How Technology Upgraded Money-Making: A Complete Breakdown

Let’s face it: the job market has been completely revolutionized in the last 50 years. While the wages collected at their full-time job remain the primary source of income for most, it’s probably the only thing that hasn’t changed drastically. With the variety of options for making money having grown massively and the inflation skyrocketing like never before, people are actively looking into diversifying their income – and technologies are making a substantial positive impact on their choice of options.

In fact, even those who are choosing to stay with their one-and-only job contract have experienced tremendous tech-related changes in their daily professional routines. Be it an upgrade in the usual procedures or an entirely new type of profession, technologies are making a huge mark around the world of money-makers everywhere.

Spinning routines on their heads

Switching to remote work at the beginning of the pandemic might have been challenging to some – but the modern tech tools the companies had at their disposal have certainly made it attainable. With document sharing systems, video conferencing, and the like, working from home is more than attainable in many traditionally office-based professionals. 

By 2022, so many of them have learned to appreciate the no-commute lifestyle that remote and hybrid work options have actually become an attractive perk offered by headhunting companies next to flexible hours and gym memberships. Aside from saving a ton of time, not needing to come to the office allows the employees to save money by relocating to less central (and in turn, less expensive) neighborhoods, suburbs, or even switching states.

On the other hand, some types of work may not be performed remotely – and yet, this doesn’t mean technologies have no effect on them. For example, medical procedures can now be scheduled virtually, laser technologies allow for safer and less invasive surgeries, and the growing popularity of fitness trackers helps the patient be better informed of their daily vitals, such as heart rate at various activity levels.

It’s also important to note that some of the professions that seem common today did not even exist a few decades ago – and now, they thrive thanks to modern technologies. Today’s cloud developers, Instagram influencers, and Twitch streamers certainly didn’t think they were about to earn their living this way even a decade ago. And yet, here we are.

Bye 9-to-5, hello freelancing

The newly discovered convenience of working anywhere, anytime, has also boosted the number of people opting for freelancing instead of traditional employment. With freelancing platforms like Fiverr and Upwork making it a lot easier to find and connect with clients around the globe, millions are choosing to control their own hours and workload.

Generally, a freelancer acts as an independent contractor and gets paid per project instead of having a fixed monthly or hourly salary. Not being restricted by harsh timetables, monthly plans, or office rules, freelancers can focus more on the quality of their work, have more freedom to dedicate time to self-improvement, and pick the projects they feel like match their skills and capabilities best.

Freelancing options are available for nearly all types of specialists, from web developers and graphic designers to tailors and fitness trainers. While not all services can be performed remotely, technologies can still come in as a huge help when it comes to accounting, invoicing, scheduling, and other crucial elements of independent work without the need to involve a massive team.

Modern types of investment

When it comes to diversifying one’s income streams, passive income options are typically considered. It’s barely a surprise: the more earning sources a person strives to combine, the less time and effort they can afford to dedicate to each one in their daily lives.

Investing in various types of assets expecting they will grow in value has long been a popular way to employ one’s extra money and generate passive income. And while gold bars, diamonds, art pieces, and stocks might have been the most popular options for this kind of investment in the past, modern technologies have widened the spectrum of options to an incredible scale.

Initially created more than a decade ago, cryptocurrencies have grown in popularity immensely in the last few years. As of now, it’s believed there are over 19 thousand cryptos in existence – and the number of crypto traders has long surpassed 40 million. Additionally, the trading of NFTs (non-fungible tokens) has boomed in recent years, reaching a whopping $17 billion in 2021.

Moreover, ​​the very process of investing has been made a lot simpler by introducing desktop and mobile investment applications. Following market trends and the performance of your portfolio can now be done anytime and anywhere, and various innovative features like robotic consultants allow for more informed decision-making, even when it comes to beginner investors.

The convenience of mobile applications

Unsurprisingly, investing has not been the only earning-related area various applications have revolutionized: millions around the world have already discovered a variety of ways to make money online using mobile apps.

Completing surveys, playing games, watching videos, and working on other simple tasks allows them to make small amounts of money in their free time – and while some of these actions take a little more time and energy than others, there are options available for earning in a completely effortless manner, such as sharing your excess internet bandwidth with crowdsourced web intelligence networks for money.

Choosing a reliable earning app might not necessarily be easy, as the market is ripe with all kinds of financial scams. App developers advise to always do your homework before downloading anything: see whether the app offers any additional security features (like multi-factor authentication), check the ratings on Trustpilot or another independent review website, and even glance at the app’s activity on social media. The harder it is to find any mentions or detailed information online, the bigger the red flag. 

Modern technology has certainly put an incredible spin on the way people around the world make and invest their money – and as for now, it’s showing no signs of slowing down. How have your professional routines and income streams changed in the last few decades, and how do you expect them to look after a couple more? Share your vision in the comments!