Best Money-making Apps in 2022

For those looking to make money in an easily accessible way, apps provide plenty of avenues to consider. You can use your smartphone to take surveys, pick up a side gig, sell your unwanted stuff and more.

Here’s the scoop on seven free money-making apps. NerdWallet considered apps with at least four stars and 25,000 reviews in both Google Play and the iOS App Store.

The best money-making apps

1. Ibotta

How it works: Ibotta lets you earn cash back on in-store and online purchases at over 2,000 supported retailers. Originally for groceries, it has expanded to include clothing, entertainment and eating out, pet supplies and other categories. Offers can be product or retailer-specific — and some will automatically be applied. For others, you’ll need to complete an additional task such as watching a video or taking a poll.

There are three possible ways to earn cash back in stores: Add offers and submit your receipt in the app after your shopping trip, link your retailer loyalty accounts or purchase a retailer gift card through the Ibotta app. For online purchases, you shop through the app or with the Ibotta browser extension on your computer.

Payment: PayPal, digital gift card or direct to a bank account.

Pros: You’ll receive cash back on in-store purchases quickly — typically within 24 hours. Ibotta also offers a welcome bonus to new users, referral bonuses and a variety of payment methods.

Cons: Making money can be a slow process. You must have at least $20 in cash back to redeem your earnings (some gift cards require at least $25 in earnings). For online shopping, the pending period for earning cash back varies by retailer.

Download: Android, iOS.

2. Rakuten

How it works: Rakuten (formerly known as Ebates) rewards shoppers with up to 40% cash back on purchases from well-known retailers, restaurants and food delivery services. Users can also earn cash back on travel, gift cards and more. It’s straightforward: Create an account, tap on the store where you want to shop in the app, then make the transaction through the portal. You can also link a credit or debit card to your Rakuten account to earn cash back in-store — as long as you activate the deal through the app first. Rakuten credits the cash back to your account after it confirms the purchase with the retailer, which it says can take a few hours to several days.

Payment: PayPal or check.

Pros: Thousands of stores and purchases are eligible for cash back, so you’ll likely find deals where you already shop. New users can earn a $10 welcome bonus after their first qualified purchase. You can also earn sign-up and referral bonuses.

Cons: As with most cash-back services, you have to spend money to make money. You won’t see your earnings right away, either; Rakuten sends out payments every three months, and you need at least a $5 cash-back balance to get paid.

Download: Android, iOS.

3. Swagbucks

How it works: Swagbucks is a cash-back and rewards app. You earn points, called "SB," by shopping, taking polls, watching videos, playing games or fulfilling other tasks through Swagbucks. You can redeem those points for gift cards or get cash back to your PayPal account. The total points awarded can vary by task. For example, surveys are typically worth about 40 to 200 SB points each. The minimum balance required to redeem depends on the payout option you choose, but some gift cards are available for as low as 110 SB.

Payment: Gift card or PayPal.

Pros: Swagbucks offers many easy ways to earn rewards, and there’s no waiting period to cash in. Payments usually arrive within 10 business days after redemption. You can also get a $10 bonus with a qualifying $25 purchase when you join.

Cons: It doesn’t pay much; one SB is worth about a cent. With many tasks valued at pennies, it can take a fair amount of time and effort to make substantial money. Additionally, you won’t qualify for every survey or task. Users often report getting kicked out of surveys in the middle of taking them. This can be due to demographics or dishonest or inconsistent answers, according to Swagbucks.

Download: Android, iOS.

4. Fiverr

How it works: Fiverr is a freelancing marketplace that features gigs in over 200 categories, such as programming and video and animation. Create an account first, then you can set your profile as a "seller" highlighting your expertise. Post the gig you’re offering, which will include pricing and a description of your services. Clients, known as "buyers," can click through and place orders. You’ll get paid once you complete the job. Fiverr assigns seller levels based on performance. As you move up each tier, you’ll be able to sell more “extras,” such as a faster delivery time.

Payment: PayPal, direct to a bank account or credit to a Fiverr Revenue Card (a prepaid card). Minimum withdrawal amounts vary, and you may be charged a withdrawal fee, depending on which option you choose.

Pros: You don’t have to worry about tracking down buyers because they come to you. You can also earn tips.

Cons: Fiverr takes 20% of your earnings for every gig, including tips, and there’s a standard 14-day waiting period to withdraw money after completing an order (top-tier sellers wait seven days for funds to clear).

Download: Android, iOS.

5. Upwork

How it works: Upwork connects freelancers to gigs in writing, design, marketing and other categories on the marketplace. First, you’ll create a profile. It should include information such as the field you’re interested in plus your qualifications, availability and desired rate. Then, you can submit proposals. Clients will review them and offer projects if you seem like a good fit.

You begin each month with a set number of “Connects,” which are like credits that allow you to contact prospective clients. You can earn or pay a small sum for more Connects, but you won’t be charged when clients contact you. You can get paid on an hourly or per-project basis.

Payment: Direct to U.S. Bank, direct to your bank account, wire transfer, Instant Pay, PayPal and Payoneer. Charges apply to some payment options, so be sure to check Upwork for details.

Pros: Upwork helps take the work out of seeking out clients, establishing relationships and getting paid. The service also gives you the flexibility to set your preferred rate and schedule.

Cons: The app is free to download, but initiating contact with lots of clients costs money. Users also get charged a service fee. Upwork takes a 5% to 20% cut of your earnings based on how much you’ve billed a client. The more you earn, the more you get to keep. However, you won’t get paid until 10 days after the billing period ends. Remember, too, that you’re competing with other freelancers on the platform. That means clients may choose those who’ve set lower rates.

Download: Android, iOS.

6. OfferUp

How it works: OfferUp, which combined with competitor Letgo in 2020, functions as a local marketplace you can use to sell your stuff. If you want to reach a broader audience, OfferUp also allows shipping within the continental United States. Create an account and snap a picture of your smartphone, car, sofa or whatever it is you’re selling. Once you add a title, description and price, you can post your listing and chat with buyers directly through the app. Then, you'll ship to or arrange a meeting with the buyer.

Payment: Cash or deposit to debit card or bank account.

Pros: Creating a listing is simple and fast, and you’ll get paid instantly when you make a cash sale. You can also view a prospective buyer’s reviews and ratings to get an idea of how trustworthy they are beforehand. If you ship your item, the buyer pays the cost, and OfferUp provides the label.

Cons: You’re responsible for meeting local buyers in person and handling transactions. Sellers must pay a 12.9% service fee, or a minimum of $1.99, for shipments.

Download: Android, iOS.

7. Poshmark

How it works: The Poshmark app is tailor-made for selling clothes, accessories and even home decor. After signing up, you take or upload photos of your item, fill out a description, price it and share the listing. You can also feature items in the app’s "Posh Parties," which are virtual shopping events centered around particular brands, categories and themes. Poshmark emails you a prepaid shipping label once a purchase is made. Then, you send the package.

Payment: Check or direct deposit to a bank account.

Pros: Poshmark facilitates the entire process, from selling to shipping. Plus, you don’t have to meet with strangers to make a sale. The company will cover lost packages and handle issues between you and the buyer. Getting paid is relatively quick, too; Poshmark issues the money within three days of the buyer receiving the order.

Cons: You’ll pay a fee for selling through Poshmark. The company takes a $2.95 commission for sales under $15 and a 20% commission for sales of $15 or above.

Download: Android, iOS.

How To Save Money: 18 Proven Ways

 

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

We compiled several ways to save money, from adjusting daily habits, to cutting monthly bills, to making long-term changes.

18 ways to save money

1. Use an automated tool

Find an app or bank account that takes the work out of saving. Digit and Qapital both automatically transfer small amounts from your checking account to a separate savings account. Learn about apps that automate savings for you.

2. Count your coins and bills

Empty your pockets each day and start collecting that extra change. Then take your collection to the bank and put it directly into your savings account instead of your checking account. When you want to watch your spending, use dollar bills instead of credit cards. It’s harder to part with cold, hard cash.

3. Prep for grocery shopping

A little work before you go to the grocery store can go a long way to help you save money on groceries. Check your pantry and make a grocery list to avoid impulse buying something you don't need. Learn how to get coupons, and join loyalty programs to maximize your savings as you shop.

On-demand coaching with a certified financial planner

Talk to an expert any time, any place with unlimited chat and video sessions on NerdWallet Plus.

4. Order smaller servings at restaurants

Opt for appetizers or split an entree with your dining companion to save money when you eat out.

5. Get discounts on entertainment

Take advantage of free days at museums and national parks to save on entertainment costs. You can also ask about discounts for seniors, students, military members and more.

6. Map out major purchases

Time your purchase of appliances, furniture, cars, electronics and more according to annual sale periods. Don’t buy anything hastily, either. Always wait a day or two before buying to limit buyer’s remorse.

7. Restrict online shopping

Make it more difficult to shop online in order to stop spending money on things you may not need. Instead of saving your billing information, force yourself to input your shipping address and credit card number each time you order. You’ll probably make fewer impulse purchases.

Before you build a budget

NerdWallet breaks down your spending and shows you ways to save.

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8. Make your own gifts

Go the DIY route or save money with affordable gift ideas, like herb gardens and gift baskets.

9. Reduce your gas usage

You can't control prices at the pump, but you can do several things to cut your gas use and save money. Try a gas app to pinch pennies when you do fill up.

10. Lower your car payment

Refinancing your auto loan and taking advantage of lower interest rates could save you considerably over the life of your loan.

11. Bundle cable and internet

You could lower your cable bill by as much as $40 per month by changing your cable package. And you could save more than $1,000 over two years by bundling your cable and internet service, depending on your carrier.

12. Switch your cell phone plan

Changing your plan is one way to save money on your cell phone bill, but it’s not the only way. Removing insurance from your plan could save you nearly $100 per year, per line.

13. Monitor your electric bill

Big and small changes in your energy usage can help you save hundreds annually on your electric bill.

14. Lower your student loan payments

Income-driven repayment plans can lower your monthly student loan payments by several hundred dollars each month.

15. Cancel unnecessary subscriptions

Uncheck the auto-renew option on any subscriptions you aren’t using regularly, such as subscription boxes or streaming services.

16. Track spending

Keep track of your monthly cash flow — your income minus your expenditures. This will also make it easier to mark progress toward your saving goal. Try a budget app that tracks your spending. (NerdWallet has a free app that does just that.) Or you can follow these five steps to help you track your monthly expenses.

17. Refinance your mortgage

Refinancing your mortgage to snag a lower interest rate can save you several hundred dollars each month. Use our mortgage refinance calculator to find out how much you could save.

18. Set savings goals

Set a specific but realistic goal. It may be “save $5,000 in an individual retirement account this year” or “pay off my credit card debt faster.” Use a savings goal calculator to see how much you’d have to save each month or year to reach your goal.

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How to save money with a budget

One smart way to manage your money — and hopefully hold on to more of it — is to follow a budget.

At NerdWallet, we think about a budget as a spending plan because saving money doesn’t mean you have to quit spending altogether. It just means you have to prioritize some financial goals over others.

We recommend the 50/30/20 budget for smart money management. Devote 50% of your income to necessities, 30% to wants and 20% to savings. If you find one of your allocations exceeds these percentages, make some adjustments to fit the formula.

As you work toward your ultimate financial goal, make sure to put your newfound funds in a good high-yield savings account to maximize your money. Some of the best online accounts pay interest rates that are much higher than large traditional banks.

Track spending by category, compare months and spot ways to save.

Money Management: 4 Tips for Mastering Your Finances

 

What is money management, exactly? It’s a plan for your money so you can make the most of it. This plan typically involves budgeting and saving money, avoiding or reducing debt and investing in your future.

If learning how to manage your money sounds intimidating or stressful, take it one step at a time. Below are money management tips to help you gain control and, more importantly, peace of mind.

How to manage your money

1. Take inventory of your finances

Money management is about more than making the math work out. It’s about adjusting your mindset, too.

Take a mental inventory of your current position.

Are you consistently overspending?

Do you have enough saved up to survive an unexpected expense?

Do you live paycheck to paycheck?

Do you feel overwhelmed by financial jargon?

Be honest with yourself about where your weaknesses lie. You might’ve made some missteps in the past, but you don’t have to continue on that path. Here’s how to manage your money now, while preparing for the future.

2. Build a money management blueprint

How do you put your plan in action?

Use the steps below to build a blueprint that works for your finances.

 

Start with a budget

If you’re not sure how to budget, start by choosing a system that you’ll stick with. We like the 50/30/20 budget plan, which allocates 50% of your income for needs, 30% for wants and 20% for savings and debt repayment. This 50/30/20 budget calculator divides your income into these categories.

If the 50/30/20 rules don’t work for you, there are plenty of other types of budgets to choose from. You may also find that a free budget app helps you stay on top of your finances.

Track your spending

By tracking expenses, you can see exactly where your money is going. It may inspire you to stop spending so much in a certain category or adjust your spending habits so they better align with your goals.

Find ways to save

As you pay more attention to your finances, you’ll likely find opportunities to save. Here’s how to save money, from tweaking daily habits, to negotiating bills, to making long-term changes.

Ideally, over time, saving money will become part of your lifestyle. If you want to learn more about saving money with coupons, freebies and DIY hacks, check out our guide to frugal living.

Use designated accounts for spending and savings

One way to make money management easier is to keep money designated for bills and budgeted expenses separate from your emergency fund. This will reduce the temptation to dip into it for nonemergencies. Saving for a house, vacation or new car? Stash those funds in separate accounts so you can see progress toward each goal.

Make a plan to pay off debt

A strategic approach to debt repayment will help you reach the debt-free finish line faster. We recommend tackling your most expensive debt — the accounts with the highest interest rates — first, while making minimum payments on the rest. Then, work your way down through any lower-interest rate debt until it is all paid off.

» Here are tools and tips to help you pay off debt

Develop good credit habits

Your credit can determine whether you’re able to get loans and the rates you pay on them, as well as many other aspects of your financial life. A credit check may be part of getting a cell phone plan, apartment or car insurance.

To stay on top of your score, focus on the two biggest factors that influence it: payment history and credit utilization (how much of your credit limits you’re using). Aim to pay everything on time, because just one missed payment can hurt your score, and use less than 30% of your credit limits on each card and overall.

» Learn what a good credit score is and how to get one

Invest in your financial future

Set money aside now, in a 401(k) or IRA, and let compound interest work its magic. The ultimate goal is long-term financial freedom and stability. Not sure how much you need to save? Try our retirement calculator.

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3. Make the most of your savings

Money management goes beyond spending less than you make. A true sign of financial prowess is saving enough to live comfortably in the long term as well as the short term.

You can achieve this in four steps:

Piggy bank

Save

Start socking away extra money to build an emergency fund. Ideally, you should have six months’ worth of living expenses at your disposal in case the unthinkable happens. If that seems too ambitious, start small. A $500 reserve is a great first goal.

 

Investment portfolio icon

Invest

Invest extra money for your future. Set yourself up for retirement by contributing to a 401(k). If your company offers a match, contribute enough to get the maximum.

 

Pay off debt

Whether it’s a loan or a looming credit card bill, you probably have some debt obligations. Always make at least the minimum monthly payments so you don’t suffer credit score damage due to a late payment. If you have extra money for bills, pay down the high-interest debt first.

 Repeat

Keep building up that emergency fund, investing for retirement and knocking down debt.

 

 

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4. Be persistent

Despite their good intentions, many people fall off the financial bandwagon. Sticking to a budget that’s too restrictive can be suffocating. Navigating investment jargon can be confusing. But don’t get discouraged.

You didn’t get in the financial position you’re in overnight, and you won’t get out of it overnight, either. Give yourself time to learn and grow. With hard work and dedication, you can manage your money with confidence.

The Ultimate Shopping Guide: 8 Proven Ways to Get the Best Deals Online

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Online shopping has become a routine part of life. With a few clicks or taps, you can buy virtually anything. But before you restock on toilet paper or purchase those trendy sneakers from the ad in your Instagram feed, make sure you’re not spending more than you have to.

Here’s how to shop smart and find the best prices online.

1. Set a budget and make a shopping list

You likely already plan for big expenses, such as vacations, weddings or college tuition. Planning out everyday purchases is just as important. Making a budget that accounts for clothing, gifts, groceries and other expenses will help you figure out how much you can afford to spend — and avoid debt. The 50/30/20 budget is one template you can use to split your monthly income between the things you need and nonessentials.

With a budget in mind, be more intentional about what you buy. Write a list of the items you aim to purchase before you start shopping to avoid impulse buying. Sticking to the items on the list will prevent impulse buying and make it easier to follow your budget.

2. Shop at the right time

Did you know you can usually pay less for a TV in February than in March? There’s a best time of the year to buy almost anything, including pencils, bedding, appliances, furniture and more. Look for steep discounts during end-of-season sales and major shopping holidays. Here’s the rundown on a few big events:

Back-to-school sales

Late summer brings savings on classroom and office supplies, outfits, computers and more. Several states also participate in sales-tax holidays in or around August, waiving the sales taxes on certain back-to-school items.

Labor Day sales

Labor Day events in September are best known for mattress discounts. But shoppers can also find some of the year’s lowest prices on home furnishings, appliances and summer inventory.

Black Friday deals

You don’t have to sacrifice Thanksgiving dinner to get a stellar deal. Retailers release Black Friday ads (and even discounts) as early as October. Plus, many offer the same deals in stores and online. Sales roll into Cyber Monday events the week following Black Friday and beyond. You’ll typically find the top deals in product categories such as personal electronics and small kitchen appliances.

Superstores like Target and Walmart hog the Black Friday spotlight, but drugstores, wholesale clubs and other businesses get in on the action, too. Check your mailbox, inbox and retailer websites for announcements, so you can plan when and where to shop.

3. Apply coupons

Knowing the basics of how to coupon can help you save on purchases from grocery stores and other retailers. Try a free coupon app, or build the habit of searching for coupon codes every time you shop. Spending a minute or two on aggregator sites could get you $1 off that shampoo on your list or free shipping on an order.

4. Compare (and match) prices

Different retailers sometimes sell identical products at nonidentical prices, so it pays to do a little research. Before buying an item, scope out a few sites. But sticker prices can be deceiving; be sure to include details like shipping costs and coupons in your comparisons.

Look into price-matching policies, too. Companies like Best Buy and Target may match a lower price found on a competitor’s site. Some will even give you a partial refund if you spot a price drop soon after purchasing an item. You can call a retailer’s customer service number or use its online chat feature to request an adjustment.

» MORE: NerdWallet’s guide to personal finance

5. Use shopping tools and apps

If keeping up with money-saving strategies makes shopping feel like a homework assignment, try automating the work. Popular browser extensions and apps, such as Honey and Rakuten, can locate coupons, track prices and more — so you don’t have to.

6. Buy online, pick up in store

You can shop online and get your order the same day (possibly at a discount) without paying shipping costs. The catch: You have to make a trip to the store to fetch it. But curbside and in-store pickup options can be worth the minor inconvenience, especially when you consider the money you’ll save by spending less time near tempting displays.

7. Get rewards

You can earn money, points or other benefits — often on top of regular discounts — through rewards credit cards, retailer loyalty programs and cash-back apps. But don’t let the promise of a reward encourage you to buy things you don’t need.

8. Score free stuff

Discounts are great and all, but you can get freebies online too, such as gift cards. Before you buy a new coffee table, why not browse Craigslist for a free one? Learn how to get free stuff from community marketplaces, libraries and more.

How To Make Millions By Playing Games On Twitch

Twitch is the go-to platform for gamers, with more than 4 million broadcasters each month and 17.5 million average daily users, all playing or watching other people play video games. It’s also the destination for gamers hoping to turn their hobby into a little extra cash and make money without a traditional job.

Some broadcasters earn seven figures per year, thanks to subscriptions, sponsorships and a share of ad revenue, among other things. Granted, they typically have tens of thousands of followers and spend hours each day broadcasting, gaming and hosting other games on their channel.

But you don’t need to be an elite user to cash in on the site. Here’s how to build your audience and start making money on Twitch.

Building a Twitch audience

You can’t attract an audience on any online platform overnight. It’s the same with Twitch.

“Successful channels — like companies — are built up over years, not over days or weeks,” says Jordan Slavik, an avid gamer who has advised Twitch broadcasters on building a following. “The most important thing is to keep producing materials.”

You might make a little money here and there at first, but don’t expect a steady income until you’ve put in a lot of work. Find your niche, whether it’s a game, genre or shtick — if you’re not the most skilled player, for example, be the funniest. Set a regular streaming schedule so fans know when to tune in. Use your existing social media accounts — Twitter, YouTube, Facebook, Instagram, etc. — to promote your Twitch broadcasts. And support other Twitch users by watching and engaging with their streams.

Your marketing and networking skills are almost as important as your gaming skills, Slavik says.

Once you attract viewers, interact with them. Ask questions. Crack jokes. Respond to chats. An entertaining broadcaster gets fans to tune in stream after stream.

Track all the money you make

See the ins and outs of your cash, cards and bank accounts at a glance.

How to make money as a novice

When your audience grows, so does your potential to earn money. But there are a few ways you can cash in as you’re still growing your following:

Donations

Twitch users like to support their own. One of the main ways they do this is by donating money to their favorite streamers. Add a “donate” button to your channel — via PayPal or a third-party app, such as Streamlabs — and let viewers show you the money.

Brand partnerships

Companies use Twitch streamers to get their products in front of people, and the streamers get a kickback in return. This is typically referred to as a partner or affiliate relationship (not to be confused with Twitch’s partner and affiliate programs, more on that later).

Affiliate opportunities for Twitch streamers can come from companies that sell hardware and software, energy drinks and accessories, such as headsets and chairs. Commissions vary, but for example, Razer — the hardware and software company — offers affiliates up to 20% commission on the sale of its products.

Brands don’t typically come to you unless you’re a big-time gamer. Talk with other streamers to suss out affiliate opportunities.

Merchandise

If you have a dedicated audience, consider selling your own merchandise — think t-shirts, stickers, coffee mugs and laptop cases — via a third-party site such as TeePublic or Spreadshop. Just create a storefront, stock it with items — bearing your own design or curated from other sources — and promote it on your Twitch channel.

How to make money as a Twitch Affiliate

Streamers who meet a specific set of criteria can become a Twitch Affiliate. The program is invitation-only, and you must have met the following milestones within the past 30 days to be eligible, according to Twitch:

A minimum of 500 total minutes broadcasted.

A minimum of seven different broadcast days.

An average of three concurrent viewers or more.

At least 50 followers.

Joining the program comes with additional ways to earn money on Twitch:

Subscriptions

Viewers can subscribe to your channel to unlock perks, such as exclusive chat rooms, emoticons and merchandise discounts. Monthly subscriptions start at $4.99, with $9.99 and $24.99 options available. Affiliates receive a cut of each subscription.

Virtual cheers

Another way viewers lend monetary support is via virtual cheers, called “bits.” Viewers buy bits — which come in different colors and sizes — from the chat window, according to Chase, Twitch’s former director of public relations, who goes by only his first name. The price starts at $1.40 for 100 bits. Viewers then dole them out to their favorite broadcasters, who receive a cut — 1 cent for every bit used in their chat.

Game sales

Say you’re streaming yourself playing Warframe. Viewers can purchase the game and in-game add-ons directly from your channel using a “buy now” button. This button automatically appears whenever you play games sold in the Twitch store. Affiliates receive a 5% share of purchases that originate from their channel.

How to make money as a Twitch Partner

Partner status is the top tier for Twitch earners. Unlike Twitch Affiliates, who are automatically invited to join the program, users must apply to become partners.

Twitch Partners earn money the same way as affiliates and general users, but they also receive a share of ad revenue generated from their page. Partners are also likely to get endorsement deals and brand sponsorships.

How To Make Millions From Tik Tok in 2022

TikTok can get you wondering: Where did the last hour go as you scrolled through micro-videos of choreographed dance challenges, baffling illusions, makeup tutorials, giggling babies,  practical jokes and who knows what else?

Also, how do TikTokers make money? And is this a venture you’d want to pursue — going from viewer to creator? Here’s what you need to know:

3 ways people make money on TikTok

1. They market their business and attract new clients

2. They score sponsorships

3. They tap TikTok’s ‘Creator Fund’ 

1. They market their business and attract new clients

Say you already have hobbies that make money. Perhaps you sell stuff online, or consult with clients for a fee, or make money on YouTube. Your TikTok content may attract more buyers, clients or viewers.

“It’s an incredible way to drive traffic to other channels — to your website, to your email list or to your YouTube channel,” says Keira Jones (@thekeirajones), a Phoenix-based TikToker who also manages and advises brands on the platform.

This is exactly how Orlando-based TikToker Connie Rietdyk (@connie.rietdyk) makes most of her cash.

She worked as a consultant on website design and search engine optimization as a side hustle for several years, but the income was “nothing to write home about,” she says, “just enough to cover an extra bill.”

She earned most of her money working at a call center until that contract ended in May 2021. With no other job lined up and unemployment benefits delayed, Rietdyk started leveraging TikTok, which she'd previously used only to view and post personal content.

In Rietdyk’s TikTok posts, she started giving small-business tips on website design and SEO. Starting with about 200 followers last May, she now has more than 11,000 — and several followers have become paying clients.

In September 2021, Rietdyk estimated that 80% of her income was coming from TikTok referrals; she'd earned nearly $11,000 since May and more than $4,600 in July alone. She found it to be enough to cover all her bills and stash away some savings on top.

“My goal is full-time, independent entrepreneurship,” she says. “I feel like I’m on the cusp of it.”

2. They score sponsorships

Let’s say most of your TikTok posts are about one particular subject, like caring for dogs. There may be dog food brands and leash manufacturers who want to tap into your pup-loving audience. Those companies may request your help.

The process could work in a few ways. Maybe the company sends you a free product, like a dog toy, and asks you to mention it in one of your TikTok videos. Or maybe you agree to plug the toy, but only if the company also throws in some cash.

Or maybe you really get down to business. You formalize a contract with the company for a certain number of posts about the toy in exchange for an agreed-upon amount of money. You could also reach out to companies yourself and pitch an agreement like this, particularly if you’re already using and mentioning their products.

Sponsorships like this are how Jones makes most of her money on her personal TikTok account, where she shares marketing tips. “Brands that are marketing tools are reaching out to me,” she says, “because I’m either already organically talking about their product, or they know that my audience would be interested.”

Brands started reaching out to Jones when she hit around 15,000 followers. When it comes to sponsorship opportunities, the number of followers you have may be as important as having a specific angle, such as dog care or online marketing. (More on finding your niche later.)

As Jones puts it: “The more niched down you are, the more likely it is you’ll be reached out to.” By contrast, she says, a general lifestyle influencer is probably less likely to score sponsorships. Those influencers’ audiences may have broad, hard-to-define interests, making them less appealing to sponsors.

Note that branded content must be disclosed in some way, typically through a hashtag in the description, such as #ad or #sponsored.

3. They tap TikTok’s ‘Creator Fund’

This resource is “basically a pool of money that TikTok distributes between everyone in the Creator Fund,” Jones says.

You can apply for this fund if you have at least 10,000 followers, received at least 100,000 video views in the last 30 days, and have met a few other qualifications such as being 18 or older.

How much money can you expect to make? The answer is a little hazy. TikTok’s Creator Fund page states the following: “A number of factors influence how funds are calculated for videos under the program. These elements include video views, video engagement, as well as ensuring the videos adhere to the Community Guidelines and Terms of Service.”

Unless you’re really hustling and pumping out successful content, this fund probably won’t be your main source of income, Jones says. She earns just a few dollars or cents per day through the Creator Fund — coffee money, she says. But even though the earnings aren’t much, she says, it’s “fun to see that your effort is being rewarded in a way.”

Tips for making money on TikTok

If you think you could capitalize on TikTok’s growing popularity, now is the time to try. “TikTok is the future,” Jones says. “A lot of people, in two to three years, are going to be looking back like ‘man, I wish I would have gotten started sooner.’”

However, if you plan to make money on TikTok, consider the following advice.

Find your niche

Making money on TikTok will likely be easier if you stick to a niche, rather than posting a broad array of content. So start by “determining the niche you want to grow in,” Jones says.

If you plan to use TikTok to support another gig, let that industry guide you. Or if you’re aiming for sponsorships, consider the audience you want to attract.

Research that niche and engage with its community. Search on TikTok for videos and accounts about the subject, Rietdyk says, then “like” and comment on that content.

By engaging, “you’re training TikTok to show you the kind of content that interests you,” she says. The platform will start serving you similar content. Then, when you start posting, TikTok will likely show your content to a relevant audience.

For example, say you create jewelry, and you want to use TikTok to send viewers to your Etsy page. Maybe in the future, you’d also be open to posting sponsored content.

Search for and follow TikTokers who are interested in jewelry and engage with their posts. TikTok will likely feed you more of the same content from similar TikTokers. Then, when you start posting, your content likely will be seen by the exact audience you want: people who like jewelry.

Rietdyk stresses the importance of engaging with others, building a community and posting relevant content before trying to sell your stuff. (So maybe you post how-to videos or advice first.)

“You don’t want to promote to a cold audience,” she says. “Give a lot of value for free before you even start asking for anybody’s money.”

Be authentic

To that same point, try to be yourself. “Don’t be fake,” Rietdyk says, adding that “TikTokers can tell if you’re doing something just for a ‘like.’”

As for sponsored content, only promote products “you genuinely use and love,” Jones says. She says she turns down partnerships for products that don’t check those boxes.

Jones adds that if you promote too many products, “your audience will get annoyed and feel like they’re being used.”

Have fun

“If your only intent for starting TikTok is to make money, then you’re probably not going to succeed,” Jones says.

Like with any social media presence, she says, serving your audience should be your No. 1 priority. “That’s when people will be attracted and want to follow you,” she says.

Rietdyk adds that it’s important to “keep it positive.” She recommends setting small, achievable goals — a certain number of sales or amount of income, for example. Then, she adds, “celebrate the wins.”

Other ways to earn money

If making money on TikTok isn’t for you, consider these alternative routes:

Want to try another video platform? Try to make money on YouTube.

If you’re a gamer, look into how to get paid on Twitch.

Looking to clean house? Try to sell stuff online or make money on eBay.

If you’re writing anyway, consider how to make money blogging.

8 Great Ways to Make Millions From Home

As the normalization of remote work continues, you can take advantage of a range of ways to make money from home. From selling items online to starting a podcast to offering your services as a virtual assistant, there are lots of opportunities to earn an income without leaving the house.

If you’re seeking a more traditional job format but still want to work from home, you’re in luck. Remote job postings—which doubled for some online recruitment sites during the pandemic—continue to rise. Regarding the remote positions available, tech jobs are among the most prevalent, but work-from-home opportunities have also risen in therapy, finance, and law.1


Where to begin when searching for remote work? “I’d encourage the job seeker to start by reflecting on their interests and career goals,” Indeed Senior Career Coach Jamie Birt told The Balance in an email.


Next, Birt recommended taking into account the jobs that are commonly performed remotely, such as copywriting, graphic design, and software development. Adding the term “remote” in job search engines can give you an idea of what’s available.


Last, bridge your career goals with the remote jobs that are available, Birt advised. When you find remote positions you like, take note of your current skill set to identify translatable skills, as well as any gaps where you’d need additional training or upskilling.


We’ll discuss eight remote moneymaking opportunities that can help make working from home a reality.

Sell Your Used and Unwanted Items

Clearing out and tidying up your home will likely leave you with piles of things you no longer need or use. You can bring in some extra cash by selling items online that are in good condition.

There are lots of virtual marketplaces where shoppers can go to find a variety of things. eBay is a popular place to sell just about any used item online. Other sites may be more specialized, such as thredUP, which is clothes-specific, or Decluttr, which focuses on cellphones, tech, CDs, DVDs, games, and books.

If you prefer to keep your sales local, you could check out sites like Craigslist, or keep things offline by having a garage sale or taking your items to a consignment store.

When listing items for sale online, you’ll want to include good photos and an accurate, detailed description.

Start a Podcast

“Podcasting is replacing blogging as the moneymaker for a lot of people working from home,” Joseph Hogue, who runs the site My Work From Home Money, told The Balance in an email. He added that advertising dollars are shifting from text-based to podcast sponsorships.


While it can take some time to grow an audience for your podcast, there are several ways to make money podcasting, including selling advertising time, adding affiliate marketing links, offering subscriptions, throwing live events, crowdfunding, selling merchandise, doing speaking gigs, or coaching others on how to host a podcast.


Make Money on YouTube

Momentum has been picking up in video monetization, said Hogue from My Work From Home Money. He suspects that vlogging will take over from podcasting once high-speed internet is universal.


Popular ways to make money on YouTube are monetizing ad views, running paid promotions, and being part of the YouTube Partner Program, among other opportunities.

 

Affiliate Marketing

If you have an audience through a website, social media, or other platforms, you can generate some extra income by including affiliate links. Affiliate marketing is when you earn a commission on the sale of someone else’s products. A common way is to have a link to another company’s website or product in your own content—if a reader clicks on your link and buys the product, you get a cut of the sale.

The Amazon Associates Program is a well-known affiliate network; you can find other affiliate marketing opportunities on platforms like CJ Affiliate, Rakuten LinkShare, ShareASale, and many more.

Familiarize yourself with the Federal Trade Commission’s (FTC) Endorsement Guides before starting with affiliate marketing. You’re required to disclose when you have a financial interest in a product or service mentioned on your site, along with other obligations.
Become a Virtual Assistant

As the workforce transitions to remote work, the demand for virtual assistants is expected to continue to increase. Virtual assistants, or VAs, work remotely to help with administrative tasks—they can work for individuals, teams, or companies. The workload of an administrative assistant usually involves tasks such as answering phone calls and taking messages, running social media accounts, scheduling appointments, and doing research, among other duties.

When starting a VA business, it can be challenging to land your first customer. VAs can find clients through social media channels like LinkedIn or Facebook groups, at virtual or in-person networking events, by word of mouth, or on freelancing platforms like Upwork.


Sell Your Photos Online

Make money online from home by selling your photography, video clips, vectors, and illustrations. Upload your content for individuals and companies to buy for use on their websites, platforms, or other needs. Try listing your work on sites like iStock, Dreamstime, and Adobe Stock.


Offer Your Expertise

If you’re an expert in something, consider creating resources to teach other people. Once you’ve made the initial effort of putting together the content, it can act as a passive income stream.


Online courses, webinars, and ebooks are all common ways to share information. You can build and promote the resources on your own or use educational platforms that already have established communities, such as Udemy or Skillshare.


Pick Up Freelance Work

Platforms such as Fiverr, Freelancer, and Upwork are popular online marketplaces that connect freelancers and clients. You can list your services on these sites and check out the opportunities available. You can do freelance work in several different fields—for example, writing and editing, marketing, graphics and design, programming, and translation.

Many remote moneymaking ventures can be started with little or no money, said Hogue from My Work From Home Money. You don’t have to spend hundreds for an online course or mentorship; you can find the information you need for free online or at a low cost through an ebook.

The Bottom Line

Growing your venture takes time, and you’ll likely need to put several different income streams together. Find ways to incorporate different moneymaking aspects into one business model. For example, you may be focused primarily on making money through blogging, but you also bring in funds with affiliate marketing and an online course you created that teaches others how to build their own YouTube channel.

There are lots of opportunities to make money from home; don’t be afraid to try out different options to determine the best fit for you.

7 Ways to Up Your Income Online

More and more people are looking for ways to earn money online. Some are turning to side hustles to make a little extra money, while others are creating internet businesses that become their full-time job.

Let's take a look at seven ways to make money online that can take up a little or a lot of your time. Think of these options as supplemental sources of income, most of which have the potential to be a whole lot more.

Affiliate Marketing


fizkes / Getty Images

Affiliate marketing can be a low-cost and relatively easy way to make money online. You don't need to have any of your own products or services to sell; affiliate marketing gives you a chance to earn commissions from large companies.

You promote the products or services of a company on your website/blog or social media account, providing links to the company's offerings. These affiliate tracking links ensure you get the credit for having delivered a paying customer to the company's website, and you get a percentage of the sale as your reward.

The main work involved in affiliate marketing is giving people a reason to visit your website/blog—or Instagram, Facebook, Twitter, or other social media account—and building up a large group of visitors and followers. To do that, you should provide content that is likely to attract people who are interested in purchasing the thing you're trying to get people to buy. For example, you might write and make videos about consumer electronics products—how to use them and/or which ones are the best—in a way that's optimized for search engines.


Start Your Own E-Commerce Website


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A related way to make money online—but that perhaps requires a bit more work on your part—is with an e-commerce website. You would sell products from your website, either your own that you create or commercially available ones.

If you choose the latter route, the most common and hassle-free way to fulfill orders is via dropshipping. You get the customers and take their orders, but a third-party company warehouses and ships the products for you.

It's better to focus on one product category that you can create your own niche in and devote your website to.

If you make your own products, you might want to start out selling them on both an established platform, like Etsy, and your own site. After you build up a base of customers, you could ultimately cut out that middleman.

You can further monetize your e-commerce website by hosting ads, such as with Google AdSense.


Online Publishing


John Lamb / Getty Images

Regardless of your current occupation, publishing nonfiction e-books is a good way to help establish yourself as an authority in your field while making passive income. Once you've written and published the book, you don't have to actively do anything to take in revenue from it.

Alternatively, if you've written a novel that needs to be read—especially in a popular genre like romance, science fiction, fantasy, or mystery—publishing it as an e-book has the potential to get thousands of eyes on it.


The two biggest companies that enable you to self-publish e-books are IngramSpark and Kindle Direct Publishing.

You can sell e-books on platforms like Amazon.com. If you can make a name for yourself as an author, you can begin selling e-books directly from your own website and increase your profits.


If you've been blogging for a long time about a certain topic, you should be able to edit and package your existing posts into a book without too much additional work.

Consumers of self-published e-books expect a quality experience that's on par with the offerings of a traditional publisher. If you don't have all the skills to ensure a polished final product, you might consider hiring a copy editor to fine-tune your writing and a designer to create an enticing cover. And if you're having trouble transforming your ideas into paragraphs and chapters of prose, you could hire a developmental editor to help you with that beginning part of the process.


Take Online Surveys


Getty Images / Peter Dazeley

Taking online surveys is an easy way to earn a little extra cash or prizes such as gift cards. Market research firms (MRFs) are behind many online survey sites, including American Consumer Opinion, which is owned by Decision Analyst. You can also sign up to take surveys using aggregators like IdeaShifters or Swagbucks, which partner with many different corporations and MRFs.

You shouldn't expect to make more than a dollar or so per survey. And you will most likely have to provide a good deal of information about yourself before you can take the first one.

When looking for survey-taking opportunities, stick with companies that have a proven track record of paying for survey responses and that are not scams designed to get your personal info. You should also keep in mind that you may not be eligible to take certain surveys because you don't match the demographics the company is looking for. You may be too old or too young, for example.


Online Freelancing


svetikd / Getty Images

If you have a specific skill-based service you can carry out remotely, such as IT services, copyediting, or graphic design, you can offer it as an online freelancer. If you can find and accept enough gigs, you could become a full-time freelancer in your field. Or you could take on occasional assignments to supplement the income from your main job.

You can find gigs using freelance-specific websites such as Freelancer and Upwork, as well as big job sites like Indeed. You should also consider joining an organization specifically for freelancers in your area of specialty. Such groups often let you post online information about yourself and the specific skills you can provide, and they may send out email alerts or have a jobs board with contact information for those seeking freelance help.

A freelancer's organization can also provide a social outlet, connecting you with people who do the same work you do and are interested in the same things as you.

A site like Meetup may be a good place to begin finding others who share your interests and skillsets.

Coach Online


Julius / Getty Images

Life coaching is another promising online career option, particularly if you have solid communication skills and a desire to help others succeed in their personal or professional life. Many people need a nudge to get them past a mental roadblock that's standing in the way of personal happiness or career confidence. As an online coach, you can offer advice to help them change their mindset and improve their lives.

Life coaches should not attempt to take the place of trained mental health professionals. Coaches deal with matters like personal growth and achieving goals, not overcoming mental illness.

One of the hardest things about becoming a life coach is finding a client base. When you're just starting out, you might try advertising online and offering to speak to community groups.

Having a professional certification can make you a more credible choice when someone is seeking a coach. And offering the testimonials of previous clients on your website also makes you a more attractive candidate.


Offer Online Courses


Drazen_ / Getty Images

Like e-books, online courses generate passive income after you've created them and made them available online. If you have a knack for teaching and a set of skills you would like to share with others, consider creating online courses as a way of making additional money.

The primary website where you could post your courses—and get paid for them—is Udemy. But as with the other online businesses, if you can establish a reputation, you might have success offering your courses through your own site.

In addition to knowledge in a particular subject area, you will need to have an engaging presence in your videos. If you can't retain potential students' attention, they won't come back for more classes.

The Bottom Line

There's a lot of competition online for many of these money-making opportunities—especially with more and more people unable or unwilling to work in a traditional setting. According to Stanford University economist Nicholas Bloom, 42% of U.S. employees were working from home full-time as of June 2020.1

To make a go of most of these possibilities, you will have to stand out from the crowd and convince prospective clients and customers that you're the right person to buy from or hire. Becoming successful at any online occupation requires exceptional online marketing skills. If you can learn how to successfully sell yourself and gain followers and search engine hits, your business's success should follow.

How You Can Make Millions By Podcasting

New podcasters always ask the same question before they take the plunge: “How much money can podcasters make?” They want to know what the reward will be before they invest their time and energy growing a podcast audience.

So how much money can podcasters make? To be frank, most make $0. In fact, many podcasts have negative cash flow because they spend money buying equipment and paying hosting fees before they earn a single dollar.

Creative work like podcasting doesn’t make any money until people choose to watch you. It takes time for listeners to decide you have value. So if you’re looking to start a podcast because you need a paycheck this week, you should find another way to earn income.

But if you put in the work to make amazing content, publish new episodes consistently, and engage your audience, you’ll eventually build a show that rakes in money each episode. There are lots of people who make very comfortable livings working just working on their podcasts a few hours each day.

In this article, we’ll explain how podcasts make money, we’ll review how the highest earning podcasters earn their incomes, and then we’ll talk about what the average podcaster makes.

Just want the highlights? Check out this quick video for the best takeaways.

How Do Podcasts Make Money? 

There are actually a lot of ways to monetize a podcast. The most successful podcasts use several monetization strategies so there’s money coming in from a lot of different places.

Why should you diversify your revenue? 

For safety. Imagine if all your revenue comes from publishing your podcast on YouTube, but then one day YouTube bans your channel. You would lose everything! So it’s best to create multiple revenue streams.

We dive into all the ways your podcast can make money in our article on podcast monetization, but here we’ll go over the top four methods: Sponsorships, direct support including premium content, affiliate sales, and complementary products.

How To Earn Millions From Amazon Every Month?

Whether it’s about adding an income source or the only income source post the Covid-19 pandemic, one of the best ways to earn money online these days is to make money with Amazon. Given that Amazon is the top e-commerce retailer in the USA recording a net sales figure of around 386 billion dollars in 2020, it’s a golden opportunity for those who want to become an eCommerce seller and earn money from Amazon. This post highlights how to earn money from Amazon by selling and even without selling:

Register for Amazon FBA

Once you enroll with FBA or Fulfilment by Amazon, it’s Amazon’s responsibility for the warehousing (storage, picking, packing), shipping, returns, or refunds of your products. However, to start selling with FBA you must find a product (e.g., from Alibaba), make improvements, and label it with your private brand. Sign up for Amazon seller central and submit your product information. Ship your products to Amazon and their fulfillment center shall take care of the distribution. As customers buy your product from Amazon, the delivery will be fulfilled by Amazon.

Leverage Retail Arbitrage

If you are a complete novice in this category, the best way to start earning money from Amazon would be to make use of retail arbitrage and save on the outraging shipping costs. As heavy as the name may sound, it’s a simple process where you simply buy stocks (look for discounted products) from a local retailer and sell them on Amazon with your mark-up for a profit.

Use Online Arbitrage

Same as in the case of retail arbitrage, you purchase inventory straight from the online stores or from a site like eBay for cheap, and list them on Amazon and make profits.

Publish Books Using Kindle

Those with writing skills can kick off their book publishing dreams using the Amazon Kindle Direct Publishing service. KDP is a great way to publish digital books within 24 to 48 hours and that’s available on Kindle worldwide. In return, you get the freedom to set your prices, earn royalties up to 70 percent on sales, modify content, and more.

Sell Bulk Products

Amazon Business is a B2B marketplace that allows you to sell products wholesale. It’s a blessing in disguise for business customers as they benefit from special prices while they shop from Amazon. With over 55 fortune 100 companies listed with Amazon and exclusive business features like requests for quotes or the option to showcase your certifications is what makes it is a great way to start as a wholesaler.

Sell Handcrafted Goods

Those with a penchant for craft can join the seller list from over 80 countries with Amazon Handmade. Given there’s a high demand for these goods, it makes a great platform for selling your handmade products at a good margin.

Sell Through Affiliate Marketing

Selling through affiliate marketing is hands down one of the most popular and proven methods to date. Simply sign up with Amazon Associates and start promoting other people's products on Amazon using the affiliate links they provide. However, you must have a website or a blog where you must create a sales copy for that product, for example, if you have signed up for promoting a mobile phone, you may create a product review content with a link (affiliate link) to that product. You can then earn anywhere between 3 to 5 percent of the conversion rates.

Work from Home as Amazon Customer Service Rep

With around 650,000 employees across the world, Amazon is soon to become the next big employer. This is the right time to join the ever-growing Amazon customer service team and work from the comfort of your home. The customer service team is spread across 130 locations across the world and supports 16 languages.

Sell Using Merch by Amazon

If you are adept in designing coffee mugs and t-shirts, have a bunch of ideas but are short of resources, capitalize on merch by Amazon. Upload your design, pick a color and the product type, and your product page is created. It’s as simple as that. Thereon, sit back and relax as the production, shipping, and customer service is Amazon’s responsibility.

Sign up for Mechanical Turk (MTurk) Program

Mechanical Turk (MTurk) by Amazon serves a dual purpose. While the main purpose is to help individuals and businesses to outsource tasks and processes (data entry, data validation, research, etc.) to a virtual workforce, it also benefits those looking to earn through microtasks by joining the program and earn anywhere between 0.10 and 1 dollar for each task. The more tasks you complete, the more you earn.

Amazon Influencer

If you already have a substantial social following, being an Amazon Influencer can help you rake in some good money through commissions earned by promoting products on your Facebook, Twitter, or Instagram page and even through your YouTube channel.

Take surveys, write reviews, create webinars, participate in forums, sell used products or professional services, create private brands, or be a drop shipper, Amazon has something for everyone looking to earn money from home. So, while you shop for your favorite products from Amazon, don’t miss the boat of making some good money from Amazon.

NFT: Everything You Need To Know About NFT

Non Fungible Tokens (NFT) 

There has been a growing interest in NFTs in the digital space, a lot of buzzes have been generated and many people are going into minting of tokens. Millions of dollars exchanged hands in the sales of NFTs.

You may get confused and wonder if the NFT trend is a fad or if people are just wasting their money and time. This article breaks down the concept of NFTs.

What is NFT?

NFT simply means Non Fungible tokens. The non-fungible part means unique and non-replaceable. No swapping like for like. They are tokens because they are digital and are protected by blockchain technology, just like cryptocurrencies.

You can sell a digital image as an NFT, the same way you would sell a physical painting. When you sell NFTS, you are the owner of the ‘original’ version, and the NFT artist continues to benefit every time the NFT is resold.

Many digital artists have sold their digital arts with this technology.

 

Because they are “non-fungible”, they are different from other blockchain tokens, such as Ethereum, which are fungible. This characteristic is why NFTS are the perfect model for dealing with digital art and other valuables in the online space.

This uniqueness is why NFTS cannot be exchanged for similar tokens that are equivalent. So, while 1 bitcoin can be swapped for 1 bitcoin, NFTs cannot be swapped because of their unique nature and also because they don’t have similar values. 

This also implies that NFTS can’t be used in business transactions as an exchange standard because none of any two NFTs is alike. The worth of each NFT depends largely on the perception of it by the world and the level of demand for it. 

What is the origin of NFT?

The earliest example of NFTs on the internet is the platform, milliondollarhomepage.com by Alex Tew from 2005. However, it was not based on a blockchain but had attributes of NFTs. The website offered different pixels totaling 1 million in number for sale. 

Then came the advent of coloured coins in the year 2012. This utilized the blockchain of bitcoin. However, it didn’t make much of an impact because the system it was based on was not built to handle substantial NFT features. In 2014, Counterparty came up to fill the gap. 

Counterparty gave the framework for Initial Coin Offerings (ICOs), memes, and trading cards to operate. At this time, Ethereum rose in popularity and things gradually shifted to its ecosystem. CryptoKitties emerged in 2017 in the Ethereum ecosystem. Using a blockchain to adopt and raise a digital cat became appealing to the world.

What is a token?

A token can be referred to as a digitalized asset that people can own and transfer to other people. The blockchain secures tokens in a cryptographic system, issuing private keys that are the property of the token owner. 

Every token has a public address that is used to identify it. The owner possesses the private keys and uses them to perform some predetermined functions. For example, money can be received at the public address of a bitcoin wallet that everyone can see but you can only use the money in the wallet using the private keys. 

All kinds of information are contained in a token including, images, music files, rights to real estate, motor vehicles, clothing, and other physical properties. 

Tokens are designed for many purposes. There are payment tokens, utility tokens, security tokens, etc. 

A token can be created on the blockchain by following established protocols. Examples include the simple Ledger protocol or Ethereum’s ERC-20, -721, or -1155 standards.

Fungible Tokens compared to Non-fungible Tokens

Tokens are classified into two major classes: 

(i). Fungible 

(ii). Non-fungible.

We refer to Fungibility as the ability of an asset or tangible item to be interchanged with an identical item. Paper money for instance is fungible because one can borrow N1000 from a friend and repay with two N500 notes. Once can also repay with another N1000 note that is not the same one that you borrowed.

The value represented by each note is what is important and not the note itself. 

Non-fungibility is a uniqueness that cannot be copied or duplicated. There can only be one Lionel Messi, for example. Your ATM card is just yours. You can’t find another card with the same name, same number, and same expiry date.

Whereas you can change a N1000 note into N200 notes in five places, your Atm card is not exchangeable because of its non-fungible quality.

What makes NFTs scarce?

The scarcity of NFT is criticized by some people as being artificially induced, however, it is understandable that a non-fungible item is very likely to be scarce. For example, it is possible for a digital painting that is tokenized to be duplicated many times over. So, while the token might be unique and single, the idea behind it can still be duplicated.

The question arises: What is the use for this? Is it not an unwise decision to own an item that is not truly yours?

A simple answer is that it depends. When you buy a token, it becomes yours but the representation of the token is what matters. 

The prices of Non-fungible tokens are going up because more people these days are spending most of their time online and in digital environments. The perception of this increased exposure should lead to an increased demand which drives prices higher.

A second reason is that digital assets can be easily transferred. So, just like one would buy gold, artworks, or real estate to store their wealth, an investor in the same vein can also buy NFTs to store his wealth, and in the future sell them to get his money back.

The demand for NFTs is increasing with their popularity owing to the fact that there is only one version of each token. However this hype is only a thing of the mind, and therefore, anyone who is investing big money on NFTs is simply speculating.

NFTs and copyright

Intellectual property is very important. By law, the original owner of any work is the creator of that work until they transfer that right to another person.

However, you must note that the copyright for a digital work might be included or might not be included in the token. So, if an artist sells an image token to you without the copyright, he or she can still duplicate the same picture several times over and still make them into tokens as well.

If the copyrights to digital art or music are sold to you as an NFT, you can earn royalties from your investment over the years and get tangible returns.

NFTs enabling real estate in the digital space

Real estates in the digital space are now lucrative. Digitally created worlds like Decentraland are putting up plots for sale. But what would anyone gain from buying digital land?

 

This again is because of thinking that there are going to be more human interactions on the internet. As the demand for land in Decentraland surges, the prices of its plots will also increase. MANA is the official currency of Decentraland, thus the need for it will increase.

This implies that just as people buy physical real estate because of speculation, hoping for a price increase, they do the same thing when buying digital real estate.

What are the benefits of NFTs?

Authenticity:  Being based on blockchain technology gives it credibility.

Ownership rights – Transactions are visible to the public and everyone can know the owner

Secure transfer of ownership: This is a result of the framework of blockchain technology.

Ownership of copyright:  You can include the copyright of the work into the blockchain.

What are the uses of NFTs?

NFTs are being deployed in various industries and sectors. The ever-expanding uses cases are felt in the following:

Digital Art: The successful reality of the creation of tokens from digital fine art, animations, etc.

Gaming:  You can find in-game fashion accessories, real estate, and other products being sold

IRO music use – Musicians can now sell their music rights using NFTS. IRO means Initial Rights Offering. 

Assets:  NFTs are sold as assets.

Sports memorabilia: NFTs are now being used by sports fans to demonstrate their support and loyalty to their various teams. 

Notable NFT projects

Cryptokitties: These are real-life cats growing on the blockchain.

MoonCatRescue: Another cat game on the blockchain.

CryptoKicks – This is patent sportswear owned by Nike.

Decentraland:  A digital world with lands owned by users.

NBA Top Shot: This gives you ownership of the best moments in basketball.

FEWOCiOUS x RTFKT sneakers: This product netted $3.1 million in 7 minutes

Beeple’s every day – At Christie’s, this raked in $69 million.

Conclusion

Non-Fungible Tokens thrive on desire, speculation, and value. NFTs are valuable as they offer many benefits. As the trend progresses, more speculators will hop in and prices will only keep going up. You can ape in today and acquire NFts that will bring immense value to your portfolio in the short and long term.

Best Banks In Nigeria For Personal And Business Banking For 2022

A bank is a financial institution licensed by a regulating body to receive deposits and lend surplus money to borrowers, and upon demand, pay the depositor. A bank allows the depositor to open an account, make a withdrawal, pay third parties, and use a debit or credit card, among other services. Banks have different products and services like personal and business banking products for their customers. Personal banking is another name for domestic or retail banking, which involves the bank dealing with you directly or personally. While for Corporate or business banking, the bank deals with a corporate body or an incorporated company.

 

In Nigeria, most of the banks offer a mix of these services, and if you own a small business, your concern is how to get a loan quickly. But for the regular saver, you want a secure bank. The Nigeria Deposit Insurance Corporation secures your deposit of up to N500,000 in all commercial banks in Nigeria in case CBN closes any of them. To help you filter the best out of the number of banks, we will list ten of the best banks in Nigeria for personal and business banking to enable you to make an informed choice. Let us start with some examples of both services.

What are examples of personal banking?

Examples of personal banking are savings account, certificate of deposit, credit, and debit cards, financing a car or a house, and remitting foreign currency. There is also private banking service (for high net worth individuals), insurance, stock brokerage, and wealth management, which the bank will sell to you using its subsidiary company. Extra service includes online banking.

What are the examples of business banking?

Corporate banking or business banking services include Loans and advances, treasury services, equipment leasing, trade finance, and small-medium enterprises (S.M.E.) loans, online banking, P.O.S., and more.

After showing you some examples of personal and business banking, let us go straight to the list and examine the best banks right away.

 

The best banks in Nigeria

Here are the best banks in Nigeria for personal and business banking:

1. Guaranty Trust Bank Plc

Guaranty Trust Bank Plc (GTBank) is a limited liability company incorporated to carry on the banking business in 1990 and began operating in February 1991. The bank listed its stocks in the Nigerian stock exchange in September 1996.

Through the years, due to sound management, its asset base is now more than 3 trillion naira. The bank has a subsidiary office in the United Kingdom and branches in some African countries like Ghana and Uganda.

GTBank offers excellent personal and business banking to customers using its professional staff. GTbank’s personal banking service includes opening savings and current accounts, nonresident Nigerian service, and private banking, online banking, and A.T.M and P.O.S.

While the business banking gives you access to a GT business account, corporate and commercial banking, S.M.E. and loans and advances, and more.

2. First Bank of Nigeria 

First bank is one of the best banks in Nigeria for personal and business banking. Here is why. First bank of Nigeria is true to its brand name and is genuinely the first when it comes to personal banking services.

The bank, which started in 1894, now has close to 900 branches in Nigeria, across ten African countries and the U.K.  First bank has nearly ten thousand employees, and its revenues have continued to grow.

To prove how much the bank has been able to serve its personal banking clients, the bank won “The Asian Banker International Excellence” award for the best personal banking brand five times in a row.

Its personal banking solutions include loans and mortgage, bank cards, payment solutions, online banking and A.T.M and P.O.S and diaspora banking, money transfer, and fixed deposit.

Also, the bank serves its corporate banking customers well, and its loan portfolio continues to increase just like its deposit base. Rest assured that First bank will give you the best of both services.  Its business banking products include Account, S.M.E. connect, loans, e-solutions, payment solutions, Agric financing, and mortgages.

3. Zenith Bank P.L.C.

Zenith Bank P.L.C. is a leading Conglomerate and provides financial services across the globe using cutting edge technology and leads while the other banks follow.

The bank was launched in May 1990 and started operating in July of the same year with a commercial bank license.

In 2014, it transformed into a Public liability company (P.L.C). Also, to meet demands for its services, it has 500 branches in Nigeria and subsidiary offices in the U.K, Ghana, South Africa, and more.

Zenith offers numerous customers customized banking services, which include S.M.E. banking, Personal banking, and Corporate banking, investment and loans, bank account, asset management solutions, Online banking, A.T.M, and P.O.S.No wonder it is now among the largest banks in Africa. Its head office is at Zenith Heights, Plot 83, Ajose Adeogun Street, Victoria Island, Lagos, Lagos State, Nigeria.

4. Stanbic I.B.T.C. Bank

I.B.T.C. chattered bank started in 1989 and merged with Stanbic Bank Group in 2007. It is now a part of the Standard Bank Group with the Head office in Johannesburg, South Africa.

The bank provides excellent banking services in well over 180 branches locally with 560 Physical ATMs. Its professional staff is up to 3,000 and keeps increasing to match up with your demand for excellent services.

Its foreign remittances service is top-notch. If you are Nigerian living abroad, you may open a nonresident Nigerian bank account with the bank as the cost of transactions is low, and it is easy to monitor your account from anywhere you live abroad.

The bank’s personal and business banking service is first class, with an unbeatable range of services that include financial advisory services, loans, savings, investments, debit and credit cards, mortgages, pensions, and Stockbroking. Its Head Office is The I.B.T.C Place Walter Carrington Crescent Victoria Island Lagos.

5. Standard Chartered Bank Nigeria

Another one of the best banks in Nigeria for personal and business banking is Standard Chartered Bank, Nigeria. Its head office is in London, and its branches worldwide are about 1,200. The bank boasts of over 150 years of banking experience.

Standard Chartered Bank Nigeria started operating on 15 September 1999 and has 22 branches with A.T.M’s and more than 900 employees as of 2013.

The Bank in Nigeria provides one of the best business banking services with an efficient, secure, and easy to use free online banking platform, plus a fair exchange rate service.

That said, its retail banking services are equally responsive to the demands of the customers. Its products include personal banking, priority banking, and business accounts for its retail clients.

While its corporate and institutional services include transaction banking, priority banking, and small and medium enterprises(S.M.E.). Its local head office is at 142 Ahmadu Bello Way, Victoria Island, Lagos.

6. Sterling Bank Plc

When this bank began in 1960, it was Nigeria’s first Investment bank called Nigeria Acceptances Limited (N.A.L.).

Sterling Bank became a complete commercial bank when N.A.L. merged with four other banks in the 2006 bank consolidation era. With that merger, Sterling bank was born and ready to improve stakeholders’ value.

Sterling bank has repositioned itself to deliver both personal banking and business banking services plus some extra banking services. Its products include private banking and wealth management, agent banking, commercial agriculture credit scheme, loans to the telecom, power, and steel sectors.

The bank now has up to 179 branches, 847 ATM’s and 7853 point of sale (P.O.S.) terminals as of 2018.  Its head office is at Sterling Towers, 20 Marina, Lagos, Lagos State, Nigeria.

7. United Bank For Africa Plc (U.B.A.)

One more bank in this list of the best banks in Nigeria for personal and business banking is U.B.A. This bank started in 1949, and they trade the stock in the Nigeria Stock Exchange. Like its peers, it has undergone a lot of transformation carried out by Tony Elumelu. In 2005, he merged U.B.A. with Standard Trust Bank before his tenure as M.D. ended. As a result, the bank is a lot nimbler than the former conservative company.

 

U.B.A. is ready to serve stakeholders and to create an enterprise that will continue to advance strategically and be ahead of other banks in all the services it offers to customers in its branches in 22 African countries.

Its core services are corporate banking and personal banking that include S.M.E. banking and internet banking, money transfer, treasury, trade and savings, current account, P.O.S., A.T.M., and online banking, and more.

The bank’s core values have these three words execution, enterprise, and excellence driving its goal of dominance in the banking sector, and has strategically positioned its subsidiary offices in New York, UK, and France. Its headquarters is U.B.A. House, 57 Marina, Lagos, Lagos State, Nigeria.

8. Fidelity Bank

Fidelity Bank P.L.C. started in 1988 as a Merchant bank and rebranded into a commercial bank in 1999. It is known for serving startups and has several awards as S.M.E. Friendly Bank, the Most Improved Corporate/Investment Bank, and the Best in Mobile.

It came 4th place as the best retail bank in a survey carried out in 2001 by K.P.M.G. to find out how satisfied customers are about their service providers.

Fidelity bank as of 2017 has 240 branches in Nigeria that includes digital offices with 775 ATM’s and 4346 POS’s.

The bank provides customized products for different customers, corporate banking, S.M.E. banking, private banking, and online banking. Others include mortgages, loans, credit cards, savings, and current accounts and Investments.

Its head office is at Fidelity Place, 2 Kofo Abayomi St, Victoria Island, Lagos, Nigeria.

9. Union Bank of Nigeria

The bank started in 1917, and they trade its stocks on the Nigerian stock exchange. Union bank is one of the old generation banks, and like its peers is rebranding its services to become alive to its logo of a galloping Stallion.

That is why it is part of this best banks in Nigeria for personal and business banking. As of 2016, it had 320 branches and two fully-owned subsidiaries in the United Kingdom. The bank offers products that target high net worth individuals and S.M.E’s.

Its banking products include savings account and current accounts fixed deposits accounts, mortgages, auto loans, personal loans, bill payments, and debit cards.

The bank’s business banking product includes credit and advances, trade finance, account and cash management solutions, union one and union 360, and local trade, Agric business solutions, and more.

Additional services include Online Banking, Mobile Banking, Debit Cards, A.T.M’s, and P.O.S. Systems. Its head office is at 36 Marina, Lagos Island, Lagos State, Nigeria.

10. Ecobank Nigeria P.L.C.

Ecobank Nigeria is a part of the Ecobank Group. The bank started operations in 1989 to provide financial solutions to enhance its clients’ growth. Ecobank Nigeria is a commercial bank with branches of up to 610 all over the country as of 2011.

It offers personal banking and business banking that includes retail, wholesale banking, treasury, and financial institutions and capital markets and investment banking to its diverse customers. Other personal bank services include Ecobank online internet banking, A.T.M’s, and P.O.S.

The stocks of Ecobank Nigeria is listed on the Nigerian stock market. Its head office is at Plot 21, Ahmadu Bello Way, Victoria Island, Lagos.

Whereas, the parent company Ecobank Group was formed in 1985 to serve the citizens of West Africa. Its headquarters is in Togo employs over 10,000 staff.

The Ecobank Group has a network of over 1,300 branches in 36 countries such as Benin, Kenya, South Africa, including offices in other parts of the world like Dubai, Paris, and London.

11. First City Monument Bank (F.C.M.B.)

F.C.M.B is the last bank in this compilation of the best banks in Nigeria for personal and business banking. This bank, which was initially called First City Merchant Bank and launched in 1982,  evolved from City Securities Limited that began in 1977.  In 2001, it became First City Monument Bank and obtained a universal banking license.

F.C.M.B. has roughly 5.1 million customers and 206 branches in Nigeria. It owns  a subsidiary bank in the United Kingdom through F.C.M.B. Bank (U.K.) Limited. The bank aims to become the best financial services group of African origin.

F.C.M.B. offers personal banking products, business banking solutions, and other corporate products for its customers.

Its numerous financial services include micro-lending, asset management, stock-broking, trusteeship, and custodial services, foreign exchange, personal banking, corporate and commercial banking, investment banking, A.T.M’s, P.O.S., and online banking.

Other products it offers clients are commercial, public sector, financial institutions, small and medium-scale enterprises, trade and liquidity management solutions to businesses, and more. The bank’s headquarters is at Primrose Tower, 17A Tinubu Street, Lagos, Nigeria.

Conclusion

In this post, you have a list of the best banks in Nigeria for personal and business banking. We gave you their product so you can make up your mind on the one you like best. If you think their products are alike, you are right, but each bank is unique in the way it delivers similar services.

Tell us the bank that you would choose for personal banking and why and do the same for business banking.