The key to making money in a situation like this

Alex writes:. Your list of free things to do was cool, but I am more interested in hobbies I can take up that could actually earn a little. First of all, I excluded things that require significant training in order to be able to pull off. Almost anyone can make a passing attempt at any makin these things almost any time. Sure, they might not ro very good, but ti can actually mojey them and you will get better with practice. There are a lot of things you can do if you have specialized skills: record music videos and put them on YouTubewrite smartphone apps, get change from the bank and look for rare coins, and so on. Second, I excluded things that require a lot of equipment that you may not. You might be able to make some money if you have a 3D printer, for example, but many people do not. If you have an airplane, for instance, you could take people on airplane rides to make money — but who has an airplane? Third, I also excluded location-specific things. For example, in the area where I grew up, people used to hunt for geodes to earn some extra money. They also used to hunt for morel mushrooms — something I still dabble makjng. You just need a camera and a good idea, nothing .

In a bind? Need some fast cash? Some are easier than others, but nearly all require very little to no capital. They are meant to get you through the difficult times. Some of these strategies to make extra money will require you to be in certain locales, while others are location-independent, but it all boils down to being resourceful. We’ve all found ourselves in a tight spot at one point in our lives or another, but to the person who’s committed, anything is possible. Much of this has to do with mindset. When you lack money , scarcity thinking sets in. The scarcity mindset is negative and thinks that there’s never enough of whatever it is to go around. When you find yourself thinking like that, do everything in your power to move into an abundant mindset. Our thoughts are incredibly powerful. We have to be stewards of our thoughts. Once you find yourself thinking negatively, you need to jar yourself out of that. Think and you shall become. Curate and cultivate the right thoughts if you want to live an abundant life. Regardless if you need to earn some fast cash or we’re just talking about making money in the grand scheme of things, there’s an important psychology that needs to be mentioned before getting into the strategies.

1. Money-making strategy: Drive for Uber or Lyft

That was one potential title for this blog. It follows a whitecollar criminal, imprisoned for his stockbroking illegalities. And this phrase appears his preferred closing line. Twenty minutes in, we hear the emergent cold call script. The subsequent three minutes are machine gun fire filming. Even if a disturbing reminder of how old school tactics should be banished from life.

The psychology of making money.

Over the years, the frequency in which I’ve seen investors delude themselves is astonishing. Sometimes, they delude themselves into thinking that their financial situation isn’t as bad as it really is. Other times, they delude themselves into thinking they can ignore their retirement and spend today’s cash, then make up for it later — they rarely.

When it comes to managing an investment portfolioone of the most common delusions I see is when an individual investor passionately argues that a stock is «undervalued» at x earnings learn how to calculate price-to-earnings or that the reason they are losing money is because of the «crooks» on Wall Street. There were four keys we used during those early days that aided us in our quest to make money.

These keys are:. To make more money, you must either increase your revenue, decrease your expenses, or. There is no other way. It really is that simple. How you do that involves tradeoffs in terms of time, relationships, and quality of living.

Some people try to make money by going to law school and earning a higher salary, even though it means years of study and lots of debt. Others try to make money by starting a successful business. You should never be willing to take on wipe-out risk just for the chance of making money. Don’t start speculating with options in the hopes of striking it rich. Don’t recklessly borrow money in an attempt to leverage yourself to the hilt and have one big score.

Never rely on a single household income to pay all of your bills I much prefer the Berkshire Hathaway model. Think of each dollar as a potential employee that could earn more dollars for you if protected them and put to work. At some point, your dollars workers would be earning enough for you to live off the passive income. In a speech to the British Parliament during an international visit, then-President Ronald Reagan said, «If history teaches anything, it teaches self-delusion in the face of unpleasant facts is folly.

The first step to making progress is to confront reality, face it boldly, and recognize the situation in which you find. Only then can you develop a plan to improve your life. It may not be pleasant, but it is necessary. In short, making money and building wealth is easy if you stay the course, keep costs low, and put your cash to work in good investments for long periods of time. Compounding will do all of the heavy lifting.

This is the nature of money and making money. Investing for Beginners Personal Finance. By Joshua Kennon. Continue Reading.

Over the years, the frequency in which I’ve seen investors delude themselves is astonishing. Sometimes, they delude themselves into noney that rhis financial situation isn’t as bad as it really is. Other times, they delude themselves into thinking they can ignore their retirement and spend today’s cash, then make up for it later — they rarely. When it comes to managing an investment portfolioone of the most common delusions I see is when an individual investor passionately argues that a stock is «undervalued» at x earnings learn how to calculate price-to-earnings or that the reason they are losing money is because of the «crooks» on Wall Street. There were four keys we used during those liks days that aided us in our quest to make money. These keys are:. To the key to making money in a situation like this more money, you must either increase your revenue, decrease your expenses, or. There is no other way. It really is that simple.