There are only three ways to make money

The internet is full of scams trying to make you believe that if you sign up and pay a lot of money you will be given the keys to financial freedom. In reality there are about three really good ways to make money:

  • sell a product
  • sell your time
  • invest

If you decide to sell a product you’ll need to work out what that product is, find a distributor or manufacturer, have a shopfront either virtually or blocks & mortar and then convince people that their life won’t be complete until they own what you are selling. Selling a product scales to larger volumes quite easily as you can employ other people to help you with administrative tasks and you can always increase your orders from your manufacturer.

Selling your time depends on you having a skill that is valuable, whether you’re a professional or a house cleaner, there has to be something you do well enough that people are prepared to pay. Depending on your skill you may be able to work virtually and have customers around the world or you may want to restrict your customer base to your local neighbourhood.   Starting a service business can be quite easy, it may simply mean putting up a flyer on a local noticeboard, however the major catch with this type of business is that you are selling your time. There are only 24 hours in the day and you ought to sleep for about 8 of them. The amount of money you can make is dependent on how much you charge per hour and how much people are prepared to pay you.

The final method of making money is investing. By investing I mean buying something that does three things: increases in value over time, delivers an income in the meantime & requires little effort on your part. The two most common assets to invest in are real estate and shares. Sometimes people will invest in art collections or wine collections but unless these things are making you money while they increase in value they may not be the best investment. If you have bought them to appreciate, that is a different matter.

N.B. Gambling is NOT investment. Nor is it a very successful way to make money. Remember, the odds are always in favour of the casino and not you.

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