4 Ways to Earn Extra Income Anywhere with Little to No Capital
finance and productivity | Monday, 24 Feb 2020
In these challenging times, earning extra income has become a lot more accessible, thanks to the advent of internet. The key is through digital freelancing. Some do it on a part time basis while having full time jobs, while some might even make it their full-time money-making machine.
Whichever the case, they made the first step and knew the risks and returns. people who has not jumped on it though, they might think twice, probably on the assumption that it incurs heavy capital or they just don’t know where to begin something so foreign to them.
Freelancing Is the Norm Now, But What Kind?
One of digital freelancing’s biggest perks is that you can complete a certain assignment at the location of your choice with flexible schedules. Basically, you are selling your services to your clients in form of skills that you have acquired throughout your life. The biggest chunk of capital you already have is your collective knowledge and skills, followed by certain tools to do the job which chances are, you already have them.
Having an attractively written description about your relevant skills and fields of knowledge along with a curated work portfolio throughout your course of work will give you an edge, striking a professional, good impression to your clients and prospects alike.
4 Businesses You Can Start Almost Immediately
As Malaysians, most of us are fluent in multiple languages. There is plenty of demand for such services, especially from foreign countries that require translating of certain transcripts and documents to languages that you have been dealing throughout almost your entire life. Some of you might even be fluent in non-local languages.
How much capital do I need to start: As long as you have a reasonable mastery of the languages you will be translating; you don’t really need much else. A basic device and access to the internet means you don’t even need a dictionary if you’re rusty about a word or two. However, if you’re not fully confident in your mastery of a language, you should not take the job because they may not be able to check and the results could be disastrous.
Copywriting simply means the writing of texts for advertising or publicity materials. Those of you who did well in school or have a natural talent for word-smithing can consider this. Whether it’s a succinct one liner or taking your readers on a journey, copywriting can be a lucrative pursuit for those who possess such talent.
How much capital do I need to start: Almost none needed! Well, maybe you need a basic device to begin but most likely, you already would have it. If you don’t already have Microsoft Word, you may have to buy the license. Optionally, you can install a free basic word-processor or use Google docs. However, some writing projects may need specialized knowledge about the product or service, maybe even the audience it’s targeted at. This would require some research into and around the subject.
Graphic / Web Designers or Video Editors
Being adept at designing graphics, websites and editing videos were once a highly technical skills to acquire with steep learning curve. But nowadays with the ease of availability of e-books and video streaming providers like Youtube, as long as you are interested and dedicated enough to learn it, such skills can be quite rewarding as demand for such services are quite high.
How much capital do I need to start: Basic laptops /PCs are adequate enough to do the job. However, you might need to purchase or subscribe courses to learn and programs/applications for content creation. For heavier graphic design works or advanced video editing, you might need a higher-powered PC or laptop. Similar to copywriting, creative opinions may differ and you should factor in the possibility of reworking.
Perhaps the easiest, but definitely the most repetitive/tedious, some clients demand for such services whereby they will require freelancers to ‘dissect’ all the raw data/information and re-key the information back to a predefined database sheets like Microsoft Excel and categorize them in different columns. As a lot of raw data needs to extracted and keyed in, there might be multiple opportunities for human error so some skill in navigating the database software (for error checking and correction) is an added advantage.
How much capital do I need to start: This arguably requires the lowest cost of capital and it also requires the least skill. However, this kind of job might be fast-paced and errors must be kept to a minimum. You need to be careful and meticulous, but it’s also just as important to have a lot of patience as it can get repetitive.
You Can Make Some Extra Income, But Keep In Mind
While these ventures for additional income may be something you can start with little capital, it also takes up considerable time and energy. In creative matters, clients may have wildly different or vague ideas about how the project should go which could mean numerous reworks, some maybe even quite last minute. The digital freelancing economy is also quite competitive and it can take a while to establish a customer base. If you are working a full-time job and are already exhausted, these part time jobs may not be for you. Alternatively, if you manage to pull off these side hustles successfully, what will you do with the money? The answer for both of these is to start investing your money and making it work for you.
However, looking for the right investment can be quite intimidating for a novice. Good investment decisions come from having industry and market knowledge, experience, risk management strategies, and understanding comparable returns on investment. Hence, it’s common advice for novice investors to turn to investment funds. Funds are managed by dedicated teams who research and monitor different investment opportunities, diversifying the risks while still bringing a healthy profit.
One Product to Manage All: Investment Linked Insurance
Most of the time, we are trying to earn extra income because we want to take care of our loved ones, which is why investment linked insurance is definitely worth considering. They combine the best of both worlds by providing protection while allowing a portion of the monthly premiums to be invested in different funds according to different preferences and risk appetites. Find out how to insure yourself and take care of your loved ones while making your money work for you.
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