ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

The 3 Secrets To Making Money

Updated on June 15, 2012

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.

Comments

    0 of 8192 characters used
    Post Comment

    • Mandeeadair profile image

      Mandeeadair 4 years ago from California

      Great advice! This was well written. Voted up and useful :)!

    • profile image

      Larry Wall 4 years ago

      Your suggestions are good, but you are speaking from the perspective of someone I am guessing is in his 20s. As you get older and with more responsibilities making money is harder. My parents did not plan well, after my father died, I had to help supplement my mother's income. We could not had children. Adoption fees are expensive and were not tax deductible. Your dream job may not materialize and you may get downsized along the way. The last thing I would do is invest in rental property. I was a tenant for years--a good one. I put my own money into changing locks and other things. Some people do major damage to property that the security deposit will not begin to cover.

      Saving money is good. Open a ROTH IRA when you start your first job. Your tax liability is probably low so the contributions will be taxable but the earnings will not be. If there is a 401K, continue the maximum allowed or work up to it as quickly as possible. You can create an ROTH IRA within a 401K program. Find a good financial adviser. It should be someone you do not hang out with socially--keeps an arm's length between your broker, lawyer and doctor, so you will not find it hard to ask questions if you have concerns. Finally, this is a long-term plan, 30 or 40 years. If you can set a little aside for short term uses like a special vacation now and then. I knew a person who had a good idea of putting every other payraise into savings. My last job only adjusted salaries once a year, so it was not practical. But, if you get small raises several times a year, put one or two of them aside for the special but not so major events.

    • Cody Hodge profile image
      Author

      Cody Hodge 4 years ago

      Mandee-

      Thanks so much for the kind words! I appreciate it.

      Larry,

      You raise quite a few valid points. I have some limited experience when it comes to downsizing and corporate politics. Google Panda certainly taught me a lesson in never taking an income for granted. However, I think my angle here is more that these are things that successful people do. You won't get anywhere if you stop progressing out of self-pity.

      As for not wanting to rent to others, that is probably a personal comfort thing. That's why I said rent to friends and family that you trust. I think hiring a team around you would be a good idea as well if you could afford it. Renting may be better suited as a business as opposed to a one-off deal.

      Thank you so much for your detailed comment. I really appreciate it.

      Cody

    Click to Rate This Article