How to make money – 7 Ways

There are total of seven major ways to make money.

money

  1. Inherit it
  2. Marry it
  3. Invest for it
  4. Get lucky, the lottery for example
  5. Work for a company , most standard way
  6. Break the law: Steal, deal or con
  7. Entrepreneur/Work for yourself

I am going to list three legal basic ways normal people make money below:

Option 1– The traditional route: You go to a college, pick a field, graduate, and then get a job working for someone.  Some choose to enter the military to serve the country and at the same time, look for a career path using the military learned skills to make a difference.

Option 2– The unconventional route: You would be start a business, fail several times, persist and then scoring big.

Option 3– The hustling route:  You work odd jobs from constructions to something that doesn’t fit traditional job market.  Often you don’t need much education or skill sets to make money but does require some major street smarts if you are going to do well on this option.  This option is where breaking the law may occur.

educationcollegewagesunemployment

Education stats

Most people choose the traditional route of option 1. If you are choosing option 1 to make money, here are top five fields you can choose to sustain a decent life style.

Name of Field Growth beyond 2013 Learning (5 star most difficult)
Information Technology This field is always growing, Pick an area and you will make money  4.5 star out of 5
Allied Health Slowing down a bit, but demand is still there.  However, it is tough to acquire higher level jobs such as a medical doctor to nurse Anesthetists

 

 4.5 star out of 5
Financial From accountants to financial planner, this field has many options to make money  4.0 star out of 5
Management New trend is technical management that will manage tech savvy people.  Often require master’s degree  3.5 star out of 5
Engineering From petroleum engineers to sustainability engineers with potential to make 6 figure income  4.2 star out of 5

 

As you may notice, these top five fields are not easy.  You have to do some work in college to make it out in the field.  Often, high stress level is induced by choosing the above fields.

If you chose option 3 which will require street smarts to do well for yourself, often requiring some luck, persistence to make some money, but most of the times, financial stress will be felt if you are not hustling.

Hustle

Hustling

  1. The individuals that succeeds using option 3 often start early in life.  For example, a 15 year old kid gets involved in fixing cars in local garage then after years of on the job training, he/she becomes expert car mechanic.  Later on, these people start up their own shop and often become successful.  Decent money making opportunities based on skill level/trade level.
  2. Athletics – These people started playing little league baseball to basketball.  Early stand out often indicate how successful these people will be.  The hardest will be making to the pros but often successful in coaching or running a sports camp that will make decent money.
  3. Hustling/Misc. – Starving artists, body builders, Fitness Models, and etc.  Either you make it big such as Arnold Schwarzenegger to Robert Kincaid; most people don’t make enough money to sustain them.  Rock bands are formed and unable to make it often provide music lessons to supplement their life style.  Some people tap the global market based on skill sets.  Odesk.com or Elance.com is some of the website that allows you to make money using their skill sets.  If done right, you make a good money.

Finally, making money by starting your own business often requires mental toughness and willingness to fail and fail often.  Most people do not like rejection or failure.  However, it is essential pill to swallow if you want to succeed in business.  In terms of making money, sky is the limit.  The question is what business should you start?

http://www.dreamstime.com/-image2382585

Starting a business

  1. Online retailers – Selling items online.  It is a difficult task to compete where we have the big boys such as Amazon and WalMart to deal with.  You have to find right niche, right blogging, and right materials to sell online and make some bucks.
  2. Creating a product – Tim Ferris, the author of 4 hour work week, started his own supplement business and later sold it for big bucks.  Now he is selling his books on how he did all of these.  Now all he does is travel around the world, write more books/blogging and he is doing well for himself.
  3. Selling service business – Selling catering service to creating Apps for smart phone is huge.  Any service related business is lucrative since you make money selling service, not a product per se.

Which one is right for you?  Whatever it is, don’t forget the fun and most importantly, define why you are doing it or you are going to be very miserable despite making bank. – SjC

2 Responses to “How to make money – 7 Ways”

  1. Nathan Clough May 12, 2013 at 10:42 pm Permalink

    A great read, does put some things into perspective of what it takes to make money.

  2. Chuck Norris May 14, 2013 at 10:38 am Permalink

    I make money easily by walking into a bank and round-house kicking their vault door open. Then I walk about with 6 figure profit.
    >> Then you goto the jail and 6 figure money is back to uncle Sam <<

Leave a Reply