Welcome to the first installment of this series “Rags to Riches” and the very first series on our new online platform “The Centennial Investor“.
If you are one that wants to make a little income from a side hustle to compliment your job, or just one to learn more about investing and making better financial decisions, then this is the blog for you. We are about to embark on what most people may think is impossible partially because they just aren’t aware of the tools that I am about to present, or that they don’t have the patience to pursue them.
In this series, we will be making daily-weekly updates as we follow our goal of making $1000 without having to put up any upfront cost, starting from absolute $0, and doing it completely on our computer.
How long will this take?
Honestly, I just as curious as you are. So if you’re willing to stay along for the ride and even do some of these things I will mention yourself, you can make a little along the way as well.
First things first, I am going to talk about how I plan to make $1000 completely online, and it’s going to be a combination of two relatively simple things.
- Amazon Mechanical Turk
Now, for those who don’t know what either of those things are, here is a quick overview.
Amazon Mechanical Turk, also know as mTurk, is a crowdsourcing Internet marketplace enabling individuals and businesses (known as Requesters) to coordinate the use of human intelligence to perform tasks that computers are currently unable to do. It is one of the sites of Amazon Web Services, and is owned by Amazon.
Basically, mTurk allows you to do tasks for companies that computers can’t do for little money. This could be something as simple as taking a survey, transcribing audio into text, or giving your opinion on project ideas. In my experience, I would say that the average task pays around $0.25 and takes about 5 minutes to complete.
This may seem like a small sum of money to a lot of you, but I am here to tell you that over time the number add up. In no way should you be expecting this to replace your monthly income from work, but if you want to make some extra money to pay off a bill, then this is the site for you.
Here is what I have done so far on mTurk, doing task randomly whenever I have a few moments of free time.
Over $400 !!
But as I said above, I am not counting what I have done in the past, I am starting from ground zero.
The plan is to earn money using Amazon Mechanical Turk, and then taking the money that I earn an investing it using the Robinhood Investing Platform. Report this ad
Now once again for those who aren’t familiar with Robinhood, it is a a zero-commission stock trading app that allows you to buy and sell stocks with little money. This app is great for beginner investors who are looking to taking their first steps into the stock market.
Here is what my Robinhood portfolio looks like as of today.
A little underwhelming I know, but this is to show you what absolute progress looks like what no outside factors. We are really starting from $0.
(For those who say, “Well there’s already $5.17 in your account that’s not really $0.” We aren’t going to start investing until we have earned $5.17 on mTurk so that the amount balances out.)
So the plan is to fuel my investment portfolio through Robinhood with mTurk, and by making wise financial decisions, we can grow our account to $1000.
I will make daily updates on the amount of money I make per day, and by doing what with both Robinhood and mTurk, and provide insight on why I choose the stocks that I do.
Since this is the first installment there is not a lot of trading an information going on right now, however, the next installment we will go more in debt on how exactly I use mTurk to make my money.
Thank you for reading and don’t forget to share with your friends!