How to Make Money
63Here are a few ideas about making money
It's really not that difficult to make money. I started making money when I was young and I'm still at it today. Here are three tips to make money.
Learn to Save Money
The best way to have or make more money is by learning to save. I know this sounds tough, especially when you think you have no money to save. But, learning to save is the first step to having more money. Here is a simple savings plan. Setup an automatic deposit into a mutual fund. If you want to get a little tricky, buy three index funds. One that mirrors the S&P 500, one that tracks the Russel 2000 and one that follows a balanced international fund. Split the investment so that 60% goes to the large cap fund, 25% in the small cap fund and 15% into an international fund. Then forget about it. Let compounding interest work for you.
Learn a Trade
This is advice my uncle gave me. He told me not to go to college, but learn a trade. The first part isn't great advice, but computer programming and accounting while it helps to have a degree in them, the fact is they are more of a trade. Both of these professions offer high paying jobs and lots of employment opportunities today. There are other trades as well like nursing with good paying job prospects. Stay away from mergers and acquisitions.
Start a Company
The wealthiest people I know worked for themselves. They didn't start out rich, but overtime they created successful restaurants, software companies, real estate businesses, and consulting practices. The tax system rewards entrepreneurs. For example, if you form a corporation and then hold the stock five years, you only have to pay 10% taxes on the sale of the stock in an acquisition.
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