Making money is not difficult. You’re probably making a good living right now. That means you’ve already figured it out, right? That was one of the first lessons I received about money. You must consider earning money as something you already know how to do. You know how to do it if you have a job or have ever had one. The next step is to earn more money on your own.
But if you believe it is impossible, you will never attempt it. You must abandon the notion that only the privileged or fortunate can earn more. That is not only false but also self-defeating. Its a natural humanly urge to earn more.
Begin with a Reason
Also, why do you want to earn more money? To make money, you must have a strong desire. Why? Because it is difficult, and most people give up quickly. However, if you have a strong desire to earn more money, you will most likely succeed. So, what’s your motivation? Do you want to get out of debt? Do you look after your children, your parents, or both?.
It’s a good idea to ask yourself questions that begin with a W. Tim Ferriss, the godfather of the “lifestyle entrepreneur” movement and author of the 4-Hour Workweek, put it best:
“Money’s practical value is multiplied by the number of W’s you control in your life: what you do, when you do it, where you do it, and with whom you do it.”
You won’t have the problem that money addicts do if you’re conscious about making money. It’s never enough for some people. With that in mind, let’s get started on a list of 5 ways to start earning more money. You can do these things full-time, part-time, or for as little as one hour per day.
Monetize Your Knowledge
You can break this category up into hundreds of smaller things you can do. But anything that requires your advice, knowledge, and skills, falls under “monetizing knowledge. “This has everything to do with your mindset. “But I don’t know anything.” Firstly, I doubt that because almost everyone has skills and strengths. Secondly, if you think you’re not that good, get better.
It’s that simple. Once you have specific knowledge, go and help others with that knowledge. Give advice (consulting), write a book, teach a class, coach, build something for others, you name it.
You can work for yourself, or you can work with others. There are freelancing networks, teaching jobs, co-working places, and other ways you can get help to get started. Or, you can do everything yourself, as I do. This will help you to earn more
Make Money From Your Knowledge
This category can be subdivided into hundreds of smaller tasks. However, anything that necessitates your advice, knowledge, and skills fall under the category of “monetizing knowledge.” This is entirely dependent on your mindset. “However, I don’t know anything.” To begin with, I have my doubts because almost everyone has skills and strengths. Second, if you believe you aren’t very good, work on improving.
It’s as simple as that. When you have specific knowledge, go out and share it with others. You can consult, write a book, teach a class, coach, or build something for others.
You can either work for yourself or with others. There are freelancing networks, teaching jobs, co-working spaces, and other resources available to assist you in getting started. Alternatively, you can do everything yourself, as I do.
Don’t Squander your Money on Frivolous purchases.
“Wait a minute, what? You’re supposed to instruct me on how to make more.” Call me old-fashioned, but I consider avoiding losses to be as important as making money. It comes as no surprise that Warren Buffett’s first money rule is to never lose money.
When you lose money that you could have easily kept, you’ll appreciate this rule. In practice, this rule is straightforward: Don’t be enticed by get-rich-quick schemes. Don’t follow money trends blindly; that’s how bubbles form. Every year, new trends emerge that everyone discusses.
My rule is simple: If people discuss money-making schemes at birthday parties, I’m out. Also, if an incentive to make money provides itself and you think, “This is too good to be true,” always walk away. Your future self will thank you.
Purchase a Rental Property
Have some spare cash lying around? Purchase rental property in a city you are familiar with. Real estate, as you are aware, is all about location. If you find a property in a great location, chances are it will never be vacant. My preferred method of locating real estate is through your network. That is why I advise you to buy in your city. Inform EVERYONE that you are looking for a home. “I know someone who wants to sell,” someone will almost certainly say.
I would not make a cash purchase of a home. You can get a mortgage if this is your first home. Otherwise, investigate commercial real estate mortgages. You can also buy something with a family member or a close friend. Do your homework if you want to get into this industry. But it is certainly possible. “Real estate is for the rich,” most people believe. Don’t let that stop you.
Business and Marketing
If you want to make more money in the long run, I believe in ownership. That is why I dislike affiliate marketing. It’s fine if affiliate marketing is incorporated into your business, but I’d never become a full-time affiliate marketer. You have no vested interest in the outcome. So, you are the owner of a product if you create it, which means you must stand behind your work. You don’t want to let your customers down. That is the key to conducting business.
Most business owners have overly complex ideas. They want to be creative and develop new products. That’s great, but why not start with something easy? Something that can be obtained from a nearby factory.
If you want to create a product, set a time limit for yourself: What product can I design and have manufactured in two days? You will immediately discard 99 percent of business concepts. Now, only concentrate on items that are simple to create and sell.
It must also be valuable and useful. You can improve your design, sales, marketing, and supply chain skills by doing so. You can put that to use in your future endeavors.
What You Know Can Be Bought And Sold
When I was 15, I began buying and selling cell phones. That was far from my first side hustle. I used to sell used and ripped CDs, DVDs, and video games.
That was all I knew back then. I was aware of which phones were in high demand. I knew which albums were popular and which video games were popular. Buying and selling is the simplest way to make money and help people get what they want. However, most people believe they can buy and sell anything. That is not something I believe in.
It all comes down to demand. You must understand what people want. Vintage watches, for example, have grown in popularity in recent years. I like watches, but I have no idea what is popular and what is scarce.
