Nowadays, people want to know how to manage money. They want to know how to make more of it, spend less of it, and invest the remainder wisely. The reasons for this are manifold. First of all, the world has gotten very wealthy. Global GDP per capita hovers above $11,000 annually, which doesn’t sound like a lot, but is as much as the US GDP per capita in the late 70s. The world and its people are getting wealthier by the day, and more and more people are becoming budget and career-conscious. Women are also increasingly moving ahead in many areas of life, which means this pool of people is growing even faster than would otherwise have been expected. Personal finance will be the niche of the decade for this reason.
The beauty of personal finance is that it can be divided into many subniches, and there are an infinite amount of topics to discuss. The obvious thing to do is divide your topics of discussion into four groups: earning money, saving money, spending money, and investing money. Each of these areas has infinite amounts of content that you can produce, and that content can even differ based on the country in which you or your viewers live.
Teaching people how to invest their money is one of the most lucrative things you can do online. While it’s impossible to know the true average RPM (revenue per mille, aka. how much you get paid for 1,000 viewers)of any niche on YouTube, I know it’s often much more than what other genres bring in. There are lucrative affiliate programs related to trading stocks, Forex, and cryptocurrencies. Any course that you sell can be priced high if it’s good. You’re teaching people how to make money while sitting at their desks after all.
Personal finance can also get very specific. Areas of practice such as insurance, real estate, and debt can get very complicated. The rules and regulations often differ by country, and the voice of a licensed professional might be much appreciated online. There’s no limit to the depth or range of topics you can cover, and there are plenty of case studies off of which you can base your content.
What are some examples of successful personal finance businesses?
When it comes to the self-help niche, there are two types of businesses that I have noticed becoming very successful: blogs and YouTube channels. The biggest finance blog I know of is Nerdwallet. Nerdwallet is an affiliate marketing-based business. The company gets almost all of its traffic from search engines. I know I said affiliate marketing isn’t a good way for many individuals to make money online, and I still think it isn’t. The reason Nerdwallet can operate this way is because they are a large company. Their blog has almost 12,000 articles on it, and each of those articles brings in search traffic. The topics of these articles are mainly informational, answering questions such as how to invest in stocks. That being said, there are some mortgage calculators and other small programs on the website. Many of these articles are unbiased reviews of financial products, which bring in lucrative affiliate commissions. Nerdwallet is a publicly traded company that brings in over 500 million dollars per year in revenue.
Another example of a lucrative personal finance blog is Financial Samurai. This is a personal blog, owned by a well-off Californian. Financial Samurai gets most of its traffic from searches, and he also has a pretty large Twitter following. It’s hard to tell how much Financial Samurai makes from his blog, but it seems to be at least around $36,000 from his book “Engineer Your Layoff”. This is nowhere near what Nerdwallet brings in, but it’s not bad for someone who has other things to do.
YouTube Channels are another great way to monetize personal finance content. As I mentioned earlier, personal finance YouTube content is very lucrative, and the ad rates alone are often enough to put food on the table. If you sell a book or a course, you’re absolutely rolling in dough.
A good example of a successful personal finance YouTube Channel is Dave Ramsey’s. Dave Ramsey’s been around for a while. He was on Fox Business for three years, and now he gives personal finance advice on YouTube. He has 3 million subscribers and earned over 1.2 billion views over the course of his YouTube career. That’s $12,000,000 assuming an RPM of $10.
Personal finance is a winning niche. If you’re trying to build a digital asset, I highly recommend this field. You can earn a lot of money with a small audience, and it’s always possible to build a huge following talking about this stuff. It’s easier to market stuff that’s related to solving problems, because people are interested in having their problems solved. It’s certainly more satisfying to have something in your life fixed, than it is to feel as though you were separated from your money. This is a great niche to get into if you want to make money online while also providing value.
By Rising Current on .
Exported from Medium on November 8, 2024.
