These days, you will hear a lot of people talking about wanting to know the ways to get rich. In this Internet age, It is easier to get rich quickly. I reach a $100,000 net worth at 24, with most of my income coming from the Internet. Although I have not reached a millionaire status yet, I am able to build my wealth really quickly because I read up and researched multiple ways to get rich. I build multiple side hustles and income streams online such as Pet Boarding, Options Trading, Crypto staking, and NFT flipping. With my strategy and looking at my investment horizon, I am certain I will be a millionaire before 50.
The FIRE Movement stands for Financially Independent Retire Early. Has gained a lot of traction over the years on its methods and steps taken to financially retire. I follow the movement because I believe that they are a good example to follow to learn more about them to achieve early financial freedom.
Learning from their tips and trick. Here is the list I have compiled of the best ways to make money
Create An Online Business
It’s no surprise that more Generation Z’s are creating and building businesses through the Internet. An average person uses 4.8hours on the phone in a day, 2hour of it is spent on social media. However, Internet business is no simple task of just writing a blog, making a video, or selling merch. Online businesses require owners to learn multiple skills. Take this blogging channel for example. To start my blogging channel, I had to learn how to build a website from scratch, create social media presence to drive viewers to the website, and create blogs that have high SEO (Search Engine Optimisation).
Even though starting an online business can be tough, it can be a lot easier to educate oneself through research with the help of the Internet. Don’t like to read? Watch online videos or attend courses that can help you learn relative topics faster. Still don’t know how to do it, pay experts in the relative field from Fiverr to do it for you.
Why I love to do online business is that there is no limit to the number of customers coming in, your customer can literally be on the other side of the world. The limit in online business is not creating enough value for people. Here are some easy ways to start creating an online business.
On average, most Singaporeans spend about 2 hours every day on one social media platform or another. The most used social media are Youtube and Whatsapp. With 4.4 million Singaporean users, YouTube has the largest number of users among all social media sites. Facebook falls behind by a small margin with 4.06 million users. Youtuber makes a lot of their money through Ad revenue. They can also make money through sponsorship, online stall, courses, and plenty more. If you love making video content, Youtube is the best platform to showcase your skills and talent.
Blogging is still one of the best ways to make money online because there is a need for more information to be online. By making valuable informative content, the search engine will promote the best quality content to the most viewable page and this creates traffic (people viewing your page means more money). There is always new information needed for people to understand, and through blogging, information can be easily found and read.
Income in blogging is mainly made through affiliate marketing, which is sharing links to other company websites or products to earn a commission. The most amount of money to be made through blogging is selling courses as people will need to use your webpage to view your courses, along the way having to scroll through some ads for you.
Blogging is my favorite when it comes to making money because I love sharing informative information and don’t really like talking to a camera to make a video. Blogging takes a lot of hard work. Average blogging only sees results in 6 months and most blogging only starts making money after a year. Once you are able to gain the attention of multiple search engines, that’s where the fun begins. The compounding effect on blogging is a lot better than other platforms as the algorithm is able to showcase more of your older works, which makes a better outreach for you.
Influencer Social Media
With the rise of the social media age, many people begin to market themselves as product user. There is multiple social media platform on the Internet such as Facebook, Instagram, Tiktok, and LinkedIn. By influencers others around you to purchase a product or view it from your social media, these influencers are able to cash in on content interaction. if they do not wish to market to others, they can start their own product or course and sell it on their social media platform.
Investing your Money
There are many types of investment currently out in the market. Different people have different takes on their investments because there is more than 1 type of investment. Read this article to learn more about the basics of Investing. Investing your money is really important as it doesn’t require you your time to build wealth. It is really important to know your investment’s future value so your money is able to make you more money.
It’s no surprise that 90% of millionaires invest their money into real estate. Real estate is a tangible asset depending on how you use it. What I mean by that is if you are living in the property, the property isn’t going to make you money. So you need to know 3 ways to make money through real estate. These are renting out the home, using part of the room for storage, or flipping houses.
If you are not interested in buying real estate, you can also do renovation flipping. It involves either fixing up old damaged property or renovating a home to make it look better. Some people love renovation flipping as not all house renovations are the same and they have the freedom to design how the home looks.
If you want to know more about Real Estate Investing. Do read our Investment 101 section on Real Estate Investing!
Stock picking can be the easiest or the hardest way for you to make money. Well, that depends on what you are putting your money into. For the most stock investors, the best approach to investing is the Total Stock Market Index Fund which is the S&P500. The S&P500 is the top 500 companies in the US that historically produce an annual return of 10% a year. This investment is classified as one of the best even Warren Buffet suggests that almost 99% of investors should just invest in it because it’s hassle-free and it removes most of the emotion out of the stock.
Some like to invest in a single stock because they are a high conviction or love for the company. Picking stocks is really hard as there is a lot of information to learn from. Investors need to know about quarterly financial reports and keep up with the news on their stock investments. Well, if picked right, the single stock has the potential to grow multiples within a few years.
If you would like to invest in single stocks, do follow my Investment 101 Stocks site to learn more about stock picking
Crypto is a new trend of investment people are dipping their toes into. As currency around the world faces inflation and the value of currency decreases, many are jumping onto the Bandwagon to hedge their investment. Countries such as El Salvador have started using Bitcoin as their main form of currency due to the high inflation of their own currency.
There are multiple uses for your cryptos to make money. Staking has been popular in recent to invest your currency, staking can grow different coins from 1 to 12%. However, the higher the staking value, there is generally the greater the risk involved. If you wish to start investing in Crypto, you can start by using Crypto.com. Ease of use, low fees, and a nice selection of coins make up some of the best cryptocurrency exchanges. Although Crypto.com has a slight learning curve, the website and app are user-friendly and easy to navigate. Additionally, the costs are lower than Coinbase, and there’s a broader range of currencies.
If you wish to learn more about Crypto, do look into our Investment 101 Crypto to learn more.
Learn to Sell High Commission Ticket Items
Fixed-income jobs have great job security, this means there is a fixed income to earn. Whereas commission base jobs, the income you make is the amount you sell. Such jobs are high risk because you never know when you would start making money, that’s scary……However, some people love the commission base job because most of these jobs are not tied down to the hour’s work. Some of the common commission-based jobs out there are Real Estate agents or Financial Advisors.
High Income, Low Expenses
Having a lot of money does not make you rich. If you make $100,000 a year but spend $100,000, you are left with zero dollars to show. Learning to control your saving is important. The Fire movement lesson of 7 levels of financial freedom is important to know what level are you at before achieving Financial independence. I recommend using the Money Manager app to learn to save my money.
Don’t take Debt if you don’t know how to use it
Debt is the easiest way to make money and also the easiest way to lose all of it. Most people can’t differentiate between good and bad debt. Simply put,
To learn to get good with debt, start off by learning what are some of the good and bad types of bad and how to use them for your advantage. Debt can be the most powerful income-generating asset as debt is non-taxable. This means that you will be able to make more money with it.
Money is not hard to make once you are able to learn and build a good foundation to make money on. To get to millionaire status, take risks, calculated risks. No one ever got rich sitting and watching TV all day, make sure you learn to build different side hustle or businesses, make more money and learn to use money to your advantage.
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