So, you want to be successful? Of course, who doesn’t, right? Part of success is understanding how to produce money to create wealth. This post will show you 7 successful ways to make money.
But, before we get into the list, there are two things that should get mentioned and accepted as rules of making money:
- Don’t expect to get rich overnight without effort.
- Your money only works as hard as you do.
Two Laws of Making Money
Let’s clarify both of the statements before proceeding to the actual list. It’s absolutely possible to get rich overnight without any effort, but a smart person doesn’t count on winning the lottery and getting rich that way. One can hope, but you shouldn’t put all of your eggs into that basket. Working hard and working smart; that’s the path that guarantees the best chances of earning a substantial amount of money.
The second one addresses the money you already have. If you let it sit and do nothing (like many people think millionaires do), it’s only a matter of time before it bleeds out and disappears. So, to just keep the pile at the same level (inflation kills idle money), the money has to be put to work.
Now that we established “the laws”, let’s look at our list. This is a list of ways you can successfully make money. We qualified it with three main categories and ranked it through them. These categories are;
- The size of income: here we rank the size of the income stemming from the activity. Being a part-time Uber driver is ranked as low-level. Investing $50 million in a bond with a 3% yearly interest rate is ranked as high-level.
- Temporal viability: this category considers whether the method of making money is a short-term or a long-term option.
- Starting capital requirements: this category outlines the amount of money needed to start making new money with success, ranging from free to 7-figure amounts.
So, let’s get into the list of successful ways of making money.
1. Doing Part-time Work
- The size of income: low
- Temporal viability: short-term
- Starting capital requirements: free, or very low
Part-time work has always been the fastest way to earn some extra money, the accent on some and extra. Being an Uber or a Lyft driver, helping out at a local business, moonlighting as a security guard, etc. You can also use a skill you are a good at and turn it from a hobby to a secondary income. For example; many personal trainers started out their career as a part-time job. There is a great number of ways to make money working part-time, but you shouldn’t count on making a lot of it. This is a short-term solution.
2. Online Opportunities
- The size of income: low to medium
- Temporal viability: both short and long-term
- Starting capital requirements: free, or very low
There are plenty of opportunities to make money on the Internet. These opportunities are:
- Doing freelance work: this requires you to have some basic skills like typing, writing, sketching, design, etc.
- Operating an online store: these can get pretty successful.
- Marketing and promotion: these also require some knowledge and experience, but a novice in the field can quickly catch up.
- Blogging and content creation: depending on your interests and skills, you can create and share content and get paid to do it.
Granted, these are not for everyone and do require familiarity with internet related technologies. But getting familiar with the world of the Internet is much easier than many people think.
3. Education and Self-improvement
- The size of income: anywhere between low and very high
- Temporal viability: long-term
- Starting capital requirements: free to medium requires time investment as well
One of the best investments a person can make is investing in themselves. This entails learning new skills, perfecting the existing ones, and generally expanding the scope of your potential. People so often neglect this as a mean of making money. Here as a perfect example.
Let’s say you get additional certification in your field of work that costs $4,000. That’s a substantial amount of money but it generates an increase in your income by $225 a month. Not a lot, you would think. But, let’s do the math; it takes 18 months to return the invested amount, and everything after that is extra. A lifetime of the extra.
4. Investing in a Business
- The size of income: anywhere between low and gigantic
- Temporal viability: long-term
- Starting capital requirements: medium to large
There are two options here; investing in someone else’s business or starting your own. To make money this way, you are advised to take careful steps and invest only the money you are prepared to, sort of, lose. Provided that an investor is careful and interested in the development of their investment, this can be one of the most successful ways of making money. It is estimated that a business that ran successfully for ten years is worth anywhere from 3-30 times of the initial investment.
5. Investing in the Market
- The size of income: medium to high
- Temporal viability: long-term
- Starting capital requirements: medium to large
This is one of the most popular options in terms of long-term money-making. Investing in a bond or a diversified stock index offers a low yield, but it comes at virtually no risk. A 10-year bond can generate about 25-40% in interest. Over the same period, a stable diversified stock index can almost double your money. The difference is; a bond value is guaranteed while the stock value depends on the market trends. There are a number of investing options besides bonds and stocks.
6. Trading Commodities
- The size of income: medium to high
- Temporal viability: short and long-term
- Starting capital requirements: medium to large
Commodities often present a good opportunity to earn money. Prices of oil, gold, silver, and agricultural products fluctuate and there are people that turned trading commodities into a very lucrative career. But this method requires attention and familiarity with the state of the market, paying attention to supply and demand, and generally following the metrics guiding the price changes.
7. Saving Money
- The size of income: low to medium
- Temporal viability: long-term
- Starting capital requirements: free
The saying money saved is money earned is absolutely true. Look to cut costs, avoid being in debt, and you should feel the results immediately. Plan ahead, don’t spend money on impulse buying and look to streamline your expenses. A plethora of money-saving tips that actually work can be implemented regardless of your lifestyle and spending habits. Saving money creates opportunities to use any of the other listed methods to increase the amount saved.
Hopefully, these ideas gave you a better sense of what it takes to successfully make more money than you currently make.
If you’re looking for more ways to make money every month, read this post.
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