This is it. I’ve hit the big time. No more paddling in the shallows preoccupied with postage stamps, this guy just strode out of the toddlers pool, washed the heady mixture of urine and chlorinated water off his feet and dove straight into the big pool my friends.
Of course, there is a chance I’m over selling this, but as you read on I’m sure you’ll agree that if anything I’m downplaying the success of this week (no, actually I really am overselling it).
Change of Fortunes
It wouldn’t be unfair to say I had been languishing slightly so far in this project. We’re a few months in now and whilst Chris has been gallivanting around London like a secret agent and Ben has been hitting eBay hard and introducing us to Matched Betting (more about that soon), I’ve been struggling to hit my stride. Sure I’ve had some success with the postage stamps but it’s hardly a game changer and other ideas have stalled before ever really getting going.
That all changed now though. I’ve found my Money Mountain Mojo and it feels good!
It all came a little out of the blue – it was just a normal Tuesday at work when I got a phone call inviting me to take part in some market research. This took the form of a 1-on-1 interview in London lasting around 60 minutes, for which I would be compensated with £150. That’s a decent hourly rate by anyone’s standards.
Even after taking out my travel expenses, this was enough money in one hit to far surpass my previous contributions and enough to more than double our current stash. I could barely contain my excitement as I hastily accepted the offer and got the details of the appointment.
Focus Force Market Research
So, by now you’re probably wondering how I landed this lucrative gig. I signed up a while ago to a few companies that arrange market research on behalf of large companies. The one in question here is Focus Force, they send out an email to you if they think you might match the criteria of the particular research project, you fill in a simple questionnaire and email it back and cross your fingers.
I keep my eye out for these emails and respond to any I think I might be selected for and am available for. I have applied for quite a few and never heard back so it’s something that might take a bit of patience and perseverance but it only takes a few minutes to apply and it’s certainly paid off in my case.
The £150 reward for this one was a particular bonus as it’s pretty much the highest I have seen offered. In general the rewards seem to range from £40 up to £150 and usually seem to be paid in cash at the appointment.
What is Involved in the Market Research?
I’m sure they are all slightly different so I can only talk about my experience which I would imagine is fairly typical. This was in London, as most seem to be and handily only a short walk from King’s Cross station, ideal for me. I entered a fairly nondescript office building to a rather impressive lobby and a friendly receptionist who directed me to the lower ground floor.
Here, I was greeted by the receptionist of the company running the study who handed me some information to read and a simple questionnaire to fill out and sign. Having done this, I was greeted by the interviewer who showed me into a room just off the main reception area.
I immediately clocked that there was one of those large 1-way mirrors which was slightly disconcerting. Mercifully the seat I was offered had its back toward that, which made it feel much less like an interrogation by the CIA. I still have no idea whether there was anyone behind it – the interviewer did keep looking into it but I have no idea if this was down to pure vanity or for some sort of communication. Maybe he was just really admiring the balding patch at the back of my head – who knows?
After brief pleasantries and fixing me a drink from the mini-fridge, he set up the video camera (I had already been notified it would be recorded prior to this) and he began the session. This took the form of a relatively casual conversation, with him seeming to ask a mixture of scripted questions as well as picking up on themes I had touched on or mentioned.
The subject of this particular research was around SIPPs (Self-Invested Personal Pensions) and so we discussed wide ranging things such as pension platforms, providers, the benefits and disadvantages of various types of pensions and investment products, the relative merits of stocks, shares, trackers or investment funds and so on.
It was genuinely fairly interesting and I never felt under pressure or uncomfortable during the session which lasted the best part of an hour, despite my ignorance being plain for all to see on how much I knew about what I am doing with my pension.
What Next?
Net of my train travel, this has brought in £130.50 for the fund which is pretty huge for one mornings work and boosts our coffers considerably. With our other projects this month we should be pushing the £500 mark in the fund fairly soon which will be a bit of a milestone and is starting to get to the point where we can use the fund for some interesting ideas. And don’t forget, you can have your claim on a part of that fund.
The only downside to this is that it’s really a one off income that will be hard to replicate. I will of course keep my eye out and apply for more research projects, but they are limited and I think the companies limit you to a certain amount over a 1-2 year period. Any more will certainly be a welcome bonus, but I don’t think they can be relied upon to provide any kind of consistent income.
However, with an envelope full of £150 in pure hard cash in my pocket, and my mojo firmly found, it’s onward and upwards for this particular Money Mountaineer!