth signing up with the Graduate Recruitment Bureau, a free service which will match you with both part-time jobs or graduate opportunities.Read our guide to finding a part-time job whilst studying for more tips.
Freelance workPerhaps you enjoy writing, managing Facebook pages or doing a little bit of graphic design in your spare time. There are so many freelance jobs out there that require simple skills or just time that someone else might not have.And the best thing about freelancing is that you can work for clients in the UK and around the world with just an internet connection from home, to your own hours whilst developing valuable skills.A great place to start is with the leading freelance site Upwork.com. Or try using our student job search to find freelance jobs closer to home.
Sell clothes on eBayEveryone’s best friend when it comes to getting rid of junk is eBay. Online auctions are a sure-fire way to turn that sleeveless jacket (which came in and out of fashion in a week) into hard cash.Some eBay sellers look at trends and try to predict what will be big ahead of the market. If you are good and don’t mind taking a risk then you can buy early in bulk and sell on when the craze hits.
YouTube videosAccording to recent stats we now watch more videos on YouTube than searches on Google. And with the recently introduced YouTube Partner Program you can now profit from making and uploading videos. You will receive a percentage of the advertising revenue collected per 1,000 views.Depending on how successful you are (virality, subscriber base and topic) you can make a lot of money, and there are plenty of stories every week of more and more YouTubers making it their career.For more tips read our guide to making money from YouTube.
Network marketingAlso known as Multi-Level Marketing (MLM), this is a business model that allows you to generate ongoing income in two ways: by making a commission selling products and by recruiting other members who go on to sell. The later allows you to make money from the sales made by those you have recruited.Importantly, this is not a pyramid scheme (they are illegal) because there is an end goal which involves a customer buying a product or service of value.It’s also not a ‘get rich quick’ scheme. You will have to work I’m afraid! However with the growth of social media, network marketing is becoming easier and lots of people are now making a decent living from it.This is a serious way of making good money on your own terms and it’s well worth reading up on it. I recommend getting “The Business of the 21st Century” by Robert Kiyosaki.
With any luck you’ll be on the road to making millions! Please feel free to share your own ideas by leaving a comment below.
While we’ve all dreamt of countless jaunts to far-flung destinations, and an endless queue of gorgeous people wanting to help you splash your cash, short of a lottery win, chances are you’ve ruled it out as a daydream.
But being a ‘millionaire’ isn’t really as difficult and unachievable as you might think. Lots of people prove each and every year that you don’t have to be a banker, EuroMillions winner or be born with a silver spoon in your mouth to build up your wealth to seven figures.
So, here’s our ultimate guide to getting that million. Let’s get rich!
Ok, so a million quid ain’t what it used to be. It’s actually getting easier every day thanks to things like inflation. So for many budding rich-listers it’s a question of lifestyle and not having to worry about your finances.
To live like a millionaire, you don’t actually need to have a million pounds in the bank – 99% of ‘millionaires’ don’t. To actually be a millionaire you will most definitely have to be right on top of your finances and investments!
Being a millionaire can mean all sorts of things, but in this guide we’re essentially going to look at a realistic path in which you can build up your wealth to a target beyond £1,000,000.
Let’s briskly walk through the rest of your life, taking a look at the steps you can take to become a millionaire (or even a billionaire!).
Most students have to scrimp just to get by, and can expect to leave university with a hefty amount of student debt.
So, becoming a millionaire at this stage in your life is a tall order. If you’re serious about being wealthy though, now’s the time to get your act together.
The wealth game is a long slog. Money doesn’t come easy. Before you embark on your millionaire challenge, it’s vital that you have a clear life plan.
You need to work out a feasible and realistic route to making your millions that draws on your past skills, experience and ambitions.
We’ll touch on setting income goals later on, but if you’re serious about this then you need to know how to achieve it not just dream it!
Sort out your spending habits
Most millionaires don’t run around buying Lamborghini’s all the time while cracking open the Champagne for breakfast. In fact, that’s part of the reason why they’re millionaires in the first place.
They say that ‘a fool and his cash are soon parted’, and that’s a fairly decent motto to live by if you want to join the super-rich.
Hone in on your money skills
Practicing and learning some basic budgeting and money saving skills while you’re a student will stand you in good stead for the rest of your life, so don’t just write it off as ‘something you’ll do another day’!
To be wealthy you need to have income! Use any spare time you have (aside from studying and partying) to earn some cash. It’s a good idea to land a part-time job, but it can also pay off to be more creative.
Check out our quick ways to make money guide, or why not start-up a small business if you have something to offer?
There’s no getting away from the fact that you will have student debt, but because you don’t have to pay it all back right away (if ever) it’s not like other debt.
You may find that sometimes you do have a few quid to spare, especially when the loans come in.
Get into the habit of putting this into a savings account (easy access is best at this stage) and you’ll be surprised how much interest you can earn on it during your time at uni.
At the same time, remember to cut down on spending. Avoid having a car and think carefully before splashing out on big-ticket items if you don’t really need them.
Going from a life of education into a world of work can be a daunting prospect. There’s a lot to adjust to, and you might still be worrying about what you actually want to do with your life, nevermind the challenge of becoming a millionaire in the next few years!
Our advice is don’t worry about the unknown, things always work out and there are lots of things you can do to boost your chances of breaching the high-life.
Get a job
Your first priority to maximise your income at this stage is to secure a well paid job. Having said that, think carefully about the career you want to embark on: one you will enjoy and can progress quickly in. Read more about finding a graduate job.
If you’re finding it hard to get on to the career ladder, then pick up a part-time job for the time being whilst you job hunt. And if you’re really struggling to find any paid work then don’t be afraid to sign on at the Job Centre for a short period.
Start a business
The fast-track method of becoming super wealthy in your twenties is to start a high growth, high return business with a plan to exit within 5 years or so.
But, of course. there is absolutely no guarantee you’ll even make a penny, and the risk can often outweigh your other options of building a longer term income.
It’s important to have a well researched idea and a solid business plan before you start, and a clear picture of how you’ll support yourself when there’s no money coming in.
Having said all this, there may never be a better time to start in business than as a graduate. You’re responsibilities are minimal and even if it all goes Pete Tong, you’ve got a wealth of experience to build on to take forward.
Take advantage of tax-free ISAs
One of the reasons why people will never become millionaires is simply because they don’t know how. There are lots of competing options out there fighting for you to invest in, but you need to think smart and do your homework on what is available to you and then what will give you the best return.
Tax free cash ISAs are one of the best ways to consistently build up your savings. If you don’t yet have an ISA, get one now! Why? Read on…
Every year, each person in the UK over the age of 16 has an allowance of money they can put in a tax-free savings account, called an ISA. Once your money’s in the account, it stays tax-free, year after year. So if you have a little bit of spare money lying around, you should absolutely, definitely, 100%, put it in an ISA. After all, why pay tax (currently 20% on savings interest) when you don’t have to?
You can open a different ISA every year with a different provider if you want to, so shop around for the best rate. The top interest rate you can expect right now is around 3%. If you deposit £5,760 (the max. allowance for 2013/14) in one of the best ISAs, you’ll earn £169.76 over the year in tax-free interest. If that same amount was invested in a normal savings account paying 3%, after tax you’d receive £135.
A few years on from graduating, you’ll hopefully have a decent amount of cash coming in on a regular basis. Now’s the time to start getting serious. Being wiser with your spare money is what makes the difference between your Average Joe and your millionaire.
Get on the property ladder
Whilst you’re renting a property, you could see it as throwing cash down the drain every month.
Of course there are lots of benefits in renting, but by this point you should be a little more settled both in where you want to live and financially.
You may be quite happy living with your parents for a few years after you graduate (even if they’re not over the moon), and building up your cash reserves, but sooner or later, you should be looking into buying your own place.
Once you’ve bought your own house or flat, you’ll probably be paying much less every month in mortgage repayments than you had been forking out on rent, and you actually have a place of your very own at the end of it. Historically, property prices follow a strong upward trend so you really are investing in your future.
If you’re in a good financial position, then considering a buy-to let investment is the next step to financial freedom. So long as you can get the initial deposit down, and get a good mortgage deal which is less than the rental income, you’re on the fast track to being rather rich.
Again, you are also likely to benefit from a rise in overall property prices meaning you can bring in big bucks by selling up at the peak of the market and buying at the bottom.
Of course, there is the whole issue of getting a deposit together, and that’s a lot easier said than done.
But going back to those budgeting skills you honed as a student, you can put a plan in place to save up the necessary amount. You’d typically be looking at needing 10% of the property value.
Invest in stock markets using index-trackers
If you’re not familiar with the stock market, it can all seem a little bit daunting. Index-tracking stocks are fairly straightforward though, and more to the point consistently beat the vast majority of managed and hedge funds.
In simple terms, these funds are a collective investment scheme that replicates the movements of one particular financial market (eg. the FTSE 100). There are 3 big advantages over other stock market investments:
- Very low-cost, with long-term returns of up to 10%pa
- Don’t require much knowledge or professional help
- Avoid the classic issues of following greed and making stock choices
- Easy to manage
- Can be wrapped in a Shares ISA for tax-free returns
- Maximizes the magic of compound interest (where interest income is reinvested)
This sort of investment works best when it’s given several years to appreciate and mature, so think of it as a long-term venture rather than a get rich quick scheme. But be assured, over time your wealth portfolio will swell nicely.
Read our guide on index-tracking investments, and if you really want to learn how to make your millions using this strategy then definitely read Andrew Hallam’s Millionaire Teacher. Highly recommended.
Get to grips with your pension
Retirement might seem like a long way off yet, but sorting out a pension fund before you hit 30 is a very wise move.
The benefits of pensions in growing your wealth are on a par with index-tracking investments. Even a modest amount put into a pension fund now can make a big difference in the future.
As with many of the other tips on this page, the key thing is to grow your knowledge of these major types of investment products available to you.
You might be able to get a good pension through your employer, who often match every pound you put in, but don’t forget to look at other providers too.
Try to pick a flexible one, that allows you to pay in as much or as little as you can afford, with a low annual fee.
When you retire you’ll still require an income to cover not only basic living essentials (like rent and food) but to sustain the lifestyle you have worked so hard to achieve.
To be a millionaire OAP requires some planning years before you reach retirement age.
Set an income goal
Most retirees are ‘pensioners’ because, well, they are living off of their pension which at least covers living costs. But you want to live like a millionaire, right?
To get to this level of income without working requires a fairly sizable pension plus a good number of other streams of income being earned every month on your capital assets.
If you want to really live it up post-work, it’s important to set an income goal before you retire that does not require you to work any more. This number will vary for everyone, but whatever it is, pick one and work to it. Instead of retiring at 70 you might find you’re able to retire at 58 if you wanted to, because you’ve reached your goal.
By the time you give up work, your investment portfolio becomes your income portfolio. To protect your nest egg you need to diversify…
Diversify your interests
Don’t keep all your eggs in one basket. Over the years, you should aim to build up a portfolio of wise investments that will get you set for when you retire.
A good income portfolio would ideally include a mix of:
- Cash and stock ISAs
- Government bonds
- A pension (private or state)
- Index-tracking funds
- Buy-to-let property (UK or overseas)
All of these are sources of sustained income. This kind of balanced portfolio will leave you in a position to enjoy your retirement, rather than wondering how you’ll afford it. And with the UK’s state pension getting worse each and every year, that’s a very good position to be in.
Write a Will
Remember, whatever happens, you can’t take it all with you when you’re in the ground. After a life of saving and building up your wealth, you want it to fall into the right hands when you’re gone.
It can be worth seeking professional legal and tax advice to make sure you have a strategy that maximizes the beneficiaries of your Will. And don’t wait until you’ve gone grey, the earlier the better!
If the long but fool-proof road to becoming a millionaire – that is, scrimping and saving as a graduate and building a well-balanced and sustained investment portfolio in your 30s onwards – doesn’t appeal to you, then there are other more creative ways to becoming filthy rich in a shorter time-frame.
Try these for size:
- Move abroad – with a healthy bank balance you can live like a king in exotic countries such as India, Mexico and Thailand
- Lotteries, game shows & competitions – this method of course all comes down to luck, but for a (very) small group of people a punt has paid off big time
- Career choice – this guide has mostly focused on investing, but get into a high paying industry or job and you might be driving the flash car quicker than you think
- Sell a business – we touched on this, but there’s still lots more to be said for starting up a company, adding value, generating sales and flogging it on
- Gambling – not one to recommend since the majority of gamblers get into bad debt, but nonetheless it can be a quick way to big bucks for some. Check our guide to Matched Betting to profit without risk
- Property developing – you’ve seen the daytime TV shows, and adding value to houses is without doubt a great way to build wealth relatively quickly
- Inheritance – you probably haven’t got much choice in this one, but you can always send a Christmas card to distant wealthy relatives, just in case.
A million isn’t what it used to be, but it’s still more than enough to give you a very comfortable lifestyle. Making wise investment choices will help your cash to stand the test of time – AKA inflation, your biggest wealth enemy.
Whether you’ve got a couple of tenners spare or perhaps a couple of thousand, give some really serious thought to what you should do with it.
But remember, if you want to be a millionaire, you’d much rather stash it away to earn more money than spend it now.