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Digital Nomad 2.0: Managing Income

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Do you know this simple yet effective exercise you can do right at your office desk? First off, stand up next to your chair. Then walk out of the office and never come back. Yes, a joke used to be a dream come true for most people working a 9 to 5. Here is digital nomad 2.0 — managing your income

All we want is to quit our office jobs and work remotely from a Balinese coffee shop — after mornings of surfing and drinking mango smoothies.

Well, everyone has had to go remote. As a result, many of those who dreamt of working from home are now caught up in an IDK-how-to-make-money situation.

The Big-Coronavirus-Remote-Work-Shift accelerated the digital nomad process.

Here is a digital nomad guide that will be useful for all the on-liners out there looking for career advice.

Let’s start from scratch. What is a digital nomad? It’s a person who works online while traveling. Wikipedia will give you a more detailed definition, but I will just say these people choose where they want to live and work for themselves.

Most go for an environment in which they’ll be able to earn enough to live a happy and healthy life. You can do it too, but on one condition.

If you want to join the ranks of digital nomads, you have to face the fact that, starting out, none of these jobs will likely be able to feed you for the rest of your life. Every year new technologies arise, tools change, and professions appear and disappear.

We have to embrace the spirit of our time with plasticity and readiness for changing professional careers. These remote jobs can be your e-business entry point and the way to earn your first money via the internet in the nearest future or even today.

Copywriting

Do you post your photos on Insta or write articles for a blog? Congratulations, you are already a content creator. Almost anyone can become a copywriter, that is, the author of advertising and other marketing texts.

At first, the revenues will be small, and the competition will be very fierce. Putting together a portfolio is an essential step towards making good money by copywriting. To get there, you will have to work either for small fees or even for recommendations from your customers. Advice from your customers is standard practice for those looking to start copywriting.

After you create a portfolio, you can contact a successful content project that makes money on advertising. 

For instance, AdMe posts captivating content that everyone wants to share. Google pays a small penny for each click. If you write for this website and gain a lot of readers, a penny might grow into $100 or even $1,000.

If you want to try your hand now, then head to www.freelancer.com or www.upwork.com to check out freelance copywriting jobs.

Vlogging

We know how you hate these talking heads who get paid for doing nothing. But haven’t you dreamt of becoming a famous vlogger and collaborating with big-name brands? You can do it in 3 steps: start your own YouTube channel, tell the world about a popular product, and post a link to an affiliate sales page. 

What can you earn in your channel’s early days?

Not much. Especially with CPC (cost per click) ads. But you’ll soon gaina broad audience if you opt for a hot niche like lifehacks, celebrity gossip, top lists, fails or food reviews.

Of course, first, you need to study the top competitors and follow their example for some time without trying to stand out. It’s totally ok to do something that someone has already done before unless you are a celebrity with millions of followers.

Also, you should always be careful about what you say as good reputations are tough to build but easy to lose.

You probably know YouTubers get between $0.10 to $0.30 per view, and ads by top vloggers are costly. For example, with 100,000 subscribers, you can sell a 10-second native ad at the beginning of your video and make a good living.

Besides, this online business is easy to run automatically. With that said, of course, the process of making videos takes a lot of time.

SMM Marketing

Do you feel like browsing social media 24/7? Time to make money doing it. It’s OK if you aren’t good at posting cute pics on Insta.

With SMM courses, you will learn how to develop a promotion strategy, communicate with your audience, create content, and customize targeted advertising.

You can go for a fixed price or get hourly wages. Currently, there are 3,757 Social Media Marketing jobs on Upwork to choose from.

The downside of it is that SMM is time-consuming and takes due diligence. You’re not going to see results immediately. You will only start viewing progress after a certain time – usually after at least 3 to 6 months. And, yes, the SMM boom is long over, so the wages aren’t that great. 

Affiliate Marketing  

We have already touched on vlogging, so you know there are many affiliate programs to choose from. The market is really huge and still growing. According to a Statista report, spending on affiliate marketing in the U.S. was predicted to reach $8.2 billion by 2022.

Generally, earnings in this sphere range from 1 to 50% of the expenses of the referral you shared via link or are made on a commission of the service cost.

Don’t worry; you aren’t taking money from your friend’s pocket. It’s royalty from owners of the service who share it with you for attracting new customers to their business. Companies receive new users, and their partners receive income from each attracted client, making such cooperation beneficial for both parties.

Naturally, earnings begin only when a new referral buys something in the online store like iHerb or makes purchases on platforms like Airbnb and Dropbox. 

Traffic Arbitrage

Traffic arbitrage is a subset of affiliate marketing. The basic idea behind it is very simple to understand: a media buyer buys traffic on one platform and sells it on another, redirecting visitors from website A to website B.

There are a lot of traffic sources: search results, directories, messengers, ad boards, email newsletters, social networks, and links in articles. The owner of any resource can earn. The principle here is the same: buy low, sell high.

Sounds like a no-brainer. However, you can’t do this without investing in advertising.

There are free sources of traffic, but it’s tough to make money on them. Your success in this sphere depends on several factors: you’ll have to get good at generating, setting up, and running creative ads. You have to memorize a bunch of information and perform the same actions over and over again.

All of the actions are fine and will suit you if you are ok with repetition and have a decent starting budget.

Online Recruiting

Are you a people person? Then online recruiting may be the right path for you. Digital HR careers are developing very fast, and the good news is that this niche is almost empty right now.

Of course, hiring high-profile specialists isn’t something you can just learn how to do in a month or two. But you can become the kind of a virtual recruiter to find a customer support specialist with a $15 hourly wage. 

The internet is full of online tools and strategies to recruit on the cheap. There are even specialized automated online recruitment systems that store and maintain databases of resumes and vacancies and integrate with job sites.

Take your chance if you are ready to change people’s lives by helping them find a dream job. Someday you might even catalyze the success of a big company by filling a key position with a high-end professional.

Cryptocurrency Trading

Remember the story about a guy who bought a pizza for 10,000 Bitcoins? Today he would have owned approximately $101 million.

You can still hop on the crypto train to make money trading BTC and altcoins. It is impossible to earn on cryptocurrency without tools. To make the crypto-capital work, a trader will need to register on exchanges and trading platforms. 

To build up your skills before spilling your cash, consider the exchanges that have demo accounts. In crypto, demo mode is an opportunity to try trading in the real market. Crypto demo modes are a great tool to test strategies and understand how traders behave.

After you practice trading at an amateur level and know all the ins and outs, you can choose from a variety of vacancies where you will not only be able to make a profit from price fluctuations but will also get paid for your expertise.

How not to Become a Digital Tramp

Now that you’re all set, the first advice would be this: it’s better not to rush but to start smoothly. Take a little bit of time and work on this as a side-hustle for a while to make sure you like it.

For obvious reasons, we are all anxious to travel and start new things ASAP. Of course, we all want to travel right now because of the lengthy lockdown and all those YouTube videos about how guys leave the office and become freelancers chilling on white sand with a laptop.

Nevertheless, there is more to it than just a daydream. You need to plan well if you want to have a successful nomadic future.

First off, talk to your employer about working remotely after the quarantine. If you get a refusal, you should keep your office salary and start doing some freelance things on the side.

Only when your outside income outgrows your salary should you leave your day job. Be brave and flexible, try whatever sparks your interest, and always plan ahead.

Image Credit: Andrea Piacquidio; Pexels

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As the Money Continues to Flow in Pandemic Responses, Crypto’s Time is Nigh

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As shutdowns around the world aimed at mitigating the spread of the novel coronavirus continues, the global economic picture is becoming increasingly bleak. Here is how the money continues to flow in this COVID-19 pandemic is changing the Cryptocurrency market.

In America, unemployment numbers have reached their highest level since the Great Depression of the 1930s, with one out of every six people out of work due to the virus.

In Europe, the situation is no better, with analysts predicting an unprecedented recession and subsequent economic repercussions far worse than the worst-case scenarios of recent projections.

The problem with the virus — and money — is that there is no clear way out.

Governments cannot just open up their economies and put their entire populations at risk (but they are, and it is). Even if economies do get reopened faster, there will be a number of factors — not least among them consumer wariness.

People are scared and we will see companies operating in far-reduced capacities. But, on the other hand, the longer things are put on hold, the more damage gets done to the economy.

Governments stuck between a rock and a hard place.

Governments have by and large turned to stimulus packages that they hope will hold citizens and businesses over until the virus poses less of a threat.

When will that be the case? At this point, nobody knows. While some countries in Europe have started trying to slowly put things back in motion. In America, the virus is still spreading at an alarming rate and the government’s testing capabilities are far below what they need to be.

With the economy in what Paul Krugman termed a “coronacoma,� and people increasingly finding themselves out of work, the American government has passed trillion-dollar emergency bills into law. The bill is to send out economic relief funds to citizens and companies.

To fund all of this expenditure, the Fed has been injecting new money into the economy at the fastest rate in over 200 years. Meanwhile, as the Fed goes on pumping money in, the US national debt is ballooning towards $30 trillion.

U.S spending

While public spending in the past few decades in the US hasn’t been frugal, the recent increases are unprecedented. And the longer everyday life is shut down by the pandemic, the further into unchartered territory we are set to drift.

As seen in the 2008 recession, the global economy consists of a myriad of interwoven factors that can topple like dominoes should things start going awry. Well, things are going awry now, and, as evidenced by Los Angeles mayor Eric Garcetti’s declaration that LA will not fully reopen until a cure to the virus is found.

The prospects of putting things back together again are not very promising right now.

While the government’s response has been keeping the economy in artificial motion by printing and injecting money into it — there is concern that the center may no longer be able to hold.

Temporary relief afforded by the emergency measure may be welcome in the short term. The danger lies in the consequences that this may cause further down the line.

What about Bitcoin?

In an illuminating coincidence, while a simulacrum economy powered by the new minting of fiat currencies is being deployed around the globe. Bitcoin just held its third halving, an event that highlights the cryptocurrency’s inherent scarcity.

Bitcoin and the other major cryptocurrencies were not immune to the market crash caused by the coronavirus.

Back in March, the initial outbreak, compounded by plummeting oil sales, caused global economic shockwaves that penetrated into the crypto market and sent Bitcoin reeling.

The original cryptocurrency lost over 50% of its value in a day and many saw it as proof that the asset was too intricately tied to traditional finance to be considered a safe-haven.

Economically speaking, the modern world has never really faced an event on the same scale as this pandemic.

The Covid-19 outbreak has forced all sectors to self-examine and reconfigure.

Nowhere is this more true than in the oil industry, where all the strategy at play in the OPEC standoff was shortly turned on its head by the ramifications of the pandemic.

After the Saudi Arabian and Russian sides failed to come to an agreement at their summit in Vienna, they both left the table feeling like they could gain an advantage over the other in a standoff situation.

Both countries expected a prolonged plunge in oil prices, but this was something they could afford it, in the long run, they could gain an advantage from it. In order to balance its national budget, Russia needs oil to be at least forty to forty-five dollars a barrel.

In Saudi Arabia, that price per barrel figure is around eighty dollars. So when the price of oil initially crashed and the ruble went along with it, the Russian side was confident that it could withstand the damage long enough to gain an edge over their rivals.

The coronavirus pandemic made all the strategizing meaningless, and travel restrictions across the globe sent oil plunging to record lows.

The two sides came back to the table and agreed to a new deal, involving the US as well, and the price rose as a result, but nowhere near where it was previously. The danger here also lies in the fact that no amount of propping the industry up may be able to offset travel grounding to a halt.

The damage being done could turn out to be irreversible, and, given how significant oil is to the overall economic picture, the consequences could be quite grim.

It is with that backdrop that more and more attention is being paid to cryptocurrency. Bitcoin made it through its March madness and rebounded better than it was before.

The halving that occurred on May 11 saw transaction fees rise to all-time highs, a sign that more and more people are entering the market.

The halving — and more people entering the market is to be expected to a certain extent. While there are great forces at work trying to help the economy get through this dark period, the uncertainty that people are facing is unprecedented.

Logically, looking at the way that money is being printed and used to offset the carnage occurring, many are realizing that it is losing its meaning. There is nothing tangible backing the dollar — bleak, with all the turmoil in the world.

Thus — people are turning to cryptocurrency both as an investment and as an active trading market.

The limited supply of Bitcoin, and the way it operates independent of—recently faltering—government hands, has given it appeal as something that may not only make it through this crisis intact but actually emerge better off. And it’s not just Bitcoin.

The cryptocurrency industry has grown into something altogether different in its eleven years of existence. What started with a solitary digital asset has turned into a flourishing ecosystem.

The appearance of Litecoin, the second cryptocurrency, in October 2011 started a revolution in the crypto world. Then the launch of Ethereum, the altcoin giant, kicked things into another gear.

Nowadays, according to Coinmarketcap, which aggregates crypto assets and exchange data, there are over 800 active markets on HitBTC, which leads all exchanges in terms of trading pairs. Experts are predicting that there may be over 1000 cryptocurrencies gathered under one roof by 2021.

While a significant number of those currencies can hardly be considered promising, the number is illustrative of the strides that have been taken in cryptocurrency development.

In just over a decade, this space, which was roundly dismissed by traditional finance when it appeared, has turned into the fertile ground.

We are witnessing the technological and financial ideas of the future emerge. And, while the current circumstances have been anything but conducive to growth in traditional sectors, there is no reason for decentralized finance to contract.

The number of cryptocurrency projects continues to grow.

As more people enter the space the projects are getting more formidable. Just recently Reddit rolled out its Ethereum-based Community Points project, tailored to subreddits with over 2 million users.

The early success of the program — over 10,000 wallets have been registered already — bodes well for the continued growth of the industry.

Many have encouraged people to use the downtime afforded them by the current pandemic for self-reflection and reassessment. Should this habit be constrained to our personal habits and lifestyle choices? I think not.

Disruption events of this stature are times for innovation, times for taking new looks at old problems and developing new ideas.

While governments around the world are performing acrobatics and pulling fiscal bandaids out of their banking hats, now’s the time to see if we can’t be doing this all a little bit better.

What’s the post-virus news?

While the future is anything but certain, the decisions that are made now could have long-lasting effects. The post-virus world is certain to be a very different one, as we will have to redefine social and economic norms.

While there are not many things to be optimistic about now, cryptocurrency and blockchain technology may be the exception.

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