There are smart ways to try and make
more money and then there are the not so smart ways.
Here are six of the best pieces of
advice found from study on making more money:
1. Pursue Something You’re
Passionate About as a Side Business
Build a side business doing
something that you love and that provides value to others and society.
The self-made millionaires in my
study who loved what they did for a living accumulated an average wealth of
$7.4 million over just twelve years.
When you do something you love, you
will
devote all of your available time to it.
The Wright brothers ran a bicycle
business full time and on the side they conducted their famous experiments that
eventually led to the invention of airplane.
Over the course of five years, the
two brothers often worked eight hours at their bike shop business and another
eight hours on their passion, the airplane.
When you do what you love, you are
somehow able to find the energy and the time to devote to your passion.
2. Take Calculated Risks With Your
Savings
Success requires risk.
You have to take some risk in time
and money in order to build wealth of any kind.
I’m not talking about gambling here.
I’m talking about an entirely
different type of risk called calculated risk.
This risk requires that you gain
some experience and working knowledge in some area and then put that knowledge
to work by taking action.
It might be real estate, investing
in some private business, starting your own business, etc.
3. Develop a Niche in Your Career or
Business
Those in my study who had a unique
expertise in a particular area were paid the most by their company or were able
to charge more to customers or clients than their competition.
You can develop your niche on the
side, in the mornings, at night or over the weekend through self-study or by
taking classes at night.
Most of the millionaire in my study
read thirty minutes or more every day for learning and many others went to
night school to develop skills and gain knowledge that would eventually help
them accumulate enormous wealth.
While this takes time and effort, it
is an investment in yourself that will forever pay dividends down the road.
4. Organise a Partnership With
Others
Many of the self-made millionaires
in my study organized joint ventures with other individuals.
Organizing a team of like-minded,
success-focused individuals makes it much easier to achieve success in life and
build wealth.
Many hands make light work plus you
have multiple brains to tap for ideas and solutions to problems.
Andrew Carnegie, at one time the
world’s wealthiest man, in the beginning of his working career organised joint
ventures with others in the steel, railroad or coal industry in order to
leverage what little money he had at the time.
His partnerships created many
millionaires and resulted in the mammoth company famously known as U.S. Steel.
5. Work Part-Time as an Apprentice
Everyone is no doubt familiar with
Donald Trump’s show The Apprentice.
The winners get a chance to work
with and learn from the Donald.
If you lack skills in an industry
you think you’d like to work in, seek out a successful person in that industry
and offer your services as an apprentice.
This has a triple benefit: # 1 it
enables you to learn from a mentor, # 2 you can make some extra money, #3 it
gives you an opportunity to test the waters and see if you actually like the
work.
If you don’t, you can always quit
and move on to something else.
6. Change Careers
One of the common threads I
uncovered in my study was that self-made millionaires put their own ladder on
their own wall.
Most people don’t do this.
They pursue some career or
profession that a parent, teacher or other influence in their life advised them
to pursue.
As a result they are not pursuing
their own dreams or own goals, but instead the dreams and goals of someone
else.
It’s never too late to change
careers.
As I mentioned previously, the
self-made millionaires who pursued what they loved were able to accumulate an
enormous amount of wealth in a relatively short period of time.
Changing careers may require you to
go back to school at night, but you can do this while you’re still working.
Once you get your degree or
certification, you can then leave your current job or business for a new one
that offers increased opportunities and potentially more money.
Making more money means doing
something different than you are doing right now.
It means working more or taking more
risk or investing more time in yourself through either self-education or formal
education. But it can be done.
Many of the millionaires in my study
were in the same boat as you at one time.
The difference is that they took
action to change their lives.
Building wealth and becoming a
success requires action.
If you do nothing, in ten years you
will be ten years older and probably still where you are right now.
Wealth does not happen on its own.
You have to make wealth happen.
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