May 06, 2006

Make Money Work for You.

Part Two

For those just joining us you can find a review of the last section here here .

Before we continue with Part Two, I think it’s important to address some common misconceptions about what money can do for you.

The first misconception is important and some of you will be disappointed when I say money will not make you happy. There’s an old saying “money can’t buy happiness.” You can’t gain happiness through a bunch of little green pieces of paper. You are the only one who can make yourself happy. You can have all the money in the world and still feel miserable.

Secondly, having more money will not solve any problems besides financial problems. It’s be best to try to solve these problems before you seek ways to get extra income. Besides what good is it to be wealthy if you are always unhappy? So, extra money will only give you financial security, which gives you time to focus on personal growth, enjoying doing the things you love and enjoying time with loved ones. With that said, lets continue on.

As stated in yesterday’s post the key to making money work for you is to turn your earned income into flexible income. There are a number of ways to earn extra income doing this.

The first and most simple way is to start saving money. If you save 5 dollars a day you will have 12,600 dollars in ten years or 25,200 dollars in twenty years. The thing about saving money is it’s sometime difficult to stay committed to saving money. People are tempted to buy impulsively when they see something they want. If you get into the habit of putting a bit of your paycheck into a savings account, you will thank yourself later. But it takes a long time to save a lot of money. What if you want to have more money in a few years instead of waiting twenty?

You can invest in the stock market. “The stock market? But that’s too risky.” Only if you don’t know what your doing. Don’t do anything until you're ready. If you want to learn more, do so. Take as much time as you want gaining knowledge. You want to make sure you know the current conditions of the stock market before you invest. A few good books to learn about stocks and investing are One Up on Wall Street By Peter Lynch and The Essays of Warren Buffett: Lessons for Corporate America by Warren Buffett and Lawrence Cunningham. Or you can go over to various financial websites. A good article people just starting out can be found at the Motley Fool's Guide to Investing

In the coming sections we’ll talk about starting your own e-business and making money online from multiple income streams. You read information on getting your Website started, and how your site(s) can generate money. Whether your starting your ready to start you first online business or are just learning how to navigate the Internet, the Web is a great inexpensive place to make extra money.

More on that next

1 comment:

Earn A LifeTime of Income From Anywhere! said...

Hi. Thanks for the insights.

Thanks,

Steve @
Quality Products