Why You Need To Spend Money To Earn Money Online

The real reason why some people earn more money online

It is often very exciting to start an online side hustle thinking that you can quickly earn money by investing a few hours of work per day. After all, this is the claim of many internet gurus and coaches, encouraging their followers to copy their method for success.

I also started in a similar way. I imagined I could easily build a writing career simply by blogging and publishing my books online. Fortunately back then, the internet wasn’t as competitive as it is today. It was easier to rank for good keywords on search engines. And social media had not yet been as commercialized as it is today. So I earned money through some of my books sales and through the ads that appear on my website.

Fast-forward to more than ten years, and the virtual world is now a much busier and more competitive place than ever before! Everyone wants to be an influencer. People are doing everything just to create a viral post. And almost anyone can launch a book online.

Still, there are gurus that encourage people to take the plunge, quit your job and see what happens next. Trust me when I tell you that you may not want to see what happens next!

So before anything else, please don’t quit your day job before you see a clear path towards your online career. Don’t give up everything believing false promises that can take away your livelihood leaving you with nothing but regrets.

One truth that you need to remember is that you need to spend money before you can make a lot of money on the internet.

While you can still start slowly and earn from some side hustles and freelance jobs, you won’t be earning as much until you decide to invest in your online business.

Here are just some of the expenses you may need to make once you decide to treat your online business as a real business:

1. Education

You may need to take some online courses or even formal training to update your skills and/or make you qualified for certain jobs. In some cases, you may need to secure certifications that you can include in your freelance portfolio.

While the internet is full of free materials where you can learn new skills, it may not always be the most efficient approach if you’re serious in building a new career.

2. Website set-up and maintenance costs

It used to be so easy setting up a website on Blogger or WordPress, writing some posts and then applying for a Google AdSense account. While you can still do so today, your progress will be slow. And you will miss so many features like SEO plugins that you can use if you have your own domain and self-hosted WordPress website.

3. Expert fees

You need to pay the experts if you want to get the job done! The other option is to learn everything yourself and develop your skills. But all of those would take time. Meanwhile, you are losing the opportunity to earn money. If you have already quit your job, you are spending your hard earned money on your cost of living without earning from new sources of income.

Some experts you may need to pay depending on your needs:

• SEO experts

• graphic designers

• illustrators

• editors

• book reviewers/beta readers

• virtual assistants

• marketers

• content writers

• social media managers

4. Advertisements

Have you ever wanted to sell more books? You must learn how advertisement can work for you. Some use Facebook Ads. Others use Google Ads. If you have books on Amazon, you may need to master Amazon Ads.

You must keep in mind, however, that you should not use ads indiscriminately. Otherwise, you will also lose money doing so.

5. Software and Tools

You may need to invest in some tools and software to help you start your business.

If you are a designer, you may need to buy software like Photoshop. You may also consider subscribing to a Canva Pro account. If you are a writer, you may want to get Scrivener, Hemingway Editor or Grammarly Premium. For heavy users of social media, you may consider Hootsuite or Buffer to schedule your social media posts.

On Spending Your Hard Earned Money

Earning money online is not a simple game you can play without losing anything. Even with no investments, you will definitely lose the time you’ve spent trying to establish your online presence. You will also keep on losing the money you spend for your basic needs without earning anything in return.

You must have a practical plan if you ever decide to quit your day job to earn full-time online. Do your research, consult with experts and test the waters first. Remember also that although you must spend money, you must learn to spend it wisely!

Still Want to Earn Something Without Spending Money?

If you have already quit your job or you’re in dire need of earning money without any budget to spend, here is your last resort. It’s also something that helped me when I found myself in financial trouble. If you’re a writer, you can offer your services as a freelance writer, find a client and get paid for that! 

Learn more from my book “How To Earn Money By Becoming a Full-time Writer”

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