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Top 5 Ways to Make Money Online

The subtle art of sideways hustle has helped many Aussies generate some cash. Here are five great ways to make money online.

The pandemic has forced many people inside and thinking about where their money is coming from. Suddenly hour-long commutes each way became a thing of the past and working from home became the norm.

Many people have found a new hobby or skill and thought about how to turn it into a side hustle. While it’s probably against your employment contract to do other work while you’re at your current job, here are five ways to make money online that could supplement your income or even turn into a full time job.

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5. Independent work

Research from 2021 found that closures and reduced hours have forced many Australians to self-employ to earn an income using online platforms such as Fiverr and Airtasker. These online platforms allow you to create a profile and perform ad hoc tasks for businesses or individuals at your own pace.

Melissa Gerke is a former teacher who switched to freelance writing in 2018. She told Savings.com.au that freelance work offers many freedoms, but does not come without challenges.

“Having a consistent income is hard to achieve because my income still feels a bit like a roller coaster,” she said.

“Tougher times, you have to tell yourself things are going to pick up, and they do (knock on wood). Also, you have to learn and wear many hats, such as accountant, salesperson, and salesperson.

“You need to feel comfortable sharing your image, phone number and certain facts about yourself online, which is a big step for some professions, like teaching.

“Also, don’t get caught up in the race to the bottom. It’s hard at first to evaluate your work, but don’t fall into the trap of ignoring what you do.

“But, I wouldn’t look back, I love what I’m doing now and the lifestyle that freelancing has given me.”

According to Fiverr’s 2022 Small Business Needs Index, the most in-demand and highest-paying skills are:

NFT development/art

$700 to $2,100

YouTube Editor

$335 to $840

Shopify Developer

$1,000 to $4,200

blockchain developer

$1,000 to $5,620

3D Animations

$1,300 – $4,900

Facebook Ads Manager

$700 to $3,300

Voice over skills

$150 to $700

Website writing

$160 to $680

Source: Fiverr

Peggy de Lange, vice president of international expansion at Fiverr, said non-fungible tokens (NFTs) are becoming a useful way for illustrators, artists, designers, and developers to monetize their skills and work with businesses and organizations. individuals who invest in this space.

“The fact that more than four in five Australian freelancers are already earning an income selling NFTs and related services, shows the foresight of freelance talent to stay on top of the latest technology trends. It also shows the huge opportunities that NFTs and related services, such as blockchain technology and the Metaverse, have for future job creation,” she said.

These income ranges should be taken with a grain of salt, as some use self-employment as their primary source of income, while others pursue smaller jobs as a side hustle.

Australian start-up Canva recently calculated the top ten secondary money-making scams in Australia.

Job

Average cost per job

Proofreading and editing

$121

3D and 2D modeling

$126

Blog posting services

$36.1

Drawing

$42.1

Advertising on social networks

$29.5

SEO services

$85.8

video editor

$19.6

ghost writing

$28.3

Animation

$19.6

Website design

$45

Source: Web

Whether you’re transitioning to using freelancing as your primary source of income or just looking for a side hustle, freelancing could be a viable option for making money online.

4. Invest

Investing online is a way to increase your wealth, but always comes with the possibility of losing money.

Helpful Tool: A Beginner’s Guide to Investing

Stocks or ETFs

A common form of investment is to invest in companies listed on the Australian Securities Exchange (ASX). You can invest in individual companies or invest in a group of combined companies. These are called exchange traded funds or ETFs for short.

The goal of any investor is to invest in stocks or ETFs that increase in value over time. Investing is now easily accessible through the websites of online stock brokers, usually charging a small fee for each transaction. A common minimum to invest is $500 per trade, and brokers generally charge between $5 and $30 to complete a trade, which means you may want to invest more of the change to make the brokerage worthwhile. the penalty.

For those wishing to invest smaller sums, micro-investment apps have grown in popularity. These allow you to invest less than a dollar in ETFs and other investments.

Cryptocurrency

Investing in cryptocurrency has grown in popularity lately, but comes with more volatility than other investments. The rise in crypto trading has also been accompanied by an increase in online scams targeting those looking to invest.

The appeal of a digital currency like bitcoin or Ethereum lies in the low transaction fees and the fact that it is largely unregulated and decentralized. Despite its popularity, crypto is highly volatile, which means that the value of a coin or digital asset can rise and fall daily, or even hourly, making the investment risky.

3. Sell unused personal effects

Selling clothes, furniture, or even a vehicle can be a quick way to make money online. Online platforms like Gumtree, Ebay or Facebook Marketplace offer a convenient space to advertise your goods.

Over time, we tend to accumulate clothes and other bits and pieces. Many buyers will be willing to pay cash and pick up from you, so you can make a quick buck. There are also many social media groups dedicated to selling second-hand clothes. Advertising your clothes on these pages and groups can help you get rid of unwanted items quickly and easily.

There are other items you could hold on to that could sell out quickly and easily. Things like furniture, unused sports equipment like snowboards, ski gear, surfboards, or camping gear, technology, and cameras are popular high-value items that might be lying around the house unused. .

If you are looking to sell a vehicle online, the used vehicle market is strongly favoring sellers at the moment, due to delays in new stock arriving in Australia. Used vans and SUVs in particular have risen in value as Australians pursue their lifestyles and family dreams.

Useful tool: How to Navigate the Used Car Market

2. Online surveys

A common online money maker is taking paid surveys. While these don’t usually offer a good payday, they can be a way to make some quick cash if you do a lot of them. Many online survey engines offer gift cards instead of cash, so be careful to find one that matches what you’re looking for. Some also have limits on when you can access the money or when it is deposited into your designated account.

1. Monetize your online presence

The rise of the influencer has seen brands quickly attach themselves to successful people with a strong online presence. This can take the form of paid advertising or discounts for exposure. And you don’t necessarily need a lot of followers to start spreading awareness about brands — sometimes a few thousand genuine followers will be enough for brands to start reaching out.

streaming

Twitch is a live video streaming service that focuses on livestreaming video games, including streaming esports competitions, in addition to offering music streams and other creative content. It is operated by Twitch Interactive. If you’re a skilled gamer, looking into paid advertising could be a way to earn some extra cash.

vlogging

Vlogging, is short for videoblogging, and usually involves delivering video content to viewers. Vloggers often make a name for themselves on YouTube, which also offers paid media opportunities for those who get subscribers or high viewership.

Every view, like, or subscription can earn pennies or even thousands of dollars if your videos gain traction. Moreover, advertisements can also help you earn money. If your videos are longer than eight minutes, you can place more ads in your YouTube videos and potentially earn more money. YouTube also shares more revenue with its content creators in December, making it a big month for videos.

Influence

Influencers usually operate on social media platforms like Instagram or Tik Tok. They are able to capitalize on social media marketing in the form of endorsements or product placement.

Building an online following can lead to brands and companies paying you to support their product. Although they are not necessarily money-making, the products that you are offered to promote could save you money by buying them yourself. Although not for everyone, influencer can be a convenient way to make money online.

Podcast

Platforms like Spotify, LISTNR, Apple Podcasts, etc. are full of content on all topics. Building a successful podcast can lead to endorsement and paid opportunities as brands seek to tie in with successful and popular podcasts.


Image by Faizur Rehman via Unsplash

Savings.com.au does not provide tax advice. This material has not been prepared by Savings.com.au and is for informational purposes only, and is not intended to provide, and should not be relied upon for tax advice.

For tax advice relevant to you, visit the ATO or consult an independent tax adviser