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5 Alternative Ways to Make Money

5 Alternative Ways to Make Money

Saving money is difficult in today’s world, and making extra money outside of your 9-to-5 is way too much of a hassle to worry about.

The above statement is one that definitely reflected my own attitude towards money for a long time, and I’m sure it’s one that rings true for many others out there as well. There is no denying that it is hard to save money, and most of us just don’t have any energy left at the end of the week to be thinking about getting a second job. However, our financial future is not something we can afford to ignore.

What I’ve come to realize is that saving, and financial planning, does not necessarily mean relying on traditional, low-interest savings accounts, stocks, shares, or getting onto the property ladder. All of these things might come later once you achieve more breathing space, but there are some alternative and possibly fun ways to go about making small amounts of money.

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1. Collectibles (Sports Memorabilia/Comic Books…)

The lovely thing about making money from collectibles is that you will most likely be turning an existing hobby into a money making scheme. Okay, this is a long-term way to make money as the prices of things in this market only tend to rise in value over a prolonged period of time. In the short-term, however, it’s a great way to geek-out and definitely one of the most fun alternative ways to make money. And, you never know, if your chosen collectible is one that hits the cultural zeitgeist further down the road, it might just end up paying for your retirement.

2. Let An App Do It For You

We all know that investing in stocks and shares is how the big boys have always traditionally made money, but you don’t have to be the Wolf of Wall Street to be successful here anymore thanks to the many user-friendly routes that are now out there. It does take a lot of time and hard work to master the markets, not to mention a sizeable starting kitty, but, as with all things in modern-life, there are now plenty of apps ready to do it for you.

From apps that connect to your bank account and round up all of your card payments and invest the total for you, to stock market simulators that let you learn without risking a penny, it’s never been easier for the little man or woman to dip their toes into the world of high finance all through the comfort of your own phone. App options are a great example of how technology is empowering the masses and providing us all with alternative ways to make money.

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3. Peer-to-Peer Lending

When you sign up for a peer-to-peer lending scheme, or lending club, you get the chance to become the bank. With starting investments as low as $25, however, there is zero obligation for you to invest anymore than you can afford. The beauty in this method of making money is that you are always in control, and you get to take pride in knowing that you are helping your peers’ businesses get up and running.

There are obvious risks attached to this kind of scheme, but it’s definitely a light way of learning how finance works and definitely one of the more interesting alternative ways to make money at the same time. This is not to mention that it’s an interesting, potentially quite inspiring, and profitable method as well.

4. Start Ups

Just think of all of those companies that didn’t even exist 5 or 10 years ago which are worth billions today. Uber, Instagram, and Snapchat, are just a few of the examples that come to mind quickest. Now, think about how simple their basic concepts are. The concepts might be simple, but the people behind them all had big ideas. Big ideas that didn’t necessarily have a lot of backing from the outset.

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Today there are so many crowd-funding platforms out there, that it’s not impossible for you to catch that next gravy-train all the way up to a Facebook buy-out. Okay, that is pretty unlikely, but it isn’t impossible. Simply engaging with people with bright ideas who are working in fields that interest you, is a really inspiring way to go about developing yourself.

The start-up you choose to help out might not turn out to be one of the best alternative ways to make money, but just seeing what other people are trying to achieve could very well give you the little push to go out and make sure that the next basic concept to become a billion dollar business is your own.

5. Yourself

This might be a bit of a cheat addition to this list, but it is essential for you to remember that there is only one person in ultimate control of your own financial destiny. Little sacrifices may have to be made here and there, but boosting your education is probably the most surefire way to a brighter economic future.

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Whether this comes in the form of a night-course where you learn how to code in order to make a complete career change, or studying Spanish on the weekends to impress your boss. An investment in yourself is always the one that runs the least risk, and also offers the highest rewards.

Featured photo credit: Sebjanssen via flickr.com

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Published on January 15, 2020

9 Millionaire Success Habits That Will Inspire Your Life

9 Millionaire Success Habits That Will Inspire Your Life

As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

1. Read for Personal Development

A daily habit I have discovered millionaire share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

2. Establish Multiple Sources of Income

Another success habit I noticed about success is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

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3. Live on a Stipulated Monthly Budget

An average millionaire does not believe in luck and jackpot. They take the time to understand cashflow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

4. Manage and Maximize Money

The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire regardless of their income update their knowledge about tax strategies.

They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. The total income. Their total US income was totaled at $79 billion with an effective tax rate of -5%.

What’s the deal? They got a tax refund. How do they accomplish these?

An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible. [2]

5. Avoid Debt

Another habit that separates the millionaires from the rest of the world is how they manage debt.

They don’t live an extravagant lifestyle and only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

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They are conscious of the interest rates even when they use credits cards or take loans. They use those facilities for their advantage or pay with cash because of its zero percent interest rate.

6. Set Daily Goals

It does not matter if they are setting business, career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly to generate momentum in achieving their long-term goals.

Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars than hundreds of dollars.

7. Don’t Act Rich

The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed this in his book that the most prestige brands of cars, about 86% percent are toys of the non-millionaires. People with huge fortunes tend to drive exotic cars but in reality, the largest consumers of pricey cars are aspirational. [3]

According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate. [4]

8. Own or Buy Businesses

In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

  • E stands for employee – they work for others
  • S stands for self-employed – they work for themselves
  • B stands for a Business owner- employees work for them (500 or more employees)
  • I stand for Investors – Money work for them like Warren Buffet.

Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

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9. Avoid Get-Rick-Quick Scheme

A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

Bonus: How Can You Develop the Millionaire Success Habits?

Having learned these habits, the next question is,

How can I develop the Millionaire Success habits?

Here are six values you will need to develop:

Establish Your Life Vision

You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

Make Your Passion a Profession

When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

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Focus on Solution

Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

Develop Your Leadership Skills

Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

Be Growth-Focused

Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

  • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
  • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

Flip Your Thought Pattern From Acting To Being

It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

Here’s a final thought from me:

It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

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Featured photo credit: Austin Distel via unsplash.com

Reference

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