A Few Simple Steps to Build Wealth

June 27, 2012 Permalink

The following is a guest post from SB, who blogs at One Cent at a Time, where he teaches about getting ahead in life, encompassing personal finance and productivity related topics like Becoming Rich, Earning Extra Money and Saving Environment.

No one wants to maintain or lower economical condition. Everyone wants to earn more & more money and become rich. There are many ways to make money. However, there are some ways which are not legal or by using them you may find yourself in a problem. Here are 15 ways for you to make wealth legally

  1. Get rich by saving money- Many of us waste money unnecessarily. If we use money economically and save it we will definitely save a lot of money in a very short span of time. For our future to be better, we should start saving from now. Remember, Drop by drop makes an ocean.
  2. Start your own business- You can start a business of your own with proper guidance as business may give a lot of profit. It is always preferable to start your business if you have experience in the field as you should not take risk as you may lose what you have invested.
  3. Choose proper career- You can earn a lot of money if you work properly. You can work properly if you have interest in the field and so you should select your profession according to your interest.
  4. Invest in property- As nowadays the rates of real estate are on a rise it is profitable to invest in them. You should invest in different localities so that even if property rates at a particular locality goes down you may recover the loss from other localities.
  5. Keep changing jobs-‘A rolling stone gathers no moss’ is an old saying nowadays as if you keep the same job for years together you cannot progress and changing jobs help you to get a rise every time you change the job.
  6. Start tutoring- You can tutor children as a part time job which will help you earn more and you will utilize your free time.
  7. Invest in stock markets- Stock markets are real good earners if you invest in proper places. Seek advice from some experienced stockers if needed.
  8. Purchase things in discount-You should shop when the rates of things are low, like in sale. It saves a lot of your money. Also you get the things you want and the best part is that you pay much less than what you pay normally.
  9. Start a shop of your own-You can start your own shop and hire people to work there and you may continue with your job. This will work as a second way of income for you.
  10. Rent your house-If you have extra space in your house you may rent it and earn from it. or you may buy a house and then rent it.
  11. Work online-You may work online as you don’t need any office for it you may work from home. You may work as a freelancer, start your own website, buy and sell things online, etc.
  12. Select proper location-You need to choose a perfect city or country according to you profession. Like you should live in a city where you can get plenty of jobs to choose and you will definitely earn more there.
  13. Earn money from your car-If you have a spare car you can rent it to people or travel agency and take a fare rent from them. This type of renting pays really well.
  14. Sell unwanted things-You should always sell unwanted thing for a good profit. It is always good to sell unwanted things rather than keeping them and creating a mess in your house.
  15. Always work harder-Never stop and be satisfied with what you have. Always try and work harder to earn more.

Readers, as the name of my blog suggests, wealth should be accumulated one cent at a time, you can grow rich but can’t do that overnight, it just can’t happen without a lottery or gambling win.

 

13 Comments
  • Michelle
    June 27, 2012

    I agree with this list! And I definitely agree with that changing jobs is most likely the easiest way to increase your pay. You can demand a bigger “bump.”

  • mycanuckbuck
    June 27, 2012

    Shoot! And winning the lottery was my retirement plan. :) For me, the thing on the list that has paid off the most has been property – make a good profit on my first house!

  • Sean @ One Smart Dollar
    June 27, 2012

    I guess I need to take up gambling :-)

  • Joe @ Retire By 40
    June 27, 2012

    I want to start up some kind of business at some point. I don’t want to get rich. I just want to be my own boss and don’t have to deal with people telling me what to do. :)

  • From Shopping to Saving
    June 27, 2012

    All important things to try to do to increase wealth. Legally haha. I do a ton of these like sell unnecessary items and I am trying to invest in property. Saving is a given!

  • Lance@MoneyLife&More
    June 27, 2012

    You listed some great options. The key to all of these is save or invest your added income or savings to help it grow faster.

  • Shawanda @ You Have More Than You Think
    June 27, 2012

    There are companies cropping up all over the interwebs that allow you to fairly easily make some extra change. My faves are Airbnb, Rover.com, and TaskRabbit.

  • Michelle
    June 27, 2012

    Hi SB! I like the first tip, because it’s so simple an idea…yet so hard for many people to follow through on! I just saw something last night about how much money you would have made if you would have invested the same money you spent on coffee, clothing, etc. Fascinating! Anyone can be rich if you’re SMART and have the willpower.

  • Brian
    June 27, 2012

    Not sure I would want to rent my spare car. That’s a lot of wear and tear on a vehicle. I also imagine insurance would be a pain in the butt to deal with too.

    Other than that I really like this list.

  • Matt
    June 27, 2012

    I like the recommendations for making extra money. Tutoring, starting your own business, and work online. Starting your own business is something I am always thinking about. I am always trying to find ways to bring in more cash each month.

  • TB at BluecollarWorkman
    June 27, 2012

    I think #1, saving, is by far the most important. I think that’s where a lot of us go astray.

    About the changing jobs things. it’s true what you say about a stone that’s not moving will get mossy. but i also find that if you change jobs too often, you never get a chance to move up and “put in your dues” where you work and get a raise, etc. so sometimes it pays to stay put…so long as you’re happy where you are.

  • Canadianbudgetbinder
    June 27, 2012

    I’m all about budgets and saving money and it takes time but it does work. Sometimes people expect instant results and it doesn’t work that way.
    “It’s not about how much money you make it’s how you save it”.

    The other ways you suggest are all just as good and certainly options not to ignore. Great Post! Cheers Mr.CBB

  • Salvador Antonacci
    June 28, 2012

    Budgeting takes allot of discipline. I agree that for most people they expect instant results, sometimes we have to have patience to get there.

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