We’re sold the dream that to become wealthy, we need to make money in the same way that bankers do on Wall Street. Buy and trade stocks, sell when the market is high. Then buy when the market is low. Collect the profits and generate wealth. More often than not, you need to have a lot of cash (or the ability to leverage cash) so you can purchase the stock and trade it successfully. There’s a high level of risk involved with this money making method and if you don’t know what you are doing, you might find that you will make yourself bankrupt.
Tech Hardware for More Cash
There are better ways to create wealth. And you can easily do this by investing in tech hardware i.e. hardware technology that can be used to either generate an income or that can be sold in the future for a profit. Don’t believe me? Check out some of these technology hardware income generating strategies below.
1. Use your smartphone to record and publish videos on YouTube in exchange for advertising revenue.
Buying a decent smartphone might cost you around $1000, however, you have the ability to make the money back tenfold by uploading videos to YouTube. You can become a YouTube partner and join their AdSense program, which will allow your videos to start earning an income once your channel has made over 10,000 views.
Once you upload the video, it will start to make an income based on the number of views that it receives. Each advertisement will pay a CPM advertising rate based on the advertisers that are bidding on the keyword.
Depending on the growth of your video channel, you might start to earn tens, hundreds or even thousands of dollars in advertising revenue every month. Eventually, the money will become passive and you will profit greatly compared to the amount that you spent on the initial investment on your smartphone.
2. Invest in a microphone and start doing podcasts.
You can pick up a basic microphone for around $100 and start your own podcast show. You will need to build your audience, however, the initial investment will be your hardware and the time to grow your audience.
As your audience grows, you will be able to offer affiliate products, sell your own products and even attract sponsorships for each show. You can check out this nifty guide from Fire Nation here.
Some of the ways you can monetize your audience over the long-term includes:
Charging sponsors on a performance basis (E.g $15 CPM based on the number of listeners per episode over a 6 week period. Alternatively, you can charge a flat rate fee or on a CPA/cost per acquisition model)
3. Invest in a laptop and start publishing.
You can easily earn a living by publishing your writing online. You can do it in the form of a blog, ebook or an information product. The computer might cost you around $2000, but if you successfully sell your writing work, you could make in excess of $20,000. If you’re looking for high quality monitors for personal or business use, then check some of the best monitors currently available.
4. Invest in a printer and create information products or direct advertisements.
A printer on the cheaper end will set you back a few hundred dollars, but you can make that money back by creating and selling your own information products or even selling direct advertising for local businesses. Simply invest in high quality paper, ink cartridges and a printer and develop an arrangement with local businesses in your area.
You can sell customised sales letters at $3 per letter and offer to mail 100 letters for their business. If your costs are $1.50, you can make a 100% ROI for every letter that is sent. Alternatively, you could work on a performance basis whereby you charge a fee per enquiry or a fee per sale.
You can also create information products such as booklets or cheat sheets and sell them for a profit.
When you look at the cash yield from shares, they might promise you a 5% return year on year. Plus you might get some equity growth, but the moment you sell you will need to pay 30% capital gains tax. You can invest in the technical hardware provided, which is also eligible for depreciation in your tax. You will earn a much higher ROI than by buying and holding shares. Give it a try today.