Making money is not as easy as it seems. If it were, everyone in the world would probably be doing it. Successfully making money takes three things: a plan, patience, and consistency. Fast money is something modern individual looks forward to, but they don’t come up with a plan to create it.
Want a larger paycheck? Obviously, you do. No one wants to live off in bare minimum salary. In fact, according to the survey conducted by the Society for Human Resource Management, about 63% of workers claimed that compensation was “very important” to their overall job satisfaction.
So, we go next to this question— how can you make money fast instead of waiting for your salary to grow over time? Have you ever heard of a get-rich-quick scheme from friends? Avoid giving into their sweet words, telling you to charge a small upfront fee for you to earn millions. Don’t fall prey to this trick.
Everyone living on this planet has only four options for making money, although we can see a lot of variations. Here are the four proven ways to make money:
1. Working
Whether you are an employee or self-employed, working means you are basically trading your time for money— this is especially true for high-income earners like lawyers and doctors.
Essentially, you can make money by working, and there are only two ways to increase how much you are earning. Either you try working more hours, or you try to develop new skills, becoming more valuable. People who make money by working often get back to school and get more education.
Workers make more money by making themselves more attractive to their prospective employers. They aren’t just focused on building their brand but also on marketing themselves as an expert in the industry.
If you want to climb up the ladder and strengthen your resume, push yourself to learn skills that boost your areas of expertise. To achieve this, you would need to create cross-training opportunities for yourself.
Despite the market ships that happen across various industries, one skill that is always in demand is leadership. If you are already in a management position, you will have the advantage since you’re developing your leadership ability by overseeing direct reports.
2. Selling
The second proven way how you can make money is by selling. When you make money by selling things out, your money would not depend so much on the time you put into it. You could make thousands of dollars in just a matter of thirty minutes.
In making money through selling, only three things count, including the size of your commission, how good you are at selling, and the cost of the things you sell. Hence, you need to focus on high tickets in order to acquire significant earnings with fewer transactions. This is where the Blue Ocean Strategy comes in.
If you plan to make money through selling, it would be a great idea if you would go for the blue ocean strategy.
The Blue Ocean Strategy is referred to a market product where there is little to no competition. This revolves around searching for a business in which only a few firms operate with no pricing pressure.
In today’s world, many firms operate under fierce competition, trying to dominate every aspect of their business and gain market share. When the product reaches a certain pricing pressure, there is always a potential that a firm’s operations could well come under a threat. The situation usually comes when the business is performing in a saturated market known as the Red Ocean.
3. Owning
Buying things can actually make you money, contrary to what most people think. Of course, this is possible if you would purchase revenue-producing assets like a rental real estate property. If you own and run an active business, know how to build a team, and know how to lead, you will be able to make money through its profits.
The money you receive from a business isn’t called an income. It’s called a profit.
Some assets are quite risky and might demand more active management on your part. The earning potential for such investments is high, though. If you would put your effort and time into these assets, you might find yourself with a good sum of money—for instance, stocks.
There are stocks that pay dividends quarterly. The blue-chip stocks are reliable and are able to weather most financial downturns. Many investors like adding dividend-paying stocks securities through blue-chip stocks in their portfolio to ensure that they receive earnings consistently throughout the year.
While there are some who want to handpick individual shares to invest in, you can go for index funds that focus on high-yielding dividends.
4. Lending
Lending is the best way to earn money by not working any harder and without acquiring high-income skills. By lending money to other people, you will get to earn interest on the money.
Interest income is the primary way that most commercial banks make money. You can get money from other people who do not need their money now, and in return, for depositing their money, they get compensated with certain security for their funds and an interest rate.
However, if you don’t want to get money from other people, the most effective and efficient way to build wealth is by moving from being a worker to a seller and then owner until you make enough money to become a lender.
You can find quite a lot of ways how you can earn money on the internet, but they all just boil down to these four— working, selling, owning, and lending.
Since you know these four proven ways to make money, it will be easier for you to earn money and work yourself up, growing your finances. Don’t rush your journey so much because you want to hit big immediately. Take your time, and enjoy every single phase of the journey until you reach success.
