Seniors, especially those who are retired, are ideally placed to exploit the different revenue opportunities that are available on the internet. Think about every senior you know (including yourself, if you’re a senior), and what do they all have in common?
They sit around all day and watch TV, right? Okay, so maybe not, but they definitely have that luxury. With so much extra time on their hands, it only makes sense to consider making some extra money online, whether you just want the extra cash for fun, or you really need it.
Let’s take a look at how seniors can generate their own income online with just a home computer and an internet connection. Let me say from the start, however, that this advice could apply to anyone, but is more suited to seniors as they are more likely to have the spare time needed to make money on the internet.
All you need is access to the internet as there are no other start-up costs involved! There are several different ways to generate income on the web. Let’s take a look at four popular options…
Everyone’s heard of eBay, the number one auction site on the web. A lot of people may presume the only way to make money on eBay is to sell your own items. However, many people buy and sell items as you would in any regular market place. For an individual to get started, you clearly need to sell stuff at a greater price at which you bought it. Here are some ideas to achieve this…
- Pick up stuff at garage sales and then sell them for more online. Prices at garage sales are notoriously cheap, so you can pick up some great deals. You can then sell these items for a higher price online.
- Buy items on eBay that have not been marketed well, either with a poor description or photo. Often these items can go for more with a better listing and picture.
- Grab items that are finishing at unsociable hours of the day. Sunday night is one of the most popular times for eBayers, and consequently, the finishing prices can escalate higher than at other times. This is good for you if you’re selling, so list items to end on a Sunday night to get the maximum sale price.
There are lots of other ways to make money using eBay that have already been covered extensively on the web, so I just wanted to add three simple ones that anyone can use.
2. Affiliate Marketing
Affiliate marketing involves you becoming an ‘affiliate’ of an existing website, online business or product. You earn commissions by driving sales or leads to another company. This can be done by either selling their products on your site or driving visitors to their website. The sales are tracked using what is known as a cookie, so anyone who lands on your site, clicks on your affiliate links and then makes a purchase within a given time period can be attributed back to you. Typically you can earn between 2% and 10%, and sometimes even 50% or more of the sale value. To start earning you need to join an affiliate program, of which there are many. You can then choose which ‘merchants’ you want to affiliate with.
Creating your own blog is a great way to generate online income. Once you have a site registered and start blogging for a while and marketing your blog, you can start to monetize your traffic by placing advertisements next to your content. The companies that supply the advertisements will automatically match the type of adverts shown contextually with the content on the page. Think Google Adsense or Clickbank Ads. Very easy to setup, and the ads are targeted and relevant to your content.
For example, if you create a home improvement blog, you may start to display ads about roofing, loft conversions, etc., etc. The greater the quantity and quality of content you produce, the more traffic and sales you can generate. Of course, your marketing efforts come into play here. You need to have traffic before you can start to monetize your blog. So, work on getting quality and targeted traffic, first.
You can also earn affiliate commissions by finding an affiliate program which matches your content. The rewards can be much higher than earning a few cents here and there from Adsense or a similar ad service. Just make sure you do your research and choose a quality product that matches your blog’s niche and that your readers and traffic would find useful. Again, search Clickbank and PayDotCom for products to promote.
4. Money Back Sites
A money back site offers consumers cash back on purchases made using the site. Much like you would use a coupon in a store to get money off, online you can use a cash back site to get money back. To start earning, you need to sign up to a cash back site and then see what deals are on offer.
Typically, you can expect between 2% to 7% back on purchases made. Of course, using these sites, you have to spend money to get some back, so only use them when making purchases you would have made anyway. For example, if you were planning to purchase a new widescreen television, check to see if there are any suitable ones on a cash back site. If you had, for example, a budget of $1000, using a cash back site at 5% would mean you could save $50 on the purchase price.
If you don’t have any desire to buy items on these sites, there are some that provide small cash incentives for completing surveys and online market research.
Do some research and find the cash back site that best fits your needs.
About the Author
Simon is the owner of 123annuityrates.co.uk where seniors can get a higher rate on their annuity.