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February 20, 2012

31

10 Reasons Why You Should Make Money Online

by Josh Lam

1. Treat It As A Supplementary Income
You can always Make Money Online as a hobby at first, supplementing your real, offline job. Even if you become redundant, you’ve got yourself an income, albeit a small one at first.

2. No Initial Investment
You could start off with a free Blogger blog – it doesn’t cost you anything to start one up, except for a bit of time. Remember, time=money. The more time you spend creating your blog, the more (likely) you’ll make more money online. It’s a balance of being a couch potato on your computer all day (like ShoeMoney was) and earning thousands, or having a life and still making some money online.

3. No/Extremely Low Overheads
My overheads are exactly $7.65 per month, which is basically just the hosting and domain cost. Now compare that to starting your own McDonald’s franchise or shop, what are your overheads there? I would estimate that to be in the range of $10,000 and upwards. Now imagine what happens when you lose all your money and need to declare bankruptcy? Even if you decide to quit blogging after a while, the loss wouldn’t have of amounted to a large sum.

4. Exponential Income
My overheads have roughly stayed the same over the past few years, although my profits have risen in an exponential manner.

5. High Profit Margins
Because of your low overheads, you tend to make up to 98% of your money coming it. Your overheads are that small.

6. Show Off To Your Friends
Not many people can proudly say that Made Money Online (successfully with a profit) to their friends.  This is one of my favorite quotes:

Entrepreneurship is living a few years of your life like most people won’t, so that you spend the rest of your life like most people can’t.

It may cost you a lot of your time in the beginning (something that the majority of people are not willing to invest in), but the end rewards are huge and satisfying.

7. Only Basic Knowledge is required
Making Money Online as an investment is relatively easy to do – anyone with a bit of a technical knowledge and a bit of business know-how can easily be profitable. In fact a lot of information can be available freely online, free of charge. A simple Google search will do the job. The one basic rule that I’ve always stuck to is to never let your overheads be higher than your profits. It’s simple but it works.

8. On Autopilot
Once you’ve got your “system” running, whether its a blog, site or app, the income will keep rolling in, even after a few months of not working on it. To be honest, this blog post is the first in a year – partly due to my laziness and the amount of money still rolling in without writing anything.

9. Low Cash-Out Amount
Many companies require you to reach a certain threshold before they make a payment to you. In the online (especially the advertising and affiliate industry), these rates are normally really low, at around $50 or less. This makes it easier for just about anyone to hop on the boat and join the party. Even though your first income may be small, don’t give up. It will be double or triple that in a matter of months.

10. Easier To Evade Tax :)
You are legally responsible to declare your income to your relevant tax authority. Yes, obviously it’s easier to evade taxes online than offline. It is obvious that you can select a country other than the United States, making the (usually US-based advertising companies) ineligible to “reduce” your income with tax. You may start to feel guilty however, when you’re filling out your W-8BEN IRS form, instead of the W-9 :).

But as someone living in Hong Kong, I am not charged any Profits Tax. It is clearly stated by my Inland Revenue Department:

No tax is levied on profits arising abroad, even if they are remitted to Hong Kong.

Read your local laws first!

 

What’s next? Where do I start? Head over to my Make Money Online page.

Start NOW!
You may never Make Money Online within your first week, month or even year. I was paid my first check after 7(!) months of blogging, earning nothing during these 7 months. Now, I make over 10 times that amount every month.

P.S. NEVER EVER buy an eBook online. They’re all scams. Everything they tell you in them can be found online, free of charge.

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