One of the first steps towards true independence is figuring out how you’re going to support habits like drinking coffee, having a safe place to sleep, and binge watching Netflix. The most sustainable way I’ve found to maintain those habits is making money.
(Sure, I could find a Sugar Mamma. That would be fun, but that means I would still have to depend on someone else for stability. It lacks long-term viability.)
With a quick search on Google you can find more articles on making money than you could possibly read in a lifetime, and 99.9% of them are scam bait. That’s why I wanted to share the 3 ways I’ve made money over the years. What’s cool is, no matter what you choose to do to make a living, chances are good it’ll be some variation on one of these things.
Each has its own benefits & drawbacks, so I wanted to share these with you so you can start thinking about how to implement one of these strategies in your own life.
You don’t say!
I know it might sound too obvious , but it’s something not everyone thinks about doing. Most folks think raises are something that are automatically factored into their job (and that might be the case with you), but if you want a substantial bump in pay you’re going to have to ask for it.
Asking for a raise is part art, part science, and all gumption. Here are some things to think about.
This is the main way I’ve made money over the years. It’s a fantastic way to pay the bills, and it essentially means you’ve learned how to find people who will pay you for your skills. Don’t have skills someone will pay you for? Get some!
No matter what you wind up doing, there are really only 3 pay structures that freelancers use:
Each dynamic has its unique challenges and benefits, and if you’re interested in exploring that in more detail, I might write more about that. But, for now, let’s look at the general points of freelancing.
The first two ways of making money are what I call “trading time for money.” Due to the laws of physics you’ll never get more time, so there’s an upper limit to how much you can get paid. Not so with selling a product or service.
This is one of the only ways you can uncouple your money making potential from how you spend your time. People who create lasting financial & personal freedom usually do it this way. They create something of value that can be found, bought, and delivered without them having to personally deliver it.
The internet has been around a long time, but its true potential to deliver value in this way is just starting to be understood in a major way. But, as with all things, there are good & bad parts to it.
Sure, you could find the next big thing, and bring something to market that the world has never seen before, but I’m a big believer in getting the most out of the least effort. That means sometimes the tried and true methods can be your best bet when trying to find the easiest way to make extra money.
There are thousands, and thousands, and thousands of examples of businesses that fit one of these models. To me, that says they’re a surefire win. You could sink all your hopes and dreams on a completely original approach (like trying to invent the next Google), but that’s such a rare thing the odds are not in your favor.
For example, that’s why startups that you can describe as “The Uber for X” rarely last long. Better stick to what works, and let someone else take the risk of innovation.
For you, think about what you’ve been wanting to try, and figure out which of the 3 approaches to money making it fits into best. This will dictated by a combination of things like your skills, obligations, goals, current financial situation, etc.
This is a great way to take an infinite number of possibilities and sift them down to workable solutions. Use this framework to filter your schemes, and you’ll find success than forging ahead without thinking!