Purse strings are tightening.
There are food riots in countries throughout the world as the rising cost of things like the fuel used for transporting food and the corn used to augment fuel or feed to livestock has filtered out into rising costs for food across the board. Even Costco and Sam's Club are rationing rice due to supply issues -- and rice is usually a go-to food when it comes to eating frugally when times are tight.
For Gather members like one I spoke to last week, this is now the time to figure out how to gain additional income without sacrificing the time and freedom they hold dear.
Many members are making money online by promoting their products and services on Gather and beyond. (Note that this is allowed in Gather's terms of service, as long as the promotion provides "legitimate informational and/or entertainment value for the community.") Others are coming to me to 
ask, "What are my options for making more money doing what I love?"
Only each of you can answer that question for yourself. The key, however, is to figure out what you already do and figure out how to match that up with people who will pay for that service.
For example, I love to research on the Internet and talk to experts about what they know. So, to augment my income, I find publications who are interesting in paying me to combine the research and interviews I would do normally into freelance articles for their audience.
* We're renovating our Craftsman-style home in Portland, Ore., so I connected to home remodelers for a piece for The Oregonian newspaper: Oregon's remodeling industry alive and well.
* After having one of my business e-mails errantly routed to a client's spam filter, I got to the bottom of the problem while writing an article about how to avoid accidental "spam" reports and how to be removed from email blacklists for Practical eCommerce magazine: Email Blacklists: "Kind of a Crazy Thing."
* To get the scoop on international real estate investing, something I'm seriously considering before the dollar drops even lower, I interviewed a foreign real estate investment specialist for the publishers of Real Estate Magazine: Investing with International Flavor.
Indeed, in the past month alone I've written 11 freelance articles, on assignment, for various publications -- all on subjects I'd likely have researched on my own. Though more than my usual workload, the assignments helped me broaden my knowledge base while, at the same time, boosting my own bottom line. ; )
What can you do to monetize your own efforts? Let's discuss what you already do and figure out how to match that up with people who will pay for that service. Let the bottom-line brainstorming begin...
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| Jennifer D. Meacham, Gather Money Correspondent | ||||
Jennifer's column, "The Bottom Line," is published every week to the Gather Essentials: Money channel. Jennifer is a business and personal finance columnist who covers money matters for RedwoodAge.com and real estate news for RISMedia, and co-authored the best-selling retirement investing guide "IRA Wealth: Revolutionary IRA Strategies for Real Estate Investment" (Square One Publishers, New York). Keep up on the latest news and analysis into how you can take control of your business and personal financial future by joining Jennifer's "Self-Directed Investing 101" network. | ||||
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Comments: 59
That's scary about the rice shortages - my mother was telling me about this today. I can't believe how bad things are getting.
For the income thing - well, I'm going to actually try to figure out the whole writing thing as a real job. I don't need to make much, and sometimes I actually believe I might even be good at it.
I just wanted to throw that out there because monetizing can work on more than one level at a time. When I freelanced full-time, I generally went after the higher paying jobs first but that was before the internet was such a force.
I only do this for one person on a regular basis but I might be able to find more computer phobes.
As you know Ms Meacham, my wife and I also rehab distressed properties in Los Angeles. We were fortunate enough to accumulate some property during the last downturn in the 90's, including an upscale rental, so we are using some of the equity in our properties to fund our rehabbing business. We just finished a house this month, and sold it after only one day on the market, so, even in these tough times, there is money to be made in residential real estate.
It's funny, when I was in art school in the late 80's, I caught a lot of flack for being a jack-of-all trades, a designer, a painter, videographer, photographer, etc. There was a big move toward specialization. Back then having a diverse skill set was not seen as economically viable, but, now, just the opposite seems to be true; there is an increasing need for those that can do everything. Go figure.
Thanks for your post, Ms. M. I always learn something from you.
Wow Connie. Your friend is going to have a lot of rice! My understanding is that the Sam's Club limit is four 20-pound bags. Even 80 pounds of rice will go a long way. Sam's Club and Costco have spoken out publicly that their "rationing" is in no way indicative of a shortage -- at least in the U.S. If your friend can find a way to export the rice to India though, where an upsurge in rats is killing the rice farming industry, then she has an additional revenue stream. ; )
Excellent point Jo. C. On rare occasions I've used affiliate links -- those free programs you can sign up to through the link on most merchant's websites -- to include in my Gather content. Once someone signs up for a merchant's affiliate program, they're given a link that is coded so that they get a commission if someone clicks through and buys from the site. I simply add the trackable link as the html link behind the merchant's name if used in an article I post here on Gather (of course, information is my chief concern). It's garnered me close to $100 on the side. Not much, but anything helps when looking at additional revenue streams that don't require much additional effort.
P.S. Thanks for the props on hoping this article is featured on the Gather.com homepage!
As you note, every bit helps and it has led to jobs.
Thank you Warren Keating. You're home renovations have definately been an inspiration for me.
It's great to hear that you've been able to generate sales for your art while staying true to your price point on eBay. I've heard that eBay has made changes of late that could negatively impact the merchants there. Are those changes impacting sellers like you?
Seriously, there are two things, one I am doing, the other I did and may do again.
First, when I was unemployed, had time on my hands, and couldn't afford hard cover books (which I love), I used to volunteer to work in the used book store at the library. Great way to get free hard cover books. So that was kind of like getting paid. they're open Saturdays, so I may do it again.
Now, when I have nothing else to do, I browse gather, comment, occasionally write an article, and use my points to buy, guess what, books at Borders. That's kind of like getting paid.
Also, in the very near future, Ebay is opening up the possibility of having your listing appear on the Ebay international sites with the same priority as a "native" listing, without paying double insertion fees, for a mere 40¢/listing. I'm excited about this, because I have seen my international sales skyrocket with the drop in value of the U.S. dollars, one of the silver linings of a low dollar value.
In a nutshell, Ebay has made some changes to increase buyer confidence and security and reward sellers that support a safe and rewarding buyer experience. In no other retail environment, is the seller held as accountable as in an Ebay transaction, and I think that is a good thing.
Excellent point Warren. Thank you also for clarifying the new eBay policy and how it's impacting sellers like you. This is good information and should provide a nice overview for Gather members looking to take the eBay route.
I used to grow flowers and dry them to make wreaths and other crafts to sell at shows. I also sold at a local farmer's market.
I've sold pots of flowers roadside Easter and Mother's Day weekends. I would get them from a wholesaler and pay a small rent to a business to be able to set up on their lawn or parking lot. I did that in the same spot for about maybe 10 years. It was hard work but an excellent profit for 4 days of work.
Currently, I own a garden service. I've had it about 18 years now. I service the yards and gardens for people who don't have time. It's more of a finesse thing than landscaping. I know how plants and shrubs grow in our area and how to care for different kinds at different times of the year. My love for gardening produced this business.
LOL Elizabeth V. And you're right, browsing on Gather is pretty close to getting paid!
I like your idea of thinking of product in lieu of payment. If you'd normally buy something, and can get it instead through contribution of time, and that contribution pencils out, then working for discounts or free products is an excellent way to save on your bottom line. I watched "Charlie Wilson's War
Nicely done Bobby K. What an excellent way to combine your talents into something that produces additional revenue.
I'm sure it will soon Chris Carlisle!
Thanks, Ms. M., I'll be checking in with you again.
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Gas has gotten out of hand that we replaced all the copper plumbing in the house with plastic and sold the copper so we would have a little extra money.
What I do to save money is:
only use credit cards that pay me
pay off credit cards before they are due
buy using store cards for discounts
shop senior citizen discounts
shop at food stores that give discounts toward gas
use points for pampers
use Upromise for grandson's education
I have started making quilts that I want to sell. I post picks of them online...will gather allow me to add a FOR SALE sign to my quilt photos here?
By the way, since you write about The Bottom line, you might want to give your take on the purchase and use of a bottom line topic - jeans -which was the focus of the article. Well, at least they come in contact with...well..you know (blushing).
http://digg.com/business_finance/Consumer_Spending_Brand_Name_Jeans_and_Recessions
Very good article. Make money on what you know or love to do? Well if the remodeling business is booming in Oregon then maybe you could put me in touch with some of the contractors there because I was in construction for 27 years before having to go on disability. Maybe you could pass along my website to help the contractors increase their profit margin? Here it is:
www.UpScaleInteriorDesigns.com
I am trying to figure out ways to ge more people to shop through my online store- if they go through my 'portal' and shop at any of the 2500 partner stores, like Target and Nordstroms and Sears....I get paid. I would love to have more volume.
I have added my link to all of my email signatures.
For sure Karen! Thank you all for your inspiration and thought-provoking posts. May we all live well and prosper.