Online surveys – easy way to make extra income

Earn more money by taking online surveys

As ever on this website, we are not looking at wholesale changes to your lifestyle. Instead, we are focusing on the little things (the small steps) which can make a huge difference over time. This week, we shall be looking at how making income, in addition to your principle salary, can help your long term financial health. Today, we shall start by considering online surveys.

Online surveys

 

A penny for your thoughts

Or a pound. Or several pounds.

Marketing is a huge business, both in the UK and globally, and all companies which sell products are desperate to understand what would make you more or less likely to buy their product. They determine this by carrying out a large number of online surveys. And how can you benefit from this? Well, luckily for us, these big companies are willing to pay us for simply giving our thoughts on certain matters. No particular skills or qualifications required, just an opinion.

There are two major ways that everyone can get involved in surveys:

1)   Online surveys for cash: the user (you) signs up to one, or several, surveying sites. Then, you wait for a relevant survey to be assigned to you, quickly run through all the questions, submit the survey and receive cash. Easy.

2)   Focus groups: these are live sessions which are set up by companies to obtain your thoughts. You have to attend these in person and they typically take much longer than the online surveys. However, you are suitably rewarded for the additional time with payments of somewhere between £25 and £150 depending on the focus group.

 

So, how much can I earn?

Of course, it varies.

Paidsurveyhunt.com claims that you can earn “Earn $1000-2000 Per Month With Highly Paying Surveys”, whereas getpaidsurveys.com has a much more conservative estimate, saying “Unless you are the CEO of a large company earning millions of dollars per year or work in IT (Information Technology) or the medical field it would be extremely difficult to earn more than $200 per month from taking paid online surveys alone.”

But, if we take the second figure of $200 per month, this currently equates to £130 per month. After tax, this is around £100 per month income. If we take this income each year, and include compounding at the average bank interest rate over the past 25 years, we would have £68,687 after 25 years. Add in one focus group every other month at £50 per session, and this figure increases to £85,859.

 

What are the drawbacks?

Not many. You can spend too many hours staring at a computer screen if you are doing online surveys one after another. You could complete very poorly paid surveys for a very low hourly wage equivalent. You could sign up to non-reputable sites which don’t pay you. You could sign up to sites which take a very long time to pay you (or only pay you once you reach an almost achievable balance).

However, all of these possibilities can be easily avoided by doing research beforehand, identifying reputable sites with good track records of payments and by determining which surveys pay a reasonable “hourly wage” before completing them.

 

Money Earning Tips

Sign up to a reputable, well paid survey site:

Sign up to focus groups in your area:

Remember, this website discusses the very small ideas to make extra money which we can make with very little impact on our lives in the short term, but which have huge financial benefits over time.

For the bigger steps to a wealthier future, I would recommend that you read my book: “Becoming rich: one step at a time” available now.

Happy climbing one and all!

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