How Can I Flip My Money?

Elizabeth Macauley, Janet Berry-Johnson, Gene Marks

By now, you already know that earning money takes hard work, dedication, and time. This is why it may seem difficult to find additional ways to take your income to the next level. However, money-flipping strategies with retail arbitrage, website domain names, or real estate may just make you that extra income you’re hoping for.

You also can use your social media following or become one of the 16.3 million Americans who invest in cryptocurrency such as Bitcoin, Ethereum, and others to make money. Whichever strategy you choose, you’ll open the door for even more revenue in your future.

How Can I Make a Lot of Money Fast?

Perhaps you need money to pay for an upcoming expense, or you just want to grow your monetary assets. Either way, you can make money quickly with the right strategies and approach. Six approaches to consider include:

Selling items online. You can start by selling your own possessions, like clothing or home goods, for a quick profit. Next, you can hand make popular items and sell them. Etsy and eBay are sites that allow you to sell your items easily and efficiently. Common items people sell on sites like Etsy are jewelry, clothing, and home goods. This can yield quick cash, depending on the prices and demand for your items. You also can promote your items on social media, to direct customers to your products online.

Getting involved with affiliate marketing. Do you have a strong social media, blog, or website following? If so, you may be able to sign up with companies to promote their products on your platform. When you do this, you will receive commissions based on sales made from your posts. For instance, many companies will give you a promo code that your viewers can use. The number of people who use that code will determine your sales. Be sure not to promote counterfeit items, unethical products, or products you know are poor quality.

Freelancing. You may have writing experience or other job-related experiences that companies value. If so, there are freelance job opportunities that can make you money fast. For instance, web design, tutoring, teaching, writing, copywriting, creative design, and marketing are all common freelancing categories. You can find these opportunities on internet job boards like Monster or Indeed. You also can connect with former colleagues or other personal connections to see what’s out there.

Working a temporary job. Offices are always hiring temps to fill work gaps. These opportunities can give you quality work experience for your resume, as well as a paycheck. Job boards like Monster and Indeed are good sites for finding temporary work opportunities. In addition to this, you can connect with your personal contacts to identify opportunities. Temp jobs also can be part-time or remote, which can allow you even greater flexibility.

Renting out a room. Many people have spare rooms that they never use. To make more money quickly, you can consider renting out your unused room. This can raise your regular income and, over the course of a year, it can really add up. You can advertise your room for rent on your social media platforms, or on online sites like SpareRoom or craigslist.

Enhancing your skills. Your particular skill set can open many financial doors for you. In other words, investing in ways to enhance your skills should yield you more money. For example, you might want to invest in a certain tool that would allow you to capitalize on a skill. This could be the tools needed for making wooden furniture that you could sell. You also can take classes to enhance on-the-job skills. Enhancing your job performance often leads to career growth and a higher salary.

In addition to these options for making money fast, you can consider a number of strategies for flipping your money online.

Ways to Flip Money Online

You may think “get rich quick schemes” are far-fetched—and many are. However, there are a few ways to flip money online to increase your income. To do it successfully, you will need to acquire an asset and sell it at a higher price. Strategies for doing this include:

Retail arbitrage. For retail arbitrage, you will need to buy retail products from stores like Walmart or Target and then sell them at a higher price. You also can get items off of craigslist or eBay. You can set up an online store for this, or just operate out of your own home. Either way, there is the potential to make a lot of money fast.

However, when pursuing retail arbitrage, be sure to do it as ethically as possible. For instance, avoid selling counterfeit items. Traditional retailers sign purchasing contracts allowing them to sell items legally. Selling unauthorized items can cause you a variety of legal problems. Some examples include trademark issues and selling in unauthorized territories or countries. You’ll want to avoid selling trademarked items altogether. Retailers have been known to confront retail arbitrage sites that sell trademarked goods or counterfeit items.

Domain name flipping. For some, domain name flipping has yielded them thousands of dollars. All you have to do is buy and sell domain names for a profit. Essentially, you buy a sought-after name, hold onto that name, and later release it to a customer at a higher price. Keep in mind that there is a lot of competition in domain name buying. You may need higher amounts of cash up front to make your initial purchases.

As you set out to flip domain names, be sure that you have the legal right to sell them. You’ll have to pay annual fees in order to maintain access to the domain name. Also, even if you’ve been receiving the billing information on the domain name, that doesn’t mean you are authorized to sell it. For instance, you may be listed as an accounts contact or admin instead of being the owner. In addition to this, keep in mind that when you buy and sell certain domain names, you can run into trademark issues with companies.

Website flipping. You can flip websites just as easily as retail items or domain names. Basically, you buy a run-down website, fix it up, and sell it at a higher price.

As you fix up a website, be sure to avoid copyright infringement on content. Also make sure you obtain a domain name that is not already taken. You’ll want to avoid using trademarked words, images, slogans, or other content, as well as defamatory statements.

As you explore online money-making opportunities, don’t forget to consider your existing social media accounts for potential money gains.

Can You Make Money off of Snapchat?

Sending snaps to your friends may be a regular part of your day, but did you know you could actually make money doing it? Similar to other social media apps Snapchat can make you a lot of money if you have the right following for it. For example, 78% of 18- to 24-year-olds are active on Snapchat. That’s a big market that companies want to reach.

You can build your Snapchat audience by following these three steps:

  1. Promote your Snapchat on your other social media accounts. Use Instagram, Twitter, and Facebook to direct people to your Snapchat.
  2. Get shout-outs from users with high followings. Networking with other Snapchat users may sound unnecessary, but it can actually give you visibility that will increase your following.
  3. Optimize your stories. To maintain and build your following, you’ll want to post frequently, with quality content that appeals to your audience.

Once you’ve built your following, consider getting involved with affiliate marketing. This allows you to promote products or services for companies on your Snapchat in exchange for a commission. They’ll pay you based on how many sales you bring in for them. Your pay will rely on the power of your overall influence.

Companies will provide you with Snapchat promo codes for users to get discounts on products. They may also provide other incentives for users to visit the website or learn more about their company.

How Do You Earn Bitcoins?

As you delve deeper into making money online, it’s important to understand how Bitcoins are earned. These coins make up a cryptocurrency—a form of digital currency that can be exchanged online. Cryptocurrency transactions are difficult to counterfeit and, because they do not rely on a central authority such as a bank, they can eliminate the costs of brokers and other intermediaries who might tack fees onto transactions.

Cryptocurrencies are a very volatile currency. This gives investors the potential to make a lot of money, but also to lose a lot, so it’s best left to those who know what they’re doing. If you want to give Bitcoin a try, here are a few ways to earn them.

Bitcoin mining. To mine Bitcoins, you’ll need specialized hardware, the right software, and a powerful network connection. Using these tools, you add transaction records to a blockchain, or public ledger of past transactions. Your reward will be a few Bitcoins from the blockchain.

Becoming a blockchain developer. As one of these developers, you will focus your efforts on developing the sites that use cryptocurrencies or blockchains. To do this job, you’ll need computer science, mathematics, and computer programming skills.

Receiving payments in Bitcoins. You can offer products or services in exchange for Bitcoins. You simply need to let your customers know you accept Bitcoins, and they may choose to pay you with them. You also can ask for tips in Bitcoins at your business. The easiest way to communicate this is by putting a sign up in your business.

Lending Bitcoins. You can lend Bitcoins to earn more money in interest. There are websites that can connect you to peer-to-peer lending opportunities. In some cases, these sites replicate banks with interest rates for Bitcoin deposits. Before you jump into these lending sites, you’ll want to research them thoroughly. Some sites may be untrustworthy. Taking the time to find the trustworthy sites is worth it. Also, you can always lend Bitcoins to someone you know.

Gambling. Online casinos offer different gambling options for Bitcoins. There are various casino games, gambling games, sports-based betting, and online lottery systems that exist for earning Bitcoins. However, these Bitcoin casinos are a risky and financially dangerous way to earn more coins. They’re not recommended.

Bitcoin Faucets. These “faucets” are websites where you can get free bitcoins. These sites have you load advertisements, roll number generators, or play games that will give you different amounts of “Satoshi.” One Satoshi is equal to one-hundred-millionth of a Bitcoin. The more you engage with the faucet, the more you will earn. After you receive payment, you must wait 60 minutes to get more. You will need a Bitcoin wallet to collect your payments and store them. Interacting with Bitcoin faucets can help you better understand how they work and what they’re used for.

Keep in mind that cryptoccurrency transactions are taxable. While Bitcoin and other cryptocurrency transactions might have flown under the radar initially, the IRS caught on quickly, made efforts to educate taxpayers on the taxation of cryptocurrencies, and successfully sued a leading cryptocurrency exchange to get access to customer records. If you engage in cryptocurrency transactions, it’s a good idea to get professional tax advice to help ensure you’re reporting it correctly and paying the appropriate taxes.

Ways to Flip Money Legally

The strategies mentioned earlier, including retail arbitrage, domain name flipping, and website flipping are all ways to flip money legally.

Some other more straightforward ways to flip money legally include:

Flipping real estate. You can flip houses to make a profit. All you need to do is know the market well, be prepared to spend money up front on repairs, and then set your selling price. There is a big range for earnings with real estate. Real estate flippers can easily make a six figure income after gaining experience.

Flipping cars. Similar to retail and real estate flipping, you can flip cars. You can buy cars cheaply, fix them up, and sell them for a higher price. Sellers may be able to make anywhere from a few hundred dollars to several thousand dollars on each car sale, depending on the type of car sold.

Flipping antiques. You can acquire antiques from a flea market, thrift store, or even an estate sale. From there, you should research what you have and put an appropriate price tag on it. As you continue to make more money with this strategy, you may want to consider opening an antique store.

Flipping various retail items. You can flip brand-name clothing, furniture, power tools, sports equipment, cameras, or even video game systems. Almost any retail item can be flipped at a higher price. Be sure to clean up the items and find high quality ones before you do so. You want to give people the best product for the best price. Also pay attention to trademark laws and stay away from counterfeit items.

As you consider ways to make more money quickly, you’ll want to think outside the box and even step out of your comfort zone. You can flip your money with retail arbitrage, domain name flipping, or even flipping real estate. Also, don’t forget about the internet. Social media platforms such as Snapchat can give you affiliate marketing opportunities, and Bitcoins can fill your cryptocurrency wallet.

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