I am not an internet millionaire yet, but one day I will be there. Unfortunately I am more interested in electronic dance music (where only a few people are making money), rather than FOREX or high frequency trading.
There are a lot of different ways to get some of that internet money, but the best approach will always be the one that utilizes your skill set. None of these methods require a large capital investment to start, but will require a significant amount of time to learn the skill.
At the core of these different approaches is becoming an expert in the market that you are looking to enter. Knowledge will be the ultimate way to lead to success no matter what you are doing.
Affiliate marketing is great because you don’t have any of the risks that a regular business does. You direct a user to a website, they make a purchase and then you collect a commission. Depending on the type of product you’re selling, the commission will vary. Some of the top affiliate niches include financial products, search engine optimization, relationship help and web hosting.
Anyone can get involved with affiliate marketing. The people who will be most successful will develop their own online audience through sharing knowledge about the topic. Create a readership, establish credibility, build trust and then sell different products.
If you follow my 10 minute wordpress website builder you’re looking at around $60 total for a website. For email marketing you can sign up using Mailchimp for free.
- The Affilo Blueprint Program (paid) goes through the different steps of affiliate marketing
- Shawn Collins has developed a pretty sound guide.
- Cloud Blueprint Program from Viper Chill utilizes email marketing.
- Experts to follow: Shoemoney, Jon Chow, Sugar Rae.
Penny Stock Trading
Penny Stock trading has been made popular by Timothy Sykes who turned his $12,415 of Mar Mitzvah gift money into $1.65 million from 1999-2002 while completing his undergraduate education. He’s a self-made boss who still trades but makes a majority of his income through teaching others how to use the system he’s created.
You’ll be best suited to start trading stocks if you have some sort of financial background, but I believe that anything can be accomplished with the right drive. The question is how bad do you want it?
With Timothy Sykes Millionaire Challenge, there are success stories of people who have turned $500 into $50,000 or more. Tim Grittani is a 23 year-old who turned $1,500 into $128,000 (Quicksprout). The amount of money you’ll need to begin will vary, but like any of these other methods it’s going to be a massive time commitment.
- Apply for the Millionaire Challenge
- Penny Stock Egghead (paid program)
- Learn how to trade penny stocks
Create an Information Product
Creating a product can be as simple as writing a book or designing a complex course around something that you are knowledgeable about. Ideas could include a series of tutorials on how to snowboard, a guide to your local college town or other book. Most of the entrepreneurs you see in the lifestyle base, write the same guides over and over telling you how to quit your job and break free from the 9-5.
I like the idea of products because they are a form of “evergreen” monetization. Once your product is created, it will continue to make money as long as it remains relevant. Depending on your approach (video, eBook, guide, etc), you may want to pick a topic that does not change often so you will not have to issue any updates. This eBook Evernote Essentials earns over $160,000 a year.
Scrivener is widely regarded as the best software to use when writing an eBook or online guide and only costs $45. It allows you to sort your ideas and chapters easily, making it preferable when compared to something like MS Word. If you’re filming a video series or other instructional guide the costs will be substantially more, especially if you don’t have equipment already.
If someone can make $160,000 a year from a book on Evernote… what can you write about? Maybe Dominating Dropbox or Finding Love on Facebook. You can pick a niche topic or general one, Mike Geary created an info-product called The Truth About Six Pack Abs and makes over $1,000,000 a month. Really I’m not shitting you.
- Mixergy – How to create an information product that sells
- Smashing Magazine – How to make an ebook
- Mashable – 8 tools to create an irresistible ebook
Build A Smartphone Application
Smartphone applications are turning every day people into overnight millionaires. You don’t need a background in programming or a ton of cash to get your product built. What will lead to your success is creating an application that addresses something in the market place and a good launch plan that will hype the release up.
- Good ideas – emoji’s, draw something, fruit ninja
- Bad ideas – anything that involves pictures, music or sports scores
What is the best way to go?
It will all depend on your skills, but these are all real ways people have and will continue to make millions of dollars online. In my opinion, affiliate marketing is probably the easiest way to start, especially if you don’t have any prior experience. You’ll find out what works for you, what doesn’t, what you’re good at and what makes you cringe. Get going.