Making Money Online: Tips from Financial Expert Humphrey Yang
Do you want to make more money online but don’t know where to start? Financial expert Humphrey Yang has plenty of experience to share. After years of trying different strategies and seeing what works, read on to learn his advice and inspirations to help you make money online.
Understanding Money and its Value
Before you begin your journey to make more money online, it’s essential that you first understand the value of money. Humphrey Yang points to Naval Ravikant, founder of AngelList who considers money to be “social credits.” He explains that money serves as a medium of exchange to receive or gain value. Knowing this and incorporating this concept into your mindset is key to getting started making more money online.
Making Money Online with Four Strategies
1. Brute Force
Many beginners opt to start out with simple or tedious tasks such as taking surveys or data entry. As Humphrey mentions in one of the episodes of his show, while these jobs don’t normally pay much, they offer income potential while simultaneously multitasking, such as when watching TV or listening to a podcast.
Freelancing can provide you with a more sustainable source of income and allows you to showcase your skills for money. If you have a talent or expertise in writing, graphic design, or web development, you can find clients on various online platforms like Upwork or Fiverr and get paid based on the services you provide.
3. Selling Products
Compared to freelancing, selling products can be a much more scalable venture. In terms of strategies, you can choose between drop shipping, white labeling, and even creating your own product. All of these methods come with their own set of challenges, such as inventory management and product creation, but the potential for profit is substantial.
4. Scaled Media Business
Also known as an attention business, this revenue-making idea requires dedication to building an audience through painstakingly created and valuable content. Once you manage to engage an audience, you can monetize your platform via ads or selling products directly to them. To be successful in this endeavor, be sure to put out content that’s repeatable and cost-effective in terms of production.
Humphrey Yang’s Personal Journey to Making Money Online
Humphrey shares his own story of creating an e-commerce business selling custom posters. While he was able to come up with a great product idea, he faced a few challenges such as creating a product interface and finding a production partner. His advice to other entrepreneurs is to use social media as a tool for free organic reach and to choose a business idea that’s low-maintenance and has a broad market reach.
Humphrey Yang provides the following tips:
• Utilize platforms like TikTok for free organic reach.
• Avoid high-maintenance businesses that require a lot of developer input.
• The size of the market determines the size of the outcome.
• Just start—even if you fail, you’ll still be able to gain valuable lessons.
The Bottom Line: Making Money Online with Humphrey Yang
Humphrey Yang’s experience serves as a great roadmap for those wanting to make more money online. By understanding the significance of money, beginning with basic tasks, utilizing your skills for freelancing, scaling up by selling products, and eventually building a media business, you can begin your own journey to financial success online.