”The Art Of Making Money” is the third in my 2022 series of articles based on my real life experiences, professional insights, personal views and fun stories. My hope is that in them you find joy and inspiration.
How much do you know about the art of making money? Is it difficult? Let's see.
I have money. You have something which I want. I give you my money for that something. Congratulations – you now have money!
Now here's something to think about. How hard did you work or did you work at all in order to get that money? Another thought – Do you even have to be personally involved in the process in order to get my money?
One thing is for sure, it is not work alone which will determine how much money you make. It's possible for me to give you my money with no work on your part and even without your involvement in the process.
“How can this be?”
I'll answer the question in five parts – but with some more questions for you too.
Okay, we agree that how hard you work really has little, if anything, to do with how much money you can have. The simple truth, amazingly missed by so many, is determined only by -
* How many people like me give you money
* How much I/they give you
* And what your profit margins are after you pay for any costs you accrue in the process.
So, the next key questions are -
* How do you get lots of people to give you lots of money?
* What do you give them in exchange that is so valuable that they’ll keep giving you money, over and over again?
Thinking along those lines leads to the inevitable, and fascinating, realisation that there are only a very few ways of getting people to give you money (legally anyway)!
All you must do is choose one of the five alternatives listed below. They involve varying levels of 'pain' and labour for you, ranging from lots of grind to 'no sweat' at all! I've listed them in reverse priority. The inexperienced usually start out at stage 5. But with knowledge and experience anyone can progress through the stages, exceptionally even to stage 1 … which is the ultimate objective and the top profit place to be. Here goes :
Method 5 – Not so clever.
Trade your labour, manual or mental, for money which your boss gives you and just expect that it will keep working. The reason this way sucks, is that you’re intimately involved in the money-getting process, meaning that you have to show up to get paid. How much you can make is limited by the hours in the day and the magnanimity of your employer!
Method 4 - Smarter, but still not clever.
Sell 'stuff' to people that they neither want nor need. This method can make you cash now but will cost you your reputation later. Also you’re intimately involved in the process and trapped, just like any employee. And since people don’t really want your product or service, you won’t have any recurring purchases. It's a houe of cards waiting to collapse!
Method 3 - Getting there – but not quite.
Target a group of people who want something. Sell your product or service to them by leveraging what they want, to sell them what you want. This method works well provided you know how to sell. And, when you have to convince people to do something that they don’t quite want to do, you must always be coming up with inventive ways to persuade them. It is however, a viable and ethical way to sell valuable products and services to people who don’t know they want them … yet!
Method 2 – Almost the greatest money making approach.
Source a product or service that a lot of people already want. Create the most effective and least cost way of delivering it to them. There's no real selling required. You can acquire customers, keep them longer and at less cost to yourself - provided you give great value. Plus, you can also upsell them products that they don’t know they need – yet! This method leverages your customer base and is potentially highly profitable - and with limited work. But, if you stop working at it, your income stops.
Which leads us to …
Method 1 - The BEST way of all!
* Do the same as at method 2 above … but …
* Provide an exclusive, high profit product or service, not available from anywhere else = No competition!
* Sell into a specialised niche market of willing buyers = Captive market!
* Set up a regular sale/upsale/repeat sale and payment system = Regular income, no involvement in the process on your part!
The great thing about this method is that once established, people give you money without you doing anything! Now that’s cool! Which means you can :
* Do what you love
* Make ridiculous income
* Live anywhere in the world
* Expend no energy, work or effort ... and ...
* Have money flow into your account on autopilot
To reach this ideal scenario though, you have to get creative. You need a unique product or service. Think Gates, Jobs, Bezos. Innovative thinkers, they invented (or adapted from others) their entrepreneurial solutions. However, you needn't be a technical genius to match their achievements. Great success is possible with modest ideas. I know, I've done it.
In my best-selling 'Mastering The Art Of Making Money' book, I give exact details of how to create and promote an exclusive product which sells easily with no input on my part. It involves no holding of stock nor physical movement of goods. No work after the initial creation in fact. The profit potential is limitless.
I am Tom Riach. I live and write in the sunny south of Portugal.
Claim your special copy of 'Mastering The Art Of Making Money' by clicking on the image below.
THE ART OF MAKING MONEY is an original copyright Tom Riach feature.
I hope you enjoyed this short article and found it to be of value.
To learn more please visit me on my Author Page.
See you there! Regards, Tom.