Styleworld

Making money requires work - even in the stock market. Most successful investors study a variety of sources and ask a lot of questions.

Steps

Use the law of supply and demand to your advantage. Most of us are familiar with the law of supply and demand--the more there is of something, the cheaper it is; conversely, the rarer the product or service, the more expensive it is. However, other than when we get to a toy store before sunrise to get on line for the latest fad toy that kids can't get enough of, we don't really apply the law of supply and demand to our own lives--particularly our careers. For example, if you're aspiring to do something that many, many other people want to do (so much so that they do it for free, as a hobby) then it will be far more challenging for you to make money doing it. On the other hand, if you do something that most people don't want to do, or if you get very good at doing something most people don't do all that well, then you can make a whole lot more money. In other words, choose a career in pharmacy over photography.
- Does your job offer upward mobility?
  
  If your career path is going nowhere, resign gracefully and switch careers. Research occupations to find out how much they pay and what their future outlook is (in the U.S., you can find this information in the Bureau of Labor Statistics Occupational Outlook Handbook). Find an occupation that pays well, and invest in the education and/or training to get you that job. Look for employers that offer competitive salaries and ample opportunity for advancement.
- If your goal is to make enough money to retire early, prioritize earning potential over job satisfaction, since you plan on getting out of the rat race early, anyway. Consider the types of jobs that pay extraordinarily well in exchange for hard work, little psychological satisfaction, and a punishing lifestyle, such as investment banking, sales, and engineering. If you can keep your expenses low and do this for about 10 years, you can save a nest egg for a modest but youthful retirement, or to supplement your income while you do something you really love doing but doesn't pay much. But keep in mind that delayed gratification requires clear goal-setting and strong willpower.
Recognize that time is money. This critical piece of advice is attributed to Benjamin Franklin, who was an accomplished American inventor, journalist, printer, diplomat, and statesman--the ultimate multitasker. Your ability to manage your time (and stop procrastinating) is a critical ingredient in your ability to make money. Whether you have a job or are self-employed, keep track of what you're spending your time on. Ask yourself "Which of these activities make the most money, and which of them are a waste of time?" Do more of the former and less of the latter, simple as that. When you're focusing on high-priority tasks, get the job done well, and get the job done fast. By working efficiently, you're giving your employer or clients more time, and they'll appreciate you for it. Remember that time is a limited resource that you're always investing. Will your investments pay off?
Jack up your prices. If you're providing a skill, service or product that is in high demand and low supply, and you're making the most of your time, you should be making good money. Unfortunately, there are many people who are too humble or fearful to demand that they get paid accordingly. It's the pushovers in life who get taken advantage of and exploited, so if you think you might be one of them, learn how to stop being a people pleaser. If you work for someone else, ask for a pay raise or get a promotion, and if none of that pans out, revisit your career options as described previously. If you're self-employed, the first thing to do is to make sure your customers and clients pay up on time--this alone can substantially improve your income. Check your prices and rates against those of your competitors--are you undercutting them? Why? If you're providing a superior product or service, you should be getting at least the average, unless your profitability depends on mass production, in which case you're probably making a lot of money and wouldn't be reading this article anyway!
Be proactive. Remember Murphy's Law: "Whatever can go wrong will go wrong." Make plans, complete with as many calculations as possible, then anticipate everything that can go wrong. Then make contingency or backup plans for each scenario. Don't leave anything to luck. If you're writing a business plan, for example, do your best to estimate when you'll break even, then multiply that time frame by three to get a more realistic date; and after you've identified all the costs, add 20% to that for costs that will come up that you didn't anticipate.^[1] Your best defense against Murphy's law is to assume the worst, and brace yourself. An appropriate amount of insurance may be something worth considering. Don't forget the advice of Louis Pasteur, a French chemist who made several incredible breakthroughs in the causes and prevention of disease: "Luck favors the prepared mind."
Redefine wealth. In studies of millionaires, people are surprised to learn that most millionaires aren't doctors, lawyers, and corporate leaders with big houses and fancy cars; they're people who religiously live below their means and invest the surplus into assets, rather than liabilities.^[2] As you're taking the above steps to make more money, keep in mind that increased income does not necessarily equal increased wealth. Most people who flaunt their wealth actually have a low net worth because their debt to asset ratio is high--in other words, they owe a whole lot more money than they actually have. All of the previous steps have outlined aggressive strategies for making money, but you'll never get anywhere if you have a hole in your pocket.
- They say that a penny saved is a penny earned. Actually, when you consider that you pay taxes on every penny you earn, you really do make more money by saving than by increasing your income, especially if the extra income will increase your tax rate dramatically. For example, let's say you have a choice between saving $100 or earning an extra $100. If you pay 15% taxes, then when you earn an $100, you only get $85. But when you shave $100 off of your existing budget, you keep it all. To sweeten the deal further, if you take advantage of compound interest as found in most savings accounts, over time you'll start making money on the amount saved plus previous interest paid on that amount saved. It'll be pennies at first, but eventually the amount will multiply exponentially.
- Take advantage of tax laws if you're self-employed. Money saved on taxes is still money saved. You may be able to deduct many of your business expenses (use of your home, use of your car, office supplies, etc.) if you keep good records. You may also qualify for tax breaks, such as deducting your health insurance premiums on your tax return. These laws are in place to encourage commerce and business growth, so don't neglect their benefits.
- If you're not self-employed and work for a company, find out if they have a retirement plan. If you're lucky, employers will sometimes match contributions you make into a retirement fund. Retirement plans also often have the benefit of being tax-deferred. The longer you get to keep your money (and make interest on it) the better.
Know the difference between an asset and a liability. The dividing line is whether it puts money in your pocket, or takes it out.^[3] As much as you love your home, for instance, it is a liability rather than an asset because you put more money into it than you get out of it (unless you're flipping it or renting it out). Whatever money you save, invest it in assets such as stocks, mutual funds, patents, copyrighted works--anything that generates interest or royalties. Eventually, you might get to the point where your assets are doing the work for you, and all you have to do is sit there and make money!
- Watch out for inflation chipping away at your assets. We've all heard an elderly person describe the purchasing power of a coin in their day. Inflation continues to make today's money worth less in the future. To win the race against time and inflation, learn to invest your money in the right places. A savings account might help you to keep up with inflation; however, to stay ahead of the game you'll want to invest in bonds, stocks, or some other investment that returns above the average rate of inflation (currently 3%-4%).
- Tips

Work on eliminating any debt you may have. When you have a high debt load, you're making someone else money; what you pay in interest is their paycheck. The sooner you repay your loans and debts, the sooner you stop giving your money away.
Start analyzing your decisions from the perspective of a firm. In economics, a firm's goal is simply to maximize profit. Well-run firms spend money only if they can expect to make more money from their investment, and they allocate their resources to the most profitable use. You're not a firm, of course, and you have other considerations, but if you make the majority of your time and money decisions by choosing the options that promise the highest return on investment, you'll likely earn more money, and that's good news for your shareholders (you and your family).

Warnings:

Beware get-rich-quick schemes. Millions of people still get caught up in them. If it's too good to be true, it's truly no good. People who know how to get rich are busy getting rich. They are not advertising methods to get rich.
Don't lose sight of what's really important to you in your quest for money. Sure, you may be able to make more if you work longer hours, but will you and your family get to enjoy the extra money? Money can do a lot of things for you, but don't work yourself to death - you can't take it with you.

Need a little extra cash in a hurry? Follow these steps and you're bound to have a fuller pocket by the end of the week. It may not be much, and it may not be reliable, but your options are limited if you're short on time. Later, you can read up on long-term ways to make money. Otherwise, hurry up and follow these steps so you can make money ASAP!

Steps

Consider day labor. There are employment agencies that specialize in this type of arrangement, and you can get paid at the end of the workday. The jobs you find through an agency can vary, but are usually in construction, factories, offices, and manufacturing. An alternative to finding day labor is to go where other day laborers meet (usually street corners or parking lots) and wait for employers (building contractors, landscapers, home owners and small business owners). If you go the non-agency route, you might get paid in cash. You can also check your local newspaper or internet classifieds to find quick labor gigs, like painting, mowing, or moving work. When considering a day labor opportunity, keep in mind that less formal arrangements could result in you not getting paid or worse, you getting injured without any kind of compensation.
Sell something. Dig out that old guitar you never play, those CDs you don't listen to anymore, or your antique toy collection. Go to the pawnshop, put an ad on local internet classifieds, or hold a yard sale in front of your house or on a busy street corner (just display the item with a big sign announcing the ridiculously low price). Price items at half of what somebody would be able to buy them for anywhere else, and you may be able to sell them within an hour or two. You can also sell items online at web sites like eBay, Amazon and Craig`s list.
Fill out surveys online. Companies who want to know what’s on the minds of their customers are willing to pay for your opinion. Online surveys won’t make you rich, and won’t allow you to quit your day job, but you can make a little extra cash. When choosing between surveys, read the fine print. There is usually an asterisk near the "you won" part. This means you have to do something like buying stuff before you even get to talk about your prize. Don't fall into these sorts of traps, they're ridiculously difficult and not worth it. In general, the more companies you sign up with, the more survey requests you’ll receive in your email and more opportunity you’ll have to make money.
Become a street performer. If you can dance, play music, or tell jokes, you can probably get some cash by performing in public. But don't do this unless you are actually good at it. Put together a good act and find a place to perform. Give people a dose of live entertainment, and hopefully they'll reward you with tips.
Panhandle. A panhandler is a person who depends on the spontaneous charity of strangers for their survival. If you really need the cash, you might swallow your pride and decide to ask for help. Make a sign, find a good location, ask politely for money, and say thank you. Cyberbegging is becoming increasingly popular, and there have been some amazing success stories, but these are the exception rather than the rule. While there are some sites on which you can beg just by putting up a brief ad, if you're looking to make any substantial money you'll probably have to build your own site and invest the time and money into it to make it successful.
"Donate" plasma. Plasma is a component of blood, and the process is similar to donating blood. You're not permitted to actually sell your plasma, but you can be compensated for your time spent donating (and essentially, it's like selling your plasma). Your blood is drawn, the plasma is separated, and the red blood cells are returned to your body. You can make US$20-30 per visit and give plasma twice a week, but you must weigh at least 110 pounds, be between the ages of 18 and 59, and be in good health.^[1] Many college students do this to make extra cash.^[2] If you haven't been to the doctor in a while, this may be a good way to get a free health checkup.^[3]
One person's trash is another's gold mine.

Recycle. Broke because you bought too much soda? Turn the old cans into cash by bringing them in to be recycled. If you don't have your own cans, go looking for them in trash cans or along busy roads, especially rural roads. Call up several recyclers to compare prices. If you live in a state with a bottle or can deposit system, you may be able to get 5 or 10 US cents per container. Other scrap metals are also worth something, so if you've got a big pile of scrap in your backyard or you know of an illegal dumpsite, you can pick it up in your truck and anywhere from 1 or 2 cents per pound for scrap steel to considerably more for metals such as copper or aluminum.^[4]
Open a lemonade stand. Especially if you're a kid, a lemonade stand or baked goods stand can bring in good money in one day. If the lemonade isn't selling, or you want to diversify, sell cookies and brownies as well. The important thing here is to find a good location, like the main entrance to an apartment building, outside a shopping center, on a busy corner near your house, or outside one of your parents’ workplaces (if you're a kid; otherwise you might get in trouble).
Enter sweepstakes. By choosing sweepstakes carefully, you can increase your likelihood of hitting the jackpot (or at least getting a few useful freebies that you can sell, as mentioned above). Search the internet-- there are even internet databases, some free and some by subscription only, that can clue you in to hundreds or thousands of sweepstakes. Sweepstakes with smaller prizes can be great because you generally have a more realistic chance of winning. Don't, however, waste your time entering a sweepstakes for a prize you don't want and can't easily sell for a good profit. Enter as many times as possible. The more times you enter, the better your odds. It's as simple as that. Before you send in a million entries, however, make sure you know how many entries the rules allow you.
Become a moving advertisement. Creative marketing companies might be willing to pay you to get their name out there. Some interesting strategies that people have gotten paid for:
- Turning their car into a moving advertisement; there are companies with bumper sticker programs as well.
- Wearing t-shirts, clothes, costumes that advertise a business.
- Temporary tattoos on the forehead, a pregnant belly, and other parts of the body.