A thought came to my mind the other day while I was reading something that held very little importance to me(so I won’t link to it.) If we’re broke, how do we go about making any big money?; how do we go about making money at all?
Of course, we can go out and find a job. Any job will pay us (even if it’s just the base pay rate; you will get paid.
But, what if we want to increase that pay rate? Or, if we want to overlook working for another person(in the completely literal sense) altogether.
What do we do so that we can increase our earning power?
Here’s a completely rational thought;
Increase your worth. It’s that simple. I’m not saying that your earning power dictates your self-worth or anything of that nature simply because I believe that we all have equivalent worth in that respect.
Rather, I’m saying that we have to improve our skills.
In a world where what you can produce (or the value behind what you can produce) is the key to making money, it makes complete sense to learn how to do something that will allow you to produce things that provide a value to individuals.
This is where the money is made
There are a few individuals who have learned how to make money using their learned skills.
I’ll mention exactly how to go about doing this in a later section. But for now, I think that it’ll be best for me to talk about leveraging education in order to achieve our desired result.
Skills are the only way that we can increase our earning power correct? What must we do to learn a skill?
Take a guess. The answer is to learn (sorry, if you were actually going to try and guess the answer. I figured that it didn’t make complete sense for me to try and let you guess the answer; all that you had to do is scroll around a bit and see what it was).
What must we do to learn a new skill? Now that’s completely up to you, to be honest. I know that there are a few ways that I genuinely know(and use) to learn skillsets.
Really, there’s one
The thing that I primarily do when I’m trying to learn how to do something new is read (it isn’t the only thing that you’ll want to do. I’ll explain later). To gain a foundation, mainly so that I can know what to expect and won’t have to relearn everything that has already been discovered, I read. It’s really that simple.
When I first, first, first, began learning how to trade(I’m still in the process right now), I didn’t read at all. I just went about and was trying to figure everything out by myself. Do you want to know what the end result of doing this was?
Well, I made tons of extremely “ignorant” mistakes (Get it? Because I was ignorant.) I made these mistakes and wasted a ton of time.
Why? Well because I was being bullheaded and didn’t want to learn from anyone else. After making a few of these mistakes, my willpower started to wear down and I came to the realization that it would make more sense for me to simply pick up a book and learn from another individual.
Obviously, after I picked up the book (the first one was “Reminiscences of a Stock Operator”) I saw that I was making many of the same mistakes that Jesse Livermore was making.
This showed me that I could’ve avoided losing as much money as I had if I’d simply read this book and learned from him before I started placing bets.
Reading is fundamental but it isn’t the end all be all
From that above section, you can probably infer that I read quite a few books.
But, is reading a book or 20 the thing that allows us to really gain a deep understanding of any field that we want to learn about? F—k no, it’s definitely not.
To really gain an understanding of a field, you must participate in the activities that are native to that field; you must practice.
It would be almost impossible to learn about the nuances in stock price action from a book.
I could learn the things that make a market tick but, there is almost no way to really get a feel for the volatility(that’s not completely true, I recently found out about standard deviation and mean price action) without actually watching the market and seeing how things tend to move (This works a bit better for those who tend to trade noise).
Immersion is also a key to developing that understanding of whatever market that your trading. The same can go for a newfound skill set.
Instead of spending money on things that don’t make you money, spend money on skills
A complain that I’m sure that some will have about this post is there utter lack of “extra” money to spend on things such as books. These complaints come from those who either:
- Dislike spending money on information
- They believe that information should be given to them for free
- Really don’t have “extra” money but, have an abundance of useless toys and gadgetry
- Some would have the money to spend on things that can improve their lives but, don’t simply because they would rather spend their money on things that bring them some sort of instant pleasure or “looks” nice. I’m here to say that those things neither look nice or do anything for you, at least not really. That gadgetry that looks nice will die in a few years (figuratively or literally) and you will be forced to buy something new and improved or will be considered worthless. That thing that brings you pleasure is also killing you(figuratively or literally).
Here are a few ways to make money with your skills
A few of the ways that I have found to make money using our skillsets are (there are plenty more to come in future posts)
- Affiliate marketing
- Since this a subheading, we can tell that a website will be(not always, I believe that you can do this through social media as well. You can most likely do this in person too) required to do this. I say blog simply because it is the thing that I am the most familiar with. Long story short, you market another individual’s/company’s products through your site and get a percentage of the selling price.
- Provide a service
- Again, this is one of those things that can be done in person but, since I’m the most familiar with websites I feel that it should be tied to this. There are tons of people who provide services via their online sites. (the service can be niched to such a degree that it won’t even make complete sense. I swear, I’ve seen it). For instance, there are individuals who literally sell dating tips. Dating tips! The key is leveraging your skillset(the thing that you took the time to learn or, are already good at) and finding a way to monetize it.
- Sell a product
- What I mentioned above was a way for an individual to sell a product somewhat but, in a different way. There are also people who sell actual online products that they’ve created. For instance, this man creates software that he then advertises via his personal blog.(Among many other things. That isn’t exactly what he does but he does have software that is created). He sells a product.
- Affiliate marketing
*there are plenty more ideas(edges) that will be featured in future posts. Stay tuned.
If you’re broke, the first thing that should be done when you get a dollar is to buy a way to make yourself more valuable.
How to do this? I can’t tell you exactly what to do but I can tell you what I do. I read. I buy online services(subscriptions) to people that I believe (and have) that I can learn from.
This works for me and I believe that it can work for you also.
*In fact, if you’re interested in freelance work, here’s my affiliate link to a great base