What do you do to earn more money?

Don’t include working overtime!

I have been busy making a little extra on my websites over the past couple of years, but I’m always interested in other ways to expand both the diversity and amount of additional income.

Truth is my ambition is to not have to work… I’m about 1/3 of the way there and could easily get to 2/3rds with a couple of simple but extensive changes.

So here are some of my ways:

  1. interest
  2. lending money
  3. private client
  4. websites
  5. online business…

What other ways can you think of?

Is anyone lending on any of the lending sites, too? I’d like to but my residency requirements are a REAL problem.

Kenneth

Freelance writing and editing, tax evasion. I have to stop, though before I end up blind; I spend a lot of time at the screenface. Not exactly a ‘smart’ way. No business acumen at all…

Pretty pointless in Taiwan anyway since it’s usually not paid for. :wink:

[quote]I have been busy making a little extra on my websites over the past couple of years, but I’m always interested in other ways to expand both the diversity and amount of additional income.

Truth is my ambition is to not have to work… I’m about 1/3 of the way there and could easily get to 2/3rds with a couple of simple but extensive changes.

So here are some of my ways:

  1. interest
  2. lending money
  3. private client
  4. websites
  5. online business…[/quote]
    Just curious but how do items 3. and 5. qualify as “not having to work”?
  • Investing in bonds and stock so that you get paid interest / dividends and profit from gains (I buy most bonds below par)
  • Investing in public property funds that yield around 5% p.a., the distribution is also tax friendly in my case due to the laws back home

Not many ways that I can think of where you don’t have to work for money, most ways where you make money without doing much require that you have capital available as to invest or loan it (as you already do).

If people got money for not working, I’d be a fucking millionaire.

Well, not a fucking millionaire. But a millionaire no less.

[color=#0000BF]Let me know your web site[/color]Thanks/ :sunglasses:

Both bonds and stocks can loose value even though you get interests and dividends. In the end, you may or may not gain any net profit.

what is “public property funds”? I am not aware of any goverment bonds that yield 5% nowadays.

That’s of course true, but the same can happen if you run your own business or lend money to people that don’t pay you back (OP’s item 3. and 2. respectively).

Ups, brain fart: Open(-ended) property funds I meant; I somehow translated “oeffentlich” (public) instead of “offen” (open). :doh:

Outsource. Say you can make $2,000/hr by selling Widgets. You answer the phones, process orders and arrange deliveries yourself. If you outsource as much as possible for say $200/hr then you can make an extra $1,800 for each hour you outsourced. Then by outsourcing you have automatically added scale to your operation so you can take on more orders and even have other people selling Widgets for you.

The same goes outside business - if you hate washing the car, cleaning the house, doing laundry etc. then there are plenty of people willing to do it for much less than you could make by using that time working.

[quote=“llary”]Outsource. Say you can make $2,000/hr by selling Widgets. You answer the phones, process orders and arrange deliveries yourself. If you outsource as much as possible for say $200/hr then you can make an extra $1,800 for each hour you outsourced. Then by outsourcing you have automatically added scale to your operation so you can take on more orders and even have other people selling Widgets for you.

The same goes outside business - if you hate washing the car, cleaning the house, doing laundry etc. then there are plenty of people willing to do it for much less than you could make by using that time working.[/quote]

Llary I was going to say more or less the same but I call it leverage.
You leverage your house when you get a mortgage
You also leverage people when you hire a workforce
You may also leverage equities in some scenarios

The other alternative is to create ongoing income streams through copyrighted items such as books, musical scores etc.
If you are not creative you can invest in the rights to these, or even create an option for the rights
For example if you thought Llary’s life story was fascinating (I do) you could ask him to sell you an option on the rights to his story for a year for 2cents then go to Hollywood find a Scriptwriter and try to make the movie- or just sell the rights to someone else for 3cents

[quote=“llary”]Outsource. Say you can make $2,000/hr by selling Widgets. You answer the phones, process orders and arrange deliveries yourself. If you outsource as much as possible for say $200/hr then you can make an extra $1,800 for each hour you outsourced. Then by outsourcing you have automatically added scale to your operation so you can take on more orders and even have other people selling Widgets for you.

The same goes outside business - if you hate washing the car, cleaning the house, doing laundry etc. then there are plenty of people willing to do it for much less than you could make by using that time working.[/quote]

Your senario is based on one BIG assumption: You already have a big enough customer base for all the Wedgets you want to sell.
Selling is easy, the difficult part is finding the buyers.
If I already have a big customer demand for a particular product, then it is a no brainer that I would open a company and hire people to sell this product (or simply process the order).
On the other hand, if you are hiring sales people to find customers for you, it may or may not turn out to be better than selling the product yourself.

[quote=“Scott123”]Your senario is based on one BIG assumption: You already have a big enough customer base for all the Wedgets you want to sell.
Selling is easy, the difficult part is finding the buyers.
If I already have a big customer demand for a particular product, then it is a no brainer that I would open a company and hire people to sell this product (or simply process the order).
On the other hand, if you are hiring sales people to find customers for you, it may or may not turn out to be better than selling the product yourself.[/quote]

The OP was talking about ways to earn more money rather than how to earn money in general.

Many people in small businesses find themselves at a ‘comfort level’ which is where I was at for a long time - making enough money to be comfortable, working long hours and not unhappy but not really moving forward. Someone in this position can use outsourcing either to make the same amount of money with less hours and less stress, or more likely expand the business and make more money.

Also note that I talk about outsourcing and not hiring staff. I am a firm believer in outsourcing and it has worked wonders for our business. We have also done very well with some co-operative arrangements where for example we own equipment but pay another company to manage day-to-day operation.

One of the first ways that a small business can start to outsource is to use an answering/response service (like enspyre.com - they are well worth a plug) for ‘front office’ work. If your company makes products that needs packing, it may be better to pay a specialist packing company than hire your own staff. If you process orders from customers there are companies who specialist in that also.

Oh, one good example here is that we mail out thousands of samples and brochures to potential customers each month. Most of our customers are based in the UK, Japan and the USA so we use a fulfillment company in each country that receive a few thousand sample packs from us each month and then distributes them to individual customers on demand. We save enough on shipping to make the free samples feasible, otherwise we would not be able to offer this.

Always good to know more people that want to earn money without really working.

Hope someone comes up with some good ideas that I can use, because it’s really too much work to find them myself.

Brilliant!

I was impressed by your website and have told a few people about it. I wondered if you carried out production in the US too but I think now I have an idea what you do. Your fulfillment offices in the US, UK, and Japan send out the samples and then product is shipped from Taiwan?

I’d be interested in hearing your life story sometime.

Half a dinari for my life story?

Re: the book thing, when I used to talk more it was not uncommon for people to tell me I should write my life story. After making a few false starts, which always faded out due to not believing it would ever earn a return, I started asking them to put some money on the table.

After all, if you believe people would pay to hear about the time I was attacked by Komodo Dragons, or the Mexican policeman who held a gun to his own head to make me understand about the pelicans, then surely you would be prepared to invest in that product? $10 advance payment for the first edition, and I’ll give you a share of the reprint rights, multiplied by a few hundred people, and it’s worth sitting down to write the bloody thing. Without anyone prepared to buy it, then yeah, it’s only worth 2c for the rights.

If we’re auctioning Llary’s story*, I’ll give you NT$20 for the lifetime rights to publish it. The contract would have to specify the payment to him for actually writing it or being interviewed by a ghostwriter, and place him under an obligation to co-operate on demand - like when he’s a billionaire and worth exploiting globally.

It completely depends on the product and the technical service and follow up service involved. Outsourcing could be a way to expand the business or to destroy the business reputation in a rapid fashion. Taiwan is an excellent place to outsource supply and technical development with millions of SMEs eager to work on an OEM basis, however it would be fool hardy to trust them with quality control,customer service or to outsource to much to one supplier so that they learned your business.
But yes, establishing a business and outsourcing certain components is a good way to grow scale quickly.

[quote=“KenTaiwan98”]Don’t include working overtime!

I have been busy making a little extra on my websites over the past couple of years, but I’m always interested in other ways to expand both the diversity and amount of additional income.

Truth is my ambition is to not have to work… I’m about 1/3 of the way there and could easily get to 2/3rds with a couple of simple but extensive changes.

So here are some of my ways:

  1. interest
  2. lending money
  3. private client
  4. websites
  5. online business…

What other ways can you think of?

Is anyone lending on any of the lending sites, too? I’d like to but my residency requirements are a REAL problem.

Kenneth[/quote]

Ever heard of a guy named Robert Kiyosaki? If not, I think you would be into him. He is most well-known for a book called Rich Dad Poor Dad. He talks a lot about making more and doing less through passive income.

One important one that I think you’ve forgotten is rental income from real estate assets. On the one hand you gain a real asset, while you also receive rent from tenants. Another one is to invest in small businesses in exchange for an equity share. There is also a guy by the name of Timothy Ferriss who wrote a book called the four hour work week, which might also be of interest to you.

Plenty of excellent ways to make money online.

This is true even for people who are not technically savvy. For example if you are a good writer but are missing the tech skills, no problem, be a writer. You can write for others, or create your own sites/blogs and reap 100% of the fruits or your success. I am always looking for writers, a good, native English writer will always have work. You can always outsource the tech side, or learn the skills yourself. For example, Wordpress is insanely easy, and makes it possible for almost anyone to make a site.

Here are a few ways I spend my time:

Content sites/blogs - Build - monetize - promote
membership sites - Not exactly for newbies
Affiliate programs/sites/blogs - Tons of potential with this one both for profit and loss
drop shipping sites - You sell the product under a full on ‘white label’ - they ship it.
web design - for yourself or others
programming - for yourself or others
writing - for yourself or others
Domains - excellent investments if you know what your doing
SEO - for yourself or others
Software - Create -sell / think micro niches, find a need a fill it, the coding can even be outsourced.

I am a firm believer in diversification, different verticals, different methods, different servers/IP’s, and am always looking for another possible revenue stream. Google can make or break you without rhyme nor reason, so slowly work towards having a diverse portfolio so you don’t have all your eggs in one basket.

Start with one site/blog and learn from it. Avoid the boring ego-centric blogs. Pick a profitable niche, one with tons of searches, traffic and advertisers. Do your research and offer helpful information, articles, videos etc… Promote the @#$# out of it, and then start monetizing it. You can outsource any of the jobs you find difficult, boring, or you are clueless about. Never stop promoting and working on SEO, more traffic = more money.

Rinse and repeat.

This all sounds like a topic for an entrepeneur club meeting.

I’ve run a few websites over the years and enjoy it oh so much more than “teaching”. As already posted, you’d honestly be surprised at how simple some ideas are and just how willing people can be to hand over money for some information that you have online. This isn’t to say that work isn’t involved, but once you have things set up and do the necessary work, things can just snowball. Homey’s post above says it all. Much of it can be outsourced and there are many different kinds of sites you can setup and promote.

I like the idea of earning money by writing a load of shit online. Do you think I have a chance?