The Money Source

What's the Best Options Broker for Me?

2012-02-19T17:14:00.001-08:00

Choosing the Right Options Broker

Let's face it. Most of us don't have $500,000 or even $50,000 to invest. For the little fish out there, transaction costs are vitally important and often take a sizable chunk out of the profit margin. So where should you invest if you don't have suitcases at home overflowing with cash? This is a question that plagues every neophyte in the trading world. The answer, of course, depends on two things: how often will I trade and what kind of trading strategies do I plan to implement? Inevitably, there is a trade-off between savings and flexibility.

So, let's get to the task at hand of maximizing savings and flexibility subject to your budget constraint:

If you have over $2,000 to invest, your best choice is ThinkorSwim, hands down. ThinkorSwim provides an integrated interface with real-time news, options chains, alerts, and a convenient list of trading strategy options with the click of a button and all in one window. There are even tools that enable you to see the expected gains/losses of your proposed strategy. Another nice feature is that you can test drive ThinkorSwim through their paper trading option for as long as you like, unlike other brokers such as OptionsExpress which gives you only 30 days to familiarize yourself with their features.
If you have less than $2,000 to invest, I would recommend Optionshouse b/c they have the lowest commissions given their interface. Although the interface is online and not software based (not my first choice), it still offers a wide array of useful tools that certainly rival those of ThinkorSwim. While the interface certainly doesn't look as sexy as ThinkorSwim's OptionsHouse still offers the same useful paper trading features and timely information that more than make up for its aesthetic deficiencies.

The one broker that stands out from all others is ThinkorSwim with its web, software, and iPhone platforms that allow you trade around the clock, wherever you are.

Make Money Online

2012-02-18T16:24:00.000-08:00

Make Money Online Now

People are constantly asking me what the best way to make money online. The truth is there is no straightforward answer. There are literally hundreds of ways and they will all appeal differently to different people. The good news is that I have made it easier for you to discover the countless options that are out there. There are so many creative ways to make money and the list is growing daily. The democratization of the internet has led to myriad twists on traditional affiliate programs and really opened the doors to new entrepreneurial activities that were once the domain of big name brands.

Get Paid To (GPT) Programs: GPT sites pay you to sign up for newsletters, shopping announcements, online surveys (via email) and for visiting designated websites. While the money is not overwhelming, the return is perfect for a younger person. The following is a list of companies that I recommend:

CashCrate:

This is by far the best GPT site out there. It is well established and has an excellent track records with over $3,000,000 paid out already. The referral program is also excellent. You earn 20% of anything referrals make and 10% of what their referrals make.

InboxDollars:

By far one of the best!!! You earn 5% of referral earnings and will get a piece of mine by clicking on the link above! There is a $5 bonus for signing up and there are hundreds of surveys to choose from. In many respects, this site is better than CashCrate in the sense that it doesn't force you to sign up for trials or free subscriptions which can get very annoying after a while.

SnapDollars:

There is a $5 reward just for signing up. Although they are new to business, they have a decent track record.

QuickRewards:

This is one of the best GPT sites in terms of content offering. They also have prompt payment through PayPal and a large selection of Gift Certificates to choose from as payment. The only downside is that they use their own currency which can make it difficult to keep track of how much you're earning.

Getting paid for online surveys: Online surveys provide a quick and easy way to make money. They do not pay out a lot, however. If you're looking to make consistent income, this is also not for you since the amount you work determines how much you get paid.

Best ways to make money online for Artists

Get paid for your Photographs: There are several sites where you are paid every time someone downloads an image that you upload to their servers. While the amount you make per download is small, if the image goes viral, you can make excess of $1,000-10,000.

Make money with YouTube: Although you cannot make money directly from YouTube, if you have a talent and advertise the talent on YouTube, you can achieve popularity quickly which will translate to increased sales of your actual product. Check the New York Times for an example of a model making a career out of videos uploaded to Youtube.

Make money online Designing: There are several avenues for getting paid to design online. You can either design websites based on descriptions given by the person trying to set one up. They pay you a portion upfront and again upon completion. Then, there are sites like CafePress and Zazzle which allow you to design shirts, hats, and all kinds of accessories and sell them without any of the hassle of shipping, etc. You just design the shirt and they take care of the rest! You can even set your profit margin!!!

Best Ways to Generate Income Streams

Affiliate Marketing: Arguably the best way to generate long-term income streams. Take it from me. The results take time. It took almost two years to sell my first t-shirt on Cafe Press but once I did, the growth began to accelerate. The second shirt took about six months, the third two months, and so on until I started to generate a small but considerable income stream. If I can do it, you can too!

Steps to Success:

Get a blog or a website
Choose a product or service to sell
Write quality content related to your niche
Drive quality traffic to your site
Watch, read, ask and learn

Blogging: There are unlimited opportunities to make money blogging. The key is content. If you write about something you find interesting and have experience in, then the users will come and the money will follow. Again, building a user base does not happen overnight but given enough time and content, a formidable base can be built.

Make money with eBay: It used to be a lot easier to make money on eBay. Although the margins are not as nice as they used to be, profit is still to be had. The key is specialization - selling a lot of something at a lower price than anyone else. Another option is bundling where you set up agreements with software providers to bundle several different software packages at a lower overall price. The software company makes more money than they would have originally and the consumer saves on the package. The next option is to dismantle electronic equipment and either piece it out or sell the more expensive components and replace them with smaller versions (think hard drives). If you decide to go this route, be sure to notify the customer that you have replaced the hard drive. Otherwise, this is obviously illegal. There was a kid in the 90's who made over $200,000 doing this with 16 gb mp3 players legitimately.

Invest in the Market: The best way to make insane sums of money in the market fast is through options. I will be devoting an entire article exclusively to options soon.

There are a myriad of other ways to make money. The methods listed above are some of the more obvious. As soon as I finish fleshing out the more obvious ones, I'm going to share some of the less known, closely held secrets that have helped me amass a small fortune. Stay tuned and check in every week to find out to discover new and exciting ways to make money online!

Earn Income Recycling Materials

2012-02-17T16:50:00.000-08:00

You know those bins that say 'Recycle old batteries here'? I'll let you in on a secret. It's not because a kind samaritan has the best interests of the environment at heart. It's because unwitting fools like ourselves are quite happy to give away what we perceive to be junk to someone who knows how to turn them for a profit.

Before I started blogging, I started a plastics and metals recycling import/export business called Clean Trading Co. We ran out of Chicago and collected used batteries from homemade battery collection bins that we placed in libraries and across several campuses in the Chicago metropolitan area. What less savvy students considered to be junk, we were able to sell for $5/lb overseas. Once we found buyers (of which there were quite literally hundreds), the hard part was setting up logistics and actually transporting them.

Alas, if you're interested in taking the middle-man route and trading in recycled goods, I can assure you there are profits to be had. After all, the middle-man always collects a larger premium when the market is difficult to penetrate or confusing to the average Joe. In the case of the import/export of recycled goods, I can assure, the difficulty is only perceived, which is good for you because you can reap the rewards while your friends stand in awe of your logistical prowess.

Here's what you need:

A merchant bank account
A working knowledge of letters of credit (This is extremely important!) If you have questions, ask your assigned banker about them and do not enter into any transactions until you have a very good understanding of them. Click here for more information about letters of credit.
A logistical provider. These are the guys who will oversee everything from the moment the package leaves your doorstep to the moment it arrives in the buyer's hands.
A list of trusted buyers. Always make sure your first shipment is small. Trust me! I've made that mistake before and it cost me dearly.
Balls of steel. Although this is an extremely lucrative business, there is a significant risk of fraudulent buyers and shady exporters who don't exactly send the product in their advertised state.

A Million Ways to Make Money Online

2012-02-16T19:35:00.000-08:00

A Million Ways to Make Money Online

We've all thought about making money online at some point or another. Fortunately, there is no dearth of options, especially for someone with an entrepreneurial spirit. Seek and ye' shall receive!

Fortunately, while many of the methods touted online for making money are scams, the following is a list of methods that I have personally vetted, ranging in scope from working at home, trusted (and quite profitable) affiliate programs, blogging and freelance opportunities, eBay programs, online surveys, GPT programs and many other programs.

Despite the wide range of options, making money on the internet is neither quick nor easy. It requires hard work and a passion for whatever venture you ultimately pursue. And, as with most things in life, there is usually a tradeoff between the ease of of the job and the fruits of your labor. The easy money items usually requires high-volume, monotonous work. The longer-term, higher paying ventures require serious upfront time investment but are perfect for budding entrepreneurs who have time on their hands and fire in their hearts.

Do not forget! You cannot magically transcend the laws of thermodynamics and make something from nothing. That holds true in the real world and equally online. The only way to make serious money online is to work for it. The following is a list of opportunities to get you started.

Online Surveys

One of the best ways to make quick money with very little work (an exception to what I said above perhaps) is doing online surveys. The downside is that they pay highly variable amounts and are a pain in the butt to fill out sometimes. The basic idea behind them is that market research companies pass along a % of the money they are paid by companies seeking to brand their products more effectively. Based on the advertising budget of the company and the length of the survey, you stand to make a pretty penny doing these. The following is a nice list of legitimate online survey companies:

Survey Spot: Cash out at $5 if you like. Some surveys pay as much as $20.
Vindale Research: Product research where you not only only get paid $5 on average/product but you also get to keep the product when you're done reviewing it.
MyView: They send out surveys by email. Cash out at $25 with convenient PayPal deposit.
My Survey: Daily login affords entry into a generous sweepstakes. You also have a wide range of withdrawal options. Well established company.
Toluna: This is a survey site with a twist. There's a strong community and user base and a variety of opinion polls to keep people tied in to the network. Highly recommended if you're looking for something new.

Making Money with Affiliate Programs

Affiliate programs are potentially the most lucrative avenue for generating money online. Companies will pay you to promote their products and service and if you already have an account with them, will even deposit the money directly in your account with them. You need a steady base of users to get started, but once you do, it's $$$ time.

Get Paid to Surf the Internet

The reason that this sounds too good to be true is because it is. Although there are sites out there that will pay you to surf the web, they pay a pittance and it probably isn't worth your time. There are also a lot of scams to boot.

Make Money Selling Photos Online

There are sites that will pay every time someone downloads an image that you upload to their servers. Be careful to only upload your own work or copyright-free work, or else you could be paying out of pocket to cover attorney's fees!

Get Paid Sharing Files Online

Along the same lines as getting paid for uploading photographs, there are also sites that will pay you every time someone downloads a file that you've uploaded.

Sell Unused Items on eBay and CraigsList

You would be surprised how much money you can make by selling the stuff you never use anymore on Ebay or advertising it on Craigslist. And conversely, you would be just as surprised to discover what people give away for nothing or virtually nothing on Craigslist. These items can almost always be turned for a profit by a patient buyer.

Make Money Flipping Website and Domain

Flippa.com provides a marketplace for buying and selling domains. There are all kinds of websites for sale, with everything from blogs to dropshippers.

Earn Money Designing Websites

Using freeware like Kompozer, you can design professional looking sites and then either use them yourself or sell them on webmaster forums such as WarriorForum or DigitalPoints.

Make Money Designing T-Shirts and Accessories
The list of customizable items on sites like CafePress and Zazzle is growing everyday. You will be able to design everything from t-shirts to usb drives and then sell them on your own site through a dropshipping setup.

Get Paid For Your videos

Websites like Revver and Break will pay you for popular video content.

Get Paid To Read Emails

Some sites will send you emails daily and pay you to read them. Certainly not a significant revenue stream by any means, but definitely easy money.

Earn Money Doing Directory Submission

Earn money to submit other people's sites to directories to make them popular.

Work as a Virtual Assistant

In our increasingly globalized world, a virtual assistant is an actual job! Get paid to do all the tasks of an ordinary, flesh-and-bones assistant but outside the confines of a cubicle.

Make Money Hosting Online Forums

Get paid to host forums on your server. You can also run advertising on the hosted blogs to generate extra income.

Get Paid To Answer Questions

There are plenty of sites out there that aggregate quality knowledge by paying people for quality answers. Yahoo should get on board!

Pod Casting

Just like blogging but with your voice! There are some sites that will pay you for each download.

Create and Sell E-Books

Similar to blogging, except higher margins and more work upfront. Once you've written the ebook, there are a variety of platforms that you can sell through and promote your book.

Make Money with Amazon Mechanical Turk

Amazon has a service called Mechanical Turk where you get paid to do mechanical tasks, like envelope stuffing at an agreed upon price. Check it out if you're into performing boring, repetitive tasks.

Get Paid to Review Software

There are sites out there like Software Judge that will pay you to review software products.

Make Money Blogging

The most obvious source of money is blogging. This is by far one of the most labor intensive routes but also ultimately the most rewarding because you can write about whatever you like and get paid to do it. Start with a free hosting service and once you've written a fair share of content, transfer it to a hosted domain.

Earn Money Moderating a Forum

Forums are another great way to make some extra money. You probably already participate in a forum or two. Why not start a forum of your own? Pick a topic you like and build a forum based on it where people can talk about it and share their ideas and experiences about he subject with each other. You can make money showing ads. And if the forum becomes popular, you can charge people to join, or have a special room in the forum where one has to subscribe in order to participate. An example of that would be the WarRoom which only paid users of worrier forum have access to.

Make Money Posting On Forums

Forum owners will pay you to make them look popular. Inquire with the webmaster.

Earn Money Online Translating Documents

People will pay you to translate long documents, usually service manuals and the like. Advertise your translation services on Craigslist or translation forums. Not a reliable source of income since the market is saturated with translators.

Get Paid Virtual Currency:
Games such as World of Warcraft (WOW) and Second Life operate with a virtual currency that can be exchanged for real dollars. Just don't become addicted!

Get Paid as a Game Tester

This is by far one of the hardest gigs to get and by far one of the most rewarding. Imagine being paid to play Xbox, PS3, and a whole host of computer games all day long and then write reviews... They also provide you with the hardware free of cost.

Make Money Freelance Writing Online

There are a lot of websites out there, such as Bukisa, that will pay you to write content. They pay per reader and usually on a /1000 basis.

Get Paid to Comment on Blogs

In order to rank higher and attract more traffic to make money, bloggers need quality links pointing back to their blog from other blogs, more than anything else. You can do that for them by commenting on other peoples blog and charging $0.50 or so for each link back.

Become a Job Referrer

Some firms pay referral bonuses of up to $1,000 for referring the right person for a job. Develop relationships with recruiters, like temporary job finding services and refer people who you know are fit for the specific job. You can do this both online and offline.

Convert Online Money

Believe it or not, you can actually make a nice commission converting virtual online currency into real money by transferring it to a PayPal account. The service that you're providing arises from the fact that the person paying you cannot open a PayPal account themself.

Drop Shipping

Drop shipping is similar to affiliate marketing but it takes things one step further in the sense that the customer provides all of their shipping and billing information through you but receives the product from another company. You take care of the up-front stuff and the company you're representing takes care of the back-office shipping and logistics.

Make Money with CPA

CPA sites will pay you for customer leads or referrals. Every time someone enters their email or personal information on your site, and the information is sent to the company as a lead, you receive anywhere from $1-10.