Most people spend their lives trading time for money in a job. Most of us spend our lives looking for a job that gives us a better time:money conversion rate. If you hate your job you will have been tempted by all those emails about how you can get rich using the Internet. Forget them: they don’t work.
You can use the Internet to earn money, but you need to work at it and it takes time.
There are no magic bullet solutions.
Trading Time for Money – Indirect Conversion
The day job is a direct time/money conversion method. Your employer pays you x amount per hour or per month. If you are working online then a more indirect conversion works better.
The Know, Like, Trust Law
In the real world people only buy goods and services from people they like. It works the same online. I have seen it expressed as the Know, Like, Trust Law. People have to get to Know you as an individual, they have to Like what they see and eventually they come to Trust what you are telling them and might buy a product from you or through your website.
This means that you need to have a photo of you on your website, that you need to be open about who you are and what you do. Start a personal blog and link to it from every website and profile that you have. Let people get to know the real you.
The 5 Currencies
Time – Knowledge – Reputation – Contacts – Money
Each day we need to take the Time payment of 24 hours and turn it into another kind of currency. Time cannot be stored, only converted. If you use your Time to grow your Knowledge, and grow your Reputation then you will make more Contacts and some of those contacts will turn into Money-earning opportunities.
The 5 Currencies and Me
I have seen the 5 Currencies principle work for me in my own work online.
When I first started to work online I joined InfoBarrel.com because I liked the earning potential there. I knew a small bit about how to make money by writing online, but I learned more every day by talking to people in the forum on the site. Time – Knowledge
As I learned more I helped other newbies and passed on what Knowledge I had. People added me as an IB Friend and subscribed to my article feed and my Reputation grew. Time – Knowledge – Reputation
The number of people I knew on InfoBarrel grew every day. I still had to put the Time in of course. Time – Knowledge – Reputation – Contacts
After 6 months of daily active forum activity some of my Contacts offered me paid writing work. BINGO! Time – Knowledge – Reputation – Contacts – Money
This was a year later – I was ill during that year, so did not do much networking.
I started to use MyBlogGuest.com as a source of guest posts on my websites. At that time some of the posts I was offered were sub-standard. I told Ann Smarty, the site owner, about the problem and she offered me a paid job as a moderator.
The sequence here is less clear. The Time was what I put into trying to put the situation right, the Knowledge was my English writing and reading ability, the Reputation was the fact that I was being helpful with no immediate benefit in sight, the Contact was Ann, and the Money the regular amounts paid into my PayPal account ever since.
Use Your Time Wisely
We all get 24 hours of Time every new day. Trading Time for Money directly is only possible with a paid job in the real world.
In the virtual world nobody is ever going to offer you a paid job unless you have a good reputation. On freelancing sites most employers are looking for people who have a high feedback score, where feedback equates to reputation.
Not every Contact will offer you a paid job but if you spend your Time talking to people and build your reputation then money will follow, automatically from some of your Contacts.
5 Currencies and You
Please share your own examples of the 5 Currencies and how the principle has helped you – Use the Comment Box below.