Article created by: Dominyka
Money makes the world go round, so it’s pretty distressing and difficult to not have it. Unfortunately, making a fortune seems like a well-kept secret, but in the 21st century, enterprising people can really just learn anything online.
One netizen decided that the best way to learn about making money was to ask people who already had it. So they asked the wealthy people on the internet for some more obscure ways to make money and they delivered. So get ready to take notes as you scroll through and be sure to upvote your favorites. Comment your own ideas and thoughts below.
I grew that into one of the most popular painting businesses in my area. We then expanded into drywall, finish carpentry and specialized finishes. We are now planning an expansion into the cleaning industry as well. What started out as a summer job has turned into a career that allows me to live a fun life and set my own schedule.
My best advice is learn something about business. Find a field you’re confident in. Start a business in that field. Be financially responsible but take calculated risks to grow and don’t allow the fear of failure to hold you back.
As mentioned above, when you’re making money… pretend like you’re not. I’ve possessed this mindset since 2020 and am the most financially secure I’ve ever been. Spend less than you earn — it can be so much simpler than people make it out to be. Creating a budget spreadsheet of your weekly/monthly expenses can be super helpful too.
My great uncle was a pretty wealthy individual. His advice?
“When it comes to finances and making money, I only listen to those who have more of it than me.”
Depends on your definition of wealthy, but the simplest way – Do well in your exams, choose a lucrative field of study at university, intern at a reputable company and you’ll do very well following graduation.
The other biggest tip I have is to know your worth. If you’re being undervalued, find employment elsewhere. Loyalty to an employer that doesn’t respect you is a fools game.
To me… this is the most overlooked way to earn money and become wealthy:
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
It isn’t fast. it isn’t sexy, it takes many, many years before you really see the fruits of your labors. but if you can figure out how to stay away from consumer debt, especially on things that deprecate in value… while maximizing investments in things that bring value… you can become “wealthy” even with a fairly modest income. If you start investing consistently and modestly at age 20, you will have a significant amount of money at age 45, and millions by the time you hit your 60s. If you start at age 45, you can enjoy life, and still have a nice nest egg at age 65.
Location. We made most of our wealth being the only Hardware & Marine store on a a small island.
Don’t get stuck with analysis paralysis, it’s real. Focus on the small steps that push your business forward. For example, don’t worry about how you will be able to ship 1000 items a day when you’re selling 0 items a day.
Stop spending it.
Most people are actually pretty good at offense (making money). It’s their defense (keeping money) that sucks.
1. Start a budget sheet.
* Track all your expenses into various categories, and track *ALL* of them. Yes even that $1.50 candy bar. Track it all
* This will tell you where your money is going
2. Reallocate your spending habits
* Set “caps” on your budgetary categories. Like “Only $200/mo on entertainment” and stick to it.
3. Pay yourself first
* Put money into your investment accounts *FIRST*, then spend on luxuries.
>Do not save what is left after spending.
Spend what is left after saving.
[Also all hail the chart](https://i.imgur.com/lSoUQr2.png)
If the chart looks low-rez, you’re probably on mobile and “conserving bandwidth”. Try asking for the desktop version.
I’m not super rich by any means, but I’m well off. Everyone knows that you can do well by going into business or finance, tech, medicine, and law, but people seem not to realize that *teaching* those things can be pretty lucrative as well. Being a professor in a professional school like law or medicine is a very sweet deal. It’s hard to make under 150k in the US doing those things, and top earners – usually in med schools – are bringing in 500k from salary alone.
When you’re making money pretend like you’re not. All you gotta do is save for a few years. Then you do whatever makes you happy for a business. It takes just a few years of living broke while making money. It’s a grind but years down the road it will feel like it went by fast.
Have a wealth strategy:
The hardest path is having a job/career where you are just renting your time to someone else. This is most salaried corporate jobs and hourly pay jobs. To become wealthy doing this long term, you need to rent yourself at a pretty high pay rate and live well below your means for a long, long time, saving and investing well.
More realistically, your career needs to involve building equity in something. That could be starting your own business, or could be getting equity in someone else’s business as part of your compensation. As mentioned before, there’s no need for this to be anything innovative or sexy. Just something you are able and willing to put the effort into to be competitive and make happy customers.
Another way of building equity is having a job with a generous defined retirement/pension program and taking full advantage of it. Cops and teachers, for e.g., while not considered to be particularly wealthy, often have good retirement programs that allow them to retire early (as early as age 50), and draw a pension equal or nearly equal to their salaries when they were working. Private pensions can be risky, because they can be gutted as part of a corporate bankruptcy restructuring. But, depending on your wealth goals (ie. you want to retire early and live comfortably vs. always want to fly 1st class) some state and federal defined pension programs are good ways to go.
Small in comparison to other’s comments, but utilizing a high yield savings account, and setting up monthly transfers (no matter how small!) to automatically pull into savings or investing. If it’s already gone I don’t miss it, but if it’s there I often spend it!
I don’t consider myself wealthy – but as an IT Consultant, i was an employee, and earning “ok” money.
I left and started my own business – only me, freelance and contract IT guy – no plans to hire staff or expand – but I’m still 2.5x my prior salary.
I’ve been in IT for 30 years, and know my stuff. Not an overnight success.
Anyhoo – the only way to earn GREAT money is to run a business.
You won’t EVER get wealthy as an employee.
EDIT : As a manager or higher-up in a big company, partner in a law firm – YES, can make good money.
I’ve gone solo / self employed – and earning CEO money. Essentially taking ALL the fee earning $, without any management levels above.
Simply answer – work hard, don’t think about the money, and it will come…
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