Can You Really Make Good Money by Doing Surveys?
If you’re looking for ways to earn a little extra cash from home, you’ve probably considered doing paid surveys online. While you might not make a full-time income doing surveys, it could still be a good way to supplement your regular income, build some savings or pay off debt faster.
Before you get started, here’s what you need to know about doing online surveys, how safe they are and whether they’re worth it.
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You Could Earn Several Hundred or Thousand Dollars
You can make money through surveys, but how much you can actually earn depends on several factors.
“Earnings from surveys can vary significantly depending on the survey type, length and the platform you use,” said Dennis Shirshikov, finance professor at the City University of New York and head of growth at Gosummer.com.
Some surveys pay pennies, while others pay several dollars or more.
“Typically, surveys pay anywhere from 50 cents to $5 each,” Shirshikov said. If you do these types of surveys regularly, you can expect to earn around $50 to $150 a month.
Certain platforms offer higher-paying surveys, though these ones usually take more time. They also generally require you to have more in-depth knowledge or meet other specific criteria before you can do them.
“In-depth surveys can pay $300 or more,” said Scott Lieberman, founder of TouchdownMoney. “How much you can make is determined by your willingness to do surveys and your eligibility. You’re usually only eligible for a couple [of] surveys per company in certain timeframes, but if you apply for every opportunity, you can make $500 to $1,000 per month.”
Keep in mind that you might not always earn cash from the surveys you complete. Some platforms pay in other ways, such as through points that you can redeem for physical or digital gift cards.
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How to Get Started Earning Through Surveys
So, how do you get started earning money through surveys?
The first step is to create an account on a legitimate platform or site like Swagbucks or Survey Junkie. This should be free, but if it’s not, you might want to look elsewhere.
To create an account, you’ll typically need to provide some basic contact information like your email and a unique password. You may also have to fill out an online questionnaire about yourself. The entire process doesn’t generally take that long. Once you have an account, you can start doing surveys and earning money.
The way you earn money depends on the type of survey, though.
“You can make money from surveys in multiple ways,” Lieberman said. “Some surveys are online-only, some require you to make a visit to a specific location and some take place over multiple visits.”
Typically, the lower-paying surveys can be done completely online.
Some Survey Platforms To Consider
There are quite a few online survey websites. Here are just a few and their typical payouts:
Swagbucks: Each survey typically pays between 25 cents and $10. You can get paid through gift cards or PayPal.
SurveyJunkie: Surveys usually pay $1 to $3 each and only take a few minutes to complete. If you do three surveys each day, you can earn around $40 a month. The site pays via PayPal, bank transfer or digital gift cards.
InboxDollars: You can earn anywhere from 25 cents to $5 per survey on this site, though some surveys pay more. Once you’ve accumulated enough points, you can cash them out for certain gift cards or PayPal cash.
FocusGroups.org: It’s possible to earn between $50 and $200 per focus group study through this site. More in-depth studies pay up to $1,200. Payouts come in the form of checks or Visa gift cards.
Are Surveys Safe?
“Participating in surveys is generally safe, especially if you use reputable platforms such as Swagbucks, Survey Junkie or Ipsos,” Shirshikov said.
But despite there being so many reputable survey sites, there are also scams. Here are some red flags to watch out for, according to AARP:
High payout guarantee: If a platform promises to pay a lot of money, especially if it’s for something that doesn’t take a lot of time or specialized skills, it’s likely a scam.
Payment required: If you have to pay money to sign up or complete surveys, that’s another red flag. Legitimate survey sites are free to use.
Personal information required: A survey company may request certain information regarding your demographics or contact details — like your email. But if they ask for highly confidential information like your bank account information or Social Security number, steer clear.
Misspellings or strange language: Watch out for bad grammar, strange symbols in communication or other oddities in the language used.
Nontransparency: Legitimate survey sites are transparent about their privacy policy, how much they pay and what you can expect when taking online surveys.
“Always research the site’s background and read reviews to ensure its legitimacy and safety,” Shirshikov said.
Should You Do Paid Surveys?
Online surveys aren’t likely to make you rich, but they could be worth it in some cases.
Before you go this route, ask yourself how much time and energy you’re willing to commit to doing them. Some surveys take only a few minutes to complete, while others can take hours. Depending on the payout, this could be worth it — or not.
Next, ask yourself how much you’re hoping to earn and how much you need. If you’re looking for a replacement for your regular job, surveys aren’t the way to go. But if you want some supplemental income and you enjoy filling them out, they could very well be worth it.
“[Surveys] are best suited for those looking to make a little extra money in their spare time without the commitment of a regular job,” Shirshikov said. If, say, you’re a student, stay-at-home parent or simply have a little extra time on your hands, they could be a great way to earn some extra cash.
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This article originally appeared on GOBankingRates.com: Can You Really Make Good Money by Doing Surveys?
