This has been a tough year, and if Covid has taught me anything about finance, it’s a three – to six-month emergency fund. Financial self-reliance requires multiple skills and income sources, and we can fundamentally change five beneficial situations in our lives:
1.Start a YouTube channel
Forbes recently released its list of the top Earning YouTubers in 2020. While the chances of making millions of dollars from YouTube are slim, countless people are making money making videos on everything from cats to paintings. My channel (about financial freedom) made $250 last month. It won’t change my life on its own, but I’m moving forward.
Here is the list of tools I use: SONY Alpha A6400 mirrorless camera Seema 16mm F / 1.4 DC DN lens Deploying the key light HEiL Sound PR-40 Dynamic Studio microphone Heil Sound PL-2T Elevated broadcast arm Screenflow software
You can use the iPhone to launch your own channels. As far as I’m concerned, I’ve invested some money in cameras and lighting.
Buying all of these at once costs about $1,500. Again, none of this is necessary. If you have an iPhone, you can launch the YouTube channel. A good example is Idaho Painter, who renamed his channel Paint Life TV. Since 2011, his channel has become a full-time business with more than 300,000 subscribers.
With 1,000 subscribers and 4,000 viewing hours, you can make money on your channel using Google Adsense. You can also make money by placing relevant affiliate links in the video notes.
- Publish niche websites
An information site is similar to a product-focused site. The difference is that information sites are not focused on selling physical products. The site focuses on information to help people make the most of their money. Content ranges from how to invest or improve your credit score to online banking to pay the best price. As with product web sites, you can create an information-based web site for any topic. In addition to finance, some of the most lucrative topics include health, fitness and productivity.
- Book review sites
A good example of this type of site is a site called Brain Pickings, and Brain Pickings is a good example of someone making a living doing what they like.
She was founded in 2006 by Maria Popova, who has created full-time business reading books that I am confident of, and has shared her insights on these books on her blog. Frankly, it would be unfair to call her site a “book review” site. Her views on life and life are much more than mere commentary. That said, her income comes from donations and links to Amazon memberships related to the books she discusses.
- Sell your products
The final worry is creating and selling your own products. Many bloggers have made their fortunes selling online courses and e-books that help people learn new skills. A good friend of mine who runs My Wife Quit Her Job is an example.
A few years ago, Steve and his wife started an online business selling linen. You can check it out here. After the success of the business, Steve started his own blog to teach others how to build their own online product businesses. The second business was incredibly successful, and he helped countless people start their side businesses.
- Create a product website
In fact, when a blogger’s site makes a sale, the blogger is paid a commission on almost all the products sold today. For example, bloggers can create affiliate links to almost any product on Amazon. Send visitors to Amazon via affiliate links, and when they buy a product, you get a commission. It’s very easy to get the website up today. Most blogs, and even many corporate websites, run on WordPress. It’s free and very easy to set up.
Product photography is a good example. The site reviews and ranks cameras and related photographic equipment. I call it a product site, but it’s more than that. For example, they created their own courses and e-books. There’s also plenty of content on how to use the equipment they review and how to be a better photographer.
Through the product website, you can choose what you are interested in. Anything from golfing to mountain climbing can be the subject of a profitable blog that guides and sells related equipment.
Whatever idea you pursue, be prepared. Any of these ideas can succeed, but you must learn a lot in the process. These are not rich quick solutions. They are more like what you can imagine, working harder, building a steady stream of income, and planning to achieve financial freedom over time.
The best time was 20 years ago, and the second best time is now! Stick with it, and as time goes by, it may change your life.