How To Make Money
3 Fastest Ways To Get Rich
How to Get Rich
As you get older, your energy level drops, and you may rarely have enough time. Your time will be taken up by your spouse and kids and you will not really have the desire to try new things. Very few people appreciate how much energy and vitality they have when they are young, so we end up misusing our youth and then spend our old age regretting. To become financially free and rich, you need to begin your wealth building efforts early.
Why is it important to build wealth? The benefit of having wealth includes the freedom and full control over where and how you spend your time. When you start to earn all or the bulk of your income from passive income investments, you are able to:
- Retire early
- Spend more time with family and friends
- Build generational wealth and trust funds
- Travel around the world and holiday in exotic locations
- Buy your dream home
- Buy your dream car
- Have access to better medical or healthcare
- Volunteer and donate to causes that you believe in
- Holiday or vacate whenever you want
- Start a business doing what you love
- Work from anywhere, such as a beach in Ibiza
The list is basically endless. There are so many advantages that passive income streams can earn you. And if you are looking to become financially independent and wealthy, we have more wealth building strategies below.
Success often leaves clues. What separates the rich from the poor and middle class is the power of leverage. For example, rich people are able to leverage income through the efforts of other people’s time, knowledge, and money. Check out this list of the 3 fastest ways to get rich:
1. Make more money. The fastest way to get rich is to steadily increase your income while decreasing your monthly expenses. Consider getting a better paying job, a second job or side hustle to accomplish this financial goal. Once you are financially stable, I highly recommend you develop and master high income skills that eventually pay $10,000 a month or more.
2. Save more money. Set aside no less than 10 percent of all earnings and adjust accordingly as your wealth continues to grow.
3. Invest more money. Tax returns show that the average millionaire has 7 streams of income, do likewise and diversify your portfolio. Take investing or wealth building to the next level by creating and buying assets throughout your entire life. For more info, read Rich Dad’s Guide To Investing: What the Rich Invest In, That the Poor and Middle Class Do Not!
10 WAYS TO MAKE MONEY ONLINE
How to Make Money Online
There are a number of quick ways to make money online, but these are typically short-term ventures. This article addresses how to generate a continuous flow of active income and passive income via internet, on either a part time or full time basis. This said, do not be misled by the word part time. All of the money-making methods discussed here require some effort, but the rewards can be life changing and very lucrative.
1. Create a niche blog and provide affiliate marketing
A blog just refers to a certain type of website. Unlike a lot of other websites, blogs are generally updated regularly. The first step in building a niche blog, such as wealthteacher.info is to decide on your “niche” or the topic of your blog. It should be something that interests you, but in order to make money from it, you need to choose a topic that is likely to attract affiliate companies that will pay you to direct business their way. For example, if you decide to blog about weight loss, firms like Nutrisystem, Jennie Craig, WW, and others may compensate you to include a link to their websites. Stumped about a niche? Register as an Amazon Associate, which enables you to use Amazon’s Keyword Planner to find profitable niches such as health, wealth and relationships.
2. Make money online with digital courses
If you have vast knowledge about a topic, you can monetize that information by creating and selling a digital course. The sale of digital products is another way on how to become rich with passive income. There are several websites that will help you develop your course, including udemy.com, teachable.com, and skillshare.com.
3. Monetize a YouTube channel
Build a YouTube channel and load it with educational content, such as “how to” videos, and/or entertainment videos. Maybe you have always wanted to be a stand-up comic or a songwriter. Apply for the YouTube Partner Program and, once accepted, include ads on your videos in order to make money online. YouTube pays $3 to $5 on average for every 1,000 views, even if the viewer does not make a purchase. It doesn’t sound like much, but it can add up if your channel attracts a lot of people.
4. Get paid to Teach/Tutor English online
People in other countries who want to learn English pay good money for virtual lessons via Skype. VerbalPlanet, a site dedicated to teaching and learning languages, allows you to set your own hours and establish your own rates. You can also find these types of assignments listed on more general freelance websites, such as Indeed and Upwork. Some require you to be ESL (English as a Second Language) certified, but many do not.
5. Build a profitable app or other type of software
“There’s an app for that,”—or maybe not. Perhaps you have an idea for a new app or a software product that you think would be immensely popular. If you happen to have the skillset, you can build the app yourself and submit it to the Apple and Google stores for acceptance. Once it is, you will make money anytime someone downloads your product or makes an in-app purchase. There are numerous websites that will help you promote your app or tool, including Facebook Ads and Product Hunt. If you don’t have the skillset needed, you can also hire a developer to make your idea become a reality. Of course, this will cut into your profits. Another option is to obtain the skillset necessary. There are several online programs designed to teach you the tools of the trade, including codeacademy.com and treehouse.com.
6. Sell physical products online
If you have your own creations you would like to sell, you can build a customized website over a weekend with the help of Shopify. You can even try Shopify for free to see if you like it. Alternatively, if you’re not the creative type, you can buy inexpensive products that are made in some other country and sell them online for a higher price. You can also list your items on Craigslist and eBay in addition to or instead of creating your own website. Another great alternative is to sell on Amazon. If you choose to use Fulfillment by Amazon (FBA), you can store your products in Amazon warehouses, and Amazon will also handle the shipping, returns, and customer service issues for you. The company offers free two-day shipping for its Prime members, an attractive feature that your customers will like.
7. Make money online as a virtual assistant
Companies often hire remote virtual assistants to help them with a variety of tasks, such as managing email, posting on social media sites, data entry, bookkeeping, and research. Good sites to register on for these types of jobs are Upwork, Guru, and Indeed.
8. Sell your services online
Amazon also has a marketplace for professional services, including electrical, plumbing, handyman, cleaning, and assembly services. No sign up, subscription or lead fees are involved. There are sites dedicated to selling specific niche services, as well: Cloudpeeps specializes in marketing and public relations services; Gigster is a site for high-level software developers; Toptal also provides a platform for high-level software developers as well as other professionals, such as financial advisors; and designers can sell their services on a site like 99Designs.
9. Earn money as a transcriptionist
Professionals in numerous fields make presentations at seminars and other events and want the audio of the session transcribed—i.e., transformed into a written document. If you are a good typist with great focus, you may be able to earn $15 to $25 per audio hour as a transcriptionist. Check out sites like Transcribe Me, Quicktate, and Upwork for this type of work.
10. Sell your teaching materials online
Maybe you have created some materials for your classroom that have worked particularly well. There’s a market for that. New teachers, as well as experienced teachers looking for new ideas, will pay for everything from task cards to study guides to worksheets to lesson plans to whole courses. Teachers Pay Teachers, Educents, and Teacher Lingo are three sites that facilitate the sale of these types of materials.
1. Master High Income Skills and Earn More Money
Generally speaking, you do not have a savings problem, you have an income problem. You need to earn a lot more income as well as increase your income earning potential. In order to do that, I highly recommend you focus your energy on mastering a high income skill (a skill that will help you make a minimum of $10,000 per month) that does not require a post-secondary education. In addition, this is a skill set that you could learn the basics within a relatively short period of time, such as a few months.
Take the following list of high income skills for example: advertising (i.e. create and manage Facebook ads, Google ads), affiliate marketing, consulting, copywriting, sell digital courses, digital marketing, eCommerce (i.e. Amazon FBA, Shopify Dropshipping), entrepreneur, lead generation, public speaking, sales, web design, or YouTube channel creator. Overall, pick a skill that most resonates or interests you, that you may be naturally good at and commit to getting better every single day. I repeat and emphasize, you must study and/or practice this high income skill daily so that you become a subject matter expert in order to position yourself to make six figures.
On a lesser note, you can earn more money as a freelancer on huge website platforms like fiverr, guru and upwork. For the formal learners, investment banker is one of the highest paying jobs that make you rich fast. Yet and still, the best way to make a lot of money is by creating multiple streams of income, preferably thru passive income investments.
2. Have A Financial Plan
In order to obtain wealth, you must have a financial plan. As multiple streams of income do not happen by chance, it is a reward for meticulous financial planning and effort. Have a plan that states how much money you expect to save every month, how much you intend to invest towards wealth building, and the things that you need to work on. You need to fix a timeline to your goals and work within that schedule.
3. Save Money to Invest
Another step towards earning a passive income is to set aside money to invest. I recommend that you save a minimum of ten percent of your active income to invest into income producing assets that will have positive cash flow. Remember that you can not build a passive income if you have not committed to the idea of reserving money until you have enough to invest in a sure thing (asset).
4. Realize That You Have to Start Small
A lot of people get discouraged at the beginning when they realize how far they have to go. A journey of a thousand miles begins with a step. Even though your goals are lofty, you have to set milestones. These realistic milestones will serve to guide you and remind you that you have achieved some things and you are on the right path.
5. Start now
Devote your time toward obtaining a high financial IQ by reading numerous personal finance books like The Richest Man in Babylon or Rich Dad, Poor Dad. Likewise, every rich or wealthy individual had to start from somewhere. Warren Buffett, one of the most successful investors of all time, bought his first shares of stock when he was 11 years old and became a millionaire by age 30 and a billionaire at 56. So begin that personal financial planning process of making more money, saving more money and investing more money. Remain consistent with what you do, and you will reap the rewards.
How to Manage Money
Famous Celebrities with Wealth
We are all stunned when we read about a famous celebrity who made millions over the course of his or her career, but who dies bankrupt. When actress Judy Garland of Wizard of Oz fame died in 1969, she had over $4 million in unpaid debt. The million-dollar estate of Mickey Rooney, whose acting career spanned nine decades, had been reduced to only $18,000 when he died at age 93. Michael Jackson was $500 million in debt when he died in 2009, and Burt Reynolds, immensely popular in the 1960s, 1970s, and 1980s, declared bankruptcy in the 1990s. “I’ve lost more money than is possible because I just haven’t watched it,” Reynolds is quoted as saying in 2015, three years before his death.
Mr. Reynolds’ statement is a powerful one. It does not matter how much money you make, you have to learn to manage it wisely. And as these celebrities’ situations indicate, it’s not how much money you make, but, rather, how much money you keep. Unfortunately, these celebrities fell victim to what is known as “lifestyle creep.” The more money they earned, the more they spent, eventually borrowing even more money to support the lavish lifestyles to which they had become accustomed.
Avoiding lifestyle creep requires a disciplined approach, but it need not be a complex endeavor. One simple technique is to employ a bucket money management system. Using this system, you distribute your income among five buckets: a necessities fund, an emergency fund, an investment fund, an education fund, and a fun fund.
Resource: Richest People in the World
The money in this necessities fund is held in cash or in your checking account to pay for life’s necessities, such as housing, utilities, food, transportation, and insurance. A recommended target is 60 percent. That is, 60% of your income should go to spending on necessities.
The money in this fund is to be used for emergencies, like that huge deductible you must pay if you have to have an unexpected surgery. You should grow the money in this emergency fund until it equals at least six months of monthly expenses, should you lose your job or another emergency situation. Since you need this money quickly if an emergency occurs, this money should be kept in a bank savings or money market account, where it will earn at least a little interest, but still be readily accessible. Start by directing 10% of your income into this bucket. Then do not touch it unless a true emergency occurs—and that does not mean a Caribbean vacation, no matter how well-deserved.
You also need to plan for your future, i.e. retirement. Another 10 percent of your income should be invested in assets that can be expected to increase in value over the long term, such as stocks, real estate, and business. You can invest in some paper assets, such as stocks, exchange-traded funds (ETF), bonds with as little as $100 to start building wealth. One of the best pieces of money management advice is, “Pay yourself first.” When you direct $100 to be automatically invested in the investment fund each month, you are unlikely to miss that money. There is an old saying in the investment world: “Bulls get rich, and bears get rich, but pigs get led to slaughter.” Do not be greedy and invest in something that may (or may not) be able to return 25% a year. A 7% to 10% return will allow your money to grow nicely without exposing you to unnecessary risk. If you are seeking much higher returns on investment, then become a qualified accredited investor per the Securities and Exchange Commission.
In addition to investing for retirement, you should also be investing in yourself. The money in this education fund is set aside to spend on increasing your high income skillsets through online courses, attending seminars and other personal development events, reading personal finance books or other beneficial material, and perhaps registering for a public speaking class at your local community college. It is recommended that 10% of your income be directed into a fund to support these activities.
It helps us maintain our discipline when we know we also have a fun fund that we can spend on anything we want, so another 10% of your income should go into a fun fund that will enable you to enjoy some of the fruits of your labor. Maybe it is that new electronic device you have your eye on, a nice dinner out, perhaps a round trip to an all inclusive resort, or tickets to an upcoming concert or athletic event.
In reading this, you may be saying to yourself, “There is no way I can live on just 60% of my current income. My necessary expenses amount to much more than that.” So, adjust the percentages for each of your buckets. Maybe you need to put 80% of your current income in the Necessities Bucket, but do not neglect the other buckets. You could then direct 5% of your income in the other four buckets until you can afford more—perhaps because you get a raise. Just do not let that raise make you the next victim of lifestyle creep.
How To Get Rich And Stay Rich
As you earn more and more money, you should adjust your money management system accordingly. If you are earning less than $50,000 a year, directing 10% of it to your investment fund is your goal. But once you start earning between $50,000 and $200,000, you should target 15% for that fund, reducing your necessities fund to 55% of your income. When you are earning between $200,000 and $500,000, start putting 25% into investments, and beyond that, 35% or more. Again, you can do this by reducing the percentage you direct to your necessities fund. Think about it. If someone is earning $1 million a year and is spending 60% of it on necessities, that’s $600,000 a year. That is pretty extravagant. Remember, it is ideal to keep your monthly expenses low and your assets or income column high in order to get rich and avoid lifestyle creep from eating your wealth.
16 Proven Ways to Make Money Fast
How to Make Money Fast
You may have recently gotten around to creating a budget or financial plan. Perhaps you have discovered your monthly income does not cover your monthly expenses. Each month you are getting deeper and deeper in debt. There are two ways to remedy the situation: (1) determine where you can cut down some of your monthly expenses; and/or (2) figure out how to make money fast. This article provides 16 ways to make quick money.
1. Make Money Fast with Uber or Lyft
Sign up to be a driver for Uber or Lyft in order to make some money fast. You can decide when you want to work—maybe just on weekends if you already have a full-time job. The hourly wage varies depending on the location, but Uber drivers average $20 an hour.
2. Get Paid to Babysit
Care.com enables you to offer your services as a babysitter, nanny, special needs caregiver, and/or senior caregiver. This is another instance in which you can also advertise in your local newspaper, on the bulletin board of a local business, or via social media and garner some references.
3. Make Money Dog Walking
A lot of dog lovers have jobs that keep them away from their homes for long hours. They will pay for someone to walk their dogs once or twice a day to ensure Fido gets the exercise he needs to keep him healthy. An ad in your local newspaper or on the bulletin board of your local grocery store or some other local business should get you started in this endeavor. Social media should also work. The aforementioned Rover.com also matches owners with dog walkers.
4. Get Money Fast to Deliver Food
Another quick way to get money fast is to deliver food. People often order from restaurants that do not offer delivery. That is where companies like Postmates, DoorDash, and Ubereats come into play. They deliver meals from these establishments to the consumers. It is easy to sign up to be a driver for any of these companies, and you can work whenever and however many hours you want.
5. Make Money Online: Teach English to Kids
Sign up to be a teacher on VIPkid and teach English to elementary-level Chinese students. No knowledge of Chinese is needed. Work one-on-one with a student to make money online. You can set your own schedule. There is no minimum-hour requirement and no commitment. Lesson plans are provided. The pay ranges from $15 to $22 an hour.
6. Get Paid to Run Errands
Many people hate the time they have to spend running errands. That is where you come in. Earn money fast by shopping or simply standing in line for those must-have concert tickets. TaskRabbit is a site that allows you to advertise your services for a one-time $25 registration fee.
7. Turn your car into a billboard
If you have a quality vehicle and can pass a basic background check, you can also make easy money by allowing companies to advertise on it. Carvertise.com and Wrapify.com are two websites that match drivers with advertisers. Wrapify’s website indicates you can earn anywhere from $174 to $452 a month, depending on your location and how much of your vehicle you agree to turn into a billboard.
8. Craigslist gigs
Check out Craigslist.com for gigs in your area. These are typically short-term, temporary jobs for which you can earn some quick money. There are various categories from which to choose, including labor, crew, writing, talent, computer, domestic, and creative.
9. Shop for and deliver groceries
Download the Instacart app to your smart phone, receive customer orders, do the shopping, and deliver the goods. You can choose your own hours, but you will need access to a car.
10. Earn Money Tutoring
One of the other services care.com supports is tutoring. Parents are more than willing to pay to help their child advance in school. If you have a lot of knowledge in subjects such as computers, math, or the sciences, you can earn good money. Two other platforms on which you can offer your tutoring services are indeed.com and wyzant.com.
Resource: How to Make Money in College
11. Get Money to Answer questions
If you possess superior knowledge about a topic, you can share your expertise on a platform like JustAnswer to get money. Medical experts, legal experts, car mechanics, computer engineers, and home renovators are among those who can earn money online simply by answering questions that people submit.
12. Sell your blood plasma
You can do this at a hospital or some other donation center, earning anywhere from $10 on up. You have to be at least 18 years old, healthy, and weigh at least 110 pounds to be a plasma donor. You can sell your plasma as often as twice a week to make quick cash.
13. Post links for Fortune 500 companies
Computer Improvement sets you up with your own website and then you post links to name-brand companies or Fortune 500 companies like Visa, Bank of America, and Goldman Sachs. You do not need to be a computer expert; Computer Improvement does all the work for you. If you can do email, you can do this and earn over $37 an hour.
14. Get Money to Do Voiceovers
If you have a good voice, you may be able to earn money doing voiceovers. Voices.com is a freelancer platform on which you can offer your services to companies that are looking for a certain “voice.” Voices.com even has a beginner’s guide to voice acting on its site.
15. Perform odd jobs for fast cash
Several sites enable you to advertise your talent for painting, house cleaning, window cleaning, sewing, furniture assembly, electrical work, and more. TaskRabbit is one. Thumbtack and Gigwalk are two others to check out.
16. Make Money Pet Sitting
When they have to be away for some duration, a lot of people prefer to have their beloved pet continue to enjoy the familiar surroundings of home as opposed to putting them in a kennel. And there simply are not any pet care facilities available for some types of animals. Petsitter.com is a site that matches pet owners with potential pet sitters looking to make more money fast. You can sign up for the basic plan for free to see if you like it. Rover.com is another site. You can also put an ad in your local newspaper or on the bulletin board of your local grocery store or some other local business, or use social media to get the word out. These types of ads might be the way to go initially so that you can accumulate customer reviews to add to your profile on Petsitter.com.
HOW TO MAKE EXTRA MONEY
How to Make From Home or Away
1. Sell clothes and accessories you no longer use
Maybe that extra room or space that you could rent out is cluttered with stuff you do not need. Clean it out and list the items you no longer want on one of a number of platforms, like Facebook Marketplace, eBay or Craigslist.
When it comes to this side hustle, poshmark.com makes it easy to sell your brand-name clothes and quality accessories. Take a picture of your item, post it on the site, and when it sells, poshmark emails you a pre-paid, pre-addressed shipping label to use to mail it to the buyer.
2. Rent out extra storage space
If you have available storage space in your home basement or even an extra bedroom and need cash, neighbor.com will help you rent it out to someone who needs more storage.
3. Lose weight
Healthywage.com pays you to lose weight. All you have to do is register on the site, indicate the amount of weight you want to lose, and bet on the amount of time it will take you. Your bet can range from $20 to $500 a month, and it’s possible to win as much as $10,000, depending on how much you bet, how much you have to lose, and how long it takes you.
4. Sign up to be a mock juror
If you have ever watched the TV show Bull, you are aware that attorneys sometimes want to do a mock trial to determine how well the arguments they make are working before they actually go to trial. Sign up to be a mock juror on eJury.com and earn anywhere from $5 to $10 a case.
5. Share your writing talent
Another work from home idea includes writing articles, eBooks, resumes, test banks, cover letters and more for clients. Upload your profile, including some writing samples, to one of several freelancer websites, like Upwork.com and Guru.com.
6. Participate in market research
There are a number of platforms that collect consumers’ opinions on products and businesses for companies. Respondent.io pays cash. Some, like Toluna, pay with reward points that can be redeemed for all sorts of things, including store vouchers and getaways.
7. Product testing
Here is another example of how to earn money online. Join Focusgroup.com and get invited to test new products before they are brought to market. Earn $75 to $150 for your time.
8. Be a website tester
Get paid to test new web and mobile sites. Usertesting.com pays $10 for every 20-minute test. They pay more when you participate in an interview.
9. Be a music reviewer
Listen to new music and provide your feedback on the various aspects of it—vocals, rhythm, etc.—on www.slicethepie.com. Your review goes directly to the artist(s), and you get paid cash.
10. Make money for browsing the internet
Download the Swagbuck app to your device, browse the internet, and share your opinion on the content you view, including TV shows, movies, and new products and services. Earn Swagbucks that can be redeemed for gift cards to retailers like Target, Amazon, Starbucks, Walmart, and more.
11. Use your photography skills
You don’t have to be a professional photographer to make money from the photos you take. You can sell the pictures you snap to stock photo agencies like Shutterstock, Adobe Stock, and iStock. You get paid whenever someone downloads one of your photos.
12. Teach an online course
There are a number of positions for online teachers at all levels of the educational scale listed on indeed.com. Not all are for academic subjects. There are also opportunities for those who can teach a craft or Zumba, and there are online coaching opportunities as well from time to time.
13. Sell old books and games
Those books and old video games gathering dust can put cash in your pocket, too. Textbooks, in particular, will command a high price if they are fairly recent—i.e., still in use in the classrooms—and in good condition. Amazon.com makes it easy to do. Sign up as an individual seller and list your item for just $0.99 plus a referral fee (which varies by category).
14. Get paid when you shop
Rakuten (formerly Ebates) pays you money when you shop online at a myriad of different online stores, including Stein Mart, Pier One, Walmart, and Best Buy. You can earn anywhere from 1% to 15% of your purchase price, and sometimes even more. Rakuten pays you via PayPal or a check mailed to your house.
15. Become a model
You don’t have to be young and beautiful to sign up for modeling gigs on BookModels.com. They want people of all ages, genders, shapes and sizes, and ethnicities for gigs as vendor models, brand ambassadors, event staff, product demonstrators, and more. You might find yourself at festivals, expos, fashion shows, car shows, trade shows, and photo shoots among other venues, earning $15 to $50 an hour.
16. Earn extra money watching videos
Earn more money by watching videos or TV on your computer or smart phone. Large companies and brands wishing to increase their visibility hook up with the InboxDollars, which, in turn, recruits you to watch the content they provide. In return, you get virtual scratch-off cards that reveal an award of anything from a few cents to a hundred dollars. It’s not much, but it can add up, and there is a $5 registration bonus.
17. Get scratching
The android app Lucktastic issues new free digital scratch-off tickets every day. Scratch off three matching symbols, and you can win anything from $1 to $10,000. Of course, you’ll have to view an ad before you can scratch off the tickets, which is how Lucktastic earns the prize money it distributes.
18. Turn your grocery receipts into cash
The Ibotta app enables you to get cash back when you buy certain items at the grocery store. First, search the Ibotta app for items on your grocery list. After you check out, snap a picture of your cash register receipt, scan the barcodes of those items, and you’ll get cash back. If you purchase 10 of the items on the app’s list within 14 days, you’ll also get a $20 bonus for signing on.
19. Be a virtual assistant
Companies hire people to work remotely answering emails, doing data entry, and helping with marketing, among other tasks. Upload your profile on a site like Upwork.com to get started.
20. Be a proofreader or editor
Don’t like writing from scratch, but have good grammar, punctuation, and spelling skills? Many writers are looking for people to proofread and/or edit their work. You can sign up for these jobs on fiverr.com or guru.com as well.
21. Offer an online course
You don’t have to have a PhD in anything, you just need to have a good bit of knowledge about a subject in order to create an online course. There are a number of websites that facilitate this, including teachable.com, udemy.com and skillshare.com. Skillshare specializes in courses on creative topics, such as photography, illustration, and design.
22. Be a transcriptionist
Numerous professionals want to have a hard copy of an event in which they have participated, such as a court proceeding or a seminar or class they held. Transcriptionists listen to the audio, typing it up as they do so. If you’re a good typist and have good focus, this might be a great gig for you. You can find people looking for this service on many freelancer sites, including Guru and Fiverr.
Make Money as a Teen
Quick Ways to Make Money as a Kid