Making money online is a goal of many people, but few share the wisdom gained from their journey quite like financial expert Humphrey Yang. With years of experience, he brings a mix of success and failure to help guide others. Here are four of his ideas for making money online, alongside his personal story and advice.
To make money online, you must first understand what money is. Humphrey references Naval Ravikant, founder of AngelList, who describes money as “social credits.” It is essentially a medium of exchange for value. This concept is key to starting your online money-making journey.
1. Brute Force
This is where many beginners start, said Yang during an episode of his show. It involves simple, often tedious tasks like taking surveys or data entry. These jobs may not pay much, but they can provide income while multitasking, like watching TV or listening to a podcast.
Freelancing allows you to trade your skills for income. It’s a sustainable model and taps into the skills you already possess. Whether it’s writing, graphic design, or web development, there’s likely a market for your abilities. You can find clients on platforms like Upwork or Fiverr and start building your reputation.
3. Selling Products
Selling products can be scaled significantly more than freelancing. There are three main ways: drop shipping, white labeling, and creating your own product. Each comes with different challenges, such as inventory management and product creation, but the potential for profit is substantial.
4. Scaled Media Business
Also known as an attention business, this involves building an audience through valuable content. Once you have an audience, you can monetize through ads or sell products directly to them. This model benefits from content that can be consumed repeatedly without additional cost to produce.
Humphrey Yang’s Personal Journey
Yang shares his own story of starting an e-commerce business selling custom posters. He faced challenges in creating a product interface, finding a production partner, and marketing the product. His advice from this experience includes using TikTok or Instagram for organic marketing and choosing a business with a broad market potential.
Yang shared some key takeaways. He tells entrepreneurs to:
- Utilize platforms like TikTok for free organic reach.
- Avoid high-maintenance businesses that require constant developer input.
- The size of the market matters – bigger markets can lead to bigger outcomes.
- Just start – even if you fail, you’ll learn valuable lessons.
The Bottom Line
Yang’s experience provides a roadmap for those looking to make money online. By understanding the value of money, starting with simple tasks, leveraging skills as a freelancer, scaling up by selling products, and ultimately building a media business, anyone can start their journey toward financial success online.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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