Facebook now has 500 million active users with those users spending more than 700 billion minutes on this site alone! You might see Facebook and other social network sites as nothing more than a way to catch up with friends and tell everybody what you had for dinner last night, but some people have found ways to profit from social networking. (For more, check out the Top Social Media Entrepreneurs.)

IN PICTURES: 6 Career-Killing Facebook Mistakes

Coupons
You've probably heard of the many coupon sites online but have you thought of finding coupons on sites like Twitter? Go to Twitter and do a search for coupons. You'll find loads of feeds that offer savings on products that you use every day. Most larger retailers and manufacturers have Twitter feeds.

In addition, Facebook is home to many company sites offering savings. Simply do a Facebook search for the products you normally use to find their page. Many of those sites will offer coupons on their pages. But why spend time on Facebook and Twitter if you can simply clip the coupon from the newspaper? Often, coupons found on social networking sites are only offered online. The savvy coupon-user knows that not all coupons are offered at all outlets so each one must be checked. (For more, see Coupon Shopping: Clip Your Way To Savings.)

Job Hunting
We know what you're thinking: Job hunting using social networking is nothing more than having a lot of friends and asking them if they've heard of any openings. Before you skip this section, social media sites can help you find a job using better methods than your buddy and the rumor mill. Let's look at one way:

Jobster.com is a web search portal that not only maintains job listings through its website but also has a Facebook application. Facebook users can use this application to post their resume, network with other people in their field, and connect with the Jobster network. Large corporations like GE, Merill Lynch, and Nike pay $100 per month to access resumes from the Jobster Facebook application (according to Businessweek) so you can be sure that this Facebook application is truly connecting seekers with recruiters.

Borrow Money
We've all heard of borrowing money from a bank but from each other? In the same Businessweek article, CEO of Lendingclub.com Renaud Laplanche says, "Person-to-person lending works best in an environment where people feel connected to one another, lending to friends and friends of friends." This makes Facebook the perfect place to connect with people who will lend money at competitive rates.

What's unique about this company is that it got its start from a Facebook application that allows a person to meet up with lenders from within their existing Facebook networks and social groups. Once the two people are connected, an interest rate is negotiated and using Lendingclub as a go-between, terms are finalized and the loan is made. Try it! (To learn more, see Lending Clubs: Better Than Banks?)

Save Money (But Not in the Ways You Think)
How much do you save each week if you cook meatless meals? $30! How much do you save by turning your computer off at night? About $15 per month!

These are just a few of the ways you will learn to save money by visiting the LiveSolid Facebook page and using the app located at the "Daily Dollar" tab. This budgeting app is not like others you may have seen. There is no entering of your financial information and there's no setting up of budgeting categories. You simply enter the amount of money you would like to save each day and then drag icons representing everyday activities until the savings add up to your goal.

IN PICTURES: Top 6 Mindless Money Wasters

If you normally buy coffee in the morning, drag the "make your own coffee" icon to the big box and LiveSolid tells you that you are $3 closer to your daily savings goals. If you can commit to one day each week of spending no money, that can save you up to $20 per day if you can cut out those small daily expenses that most of us don't think about. Give this app a try!

The Bottom Line
Social networking isn't just for catching up with friends anymore. If you've been avoiding social networking because you didn't see any monetary value, avoid no more. These sites that were once for teens and twenty somethings are now for all of us! OMG! (For the other side of the coin, check out 4 Ways Social Media Makes You Spend More.)

For the latest financial news, see Water Cooler Finance: Lions And Diapers And Dows, Oh My!

Related Articles
  1. Personal Finance

    How Sending Money on Facebook Works

    Learn how Facebook users can send and receive money within their social network, and understand how the site benefits financially from offering this service.
  2. Fundamental Analysis

    How WeWork Works and Makes Money

    Find out how WeWork makes money by offering flexible, shared office space to out-of-the-cubicle workers like freelancers and entrepreneurs.
  3. Budgeting

    Lost Your Job? 6 Things to Do Immediately

    If you’ve lost your job, shoring up your finances as best you can will make it easier to get back on your feet again when that next position rolls around.
  4. Professionals

    Broker Or Trader: Which Career Is Right For You?

    Both brokers and traders buy and sell securities, but there are some subtle differences between the two careers.
  5. Stock Analysis

    3 Obscure Twitter Accounts Making Money Off of You (TWTR)

    Learn how Twitter accounts that share quotes or information, such as @HistoryInPics and @Notebook, make money from their audiences.
  6. Personal Finance

    Don't Sign That Non-Compete Without Reading This

    Non-compete contracts aren't just for high-level execs these days. How to protect yourself if your employer – or prospective employer – insists you sign one.
  7. Professionals

    Financial Career Options For Professionals

    A career in finance can take a business professional down many different paths.
  8. FA

    The Basics of The Series 79 Exam

    Passing the Series 79 exam is usually necessary for anyone who wants to work in investment banking.
  9. Professionals

    10 Steps To A Career In Hedge Funds

    The first step to getting your hedge fund career started is to be sure you really want to work for a hedge fund. If you do, it’ll show in your actions.
  10. Professionals

    Business Analyst: Job Description & Average Salary

    Learn the different types of business analyst careers available; understand the skills and education needed and the salary you can expect to make.
RELATED FAQS
  1. Who do hedge funds lend money to?

    Many traditional lenders and banks are failing to provide loans. In their absence, hedge funds have begun to fill the gap. ... Read Full Answer >>
  2. Does a financial advisor need an MBA?

    Obtaining a license as a financial adviser does not require an Master's of Business Administration (MBA) degree. The Certified ... Read Full Answer >>
  3. How can an investment banker switch to a career in corporate finance?

    It's pretty easy for an investment banker to switch to a career in corporate finance. The career skills are easily transferable, ... Read Full Answer >>
  4. How do I get started with a career in asset management?

    The asset management industry has a variety of different career paths. Depending on what asset management area you would ... Read Full Answer >>
  5. For which kind of jobs is having Magnum Cum Laude most important?

    Having a magna cum laude degree is most important for jobs in the fields of finance, management consulting and engineering. ... Read Full Answer >>
  6. Other than accounting, what does a corporate finance job involve?

    While a corporate finance job almost always involves accounting in some capacity, there are many additional job duties and ... Read Full Answer >>
Hot Definitions
  1. Socially Responsible Investment - SRI

    An investment that is considered socially responsible because of the nature of the business the company conducts. Common ...
  2. Inverted Yield Curve

    An interest rate environment in which long-term debt instruments have a lower yield than short-term debt instruments of the ...
  3. Presidential Election Cycle (Theory)

    A theory developed by Yale Hirsch that states that U.S. stock markets are weakest in the year following the election of a ...
  4. Super Bowl Indicator

    An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in ...
  5. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  6. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
Trading Center