How to Make More Money
By: Brian Kim - August 10, 2008
By: Brian Kim - August 10, 2008
If you're a first time visitor, I highly encourage you to click here to learn more about this site in order for you to get the VERY BEST VALUE out of it. Thank you for visiting!
It’s something some people undoubtedly want to do.
Make more money.
The reasons vary – they don’t make enough in their current job, they get caught in a financial bind and need to get out quick, they want to save up to buy something special, they want a bigger cushion to fall back on, etc.
So the suggestions start to pour in.
- Have a garage sale and sell your stuff.
- Take a second part time delivering pizzas.
- Ask for a raise from your current job.
- Borrow money from friends and family.
- Go back to school and get a better degree.
- Cut back on expenses and budget, etc.
That’s all good and dandy but the REAL question on everyone’s minds is:
How can I make more money consistently aside from my 9-5 job?
All those solutions listed are temporary solutions for the quick fix. You will eventually run out of your own things to sell, the grind of working two jobs will eventually start wearing you down, there’s only so many times you can ask for a raise or borrow money from friends and family or cut back on expenses, etc.
People want to know how they can make more money in the long run consistently aside from their 9-5 job because if you think about it, it’s not so much about how much you have in your bank account right now, it’s how large the flow and consistency the streams of income you have are to that account.
You can have a big pile of money but without that consistent flow to replenish it, it’s won’t be much of a big pile any longer.
So obviously the key is to focus on making your major stream of income bigger, more consistent, and maybe add a few other streams to supplement it as well.
The major stream of income that most people have is from their job so it only makes logical sense to start from there.
If you want to make more money from your job, you have to see whether your job is just a small part of a machine, in other words, if you work within the system itself, or if your job entails helping the system directly itself as a whole. Usually the jobs that act as part of the system provide little pay, whereas the jobs that directly help the system itself as a whole, command the greatest pay, relatively speaking.
Take for example, a grocery store. The system that’s set in place is that roughly speaking, goods get bought and delivered to the store where they are then displayed and sold to the end consumers at a higher price, with the store pocketing the difference. People who work within the system include the cashiers, the stock boys, meat cutters, deli workers, etc. They all work within the system that adds value as a whole to the consumers. As a result, their pay isn’t all that spectacular.
However, the jobs that help the system directly itself as a whole pay the most. You can have the greatest system set in place – the best cashiers, the best delivery trucks, the best food, the best meat cutters, deli workers, stock boys, etc., but the system itself is of no use if people don’t know the store exists. And even if they do know it exists, the system is still of no use if people don’t visit the store and “go through” the system. And even if they do “go through” the system, it’s of no use if they don’t buy anything from the store.
So we are presented with the two major obstacles that most companies face and pay huge amounts of money to those who can directly help the system itself as a whole – marketing and sales.
Those who can think of ways to bring people to the store and help sell the goods in the store to those people will command greater pay as they directly help the system itself as a whole by sending people who are potential buyers into it, rather than those who work within the system and wait to serve the people that come through it.
You look at any company and you will find the majority of the highest paid professions will result in areas that help the system itself directly as whole – marketing, sales, upper level management, etc.
Business analyst consultants who visit companies and map out work flow processes and suggest efficient ways of doing things that will save time and cut costs and implement them – they get paid very handsomely as well because again, they help the system directly itself as a whole.
Upper level management, while some of them still work directly within the system itself as a whole, at least on a micro level, manage their own respective “system” and as a result, get paid more than a person working within that system.
But an even better way of making more money than helping the system directly itself as whole, is to create the system itself.
Think about it.
It’s the people who know how to bring ideas and people together to create a system that creates value as a whole to others that make more money than those who simply work within it.
People are usually conditioned to find jobs within the system to make money and as a result, find it hard to take a step back and expand their vision to see things from the big picture and how to arrange ideas and people together to work in synergy within a system that provides great value to people as a whole.
That’s one of the biggest mindset differences between an employee and an entrepreneur.
And there’s another one too.
Another mindset difference that’s required to help you make more money.
If you have a job, you only have one client - the company you work for. If you’re fired, you lose your only client as your list was obviously only comprised of that one client.
But take a look at the reverse side now.
A company has many clients - maybe hundreds, or thousands, and sometimes millions. Should a client choose to cease buying from that company, the company has other clients that can absorb the loss. It still has a stream of income, simply because its list comprises of more than one client.
A person who’s fired from a job will find their single stream of income shut off simply because that’s the only client he/she has.
There’s another simple clue as to how to make money – create a bigger list of clients.
The ability to find clients and convince them that you can do the job AND prove to them exactly just that – the bigger your list grows. And the bigger your list grows, the more potential you have of making more money as you can offer more value to an increasingly larger number of people – the pockets of which are just the source where you will find the extra money coming from.
But some may argue that they have no idea what they can do to serve others and even if they do, there’s only so many clients a person can serve with the time allotted, especially if they have a full time job.
Perfectly valid questions and points indeed.
If you want to discover how you can help potential clients, ask yourself what kind of value can you offer them based on your personal skills and/or talents. That will help separate you from the pack. What do you love to do? To find more information on discovering just that, take a look at my second book, How to FINALLY Find What You Love to Do: The DEFINITIVE Guide to Finding and Successfully Pursuing Your Passion.
After you found a way to serve others, you may find that time is a constraint as there’s only so many people a person can serve, but if you find you can’t fulfill all your responsibilities, you can then hire a person to take on those responsibilities and take a cut of his/her pay for finding work for him/her to do.
And so the system is created.
Think about it.
Let’s say you’re an accountant and you find yourself doing the tax returns of your friends, relatives outside your job for some extra cash.
But you have too many friends.
And too many relatives.
So you ask your other accountants at work if they want to make an extra bit of money and they say sure why not.
You give them your leftover clients and when you get paid, you give them a cut of the pay for doing the work while you pocket what’s essentially, the “finder’s fee”. You found work for them to do and gave them an opportunity to make money and convinced the clients that they could get the job done – which is essentially marketing and sales in a nutshell.
Now think about the company you work for.
It does the exact same thing.
It finds work for you to do too.
That’s the system right there.
But this time, you’ve created the system itself and in doing so, make more money, and as the system grows, will make more money with it than you ever will working within one.
Create and build your own list of potential clients you can serve and serve them well so that they can build your list for you through excellent referrals. The list is one of the most important things to safeguard because that’s where the money will come from and having a set list with trust built in between you and your clients will help save you time and money from constantly looking for new clients.
When you start making more money, it may be tempting to blow it all on material things, but the key here is to save a portion of it and reinvest the rest into your system again to make even more money. Make the money you earn a slave. Make it earn even more money for you.
How do you reinvest the money into your system you say?
Reinvest it by using it to help find more potential clients in order build a bigger list. To help persuade potential clients that you can get the job done. To add more value to clients to better serve them. To hire more people to work within the system. To hire people to help improve the system directly itself.
But before all this, before you create a system, before you look for potential clients, before you start hiring others, before you think of way to help others, do this.
Save your money.
Yes, technically you’re not making more money but saving it will allow you to build a substantial amount that you can then use to help create a system where you can bring people and ideas together to add value to others as a whole and build your list of clients.
So the key to making more money is to get out of working within the system itself, and move toward directly helping the system itself as a whole, or better yet, creating your very own.
Yes, you can ask for a raise at your job, increase your skill sets, become better at your work and that may be enough extra money for some people. It may not be for others. Keep in mind though that even though you make extra money from your job, that will still leave you working within the system.
Better to distance yourself from that cycle where it becomes harder and harder to get out of as time passes by and to start expanding your mind and to look at the bigger picture to see how you can help the system itself as a whole or better yet again, create one yourself.
Don’t forget to become more valuable as a person as well, in other words, to become more productive, learn how to persuade others, manage your time effectively time, negotiate, communication with others, etc., because all that will come in handy with whatever route you choose to take in order to make more money.
So if you have a job and want to make more money, see if you can stop working within the system.
Take a step back.
Look at the system as a whole. See how you can directly help the system itself.
Or better yet, start from scratch and create your very own system by bringing new ideas and people together so you can add value to others in your own unique way as a whole.
August 13th, 2008 at
Thanks for sharing, it is so important today that people have multiple sources of income, in fact it was important in the past, but with the economy today it is especially important to so something on the side. I hope a lot of people read this post and do something.
-Tabs
August 20th, 2008 at
Thanks for the great article.
To create a system is the most important thing you can do for your financial life. It doesn’t matter how much money you have or you make from your job, you are still not financial independent if you don’t have a stream of passive income.