<p>I was at a realtor’s association meeting the other day with my dad, and after the meeting was over with, he introduced me to the president of the organization. After a little small talk about my school and what I’m majoring in (marketing), the guy asks me a very simple question: “Do they teach you how to make money?” I thought it was mildly amusing at first, but as he started to explain the reasoning behind his question, I began to understand what it meant. He basically said that while school teaches you the theory and tools to make money, they don’t actually teach you HOW to make it.</p>
<p>So I wanted to ask you all: What’s the best means of learning how to make money? Not just theoretical knowledge or book smarts, but the actual means of bringing in revenue?</p>
<p>Sounds like the guy from the military who calls me once a year and asks, “Will your school teach you how to become a leader?” I then whip out and read my written response that I keep in my wallet to which the dumfounded military guy responds, “Um, OK, would you like to meet with me anyway?” Uh, no bud, I’m all set, click.</p>
<p>Yeah well you can’t blame him, I’m sure the military is looking drastically for recruits right now.</p>
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<ol>
<li><p>Try a lot of different ideas and don’t be afraid to look or feel foolish. The people who make money are the people who take risks. Remember the first scene in The Untouchables when Kevin Costner leads a liquor raid and it turns out that everyone is drinking milk? Of course Kevin Costner is completely humiliated. If you never go down in flames like that, you aren’t taking enough risk. I’m not talking about risking your life, health, or even your savings. At a minimum, you must risk your pride.</p></li>
<li><p>Talk to a lot of different people and ask them how they make money. It helps if they are people who do not perceive you as a potential comptetitor. So for example, if you are from a different part of the country, people will be more willing to talk to you. It also helps if they’ve had a few drinks.</p></li>
<li><p>Don’t spend too much time on those “how to get rich” books. They are somewhat worthwhile, but nobody is going to put a really good idea in writing and sell it. Also, you need to be out in the fray, getting your hands dirty and learning.</p></li>
<li><p>Remember that it’s not necessary to have a totally original idea. It’s usually good enough to take a tried and true business and carry it off well. For example, plenty of people make excellent money by starting and operating a cleaning service. On the other hand, if you can try out an original idea without much investment of money and before you have children, then it may be worth a shot.</p></li>
<li><p>Get off your ass and start advertising/selling. That’s how you make money.</p></li>
</ol>
<p>JMHO.</p>
<p>I concur with everything lskinner wrote and I would like to elaborate on the idea of risk because it is so poorly understood.</p>
<p>People who get rich take lots of risks, but they are usually tiny risks like talking to strangers on an elevator or in a line, or asking people about their jobs and their businesses. All you risk in such a situation is having somebody think you are a nosy wierdo, but this is a risk that many people avoid.</p>
<p>Many people who fail in their attempts at getting rich think that taking big risks is the way to go. They will plunk down their life savings plus whatever they can borrow to buy expensive equipment or a franchise unit before they ever work a day in that business. Mostly they create opportunities for other wiser folks to buy nearly new equipment or capital improvements for pennies on the dollar.</p>
<p>Risking big dollars on something you don’t understand is like shutting your eyes before gunning your car through a busy intersection. It might work but it is more likely to wreck you.</p>
<p>When you work your way up to the point where your business decisions involve big money they shouldn’t be big risks at all. They should be sure things where the only uncertainly is whether they will be merely successful or wildly successful.</p>
<p>Just a few more notes on the creation of wealth from the few multi-millionaires I know…
Do not spend too much of your income. Mike Tyson and numerous athletes had millions upon millions of dollars yet they spent it on frivolous things; they ended up with a significantly smaller amount of money later in life. Save your income and invest it with a long-term outlook (5-10 years at the very least). Cars are almost always a poor investment; they do increase the enjoyment of wealth, however. It should also be noted that not all clothing is necessarily frivolous. This is especially true when investing in one’s business attire. When it comes to making more money on the job schmoozing and long hours help. It is wise, when considering one’s health, to make sure that you find ways to relax and expend some money or time on these activities. This is especially important if you work long hours. Burnout, which spawns from long hours and stress, will limit your enjoyment of wealth and your potential to make it. The mix that tends to lead to wealth, which has been noted above, is the ability to schmooze, high risk tolerance, discipline and drive. Avant-garde ideas can also help.</p>