4 ways to get money and get rich
4 ways to get money and get rich but I only recommend two of them when you are starting or when you are a beginner.
4 ways to get money and get rich
Trading time for money, selling information for money, selling products or services and allowing your money to work for you such as investing
Trading time for money
Trading time for money is the hardest one. This is when you are an employee, you work for someone else. You are trading your time and somebody is giving you money for your time.
Examples:
- People that work at fast food store
- people that work in factory jobs
- people that work at a gas station
- Doctors, yes even though, it’s a high income skill, they are still trading their time for money
You can have multiple jobs. One to three jobs and work and an insane amount of hours. With 1-3 jobs, even if they are minimum wage you can make about 100k per years.
If you are expending much less than you earn and invest the rest, You’ll get to be a millionaire.
Recommended: No
There is nothing wrong with being an employee, Society needs employees in many different fields for it to work, otherwise the system will collapse.
But I don’t recommended, There are better ways to make money and get rich.
Selling information for money
Trading information for money is one of the best one. This is when you have information that people want and you trade that information for money. You are selling information.
Examples:
- Blogs
- Podcast
- Videos
You can have a blog that generate you $100k per year. You can have a podcast that bring $100k per year. You can make videos and bring a cashflow of $100k per year.
The good things about this method is that you can create a piece of content one time and this piece of content will work for you in perpetuity. Once you created that content, it stay on the internet almost forever.
Recommended: Yes
Content attract people, if you create many peices of content and one goes viral, that viral piece of content affect other content on your platform which in turn bring more people. As result a compound effect is form. Since there are so many people using your content, you can monetize the content in many different ways.
Selling products or services
Selling products or services is difficult. This is when you have a product or a service that people want and you sell the product of service to them.
Examples:
- Selling water bottles
- Selling cloths
- Selling computers
- Selling appliances
- Mechanics services
Selling products or services This is very difficult to do. You must have inventory and keep track of it. You might have to manufacture the goods or you might have to purchase them. You needs to know supply and demand such as how much you need on stock.
You have warehousing cost, you have the people that are working for you cost. You need to spend lots of money before you can see any profit.
Of course, if you have a good product or service which is in high demand, you can Make $100k per year.
Recommended: No
I don’t recommend selling products or services. Too many moving part. there are better ways to get rich.
Allowing your money work for you such as investing
Investing this is what many rich people do. This is where you allow you money to work for you in perpetuity.
Examples:
- Dividends
- Royalties
- CDs
- REITs
- Stocks
Take qualified dividends for example, let’s say that you don’t work but you have a sum of money large enough that the qualified dividends that you received for the year added up to $46,000. Base on the tax rate for the year you pay 0 taxes if are single.
So, you made 46k in a year doing nothing. All you did was invest money into a portfolio that brings you tax free money.
Recommended: Yes
Investing and learning to manage your money is the best skill that you can have when it come to being rich.
Final thoughts
I think everybody should start investing money, right away, right now, meaning as of yesterday. Even if you can only afford $1 per day. Yes, there is something call fractional shares that allow you to invest little money.
Why?
Just like swimming, riding a bicycle, learning to read, learning to speak, learning to walk, any good skill that you can think off. It take time to learn a good skill.
Investing is an amazing skill that take time to learn too. But once learn it, this skill will benefit you for the rest of your life.
Selling information is another skill that is highly recommended.
Nowadays you can go to the internet and find almost any information for free as long as you are willing to spend your time looking for it.
There are people like me that rather pay for something, I trade my money for something, not my time for something.
If I want to learn something the fastest way to learn it is to find someone that is being there and done that. So I don’t have to waste time looking for answer every time I have a question.
Therefore, if you know something that someone else wants, you can compile that knowledge into something simple to understand and sell that information. It will make you money and save that person’s time.
