- Personal Finance
The 3 Secrets To Making Money
So You Want To Know The Secret To Making Money
Everyone wishes that they had more money. Honestly, it isn't hard to make all the money you desire. However, you having to wiling to understand how it is that people grow their income. Even people who work a minimum wage job can follow these steps if they seek a more comfortable financial future. The only thing you need is a desire to see your plans through no matter how hard it may get.
Making Money Is All About Good Planning
If you want to make more money, you need to have a plan. The secret to making more money is all about having a vision. Those who can see how $1 can become $100 will ultimately have more money at the end of the day. Here are some ways in which good planning can help you out in different situations.
Go To School If You Want To Make Money
People who go to college tend to earn more money while also enjoying a lower unemployment rate. Getting an advanced education will help you learn the skills you need to become a success in the workplace. Keep in mind that college is expensive.
If you don't have a lot of money, stagger your coursework over a period of time that works for you. Get scholarships, grants and get a part-time job while you go to school. It also helps to find an employer who will help you pay for school.
Make sure that you have a degree in mind that will actually help you once you graduate. The good news is that you have time to catch up if you change your major.
Invest Your Money Wisely
Take as many financial courses as you possibly can. Learn about things such as compound interest and how it can help you gain money exponentially. For example, an account that compounds your interest will earn you $1 for every $10 you invest if you get a return of 10 percent. Start your retirement planning early. Your money has a longer period of time to compound if you start saving your money earlier.
Think Outside The Box
Buying a rental property is a great way to develop a passive stream of income. Making money from a rental is easy as long as you have the time to devote to your tenants. You can even hire a rental manager for a relatively low sum of money. Rent out your home to friends and family who you trust.
Other great ways to make an unorthodox income include writing articles, selling goods on eBay and starting a blog.
Saving Money Equals Making Money
Another cool trick to make money is often overlooked. The easiest way to make money is to save your money. It is certainly a hard habit to learn. However, there are some good ways to save your money without working too hard.
Save A Dollar A Day
Saving just a $1 a day means you will have $30 by the end of the month. This amount increases to $365 by the end of the year. I bet that you can put away 100 cents each day in order to secure your financial future. Simply putting your spare change in a jar can help you reach your goal.
Put It Where You Can't Touch It
Save money by putting it into investments that you can't touch for awhile. A CD might not get a great return. However, that 1 percent is still better than nothing. It will keep your money safe from your evil spending side for up to 18 months.
Have Someone Else Save For You
Have your paycheck deposited into an account that someone else runs for you. Ask the account administrator to give you a stipend each week for spending. Bills will automatically be paid through this account. This will enable you to control your spending each week. An alternative solution is load your spending money onto a prepaid card. Once the money is gone, it's gone.
Work Hard To Achieve Your Dream Of Making Money
Going to school to get a good job is a lot of work. Saving your money a dollar at a time is a lot of work as well. There will be days when you want to give up hope. However, you need to keep on going even when things look bleak. You also have to keep on working hard even if your boss rides you a little too hard at the office.
Don't Find A Job Solely For Money
Some people may be tempted into taking a job simply because of the paycheck. Don't do that to yourself. You will not find any fulfillment in your work. Do what you enjoy doing on a daily basis. Even if it pays less, you can still make that up by saving an investing wisely. Working at a job that you hate will cause you to burnout and become bitter about your work at a younger age.
Your Dream Income Won't Come Right Away
Don't expect to make your first million until you are 30 or 40 years old. This doesn't mean that it can't happen to you, it just means that you an average person will work for years before they see the fruits of their labor. Be willing to sacrifice for 10-15 years before you start living a comfortable life.
Sacrifice Means Foregoing Things That We Want
Remember that saving money is making money. Putting 500 dollars into a savings account instead of buying that TV will pay off for you down the road. There will come a time when you can buy that TV and a comfy recliner to go with it because of the compounding interest that your savings will bring you.
Making Money Is For Everyone
Don't worry if you are not a doctor, lawyer or professional athlete. You can make money simply by investing it wisely. Keep your debt level to a minimum. Remember that things like student loans and other debt can slow down the money saving and making process. However, if you have a good plan, are willing to save and don't mind working, you can have a comfortable financial future.