5 Basics For Making Money
Everyone needs money, and a way to make money, to live. A job working for someone else can mean anything from barely making it, to a great income. Accumulating wealth means the ability to save and to make more than average money.
There are some basics to acquiring wealth, and even an typical income.
1. EFFORT. Whether one wins the lottery or earns an income, effort is required. In other words work. There is no way around it. And the amount of effort often determines the amount of income. If the income is from a small business 10-12 hour days, or longer, are common. A managers job may mean 9-10 hour days. A job can mean 8-hours or more each day. An employee working for promotion may put in more than an 8-hour day. No matter what approach is made for making money effort will be necessary
2. HOW MUCH MONEY. Deciding how much money one wants in the short term, and accumulated over a period of time, both need determining first. If a 40-hour job supplies enough money in the short term that may be enough if it will provide enough for retirement by a pension or 401K then that person can be satisfied. If more money than what a 40-hour week job provides is decided on, then a plan for producing more income is needed. A decision early in life is best, for there will be time to make changes in a job, or to self-employment, and a plan for saving and investments can be made with the added benefit of more time. One should have in mind both short term and long term income, and the resulting wealth when starting a career
3. BEST WAYS AND BAD WAYS. Bad ways to depend on for an income, or wealth, are the lottery, gambling, hoping for an inheritance, Those are a waste of time and money. In the middle may be making money on the Internet. Most are not likely to make a living on the Internet, especially without a lot of work each day and week, nor without investing money. Those ads which state “make $5000 a month” are a fantasy unless true experts are hired to help set up the Internet business. A job or a small brick an mortar business may provide all one needs. Investing in government bonds are stable and will overtime produce wealth. Buying certificates of deposit (CD’s) at your local bank can produce wealth over time, and provide some income along the way. The stock market can make money, but if one is not expert in stock investments, then it is wise to hire an expert to guide you. The point is that money can be made and lost in a flash. It is your money, and you are ultimately responsible for it, so choose and act wisely.
4. PAYING SELF FIRST. You work for income so shouldn’t you pay yourself before paying others ? Surely you should. A rule of thumb is to save or invest 10-percent of your take home income each week or month. It could be 20% or 5% but it should be something. It could be put in a savings account that earns interest, and when you have enough saved switch to savings bonds, CD’s, government bonds, annuities, and on the list goes. The point is that one should keep bills, and purchases, low enough to allow one to pay self first.
5. KEEPING IT. In some ways it may be easier to make money than keep it. Everyone has their hand out looking for your money. Forget the television commercials, what the Jonses have, and purchase what you really need and want. Get rid of credit cards for they are too tempting to spend, and spend. Drive that car another year or two, keep the present house another five years, and buy only electronic gadgets that serve a useful purpose for you. In other words watch out for your money.
Even a janitor can accumulate wealth. They have done it. So making adequate money is certainly possible. Then practice ways of keeping that money without being a miser.
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