Dreaming of quick money and riches is okay, but relying on some miraculous get rich quick schemes to make your money is not smart financial planning or thinking.
Let me say right out of the gate - the chances of getting rich quick by working from home are not fantastic. Yes, people have and will continue to make fast money online, but generally it is not realistic. The good news? Making money and maybe even earning a living online is very possible. Hundreds of thousands, maybe millions of people, are doing it right now. However it is important to keep perspective and remember that it will likely take time, effort, and a little common sense.
There is so much information out there regarding working from home that it can be quite a mess to sort through. And with so many people (often marketing gurus trying to make a buck) telling you what's what, it is hard to know which information is credible. Not to mention, there are just that many different ways to make money online.
Get Rich Quick Schemes Overview
I want to provide an overview of the most common ways to make money online and overrated get rich quick schemes to help you get started. A work from guide that I hope will help decide where you should start.
Affiliate Marketing
The single most hyped and marketed make money system on the web! The concept of affiliate marketing is simple - you find a product or service that is not your own and sell it, taking a commission on each sale. But to be successful, affiliate marketing can spiral into a never ending game with a million possibilities and only a few of them leading to profits. It can be extremely frustrating as you try failed campaign after campaign with nothing to show. Unfortunately, this is the fate of the majority who play the affiliate game. However, there is the potential for massive profits if you have a good eye for the right offers and are able to market them effectively.
Let's break it down just a little. The first to step to affiliate marketing is finding the right product or service to sell. Many gurus stress this is the single most important step to successful affiliate marketing, and I would agree. When you think about, this is arguably the most important step in creating any successful business - virtual or not.
After you find the right thing to sell (or at least to try selling), comes the marketing. There are several different ways to market your chosen product with the most common being paid ads on search engines or PPC (pay per click). Let's look at some pros and cons.
Pros of Affiliate Marketing
- It is the quickest and easiest way to test a range of markets and industries. One day you might be selling horse saddles, and the next trying to sell paintball guns. If a company offers an affiliate program, then it is yours for the testing, and more and more companies are offering affiliate programs.
- Relatively low cost. It might cost you $20 (plus time) to see if an affiliate offer is profitable or not. Try doing that with another business model!
- If you are lucky enough to set up a profitable affiliate campaign, whether it be PPC or another marketing method, then that campaign can potentially run on autopilot for months if not years.
Cons of Affiliate Marketing
- Competition. This is a big one. Because it is such an appealing money making tool, affiliate marketing has drawn in hundreds of thousands, maybe even millions of people competing for lucrative commissions.
- It might not get anywhere. I guess this is a potential con for anything, but to me it rings especially true with affiliate marketing. You could spend months trying campaigns without making a cent. That is extremely frustrating.
Further Reading
Final Say: Affiliate marketing is one of the most popular get rich quick schemes and is one of my favorite ways to make money online. You may get lucky and strike gold with one of your first affiliate campaigns, but chances are it will take time and lots of perseverence to see any real results.
Drop Shipping
Drop shipping is a lot like affiliate marketing. You are selling somebody else's products and taking a cut for yourself. The recipe for success is the same too. You need to 1.) find the right product and 2.) market that product effectively.
The main difference with drop shipping is the relationship between you and the product supplier. You will actually handle the money from the customer, pay the drop shipper for the order, and then they will ship out the product to your customer. This means finding a good product supplier is even more important with drop shipping. It is absolutely imperative that they are trustworthy and reliable.
Pros of Drop Shipping
- The business model for drop shipping is pretty sound. You don't buy or stock inventory and you are able to set your own product prices. Plus you control the layout and feel of your business.
- You can build your own customer base and have return customers.
- Relatively low cost.
Cons of Drop Shipping
- It can be hard to find the right product, but companies like Salehoo help there.
Further Reading
Final say: There is real potential for a long term profitable business in drop shipping and not one of those get rich quick schemes!
Paid Surveys Online
Taking online surveys for money is extremely popular - or at least the idea is, which is not at all surprising. It's one those things that seems to good to be true. Fill out surveys from the comfort of your home and earn decent cash? Sign me up! But what's the real deal with paid surveys?
Here's the scoop: Companies need market research and lots of it. This research can be quite expensive, so it makes sense these companies turn to the Internet as a cost effective tool for gathering their data. They seek out people by partnering with different online research companies that specialize in getting the surveys out there. Sites like Survey Scout and Surveys Paid - two top recommended survey sites - work by bringing together hundreds of these companies and surveys so they are easily accessible.
Pros of Paid Surveys
- Taking surveys online is one of the easiest ways to make a few extra bucks. If you find you are good at it, there is potential for a solid supplemental income.
Cons of Paid Surveys
- Nothing major. The investment to get started is quite low if you go with a survey company, so you really can't lose much and chances are you'll be above even no time.
Further Reading
Final say: Paid surveys are a great way to earn a few extra bucks if you know where to find the best surveys!
Data Entry Programs
I don't have much to say about data entry programs as the principles are essentially the same found in paid surveys. Companies need data, and for that reason your input can be valuable. I will say "Data Entry Programs" can span a wide range of ideas and money making techniques, and there are a lot of companies promising riches in this area that do not live up to their sales pitch. Just use extra caution and you'll be fine!
We do recommend Legit Online Jobs as a good program that delivers.
Further Reading
Forex Trading
I do not have a lot personal experience trading on the Forex, but I'm fairly convinced it is hard to make money with and should be approached with extreme caution. This is especially true if you are considering making a real money investment. It is a form of gambling (although skilled gambling) and there are a lot of sharks that play this game.
Further Reading
HYIP Programs
I have nothing good to say about HYIP's. They are dengerous get rich quick scams and they are to be avoided entirely!
Get Rich Quick Scams Further Reading
Get Rich Quick Scams and Legit Progrmas Final Thoughts
I've been lucky in that I started working online from an early age so making money on the Internet comes somewhat naturally now. I grew up with it in a sense which really helps, and yet I can appreciate how overwhelming it must be to newcomers.
I plan to keep writing about this topic of get rich quick schemes and provide more detailed but concise guides on what you can do in quest to work from home. Stay tuned and good luck!
