With so much income lost due to the coronavirus, people are looking for new sources of income and profit potential. Social media has become a source of income for many people and has become a social influencer on Instagram, Twitter, and Facebook.

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The fastest growing social app is TikTok; Easterling and those on the list make it clear that you can make money with TikTok.

What is TikTok?

TikTok, known as Douyin in China, is a social media video-sharing platform from Chinese company ByteDance. The TikTok platform is used to create various short videos that are from 3 seconds to 1 minute in length.

TikTok has been downloaded more than 130 million times in the US and has reached 2 billion downloads worldwide. TikTok is available in more than 150 markets and 75 languages. TikTok is available for iOS and Android mobile users.

44% of TikTok users are women and 56% are men. TikTok has proven to be attractive to the younger generation with 41% of users between the ages of 16 and 24. Of these TikTok users, 90% say they use the app every day. In the US alone there are more than 90 million monthly active users of TikTok.

Different ways to make money with TikTok

Are you one of those people who think TikTok is just for fun, dancing and singing? Well you are wrong. TikTok is one of the best social platforms to make money and income in 2021 and beyond.

1. Expand and sell accounts

With TikTok it is possible to grow a following on a particular topic, build a community around it, and then reach out to brands that want access to those followers and sell your account to them.

2. Influencer Marketing

Like any social media platform, Influencer marketing is a way of making money. You can hire influential Tiktok employees to promote your products or services and generate sales through their followers.

3. Consultation

Many people need instruction with TikTok. If you are a TikTok expert, you can get paid by selling your TikTok consulting services. Since it is still a relatively new social platform, people pay money to hire you as a consultant to help them develop strategies, build brands and increase followers.

4. Affiliate Marketing

This method is my favorite so far. You can promote your affiliate offerings with your content on Tiktok. With TikTok you can reach the maximum number of people with minimal effort. Therefore, you can make a lot of money with good affiliate offers.

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Imagine your company gives you an option: receive a one-time bonus of $500 today or the same amount of money in two weeks. You’re probably going to take the money immediately. But why?

First and foremost, money is scarce and it’s better to have any sum of money as quickly as you can. Otherwise, you’re opening the door to a variety of risks that could threaten your ability to receive the payment.

In addition, you must consider the time value of money — one of the core elements of finance, and one of the most important foundational concepts you can learn as an investor.

What is the Time Value of Money (TVM)?

In short, the time value of money concept is the fancy way of defining the classic idiom that tells us time is money.

In other words, the time value of money principle states that a dollar today is worth more than its equivalent sum in the future and that the purchasing power of a single dollar decreases over time. Just think about how much a dollar could buy you 100 years ago and how you might not be able to even buy a soda with one today.

This is primarily due to the opportunity for earning capacity. In other words, money can earn interest over time and grow into a larger sum. It’s also due to inflation. Money will be worth less next year because prices tend to increase over time (more on this below).

Time Value of Money Examples

At this point, you understand the basic concept of the time value of money. But to further your understanding, we will examine some common ways you can apply the time value of money to your everyday finances.

Future Value of Money

The time value of money formula can determine the future value of money after taking into consideration interest and compounding time periods.

You can use the following equation in a program like Excel to calculate the time value of money where FV equals future value, PV equals present value, i refers to the interest rate, n is the number of compounding periods of annual interest, and t is the number of years you are considering:

FV = PV x [1 + (i / n) ] (n x t)

For example, suppose you invest $10,000 for one year, compounded at 10% interest. The formula would be FV = $10,000 x [1+(10%/1)] ^ (1 x 1) = $11,000. In other words, your investment would be worth $11,000 at the end of the year.

Now, try this: Plug in a 5% interest rate, and you’ll end up with $10,500 at the end of the year. So as you can see, this is a great way to compare different savings plans with varying interest rates.

Present Value of Future Money

Calculating the present value of money can let you understand what your money will amount to at a future date. Going back to our above example, you may want to determine how much money you would need right now to reach $11,000 in savings a year down the road. To run this calculation, simply divide the future value instead of multiplying the present value.

With all variables remaining the same in our last example, the formula now becomes:

PV = $11,000 / (1 + (10% / 1) ^ (1 x 1) = $10,000

Net Present Value (NPV)

Net present value refers to the difference between the present value of cash outflows and the present value of cash outflows over time.

Net present value is commonly used in investing planning to understand the current value of future cash inflows by a project, along with the initial capital investment.

For example, a company may use NPV as part of a capital budgeting calculation to understand which projects will turn the highest profits. Based on that information, they could then figure out which projects to prioritize and pour more resources into.

Time Value Money: Key Concepts

Now that you have a basic understanding of how the time value of money is applied to everyday financial situations, let’s take a look at some important fundamental concepts to deepen your learning.

Money is Worth More Today than Tomorrow

Money is worth more today than tomorrow due to two factors: compound interest and inflation, which increases prices over time. As a result, your dollar will buy you more at the present time than it will at a future date.

For this reason, it’s critical to start investing as soon as possible — especially when considering that the stock market is designed to beat inflation.

This is also why it hurts to make or receive payments long after they are due. The payment decreases in value with every day that goes by.

Opportunity Cost

Another key concept to keep in mind when thinking about time value money is opportunity cost. Essentially, this means that every choice you make comes with a sacrifice.

For example, investing $10,000 in a certificate of deposit account will give you the opportunity to secure a fixed interest rate for a set period of time. However, the cost will be that you won’t be able to grow the money in the stock market and potentially earn more in interest.

Calculating opportunity cost can come in handy when deciding whether to invest money or pay off debt. For example, you can run an opportunity cost calculation to figure out the cost of putting money into the stock market instead of paying down a credit card with a 25% APR.

Risk and Return

The principle of risk and return explains that the potential for return increases as you take on more risk.

For example, you should assess risk and return when calculating a long-term investment. By increasing your risk in the form of higher monthly payments, you can improve your potential return over time.

Investing is hard work. If it were easy,

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