making money

Making Money

The world goes around and it's powered by money, so actively making money is a pretty important aspect to living in the society as we know it.

Having enough to get by is considered the borderline a person should stay above if life in this society is to have any kind of meaning in financial terms.

Not having enough is a real problem that can have dire repercussions if the situation is not quickly and earnestly dealt with.

Let's talk about making money and the ways in which we can do it to either just stay above that precarious borderline between prosperity and poverty, or launch ourselves far above it to enjoy true wealth and success.

Why We All Need Money

Although it's possible and desirable to have just enough money to make ends meet, having way more can really change your life in so many ways.

Yes, it's true that we all wish to have extra cash to purchase things we might not otherwise be able to. However, how can someone make more money than they do at present when their job dictates the limits of what they can earn?

Many people are trapped into having to secure a second income by moonlighting as the only way to keep up with the debt payments and bills as well as buying food and whatever they need to live.

The real problem with this approach is that there is only so much time in the day that can be exchanged for money in the form of physical hours worked.

Working for Money

working for money "You must work hard to earn money," is a popular belief held by many.

As far as most people can comprehend, working is pretty much the only way they can make money.

It's sad to see that not everyone can see beyond the "job mindset" to see a bigger picture, where there are more opportunities to make lots of money.

Gainful employment is the goal of most students as they leave the school system. This it basically what the school system is designed to do in producing a workforce to keep industry moving.

Life is planned out for you as:

"Go to school; get good grades; get a good job; work all your life; retire; die."

Does that sound familiar? It should, because it's almost certainly how your own life is planned out for you.

It's like you don't get a say in how your life will be. The saddest part is that most people simply accept that as being the way it is and never try to do anything differently.

Career Path

They set out on a career path in the company that employs them, rise through the ranks and eventually retire with a pension.

So strongly ingrained in people's minds that this is the way to live, that to reject the system is viewed as crazy. Why would anyone not want a good job, good pay, good benefits and a good pension to look forward to?

Indeed.

If I told you there is another way, what would you think?

Of course, there are different paths that some take, like not getting a job but instead working for themselves as a self-employed person with skills that allow them to provide a service that pays them enough to continue in that way.

Fewer still are the people that start their own businesses, employing a few people to begin with and with some measure of good fortune, the business grows, employs more people and the owner reaps the rewards of the profits the company they started makes.

Then there are the "less than one percent" of people that become very wealthy by coming up with a great idea that they turn into a corporate success. You probably know some of them from reading about them in the media.

Think people like Jeff Bezos who created Amazon, or Mark Zuckerberg who created Facebook for example. These guys became billionaires because they had a great idea and turned into a goldmine.

Maybe you can come up with an idea that nets you millions of dollars.

Who knows what can happen until you try!

Your Own Business

your own business The person who is actually the owner of a successful company is often someone the workers don't see because they are rarely present at the office.

The boss will often be seen playing golf where they will be doing business with other company bosses.

They rarely appear to be doing any real work but make a lot thanks to their position of owner of the business. It's likely that their boss doesn't pay much tax, if any.

This concept is confusing to most people. Because we were all taught at an early age that work is the best way to make money. The government will then take a portion of your wages as taxes.

What is the best way for a company owner to pay less tax, if any, than employees?

This will be the subject of a separate article, which I'll publish later. We are interested in the question of how bosses make so much, even though they don't do any work.

This is called passive income, and it means you don't have to work hard or put in much effort to earn it. It is money that can be generated and maintained without you having to invest any time or effort.

Passive Income and How to Make It

There are many options to generate passive income and enough of it that you achieve financial freedom without appearing to actually do much work for it.

The most obvious way to make money is to own a company with employees that produce the company's profits. A large portion of those profits go into the bank account of the boss without him or her spending time or doing anything like what we all know as work.

It is not possible for everyone to be a business owner. You have other options to passively make income.

Outsource Your Work

One option is to work smart by outsourcing your work. This is how it works.

For example, you could be a freelance developer of software, creating software solutions and getting paid to create software packages for companies.

You find a company that requires you to create a software package for them, agree the details and a price.

You then find another software expert who will do the work for half the amount. You let them do all the work, pay them and then delivery the finished product to the company that hired you, keeping the rest as your profit.

A similar example would be if you chose to become a freelance writer and accept a deal to write a collection of educational articles for a company for a certain price.

You find another freelance writer who will do the work for half the price. You let them do the work which you present to the company and get paid, paying the other freelancer half of what you earned and keeping the rest to yourself.

It may sound a little underhand to the inexperienced person, but in reality this happens often in many businesses.

You might wonder why you would be content to earn only half the money being paid by a company. Surely it would be better to do the work yourself and keep all the money?

At face value, you would be correct. However, when factoring in the time it would take you, you are effectively back to being an employee exchanging your time for money.

By outsourcing your work not just once but many times, you effectively multiply your time and are able to earn considerably more by having multiple projects on the go at the same time. Each project is outsourced to a different person to complete, so you can effectively complete many projects without using any of your time to do the work.

You can find good freelancers online at sites like Upwork or Freelancer for example.

Time is Money

I would prefer to outsource my work all the time. This not only frees up my own time but also allows me to find additional income from multiple sources.

This may not be completely passive income. I would still have time to attend meetings to secure the contracts and then find outsourcers to complete the work. However, this allows me to be very free and get paid.

Online Passive Income

You can also make passive income by using the Internet.

This includes some upfront work when creating websites that will earn you commissions from the sale of products from various vendors.

There is a steep learning curve involved in this regard, as well learning how to promote websites to attract visitors that are likely to buy from the advertising placed on them pages.

Affiliate Marketing

Affiliate marketing can be described as the act of directing potential customers to a seller's sale page via a link on your site. In return, you receive a commission.

When your website is created and placed in front potential buyers, it becomes passive. This is because the website only needs to be set up once and then you can make multiple sales from it for as long the page remains visible to buyers.

As with any other form of money making, there are expenses involved in this type of marketing. However, the potential for passive income is made possible by the extra profits you make.

In an additional article, I will discuss how affiliate marketers make their money, as linked to below.

Summary

By multiplying your time using other freelancers to outsource work to, you can build up a successful business satisfying the needs of businesses and make good money without doing very much work yourself.

Alternatively, you can set in motion a system using the Internet to generate an income over and over using advertisements or affiliate marketing to earn commissions.

Whether you choose to work for money or have money work for you, the concept of making money in abundance can be a reality when you know how to work smart, generate ideas and create valuable opportunities for yourself in many different ways.

Posted: October 12, 2022


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