If you spend any time perusing social media you know the drill. You see a video or post that promotes a side hustle the influence promises will help you make money. Sadly, it’s often just some “free” course they’re promoting that gets them a commission if you purchase it. Here are 12 ways to make money that are often too good to be true.
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What Happens Next?
During the webinar, you realize it is pre-recorded, but the presenter tries to pretend it’s live. Questions go through your mind like, “Are people really making money with this?” and “If this person is making this from this side hustle, why are they trying to sell their services? Is it really out of the goodness of their heart?”
Besides avoiding the following ten money-making opportunities, the best advice is to research the work and the companies selling it and look for genuine reviews.
1. Print On Demand
This one will grab your attention because you can spend little to get it started, and creating and selling custom merchandise through print-on-demand platforms can be a creative outlet. Still, the market saturation and high costs associated with advertising and production can make it challenging to generate consistent income.
Then you have particular businesses that try and sell you their “expertise” on getting it started. Still, a little digging reveals their genuine interest in supporting their partner’s printing company.
2. Kindle Direct Publishing (KDP) – Low Content Books
Create a pretty cover on a lined notebook and sell it on Amazon. It was a great idea when KDP first appeared on the market, but it’s so saturated now that you’re lucky to get your book viewed in search results, let alone any sales.
3. Multi-Level Marketing (MLM) Schemes
While MLMs often promise lucrative returns, the reality is that the vast majority of participants struggle to make a substantial income. In addition, the hierarchical structure and emphasis on recruiting can create a challenging environment where success is limited to a select few.
4. Online Surveys
What is the reality of getting paid a decent amount to complete an online survey? While taking online surveys seems like an easy way to earn money, the fact is that the compensation is often minimal, and the time investment can outweigh the rewards.
In most cases, the income potential must be higher to be considered a viable side hustle.
5. Dropshipping
Dropshipping, the practice of selling products without carrying inventory, may sound appealing. Still, it comes with its own set of challenges. Fierce competition, thin profit margins, and logistical complexities can make establishing a sustainable and profitable venture difficult.
Setting up an online business is easy, but when a customer waits two months to get their product from China, it quickly dissolves your business dreams.
6. Getting Work on Fiverr
Visit any website that discusses making money and they invariably discuss Fiverr as a way to find work online. It’s true that there are a lot of opportunities on the site, but gigs only pay $5, before fees.
Yes, you can offer add-ons that allow you to charge more. However, not every client is going to purchase those. That’s also not to mention the competition to even get the work.
7. Paid Social Media Influencing
Becoming a paid social media influencer may seem glamorous, but building a substantial following and securing consistent brand partnerships can be an uphill battle. The market is saturated, and success often requires significant time and resources.
8. Investing in Crypto
A de-centralized currency with few consumer protections and little regulation. What could go wrong?
A lot. There are many reasons to only invest in crypto carefully and after careful thought, but you wouldn’t know it by just asking the internet. Unless you want to lose your shirt, keep crypto where it belongs – as something you invest your ‘fun’ money in, not your retirement savings.
9. Renting Out Personal Belongings
While renting out personal belongings such as your car can generate some extra income, the logistics and potential risks involved, such as damage or theft, can make it an unreliable and stressful side hustle.
10. Blogging
Yes, it’s possible to make money great blogging if you do the work. But you have to know what you’re doing, and it is overnight. If someone is pushing to sell a $1500 course on how to make an income via blogging, why do they need to sell a class on it?
In addition, generating traffic to your site and profiting from ads or affiliate programs takes a lot of work. The investment isn’t worth it if you don’t know what you’re doing, and sometimes those that claim to have the formula have some motivating words in exchange for your hard-earned cash.
11. Selling Scrap Metal
Many websites promote recycling scrap metal for cash. While it can be lucrative if you turn in a car, or something similar, it’s difficult to make any real money.
Prices fluctuate wildly, and if you don’t know what you’re doing it’s simply not worth the effort.
12. Work-at-Home Schemes
Working from home is the dream for many people. And, there are some legitimate options available.
However, there are a lot of opportunities out there that are nothing more than schemes. Anything that requires you to purchase supplies, or sounds too good to be true, are just that…schemes.
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I’m John Schmoll, a former stockbroker, MBA-grad, published finance writer, and founder of Frugal Rules.
As a veteran of the financial services industry, I’ve worked as a mutual fund administrator, banker, and stockbroker and was Series 7 and 63-licensed, but I left all that behind in 2012 to help people learn how to manage their money.
My goal is to help you gain the knowledge you need to become financially independent with personally-tested financial tools and money-saving solutions.
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