How to Make Money - Three Important Principles
By Steve Gillman
When you think about how to make more money, do you think
about jobs, businesses or investments? There's nothing wrong
with that, but all these ways have their examples of success
and failure. In other words, some people fail at the same thing
which other succeed at, and we have to ask why? That leads to
a deeper understanding of how to make money, as suggested in
the following three principles.
1. Value Trading
Late-night television "get rich quick" infomercials
usually cater to people who think there is an "angle"
or "secret" which makes it easy. There are tricks,
tips, techniques and tools that will help, and this is why these
products usually can help the right person. But in the end, making
money is about trading value, meaning you need to provide something
of value to others to consistently succeed.
Those who think the first question is how to separate people
from their money are tempted to use any means, resulting in dissatisfied
customers, less repeat business, and eventual failure in most
cases. A better first question is how to provide real value.
It is serving people well that makes them happy to pay you well,
and this is true whether you're an employee (with the employer
as your customer) or the owner of a business.
2. Do What's Necessary
Having something of value to offer isn't enough by itself,
however. Doing what needs to be done is another often-ignored
principle. Commit to a plan and take action, and "do"
instead of "try." When we "give it a try"
we often quit at the first sign of trouble or unpleasant work.
See mistakes as opportunities to learn and move on. The idea
isn't to keep repeating what doesn't work, but to learn as you
go and keep doing something towards the goal.
Those looking for "easy money" are usually not willing
to learn what is necessary. A man hears that there's good money
in building, for example, which is something he knows nothing
about. Instead of learning what he needs to know he hopes that
taking the test for his contractors license is all he needs.
A wiser (or less lazy) man might have could have worked in the
field for a while to learn the basics, or asked for help to learn
how to run a business, or bought a book on how to market his
Instead, the easy-money guy he takes the easy route - which
leads to failure. Maybe you've seen this scenario played out
with friends who think they want to be an actor, start a business,
invest in the stock market. We need to do what needs to be done
to make money, and learn what we need to learn.
3. Know Yourself
Naturally, it's tough to do what is necessary if you hate
every aspect of it, so think carefully about yourself when making
decisions about jobs, business and investing. A business you
aren't suited to or ready for won't just make you grumpy. When
you ignore your interests, skills and abilities it is easy to
choose the wrong way to make money - a recipe for failure.
This is an important key to how to make money. There will
always be parts of a job or business that you aren't thrilled
about, but you need to have at least some interest (and ability)
to sustain your commitment.
Ask yourself what you can do, what skills and abilities and
work habits you have, and what activities you enjoy. Are you
good working with others, and with clients? Do you have a lot
of energy? Are you known to quit too easily, and what did you
do that contributed to previous failures? Can this business or
job or investing path keep you motivated and ready to start each
day? What will you need to do, and what are you willing to learn?
Are there personal changes you'll need to make? Answering questions
like these as honestly as possible may be one of the surest ways
to learn how to make a profit or a decent paycheck, or a good
return on an investment--and do so in a way that makes sense
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