Entrepreneur, author, and podcast broadcaster Darius Foroux realizes that the “How do I make more money?” question is often posed to him by people and claims that he will give five good suggestions on this topic for five minutes. We are listening to him.
Making money is not that hard. You’re probably getting your salary every month right now. That shows you already know how to do this job, right? That’s one of the first things we need to learn about money.
It would help if you considered making money as something you already know how to do. Now, let’s come to the topic of making more money on your own. That’s the next step.
At first, you may think that this is impossible. But rule number one is that you will never make it if you keep thinking that way. You have to stop thinking that only the privileged or lucky can earn more. This is not only a wrong way of thinking but also self-sabotaging.
Illustration: Yibo.W
Start with a Reason
What is your reason for earning more? People need practical and compelling reasons such as “surviving” to make money. Because it is a difficult task for them, and many give up quickly. But those with a strong urge to make more money are most likely to succeed. So what’s your urge?
Pay off your debt? To offer a good life to your children, parents, family? Own your own business? Having more resources?
It is an excellent strategy to ask yourself questions that start with the letter W (who, where, when, what). Tim Ferriss has this to say about it:
“Money is multiplied in practical value depending on the number of Ws you control in your life: what you do, when you do it, where you do it, and with whom you do it.”
When you are conscious about making money, you will not have the problem that money addicts have. Some people can never be satisfied with the big money they earn. With that in mind, I’ve compiled a list of 5 ways to start making more money. You can do these things full time, part-time, or just for one hour a day.
1) Turn your knowledge into money
Turning knowledge into money is different from any other small business that makes money. It is one of the fun, relatively easy, and most valuable ways to make money. This job is above any job that requires your advice, knowledge, and skills. Worldwide it is called ”monetizing knowledge“.
You may say. “I’m not an expert“, “But I don’t know anything.” I don’t believe it. It’s about your way of thinking. Because almost everyone has talents and strengths. Second, if you think you’re not that good, improve yourself.
It’s that simple. Once you have specific knowledge, go and help others with that knowledge. Give advice ( consultancy), write a book, teach a group of people, coach, do something for others. You name it.
You can form an opinion about it and work on it independently or with others. Browse institutions and people you can get help and consult with to get started.
2) Don’t spend money on stupid things
It’s no surprise that Warren Buffett’s #1 money rule is “never lose money”. Remember this rule when you lose money that you can easily hide.
Do not follow money trends blindly. Every year, there are new trends that everyone is talking about. Don’t spend money on these. Don’t waste money throwing a comprehensive birthday party for yourself or a loved one. Or you don’t have to take a vacation in that expensive city this summer just because everyone is leaving.
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In fact, it is at such moments that the opportunity to save money presents itself. As soon as you think “This is too good to be true” when you are about to buy something, get away from that shopping. The future you will thank your past self for this.
3) Real estate doesn’t just mean buying and selling houses.
If you want to get into this business, do your research well. It is quite possible to make money here. Most people say, “Real estate is for the rich.” Never believe this.
Buying and selling a house is not the only way to make money from real estate. Do you have excess money saved? Rent a house in a great location in a city that you know. Then try renting this house daily, weekly.
Remember: shelter is a basic human need. So instead of thinking too big, you can focus on small and effective opportunities in the real estate industry.
4) Create a product every 48 hours
Create a product. Something simple but worth the money.
Most aspiring entrepreneurs think that creating a product is a very complex process. They want to innovate and create new products. Of course, this is great! But why not start with something simple? With something, you can get from a nearby place, a factory, for example?
If you want to create a product, give yourself this limitation: What product can I design in 48 hours and manufacture? This limitation will prevent your product from becoming cluttered. So focus on what you can easily create and sell. You can also improve your design, sales, marketing, and procurement skills when you do this. You can also use this in your future work.
5) Buy and sell what you know
I started buying and selling cell phones when I was 15 years old. It wasn’t even my first job. Before that, I sold used CDs, DVDs, and video games. These are the things I knew back then. I knew which phones were in demand. I knew which albums were good and what video games everyone was playing.
Buying and selling is the easiest way to earn cash and help people get what they want. But most people think they can buy and sell anything. I don’t believe it.
It’s all about demand. You have to know what people want. For example, vintage watches have become popular in the last few years. I like watches, but I have no idea what is in demand and what is rare.
But if you do, you can make money by buying and selling these watches. This also applies to other objects on Earth. If you know everything about Batmancomics, Barbie or Pokemon, you can buy and sell those things.
Final Thoughts
I generated the most money and value when I was focused on something. Know everything about what you’re doing. If you think about it, you can only do it when focused. It is impossible to know everything about everything.
So, do you want to earn more? Choose something you like and are good at. Then start. This way, excuses such as “I don’t have time” will disappear. You will save time. Just like you make money.
This post is also available in: Türkçe
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