Top Tips for Making Money

Discussion in 'Self Improvement and Being Successful' started by DEADMAN, May 15, 2008.

  1. DEADMAN

    DEADMAN
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    Here are some major tips to earn money:

    1. Never spend as much money as you earn. The smaller your expenditures are in proportion to your earnings the sooner you will become rich.

    2. It is more blessed to pay wages than to accept them. At least, it is more profitable.

    3. Never do anything yourself that you can get someone else to do for you. The more things that someone else does for you the more time and energy you have to do those things which no one else can do for you.

    4. Never do anything today that you can put off till tomorrow. There is always so much to do today that you should not waste your time and energy in doing anything today that can be put off till tomorrow. Most things that you do not have to do today are not worth doing at all.

    5. Always buy, never sell. If you've got enough horse sense to become rich you know that it is better to run only one risk than two risks. You also know that just as likely as not the other fellow is smarter than you are and that whether you buy or sell, in each case you run the risk of getting the worst of the bargain. By adopting my rule you will diminish by one-half your chances of loss.

    6. Never do anything, if you can help it that someone else is doing. Why compete with one person or many other persons in any occupation or line of business so long as it is possible for you to have a monopoly in some other field?

    7. If circumstances compel you to pursue some occupation or to follow some line of business which is being pursued by some other person, then you do your work in some other way than that in which it is done by the other. There is always a good, better and best way. If you take the best way then the other fellow has no chance of competing with you.

    8. Whatever you do once, whatever way you undertake to do a thing, don't do the same thing again or don't do the thing in the same way. If you know one way to do a thing you must know there is a better way to do the same thing.

    9. If you're succeeding in anything you are doing, don't let anyone else know of your success, because if you do some other person will try to do the same thing and be your competitor.

    10. When you become rich, as you will become rich if you follow my advice, don't let anyone know it. General knowledge of your wealth will only attract the tax gatherer, and other hungry people will try to get away from you something they want and some-thing you want to keep.

    11. One of the greatest assets any man can secure is a reputation for eccentricity. If you have a reputation of this kind you can do a lot of things. You can even do the things you want to do without attaching to yourself the enmity of others. Many an act which, if performed by an ordinary person, would arouse indignation, animosity and antagonism, can be per-formed by a man with a reputation for eccentricity with no other result than that of exciting mirth and perhaps pity. It is better to have the good will than the bad will, even of a dog.

    12. Never hate anybody. Hatred is a useless expenditure of mental and nervous energy. Revenge costs much of energy and gains nothing.

    13. When you find many people applauding you for what you do, and a few condemning, you can be certain that you are on the wrong course because you're doing the things that fools approve of. When the crowd ridicules and scorns you, you can at least know one thing that it is at least possible that you are acting wisely. It is one of the instincts of men to covet applause. The wise man regulates his conduct rather by reason than by instinct.

    14. It is far more important to learn what not to do than what to do. You can learn this invaluable lesson in two ways, the first of which and most inspired is by your own mistakes. The second is by observing the mistakes of others. Any man that learns all the things that he ought not to do cannot help doing the things he ought to do.

    15. Posterity can never do anything for you. Therefore, you should invest nothing in posterity. Of course your heirs will quarrel over your estate, but that will be after you're dead and why should you trouble your mind over things which you will never know anything about?

    16. A man can do anything he wants to do in this world, at least if he wants to do it badly enough. Therefore, I say that any of you who want to become rich can become rich if you live long enough.

    17. After what I have said it goes without further saying that you should save money. But no man can save himself rich. He can only make himself rich. Savings are capital. It is only by doing things that one learns how to do things. It is only the capitalist who handles capital that learns how to handle capital profitably. The more capital you have the more skillful you become as a capitalist.

    18. Fools say that money makes money. I say that money does not make money. It is only men who make money.

    19. There are two cardinal sins in the economic world: one is giving something for nothing, and the other is getting something for nothing. And the greater sin of these is getting something for nothing, or trying to do so. I really doubt if anyone ever does get some-thing for nothing. (Don't marry a rich wife. Women are what they are. At best they are hard enough to get along with. They are always trying to make a man do something that he doesn't want to do, and generally succeeding. When a woman is conscious of the fact that she has furnished all or any part of your capital, her influence over you will be so great as to be the worst handicap you can carry.)

    20. If you're a prospective heir of your father or some other relative, you should also consider that a handicap. I would advise you to refuse to be an heir.

    21. Despise not the day of small things, but rather respect the small things. It is far easier to make a profit on a very small capital invested in any business than it is to make the same proportion of profit off of a large capital. It is true that after you have learned how to make a profit on a business that shows small capital, successively, as your capital grows, you learn how to handle it profitably. Then the time will come when the greater your capital becomes in this way the greater your pro-portion of profits on it should be. And, for an added reason, as your wealth and skill grow rapidly, your so-called necessary expenses grow much more slowly and in time cease to grow at all, so that beyond a certain limit all your income and added income becomes a surplus, constantly to be added to your capital.

    22. It is far easier to make money than to spend it. As it becomes more and more difficult to spend money, you will spend less and less of it, and hence there will be more money to accumulate.

    23. The hardest labor of all labor performed by man is that of thinking. If you have become rich, train your mind to hard thinking and hold it well in leash so that your thinking will all be with but one object in view, that of accumulating more wealth.
     
  2. Nazreen

    Nazreen
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    I think that these are excerpts from Edward W. Scripps book - Some Outlandish Rules for Making Money.

    Anyway, for rule 5 - Always buy, never sell, I'm not sure if this is still applicable in today's world. As you can see, there are now a lot of sellers in ebay who are making a lot of money.
     
  3. DEADMAN

    DEADMAN
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    Yes, they're.

    And All these rules don't apply at everytime. They're just applied by examining the condition. However, these tips are worthly but doesn't mean they all apply at same time and at same plan.
     
  4. TimeRider

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    Yes, I agree with DEADMAN. Rules don't apply everytime and everywhere. They get broken in some cases and the Rules breaker those who are said to follow it.
     
  5. Fergal

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    Some very good points in that post, I'll definitely read it again and see what i can implement from it.

    I'm not sure of rule No. 22 that it is easier to make money than to spend it. I once heard that "it takes a good man to make money but a much better man to know how to spend it". I agree with this 100%. Financially successful people are those that know how to look after the money they do earn.
     
  6. DEADMAN

    DEADMAN
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    Yes, you definately read them and point out some of the points that should be critisize, not one but everyone can do it and we'll have a brief discuss on them one after another when they're pointed out.
     
  7. Nazreen

    Nazreen
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    I think No. 22 is true in some ways. If you see the very rich people, they make more money and spend only about 1-5% of it. They're also more thrifty and they have better money management than most people. If we want to be rich too, we must also think and do as they do.
     
  8. DEADMAN

    DEADMAN
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    Yes, you're right.

    However they spend most of their money in their business that will double their profit so they never have to worry to spend money on extra materials and products. And their expenditure just sees to be 1-5%. Actually, they don't have to spend much, they get all the things at home.
     
  9. Nazreen

    Nazreen
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    As I was searching the internet on this topic, I came across the website http://www.powerhomebiz.com/vol77/outlandish.htm. This is exactly the same thing that was written in DEADMAN's main post.

    To be fair and to show respect to the original writers of this article, acknowledgment must be given to them. The original post in this topic should also have been put in quotes so as not to violate any copyright rules.
     
  10. DEADMAN

    DEADMAN
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    I should have given the credit to the proper authority. But the thing is I found it somewhere in the net where there had been no credits for the Author. And I thought they were not copyright.
    Anyways, I knew now they're copyright materials, and I being the founder of the thread want to give credit to the articles.
    Written by: Edward W. Scripps || Book Excerpt: Some Outlandish Rules for Making Money
    Next time, I'll check everything and post. And Nazreen thanks for reminding these.
     
  11. Swastik

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    Hi guys,

    A very nice collection of tips you have found and posted here Sagar. The 1st tip you gave applies to every field and most times. If we are earning 1$ and spending 2$, we are surely going to be in debts. And having a lot of debts won't make you rich.

    It's better to have a pre-defined concept what you are doing. One should try to be in his/her limits to maintain an organized and successful business.
     
  12. Nazreen

    Nazreen
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    The first tip can also be called "living below your means". There are a lot of ways in doing this. The most important is that you should always pay off the whole amount of your credit card bill. This is so that you won't incur credit card interest rate charges which is actually quite high. If you want, you can get rid of your credit card altogether and only buy stuff when you already have saved the money for it. Sometimes, it's also good to keep a low profile and not compete in terms of image with your friends or neighbors. Who cares if the neighbors just bought a new 50 inch HD-ready plasma TV? You can still watch your favorite tv show in your old 24in flat screen tv, right?
     
  13. DEADMAN

    DEADMAN
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    Yes exactly to the point. If you earn you should spend to it's half so that you can increase your savings, most probably for your future use and emergency use. And the smaller you're in proportion to the earning is a best measure to make you rich. Nice point there Swastik, if you spend 2$ while earning 1$, it will surely put you in debts and dreaming of getting rich is just dream unless you work with the exact plan. If you want to be rich, you have to neglect precious materials and some day when you get rich you can afford them easily but before you get rich you need to be careful and serious about spending money.
     
  14. Fergal

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    In addition to not spending above your means, you should also be careful not to invest beyond your means. For example, don't borrow to invest in a property if you don't have the means and financial resource available to pay back the mortgage. It can be very tempting to over invest, but you should ask yourself if you are in a financial position to withstand a downturn in the market.
     
  15. Nazreen

    Nazreen
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    This is a very good point but I've heard that some investment experts actually use this practice. Instead of just investing their savings into stocks, unit trusts or any investment vehicles, they also borrow money so that they can invest a bigger amount in one lump sum. My university professor also suggested the same thing - borrow money from a bank at 4-5% interest per annum as long as you expect a return of 6% or more. This should only be done if you expect a return of 6% or more though. Investing borrowed money in products with a low return like bonds and money market funds which usually perform between 2-3% is a stupid idea.
     
  16. greybell

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    find a treasure map and itssssssssss all yours!
     
  17. Nazreen

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    That's funny... LOL. In order to make money out of this treasure hunting endeavor, you need to find the treasure first. Also, in order to go for these kinds of expeditions, you also need more money. Just curious, where do you find treasure maps these days?
     

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