4 answers
3
Questions
4 answers
Updated
Rahul’s Answer
The best way to earn money is
1: First have a primary source of income ( either a job or a business)
2) Save some portion every month ( savings will depend on each individual case
3) Invest in equity markets like stocks and mutual funds, and debts funds ( start with 50% in each type)
4) Spend less on unwanted things
5) Live a minimalistic life however enjoy life too wherever required.
6) Keep track of your financial growth
7) All of the above will earn you more money
Thanks
1: First have a primary source of income ( either a job or a business)
2) Save some portion every month ( savings will depend on each individual case
3) Invest in equity markets like stocks and mutual funds, and debts funds ( start with 50% in each type)
4) Spend less on unwanted things
5) Live a minimalistic life however enjoy life too wherever required.
6) Keep track of your financial growth
7) All of the above will earn you more money
Thanks
Kenneth Romanowski
CFP Board Emeritus (R), CTFA (Ret.), Instructor and Researcher of Financial History
29
Answers
Updated
Kenneth’s Answer
Hello, Shengyang. I'm not sure what your situation is based on the information provided, however, you have asked about earning MORE money, so I will answer with the assumption that you already have a source of income. If you are currently employed, how long have you been doing the same job? If nothing has changed in your position for a year or two, you may want to check with your supervisor to find out what you need to do to go to the next level and earn more money. If your supervisor is unwilling to help, and you can't get help elsewhere in your firm, it may be time to look elsewhere. The important thing to remember is that you will only be paid based on the job you are currently doing, so in order to make more money, you need a different job...something more advanced. Do you need additional training? If so, find a way to get it, especially if your current company will pay for it.
Good luck!
Talk to a supervisor about going to the next level.
If that doesn't work, begin to look for opportunities outside your company.
Good luck!
Kenneth recommends the following next steps:
Updated
Jake’s Answer
I truly agree with the list that Rahul has provided in terms of earning more money. First and foremost, I believe that landing a job or starting a business (which is more risky) will help with having a baseline for monthly income. Once employed, continue to gain experience and desirable skills so that you can provide reasons to your company on why you should be given raises or receive promotions. Working for a company where it is clear that there is room for professional growth is important in terms of earning more money.
Where I agree with Rahul is his points regarding saving, investing, and living a minimalistic lifestyle. While these points are not what most people think of when wanting to earn more money, these are very important. Some people don't have an income problem but more of a spending problem. Being able to cut out unnecessary spending, saving your excess income, and investing in the stock market (index funds) is a great way to build wealth. One can think of saving and investing as a way of "paying yourself" instead of spending everything that you make during the month.
Where I agree with Rahul is his points regarding saving, investing, and living a minimalistic lifestyle. While these points are not what most people think of when wanting to earn more money, these are very important. Some people don't have an income problem but more of a spending problem. Being able to cut out unnecessary spending, saving your excess income, and investing in the stock market (index funds) is a great way to build wealth. One can think of saving and investing as a way of "paying yourself" instead of spending everything that you make during the month.
Updated
Jake’s Answer
In simple terms, you must offer a product or service to be exchanged for cash. Think of a kid holding a lemonade stand or offering to shovel driveways during the winter. In the first scenario, a product is offered and sold for cash. In the second scenario, a service is provided and rewarded with money. Translate that to when you are older and it is the same basis.