Do You Want to Be Rich Soon?
Practical Ways to Make Money
Everyone I know is looking for a magic bullet to be a billionaire within 18 months. Since that pot of gold does not exist yet, here are some practical ways to get wealthy without having to wait for retirement.
#1. Know the basics of money.
Income and expenses go hand in hand. If the latter is not controlled, you are sitting on a leaky boat in the middle of the ocean with no life vest on! Not a good combination.
You do not need the financial savvy of Warren Buffet, just enough working knowledge to recognize when you are being offered a seat on the Titanic.
The article below is a good starting point:
#2. Choose side hustles with care.
Hustlemania is glamorous but for every Airbnb, there are hundreds of entrepreneurs who went bankrupt and put their families/communities through misery for years with nothing to show for it.
This piece by GreekDataGuy is an excellent peek behind the curtain and shows the dark side of startups!
#3. Income Growth is the easiest way to make money.
9-to-5 jobs are not glamorous but income stability provides immense peace of mind. If your salary allows you to have disposable income, do not let anyone fool you into rejecting it with FOMO scare tactics.
If your job makes you feel overworked and underpaid, then look for something better. Writing a resume that adds $10,000 to your salary is a much better use of your time than building a writing business that pays $0.01 per word or less!
Use the techniques in the post below to work out your market value and identify new job opportunities.
#4. Keep an Open Mind with Money Matters.
Sometimes the most contrarian money advice might be the one that is the best for your unique situation!
The article below has some wonderful perspectives, including sage advice from Niru to treat your money as your kids!
#5. Capitalize on New Trends by being an Early Adopter
By the time, a new trend is identified, the wave has already passed. So it is important to keep your eyes and ears open for new opportunities.
Instacart shoppers, Uber drivers, and Medium writers are novel jobs to earn some extra income, but the hourly rates are atrocious for the vast majority because there is huge competition.
If you are a writer (on Medium or elsewhere) why not look at novel ways to make money from publishing, rather than simply putting pen to paper? Books may or may not be profitable in the next decade, but many ancillary services will continue to thrive at least in the next 4–5 years.
What are your thoughts? Do you know anyone who earns more from their side hustle, not their day job?
