Wednesday, September 16, 2009

Making Money In This Economy


How to Make Money


from wikiHow - The How to Manual That You Can Edit

Some people receive unemployment or some kind of welfare. Other people own businesses or are employees. Some people got rich somehow and receive money from property they own, such as savings account interest, book royalties and so forth. In a country in which business is not subsidized, the business buys merchandise at a lower price than it sells it for, although this causes inflation. In the U. S. for example, the money the central bank creates is loaned to commercial banks rather than spent. Business borrows and then must repay the money by charging higher prices and hoping someone will buy something. In this credit-based economy, some people have reportedly become multi-millionaires by playing American football, while other people are homeless. Some people make money by selling stock at a higher price than they bought it for, but they find paying enough attention to the stock market to do that to be work.

Steps


  1. Use the law of supply and demand to your advantage. Most of us are familiar with the law of supply and demand--the more there is of something, the cheaper it is; conversely, the rarer the product or service, the more expensive it is. However, other than when we get to a toy store before sunrise to get on line for the latest fad toy that kids can't get enough of, we don't really apply the law of supply and demand to our own lives--particularly our careers. For example, if you're aspiring to do something that many, many other people want to do (so much so that they do it for free, as a hobby) then it will be far more challenging for you to make money doing it. On the other hand, if you do something that most people don't want to do, or if you get very good at doing something most people don't do all that well, then you can make a whole lot more money. In other words, choose a career in pharmacy over photography.
    • If your career path is going nowhere, resign gracefully and switch careers. Research occupations to find out how much they pay and what their future outlook is (in the U.S., you can find this information in the Bureau of Labor Statistics Occupational Outlook Handbook). Find an occupation that pays well, and invest in the education and/or training to get you that job. Look for employers that offer competitive salaries and ample opportunity for advancement.
    • If your goal is to make enough money to retire early, prioritize earning potential over job satisfaction, since you plan on getting out of the rat race early, anyway. Consider the types of jobs that pay extraordinarily well in exchange for hard work, little psychological satisfaction, and a punishing lifestyle, such as investment banking, sales, and engineering. If you can keep your expenses low and do this for about 10 years, you can save a nest egg for a modest but youthful retirement, or to supplement your income while you do something you really love doing but doesn't pay much. But keep in mind that delayed gratification requires clear goal-setting and strong willpower.

  2. Recognize that time is money. This critical piece of advice is attributed to Benjamin Franklin, who was an accomplished American inventor, journalist, printer, diplomat, and statesman--the ultimate multitasker. Your ability to manage your time (and stop procrastinating) is a critical ingredient in your ability to make money. Whether you have a job or are self-employed, keep track of what you're spending your time on. Ask yourself "Which of these activities make the most money, and which of them are a waste of time?" Do more of the former and less of the latter, simple as that. When you're focusing on high-priority tasks, get the job done well, and get the job done fast. By working efficiently, you're giving your employer or clients more time, and they'll appreciate you for it. Remember that time is a limited resource that you're always investing. Will your investments pay off?
  3. Jack up your prices. If you're providing a skill, service or product that is in high demand and low supply, and you're making the most of your time, you should be making good money. Unfortunately, there are many people who are too humble or fearful to demand that they get paid accordingly. It's the pushovers in life who get taken advantage of and exploited, so if you think you might be one of them, learn how to stop being a people pleaser. If you work for someone else, ask for a pay raise or get a promotion, and if none of that pans out, revisit your career options as described previously. If you're self-employed, the first thing to do is to make sure your customers and clients pay up on time--this alone can substantially improve your income. Check your prices and rates against those of your competitors--are you undercutting them? Why? If you're providing a superior product or service, you should be getting at least the average, unless your profitability depends on mass production, in which case you're probably making a lot of money and wouldn't be reading this article anyway!
  4. Be proactive. Remember Murphy's Law: "Whatever can go wrong will go wrong." Make plans, complete with as many calculations as possible, then anticipate everything that can go wrong. Then make contingency or backup plans for each scenario. Don't leave anything to luck. If you're writing a business plan, for example, do your best to estimate when you'll break even, then multiply that time frame by three to get a more realistic date; and after you've identified all the costs, add 20% to that for costs that will come up that you didn't anticipate.[1] Your best defense against Murphy's law is to assume the worst, and brace yourself. An appropriate amount of insurance may be something worth considering. Don't forget the advice of Louis Pasteur, a French chemist who made several incredible breakthroughs in the causes and prevention of disease: "Luck favors the prepared mind."
  5. Redefine wealth. In studies of millionaires, people are surprised to learn that most millionaires aren't doctors, lawyers, and corporate leaders with big houses and fancy cars; they're people who religiously live below their means and invest the surplus into assets, rather than liabilities.[2] As you're taking the above steps to make more money, keep in mind that increased income does not necessarily equal increased wealth. Most people who flaunt their wealth actually have a low net worth because their debt to asset ratio is high--in other words, they owe a whole lot more money than they actually have. All of the previous steps have outlined aggressive strategies for making money, but you'll never get anywhere if you have a hole in your pocket.
    • They say that a penny saved is a penny earned. Actually, when you consider that you pay taxes on every penny you earn, you really do make more money by saving than by increasing your income, especially if the extra income will increase your tax rate dramatically. For example, let's say you have a choice between saving $100 or earning an extra $100. If you pay 15% taxes, then when you earn an $100, you only get $85. But when you shave $100 off of your existing budget, you keep it all. To sweeten the deal further, if you take advantage of compound interest as found in most savings accounts, over time you'll start making money on the amount saved plus previous interest paid on that amount saved. It'll be pennies at first, but eventually the amount will multiply exponentially.
    • Take advantage of tax laws if you're self-employed. Money saved on taxes is still money saved. You may be able to deduct many of your business expenses (use of your home, use of your car, office supplies, etc.) if you keep good records. You may also qualify for tax breaks, such as deducting your health insurance premiums on your tax return. These laws are in place to encourage commerce and business growth, so don't neglect their benefits.
    • If you're not self-employed and work for a company, find out if they have a retirement plan. If you're lucky, employers will sometimes match contributions you make into a retirement fund. Retirement plans also often have the benefit of being tax-deferred. The longer you get to keep your money (and make interest on it) the better.
    • Know the difference between an asset and a liability. An asset is something you own and a liability is something you owe. A home you own is an asset because you could sell it. A mortgage is a liability because it is money you owe the bank. A savings account is an asset. High risk investments such as stocks and mutual funds are also. Any patents and copyrighted works you own are assets also. Theoretically, if you save enough money or invent or write something, your assets could earn enough money for you to live on.
    • Watch out for inflation chipping away at your assets. We've all heard an elderly person describe the purchasing power of a coin in their day. Inflation continues to make today's money worth less in the future. To win the race against time and inflation, learn to invest your money in the right places. A savings account might help you to keep up with inflation; however, to stay ahead of the game you'll want to invest in bonds, stocks, or some other investment that returns above the average rate of inflation (currently 3%-4%).

  6. Get donations. This method works on people to help each other.
  7. Start Investing Knowing how to invest your money is extremely important when it comes to building your own fortune. There are many different ways you can invest your money depending on the type of risk you are willing to take. Stock market is a good place to start,do your research and invest in companies which might be a good investment.
  8. Make Websites On The Internet Ever heard of the internet millions? This is a huge subject that can never be covered in a short paragraph. Putting it simply, this involves creating websites and placing ads on them, and getting those websites into Google search results, so people visit your websites and click on the ads you have placed. Every click will bring you something like $0.25 or even much more at times. It might seem to you that designing websites is hard and time-consuming, but you are wrong! Many successful people who earn a full time living online today outsource all of these time-consuming work to freelancers in Asia, saving their time and working smart. You can Google the subject for more information, but if you want me to recommend a source, I would direct you to IncomeWebsites.tk website. If you have the time and capacity, there are many short courses available on many recognized colleges and universities in almost every metropolitan area. I recommend you to have some professional coaching before you jump into the game to avoid wasting money.
  9. Do Marketing On The Internet Have you heard what is called "affiliate marketing?" It means you join a website as a member and then promote their product on the web through various means, and it will earn you a good income in commissions if done right. Google the term to learn more. Be prepared to get hit with hundreds of offers, and make sure you read enough reviews before you get into any of them because most of them have outrageous claims and are scams. "Affiliate Marketing" by itself is a huge money maker, but a newcomer cannot earn big bucks starting the next hour as these scammers vouch. I am not demotivating you, but giving you a heads up!


Tips


  • Work on eliminating any debt you may have. When you have a high debt load, you're making someone else money; what you pay in interest is their paycheck. The sooner you repay your loans and debts, the sooner you stop giving your money away.
  • Start analyzing your decisions from the perspective of a firm. In economics, a firm's goal is simply to maximize profit. Well-run firms spend money only if they can expect to make more money from their investment, and they allocate their resources to the most profitable use. You're not a firm, of course, and you have other considerations, but if you make the majority of your time and money decisions by choosing the options that promise the highest return on investment, you'll likely earn more money, and that's good news for your shareholders (you and your family).


Warnings


  • Beware get-rich-quick schemes. Millions of people still get caught up in them. If it's too good to be true, it probably is. People who know how to get rich are busy getting rich. They are not advertising methods on how to get rich.
  • Don't lose sight of what's really important to you in your quest for money. Sure, you may be able to make more if you work longer hours, but will you and your family get to enjoy the extra money? Money can do a lot of things for you, but don't work yourself to death - you can't take it with you.


Related wikiHows




Sources and Citations


  1. ↑ http://blogs.briantracy.com/public/item/203424

  2. ↑ Stanley, TJ and Danko, WD. The millionaire next door. ISBN 0671015206



Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Make Money. All content on wikiHow can be shared under a Creative Commons license.

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Monday, September 14, 2009

How To Make Money Fast


How to Make Money Fast


from wikiHow - The How to Manual That You Can Edit

Need a little extra cash in a hurry? Follow these steps and you're bound to have a fuller pocket by the end of the week. It may not be much, and it may not be reliable, but your options are limited if you're short on time. Later, you can read up on long-term ways to make money. Otherwise, hurry up and follow these steps so you can make money ASAP!

Steps


  1. Consider day labor. There are employment agencies that specialize in this type of arrangement, and you can get paid at the end of the workday. The jobs you find through an agency can vary, but are usually in construction, factories, offices, and manufacturing. An alternative to finding day labor is to go where other day laborers meet (usually street corners or parking lots) and wait for employers (building contractors, landscapers, home owners and small business owners). If you go the non-agency route, you might get paid in cash. You can also check your local newspaper or internet classifieds to find quick labor gigs, like painting, mowing, or moving work. When considering a day labor opportunity, keep in mind that less formal arrangements could result in you not getting paid or worse, you getting injured without any kind of compensation.
  2. Sell something. Dig out that old guitar you never play, those CDs you don't listen to anymore, or your antique toy collection. Go to the pawnshop, put an ad on local internet classifieds, or hold a yard sale in front of your house or on a busy street corner (just display the item with a big sign announcing the ridiculously low price). Price items at half of what somebody would be able to buy them for anywhere else, and you may be able to sell them within an hour or two. You can also sell items online at web sites like eBay, Amazon and Craig`s list.
  3. Fill out surveys online. Companies who want to know what’s on the minds of their customers are willing to pay for your opinion. Online surveys won’t make you rich, and won’t allow you to quit your day job, but you can make a little extra cash. When choosing between surveys, read the fine print. There is usually an asterisk near the "you won" part. This means you have to do something like buying stuff before you even get to talk about your prize. Don't fall into these sorts of traps, they're ridiculously difficult and not worth it. In general, the more companies you sign up with, the more survey requests you’ll receive in your email and more opportunity you’ll have to make money.Generally you have to pay a minimal fee to have access to these survey sites.
  4. Become a street performer. If you can dance, play music, or tell jokes, you can probably get some cash by performing in public. But don't do this unless you are actually good at it. Put together a good act and find a place to perform. Give people a dose of live entertainment, and hopefully they'll reward you with tips.
  5. Panhandle. A panhandler is a person who depends on the spontaneous charity of strangers for their survival. If you really need the cash, you might swallow your pride and decide to ask for help. Make a sign, find a good location, ask politely for money, and say thank you. Cyberbegging is becoming increasingly popular, and there have been some amazing success stories, but these are the exception rather than the rule. While there are some sites on which you can beg just by putting up a brief ad, if you're looking to make any substantial money you'll probably have to build your own site and invest the time and money into it to make it successful.
  6. "Donate" plasma. Plasma is a component of blood, and the process is similar to donating blood. You're not permitted to actually sell your plasma, but you can be compensated for your time spent donating (and essentially, it's like selling your plasma). Your blood is drawn, the plasma is separated, and the red blood cells are returned to your body. You can make US$20-30 per visit and give plasma twice a week, but you must weigh at least 110 pounds, be between the ages of 18 and 59, and be in good health.[1] Many college students do this to make extra cash.[2] If you haven't been to the doctor in a while, this may be a good way to get a free health checkup.[3]
  7. Recycle. Broke because you bought too much soda? Turn the old cans into cash by bringing them in to be recycled. If you don't have your own cans, go looking for them in trash cans or along busy roads, especially rural roads. Call up several recyclers to compare prices. If you live in a state with a bottle or can deposit system, you may be able to get 5 or 10 US cents per container. Other scrap metals are also worth something, so if you've got a big pile of scrap in your backyard or you know of an illegal dumpsite, you can pick it up in your truck and anywhere from 1 or 2 cents per pound for scrap steel to considerably more for metals such as copper or aluminum.[4]
  8. Open a lemonade stand. Especially if you're a kid, a lemonade stand or baked goods stand can bring in good money in one day. If the lemonade isn't selling, or you want to diversify, sell cookies and brownies as well. The important thing here is to find a good location, like the main entrance to an apartment building, outside a shopping center, on a busy corner near your house, or outside one of your parents’ workplaces (if you're a kid; otherwise you might get in trouble).
  9. Enter sweepstakes. By choosing sweepstakes carefully, you can increase your likelihood of hitting the jackpot (or at least getting a few useful freebies that you can sell, as mentioned above). Search the internet-- there are even internet databases, some free and some by subscription only, that can clue you in to hundreds or thousands of sweepstakes. Sweepstakes with smaller prizes can be great because you generally have a more realistic chance of winning. Don't, however, waste your time entering a sweepstakes for a prize you don't want and can't easily sell for a good profit. Enter as many times as possible. The more times you enter, the better your odds. It's as simple as that. Before you send in a million entries, however, make sure you know how many entries the rules allow you.
  10. Become a moving advertisement. Creative marketing companies might be willing to pay you to get their name out there. Some interesting strategies that people have gotten paid for:

  11. Learn how to become an affiliate marketer and make money online.


Warnings


  • Make sure that whatever you're doing doesn't violate any local laws or regulations.
  • If going the day laborer route, keep in mind that there is animus against these types of workers, i.e. illegal aliens.
  • If you are going to sell something, make sure that the price isn't too high or else no one will buy it. Also, make sure that it isn't too low, or else you won't be able to make a lot of money (an exception to this is if you are seriously desperate). For example, a cup of lemonade would be too expensive at $0.50, but if you slash that price into quarters (about $0.25), it would be reasonable.


Related wikiHows




Sources and Citations


  1. ↑ Students make money donating plasma

  2. ↑ Giving plasma = money for college students

  3. ↑ Plasma donations are big money

  4. ↑ As commodities markets churn, scrap metal profits pile up

  5. ↑ http://news.bbc.co.uk/1/hi/technology/4161413.stm

  6. ↑ Advertising trends promote 'human billboards'



Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Make Money Fast. All content on wikiHow can be shared under a Creative Commons license.

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How To Make Money


How to Make Money Online


from wikiHow - The How to Manual That You Can Edit

There are many business ventures that can be found on the internet. All it takes is some searching, imagination, and thinking about what type of service you can offer by reaching out to others, by way of the internet.In this article, we attempt to highlight some common ways to make money online. If you are a beginner, you can find very good assistance and startup knowledge.

Steps


  1. Earn an affiliate income.
    • Although most would love to earn money this way, the reality is that most new internet marketers don't have a clue as to how to make money with affiliate marketing. Most marketers and so called gurus will tell you that it's simple and try to to sell you their product in an attempt to just make money. But really, affiliate marketing is about learning how to connect with your buyers on a more fundamental level, using unconventional strategies and techniques, mixed in with more conventional methods, such as Pay Per Click and Site Hosting.
    • There are a variety of different types of compensation plans that online programs use. With some you just get paid once for the sale. Others will pay you a recurring monthly income for making the sale. And other online programs will even pay you when the members you refer also refer other members. These are called multi-level compensation plans.
    • Make sure you get credit for the people that you refer otherwise it would be a wasted effort. This article is too short to go into static versus dynamic affiliate sites or cookie referral tracking systems. If the sponsor’s name shows on the affiliate site you may want to take note of it before you join then verify that he or she is your sponsor when you log in. If your sponsor received credit for you joining then you should too. A good sponsor should contact you after you have joined from their affiliate site offering help. If they don’t you may want to contact them.

  2. Sell information. There are many forms of information that you can sell on the internet, such as eBooks (digital books), digital reports, newsletters, or software. Virtually any product that is informative in nature can be sold on the internet as an information product. Here are some reasons why information products are a good choice to use to sell online:
    • Information products are easy to create and quick to market. This type of method does not take years to develop, nor does it require intense design meetings, nor is it expensive to manufacture. You can create information products in as little as a couple of hours and not long after they are posted, they are generating a source of revenue. All you need to begin this venture is a great topic and a computer.
    • Get a friend. As any experienced Internet affiliate marketer will tell you, having a friend who is experienced can be the best thing when you are starting out. They can help you avoid the worst mistakes and keep you out of debt. One way to get a friend like this is to join a forum, like Digital Point, which is full of Internet business people looking to help each other. Stay away from just buying ebooks, community programs like this one are sure to actually give you the help you need, and not leave you by the wayside with some scam program.
    • You do not have to stock or count inventory. This frees up space in your home or garage because you do not have to buy any products to sell to others. The product that you are selling is digital and the only space that it will be taking up is on your computer.
    • Startup costs are minimal because when you create an information product the only investment you are making is the time it takes you to create the product. In addition, if you choose to become an affiliate marketer for someone else who wants to place his or her information product on your web page your investment is nothing.
    • Sales and delivery is automatic and is available 24 hours per day, seven days a week and you never have to close your doors. There are programs that allow you to completely automate everything from sales and deliveries to anything else that is needed to operate a successful information product business.
    • It gives your customers immediate access or delivery of the product. For your customer there is no waiting for what they are looking for, especially if you have your business set up to automatically handle every aspect of the transaction.
    • Save costs because shipping and handling are non-existent for this type of business venture. The only type of shipping that is required on your part is to click your mouse and send the customer the information that they are looking for.

  3. Earn money with Google Adsense. If you have a blog or a website with a good number of visitors, Google Adsense provides an easy way to monetize your traffic. Figure out an unique idea and you will get a lots of visitors. You can for example search the Internet with keywords website ideas.
  4. Start an Internet auction business.
  5. Sell t-shirts online through Cafepress.
  6. Join a site where you get paid to click on ads.
  7. Sell stuff on ebay.
  8. Join an Exclusive or "Closed" Affiliate Program. A closed affiliate program is one that only allows current customers to promote the product. You have to be a product of the product. The great thing about an exclusive affiliate program is that is maximizes retention of customers so that you can continue to compound your earnings and achieve an income that you can count on every month.


Tips


  • Research, investigate and know your product before doing anything else with it.
  • Use Yahoo Answers: If you are a website owner or have a blog, use Yahoo Answers to intelligently answer questions (without spamming) and leave your website address in the resource area. The more questions you answer, the more points you receive and the more exposure for your business you obtain which means more profits.


Warnings


  • You should research any and all opportunities prior to diving in... You don't want to bump your head.
  • If you decide to try advertising, start low and build up slowly as you get more experienced. Many new businesses fail during start up by attempting to go too big, too fast.


Related wikiHows





Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Make Money Online. All content on wikiHow can be shared under a Creative Commons license.

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