How to Earn Money Online and Manage It Well

neeraj-kulkarni-savingsToday there are a lot of avenues where you can make money. Making money on the internet has become the norm in today’s world. Every business strives to have an online presence of some sort. An online presence is what gives a boost to the company reputation.

Anybody with a basic computer and an internet connection can start earning money online by either giving services to others who are in need of it or creating their own business online where they serve customers. Regardless of the route they choose they need to have a website setup so that they can exhibit their skills and services to their potential clients.

There are specialized services available online and also low level general services. The charges vary from job to job and also for the services required. For example: a high quality writer from United States will charge around $20 for a piece of good quality unique article whereas an Indian writer may do it for less than $5.

The same applies to other services as well and your budget and requirements may determine whom you will hire for your job.

If you are willing to work for someone and get paid online there are many websites which provide the platform for you and the client to meet, interact and get the job done without any risks of fraud. The money which you are owed is saved in the escrow account. So, the client cannot take your service and deny payment later.

Some of the websites like fiverr.com, guru.com, freelancer.com are known for giving best quality and also all sorts of services for clients worldwide. There are thousands of jobs posted every single day and there are bids made by potential people who are willing to take up the job and get it done satisfactorily within the stipulated time.

The payments are made through the Paypal account and you can then withdraw the funds to your checking or saving account. Some countries have restrictions regarding the deposit and withdrawal of funds but generally all countries come under the purview of Paypal. They do charge a small fee for transactions but it is a very negligible amount when compared to the secured service which they provide.

If you are interested in setting up an online store and want to sell products of your own, you will need a website with an e-commerce store. Unlike an individual websites which are just content based, an e-commerce store will require you to host your site on a dedicated server and have a secured connection. You will also have to meet various legal requirements for accepting payments from credit cards around the world.

The best way to earn money online is by being an affiliate to the products and services in an industry which piques your interest. Since you are naturally interested in the subject you will find motivation and passion for the topics being discussed in that area. You can be of immense value to the community who are searching for answers and provide them with avenues where they can further develop their knowledge.

If there is a product in your area of interest which you feel can benefit the community then you can arrange for being an affiliate for that product. When people buy that product through you, you will get a commission.

There are some huge online portals like Clickbank and CommissionJunction which have an index of tens of thousands of digital products for which you can be an affiliate. If you have a huge following online you can promote the products and earn commissions for every sale made.

There are also other authority websites like Amazon.com, Ebay.com which are known for selling physical products. If you have some physical product which you would like to sell online you can register on these sites as a product owner and setup a store. When a sale is made the website charges you a small percentage of the sale. Since everything is automated most of the vendors find it to be very profitable without the usual headache of managing sales and payments.

Managing The Money

Coming to managing part it can get quite overwhelming when you are dealing with various payment portals and attaching your credit/debit cards to for renewals or purchases. It will be wise to keep a track of all your payments and statements when you are dealing online. Sometimes due to the server issues your payments are either not processed or your account is charged twice. Tracking every transaction and matching the figures regularly helps you stay away from bank hassles which may arise as time passes.

Also, you will want to start following a money management plan in order to grow your business and reap huge rewards from creating passive income streams. Passive income is where your assets work for you pumping money in your bank account while you do not have to work on them constantly. They do require some work on your part for checking on them occasionally and making sure everything is working alright but your time is not tied up to working of these assets.

T. Harv Eker gives a simple yet wonderful plan for managing and growing your money as you work towards your job or business. This money management plan can be followed by anyone regardless of their financial status or intelligence. It is a simple plan but works excellently when followed to the T without making any changes.

It is called the 6 Jars Method or Plan

You are required to create 6 Jars (Bank accounts) and take the after tax income and put them into these jars on a monthly basis. Within a few months you will start to see the power of this method and would integrate it in your daily routine for the rest of your life.

1st Jar – Necessities Account – 50% of the income generated (after tax)

2nd Jar – Financial Freedom Account – 10%

3rd Jar – Long Term Spending Account – 10%

4th Jar – Education Account – 10%

5th Jar – Play Account – 10%

6th Jar – Charity Account – 10%

Now, these figures can be slightly adjusted according to your needs but the creation of these accounts and depositing the money into these accounts regularly is vital for managing the money well and eventually achieving financial freedom. You can also have more number of jars specifically assigned to an interest or goal.

Also, as you start doing well in your financial life your necessities account will require less and less portion of your available income. This surplus can be diverted towards your FFA so that your journey is accelerated towards financial freedom.

We need to understand that very few people are born with the silver spoon in their mouth. For the rest of us, we need to work hard and also smart in order to earn that silver spoon and create a wonderful lifestyle for us and our families.