How to Make Money
The second step to Financial Freedom is to learn about the different methods and strategies on how to make money. There are essentially 3 proven methods that you can use to achieve your financial goals. 1 - Being employed / self Employed. 2 - Investing and leveraging time and money. 3 - Own your own business / businesses. Each of these methods will make you money and everyone who makes money uses one or more of these methods. The difference though between the rich and the poor is which method they choose how to make money.
Let's look into each of these methods in more detail.
1 - Employed / Self Employed
The first strategy for making money that just about everybody thinks of is A JOB. Over 95% of people in the world choose this strategy to earn money yet they only accumulate less than 3% of the wealth. The majority of people chose to be an employee because they see it as the "safe" option, they believe that if they study hard at school and university they can get a job with a guaranteed monthly income. In these tough economic times, in this "Credit Crunch" as the experts call it, this has never been further from the truth. More people are consistently being made redundant more than ever before. In the UK alone somebody loses a job every 8 minutes.
Another problem with being an employee or self employed is that you trade your time for money, and unfortunately, we all have only 24 hours in a day. There is a very, very small percentage of employees that earn money that they can save or invest it before they spend it. These people however are not the average person. These are people that have multiple degrees and were always the 'A' student throughout school and university. They are the truly gifted, brainy guys.
Also, another big problem with working for someone else is that you don't get paid your full worth. Think about it. Your company cannot afford to pay you your full worth because it needs to make a profit from you otherwise it could not stay in business.
Being self employed is probably a little bit better that being an employee and working directly for a company as you are a little bit more in control of what you do day in and day out. Again, however, the biggest problem with being self employed is that you trade your time for money. If you don't work, you don't get paid.
2 - Investing in Properties and Shares
The second strategy for how to make money and ultimately find financial freedom is investing. Investing can basically be split into 2 categories – Property and Shares. There are books and books that have been written on these subjects and there is no way I could even scratch the surface of these subjects here, let alone cover everything.
Property has been around for centuries, and is in my opinion, the best medium to long term investment you can make. Although the property market is taking a bit of a knock now, statistically, properties in the UK alone have increased by about 10% per year for the last 80 years. Sure there have been times like the one we are in now where property prices have slowed or even dropped, but over time they always recoup the loss, and always go up in value over the long run.
Investing in shares is basically buying a stake in a trading company and therefore owning a certain percentage of that company. There are a number of different shares you can purchase; including bonds, preference shares, and gilts but by far, the most popular type is the ordinary share. So, when you buy shares, you literally become a part-owner of that business. If, for example, company XYZ Plc has a million shares worth $1 each, and if you buy $100,000 of shares, you would own 10% of the company. As a shareholder you have a say in how the company is run and on the key decisions the board makes by voting at shareholders meetings. If the company proves to be profitable, you will see your share of those profits in the form of dividends. If the company is doing well, the value of the shares will go up. If they go up to say $1.20 per share, you could sell them and make yourself $20,000. If they go up to $3 or $4 per share, you could sell out and make a massive $200,000 or $300,000.
3 - Own your own Business / Businesses
The third strategy for making money and ultimately finding financial freedom is to build multiple streams of income. You do this by building your own businesses, even if it is on a part time basis to start off with. Leverage your time and money through other people. Less than 5%of the population use this strategy effectively yet they make over 95% of the total income. Doing this method right is by far the most profitable. Once you understand the power of leverage and how to leverage the efforts of other people you can generate a massive amount of passive income.
Starting your own business does not necessarily mean going to the bank to take out a huge loan to open a shop. There are many 'work from home opportunities' that enable you to build a business with minimal outlay.
Examples of home business opportunities are:
1. Network Marketing
The toughest part about starting a business from scratch is learning how to build the system that makes the business profitable. That's where network marketing is brilliant for first time business builders; the system already exists, you just need to follow the system.
Once you master the skill of running 1 successful business, you can replicate that same success in multiple different businesses, each time adding another income stream into your bank account.
Money Making Opportunities
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How to Make Money Online
Progress to Financial Freedom
To your Ultimate Financial Freedom,