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Ways your online survey money can help you make more money
Earning a little money online using paid surveys is only the beginning. If you're a savvy investor, you can turn that cash into much more money over time. It just takes a little bit of research and discipline, but the dividends it can pay in the long run are worth the effort.
While an interest building savings account could help you make some modest income if you already have a generous sum put away, there are more immediate methods you could use to increase what you're saving and provide for a better standard of living down the road.
Get an IRA deduction
IRA accounts are for anybody under the age of 70 and six months who earns taxable income, according to CNN Money, and after a certain amount of earnings, online surveys are considered taxable income. Moreover, the money you raise from answering questions online can be contributed to an IRA, and here's why that can be a good thing.
The Motley Fool noted that in 2014, individuals could put up to $5,500 into an IRA, which would then be considered untaxed income. This lowers your tax liability and saves you from giving more of your earnings to the government. In other words, an IRA functions much like a bank account except the money you contribute will not be taxed. The more you put in, the more you save from the government and put away for your future. This can save you well over $1,000 every year if you take advantage of the full IRA deduction, and paid surveys can help you do that if you set aside your earnings specifically for this purpose.
Invest in yourself
While an IRA deduction may be more or less a sure thing, there are other investment opportunities that come with a more significant risk. The stock market is a victim to consumer confidence, which can be swayed by a tremendous amount of factors ranging from global events and media coverage to industry specifics.
That's why investing in yourself may be your best bet. You can use your extra income to develop a lucrative skill, begin taking courses in a subject that interests you or even help pay for the equipment necessary to start a business venture on your own time. Sure, the extra funds could be put toward leisurely pursuits or shopping, but why use the resources when you could be cultivating a new experience that will help you prosper well into the future?
When time and responsibilities keep you from making money other ways, paid surveys allow you to earn more money whenever and wherever you want. Afterward, you can use that flexible schedule and the money for professional development. Even the stock market may not be a surefire way to earn money, but you can always rely on your own skills to progress throughout life. That's why investing in yourself is such an important duty.
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