Ways to get money

[stephencp]

This was prompted by the mooching and contributing thread. I think that's a little too simple given the debate, so I'd broaden it a little. How can you get money?
Contribute/sell something - free exchange of value
Steal - by force or not
Charity - asked for or not
Luck/gambling - I would include most "investing" in this category since you're often just hoping that the price will go up...

Any other big categories?

If I were to categorize into just two, instead of contributing/mooching I'd say asking/taking or perhaps free/coerced. For instance, is the government contributing or mooching with tax dollars? That can be a tough one but for sure it's collected through the threat of force.

Stephen
Power-Book Library: Free personal development, success, inspiration and motivational classics
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[MartialDev]

Beg
Borrow
Steal
and Trade

[Dharma]

counterfeiting
working

[JiriNovotny]

According to Robert Allen, there are three basic financial mountains to climb:

1. Real Estate mountain (it's about finding the real estate, financing it and maintaining it)
2. Investing mountain (it's about timing)
3. Marketing mountain (find and keep life-long customers)

Luck and gambling probably would be some 4th mountain, although I suppose that it's not really a challenge, but just luck. Luck is usually not about skills.

If you have a job, you can probably think of your boss as your customer. He is buying your product - you and your work. (So that's the 3rd mountain)

Another way how to make money is licensing. You license your patents or intelectual property, but I think that's still the marketing mountain.

There are probably hundreds of ways how to make money, but the most common are probably the easiest.

I can really recommend Multiple Streams Of Income by Robert Allen, I think that it's a great book.

[RT Wolf]

Originally Posted by stephencp

Luck/gambling - I would include most "investing" in this category since you're often just hoping that the price will go up...

Totally disagree with you there.

As a value investor, I have a fair idea of what the stock is worth. Then I just wait until everyone else realizes.

Others have other ideas.

Little Book of Value Investing is a good primer, as is The Little Book That Beats The Market.

If you feel that way about investing, then I think you're closing off a very powerful avenue of money generation. Stock investing isn't all there is, either. Real estate, bonds, stocks, there's many options.

[ahimel]

Originally Posted by stephencp

Luck/gambling - I would include most "investing" in this category since you're often just hoping that the price will go up...

Originally Posted by RT Wolf

Totally disagree with you there.

As a value investor, I have a fair idea of what the stock is worth. Then I just wait until everyone else realizes.

Have to agree with RT Wolf. There are people who gamble and call it investing (buying a house and hoping it appreciates, buying a stock and hoping it goes up... basically, if your business plan involves the word "hope", you're gambling) But calling a tail a leg does not make it so.

If you buy a house that's in a neighborhood where all the other houses are worth $250,000, and the house you buy looks exactly like the others, and has the same features as the others, and is the same size as the others, and you bought it for $50,000, this is not gambling. It's far less risky (as far as making money goes) than going to work in the morning hoping your boss won't fire you. So that's only gambling if employment is as well, because you're hoping that you'll find a job, keep a job, and continue to get raises.

[Cathy]

Don't forget those fine folks who simply Inherit.

[stephencp]

My original was:
Contribute/sell something - free exchange of value
Steal - by force or not
Charity - asked for or not
Luck/gambling - I would include most "investing" in this category since you're often just hoping that the price will go up...

but not I think I like Beg, Borrow, Steal, Trade and get Lucky better.


Stephen
Power-Book Library: Free personal development, success, inspiration and motivational classics
Personality and Growth Bookshelf
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[Boldylocks]

Pay off credit card debt, Save, invest and take care of non-monetary assets like your health that can drain finances if you neglect it now.


Tossing any spare change into a separate Savings Account on a weekly basis--like a credit union savings account. Do not get a debit card for this account-- so that it will be inconvenient for you to withdraw money from it.
From this account, make monthly payments to an IRA. Many ordinary insurance companies, such as Prudential have inexpensive IRA options for the ordinary person. Their sales rep assigned to you will advise you on when and where to alot your funds for the best growth potential. This can be done quickly over the phone with your sales rep and the third party investment specialist that deals with that company.

In the meantime, start doing whatever you can possibly do to improve your health and detoxify your body so that your immune system can improve. The goal being so that you will not have to become dependent on health care and have any future money's leached away from you due to degenerative health issues.

When tax time comes around-- do not waste the money on the latest HD Plasma TV wraparound-the-wall system. Use the extra cash to make home repairs and any extra add to your savings account for emergencies.

If you rent, then use 50% of the tax return to pad your savings account and the other 50% to pay off any debts. If no debt, then add the extra into an IRA.


So you don't feel deprived in doing this-- It may be a good idea to open a 2nd savings or checking account with debit card access , and have a small portion of your paycheck automatically deposited into this account for "fun" or "me" purchases-- like getting a Reiki Treatment , hair done, new outfit for special occasion, etc., Make sure this amount is a smaller than the other amounts taken out for utilities, bills, etc.

The first savings account without debit card access should be used for spare money left over at the end of the week-- and don't touch it. Keep a sticky note on that bank register booklet saying, "Trickled $$ for a rainy day" or something like that.

[MukulVerma]

Thier are 6 ways how can you get money

1. Being Smart in Business/Investments
2. Being Lucky (Casino, natural hockey or baseball player, very talented from birth) - I agree real estate of business investment is not risky, if you do it properly.
3. Stealing
4. From Parents or inheriting it.
5. Marrying Monday.
6. Working and being very cheap

[BrandonStortz]

Hmmm, coming from the financial advisor standpoint to investing I find it very important to note what you truly need among absolutely anything else is - time.

Time does an amazing return if you let it. Many people have a tendency to try to "time" the market (trying to buy an stock at a particular price believing it to go up later.) Timing is not a proper way to invest. If it were then I wouldn't be doing my job because I would just start making hand over fist by timing the market over and over again.

Time, as in years, accumulates compounding interest which, given the opportunity, will net you more cash than you can think of with a relatively small investment making in large or a large investment making it huge.

I try to explain to young people (25 and younger) to start now with $100 and just continue doing it keeping "money conscious" and you will have more than you could think of later in life (Steve mentions this in one of his podcasts as well - very solid advice.)

I could go on and on but the simple statement of "time" will make any investment worthwhile.

[SeriousKidding.com]

Hope this isn't too trite but: Follow your Passion...Follow your Bliss.