How To Make Money?

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How do we make money? Just for fun of it, you can get Rich through "unusual means" like "begging", borrowing (with no intention of returning the money), stealing, inheritance, marrying someone rich or striking a lottery. I have come across some people whose key financial goal in life is to get an early inheritance from their parents, or to hook on to a rich spouse.

Unfortunately for most of us the above will be out of the question, out of luck or a bit too late to turn back the clock. Most people, including myself, have to do it the hard way. The first way is to Earn It.

1. Earned Income

The definition of Earned Income is:

As long as you are Exchanging Time for Money (it does not matter whether you are working for someone or doing your own business where your presence is required), you would be considered as having Earned Income.

The only way for you to earn more is to give up more of your time. As time is a precious commodity in limited supply, there is a ceiling as to how much you can really earn.

30 Years Later

Exchanging Time for Money

2. Passive Income 

The other sort of income is Passive Income, for which there are are various types.

a) Rental Income

From my observation, I find that a lot of people are very scared to invest in properties. Someone has told them in the past "Why buy a property, when you are going to have Property and Tenant Management Problems? Why not buy financial products which are hassle-free?"

You have to look at the definition of Rental Income in this way, then it becomes easier for you to invest in properties.

Your tenants at Work

15 to 25 years later

Your Tenants Are Now Your Employees, and every month they are working very hard to help you pay off and/or reduce your bank mortgage. What will happen in 15 to 25 years time (depending on your loan tenure), your property will become "FREE" or Fully Paid-Up, thanks to all your past tenants.

b) Portfolio Income

These are investments in "paper assets" like stocks, bonds, mutual funds, fixed deposits, investment-linked insurance policies, etc.

c) Multi Level Marketing (MLM) or Network Marketing

This is another very popular means for earning Passive Income. Anyone, regardless of educational background, age and profession, can become a success in MLM, if they have the right mindset and can put in sufficient time and effort.
MLM usually cuts two ways for most people. If you have had lots of bad experiences, or after trying a few companies, you come to realize that this is not your "cup of tea", then you have no choice but to learn how to develop Passive Income through Rental and Portfolio Income.

Say you are in the minority  and you are making tons of money from MLM. Where are you going to invest all the money you are making? Again, it goes back to Rental and/or Portfolio Income.

Hence whether you are doing MLM or not, you have to learn how to develop Passive Income through Rental and/or Portfolio Income. It's a question of you having No Choice!


d) Other Ways

Besides the above, there are many other ways of getting Passive Income like earning Royalties through Patents or Inventions, developing and selling Franchises, or Licensing the right to use your products and services.