Unusual Ways To Make Money

Using What You Have

Unusual Ways Newsletter
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It's fun to read about all the the unusual jobs and businesses people have, or to speculate about new ways. But what if you are ready to get busy and start making something work in your own financial life? Well you can start where you are right now with what you have. That's what this issue is about.

Here is a short excerpt from Chapter 20 of my book, "Secrets Of Lucky People," to help you get started. It is about going after your goals in general, but that certainly can include money goals.

What Do You Have?

You may have little in the way of money or physical assets, but all of us have many valuable things we can use to create a better life. These "things" might be good character traits, or skills. Even simple advantages like having access to a decent library can be a great help in pursuing one's goals.

It is also good to remember that little things can mean a lot over time. Are you like many people who spend $3 on coffee every work day? Believe it or not, if you were to quit the coffee, and put that $15 per week into an tax-free retirement account that grew at 8% annually, you would have almost $300,000 in 40 years.

Maybe you have a little time. That can be valuable. If you drive 25 minutes to your job, you have over 200 hours per year to learn something useful that would advance you towards your goals. Most public libraries have hundreds of books on tapes or CDs, and they are free to use.

What else might you have? Some suggestions follow. How can each of these be used to move you towards your goals?

A Job
A Car
Good Work Habits
Good Rapport With Others
A Great Smile
A Quick Mind
A Creative Mind
Physical Strength
A College Degree
Books
A Bicycle
Family
Good Friends
Various Acquaintances
A Computer
A Hobby
A House
A Savings Account
A Garage
A Telephone
Certain Skills
Certain Knowledge

What other assets do you have? You have your mind. Use that well, and it can lead you to everything else you need.

For more about the book, visit http://www.GoodLuckSecrets.com

Bettering Your Financial Situation Systematically

In a country as full of opportunities and freedom as ours is, there is always a way to better your financial situation. To do so systematically, make a list of what you have, like the one above. Make a second list, this time with everything you spend your money on.

The first list can be worked with systematically to see how each item might help you make money. For an example, let me relate my own situation years ago. This won't be the late-night television get-rich story which always starts with, "I was broke, living in a one-room apartment," because I was never broke, and I lived in an old mobile home.

I worked at a variety of jobs, mostly low-paying. I had a three-bedroom mobile home on a small lot which I owned. I had the ability to quit jobs and try new ones, since I was never in debt (except for the small mortgage), so I finally found a better-paying casino job. I rented the other two rooms for $65 and $75 per week, which brought in almost $600 per month (that seemed like a lot more 15 years ago).

When a renter wanted to leave his extra truck in the driveway, I charged $5 per week. I sold pop and groceries to the renters for a profit, from a closet "store." I sometimes loaned money for a small fee. I charged other employees for rides to work. I collected almost $20 per week in returnable pop cans from the casino break room. I built a heated room out back with scrap lumber, for $200, and moved into it so I could rent the third bedroom for another $300 per month. I played poker and chess for money, but only against weaker players. I had brothers with businesses who needed occasional help, so I picked up extra income from that.

I could go on and on. I also replaced all the bulbs in the house with fluorescent bulbs, cutting the electric bill by $10 per month - more on the importance of cost-cutting in a moment. I paid off the mortgage a few years after I bought my first home. I diverted extra income into savings for important goals. I was able to travel in the United States, Mexico, Canada, and South America, all while working jobs ranging from $6 per hour up to $14 per hour.

Start now with what you have. Here are some more examples.

Paid Parties

I once worked with a young woman who was trying to save money for college. She and her roommate had parties in the large basement of the house they rented, charging $6 for each person and providing music, snacks and pop (people brought their own beer). She says she made a lot of money with these.

Parking Lot

Traverse City Michigan has its famous "cherry Festival each year, and 100,000 people come to town. Needless to say, parking is a problem. More than one local rents spaces on their property for $5 per day or more. I once went to an outdoor concert, and a farmer who happened to live next to the concert grounds had turned part of his yard into a parking lot. I watched as his son's directed hundreds of people to their $5 spots in the grass. That's using what you have!

401Ks

When the casino where I worked started offering 401K plans and matching our contributions, it was amazing how many people didn't take advantage of this free money. Even if you put $1,000 in and wanted to take it out later in the year, you would only pay $100 penalty. meanwhile there would be another $1,000 in there from the employer. that's not using what you have!

I'm going to stop there, because you get the idea, and your circumstances will be different from everyone else's. The point is to list what you have and find ways to make money using each of those things, people, situations, knowledge and more. that's the first part of this systematic process.

Part Two - Controlling Expenses

You may recall from a previous newsletter that when I was a "repo man," I repossessed a car from a million-dollar lottery winner. Obviously, making more money doesn't resolve financial problems by itself. You also have to be able to manage that money. As a first step I suggest using the expense-tracking exercise I explained in a recent issue. Writing down everything you spend money on is an eye-opening experience.

Use the list created to start finding ways to cut expenses while still getting what you need. Don't approach this a though it will be a great sacrifice. Many times you can get the same things for less money. What you want to do is arrange your life so you have more money coming in than going out. Increasing your income helps, but only if you control the other end as well.

Then you can start investing that excess income. In fact, apart from all the unusual and interesting businesses and money-making schemes we have discussed, if you simply invest a good chunk of your income in a mutual funds for years, you can become wealthy.

Note: This is part of the "Unusual Ways" Newsletter.
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Unusual Ways To Make Money | Using What You Have