How have you made your money?

@saralee1 (1983)
United States
May 29, 2007 1:08am CST
When people talk about money, sometimes it is hush hush, however regardless, some of us do not have enough of it. so, what is the secret key to making a lot of money, and living comfortably? investing in a business, or working for the man for the rest of your life? what does your portfolio look like, and how did you get there?
6 responses
• United States
29 May 07
I disagree with as2006 that the basic secret is to work -- that that is most of all there is to it. Yes, it is important to work. I grew up in a family that worked very hard on the farm. Believe me, hard work doesn't necessarily do it unless you figure out the secrets on how money works. Like, how to get more of the money you make and have the middleman and the bills get less of it. The secret is to develop abilities and attributes of character that people want to pay you for. Secondly, to leverage the money you do have in the best possible way. Look for discounts. Live below your means. Invest. This is a start. Read "The Millionaire Next Door" for a beginning in these ideas. My lending portfolio with Prosper.com is at $1,454.84 with an average interest rate of 24.23% APR . How did I get there? Spending less, and learning to go without and "make due", learning what spending I am doing to make myself feel better. Learning what spending I CAN DO that will be put on things that increase in value and not things that decrease in value. I got there $25, $50, and $100 at a time - the same as it is easy to do when one gets into debt. Currently, my savings is at $275.08 with 4.16% APY interest. This too, is achieved a bit at a time. Go into the section of the library that has books about money and check out any that have to do with the habits of millionaires. You will find that many spend less on cars and housing than those of lesser incomes do. Those who seem like they have money, don't - because they are spending it. The secret, again, is not hard work, as much as it is learning how to play the game. With the game of needing long distance, I minimize expenses using Enjoyprepaid.com (2.9 cents a minute or less in the USA and good rates for other countries). With the game of needing a place to live, I opt for a studio. With the game of needing to eat, I opt to buy the fruits and vegetables that are on sale and most usually only those and not full-priced things (saves 30% or more on the grocery bill), and get toilet paper in 24 packs not the 4 packs. There are many sales in stores in the cities and I don't think there is anything shameful in seeking sale prices. The goods are not any less quality. I do consider quality. Just a few ideas. :-) People are educated all their lives in many useless things but not taught how to earn money or how to hold onto it.
1 person likes this
@saralee1 (1983)
• United States
29 May 07
Ok, WOW! I am impressed! lol, seriously, you get 24.23% on your lending portfolio? that is pretty hot, and to think I was excited to see 5.5% on a 36 month CD! :) Indeed I am currently living under my means. I buy in bulk, when necessary, and I am opting out of the housing market, because I find it inflexible, and expensive. I have an apartment which is 1/3rd of the price of a house.This doesn't mean I won't buy, just not now. I almost own my vehicle, I have another year to go, unfortunately, I cannot buy down the interest because it was paid in advance. (darn!) Moving to Canada, or the UK maybe the next on the list, since healthcare is outrageous here in the US. My main concern is retirement, since I feel my government pulled the shady one on most Americans. One of these days though, they will have to pay their dues. I have owned my own business at one time, Although I was running it as a test, less than a year. It did fantastically well, unfortunately, we just don't have the kind of money it would take to run a full fledged shop though, or get the proper licenses. I used to work as a CNA/psych tech, however, my wages and hours were drastically reduced to about half after 9/11. It got to the point where it wasn't worth it anymore, and I didn't renew my licenses due to the pitiful wages I was being paid. It is a true wonder how anyone makes it in todays economy without being married. Indeed it is rare. haha! I thought it was funny how you brought up the toilet paper, in a cute way, of course! Whenever talking to anyone about money, somehow the toilet paper comes into play. Indeed it is a terrible waste of money to buy those cheap 4 packs, where they try to make it look bulky. the rule of thumb I use? If I can drop it on my toe, and I don't hear a thud, it isn't worth buying. I go Scott tissue all the way,the real thud paper! 8 pack, because I haven't found any larger yet, but I am sure they have them at costco somewhere! thank you forthe great tips, indeed I have already adopted a few into my lifestyle, and I am very much looking forward to reading that book! one of my favorites that seems sorta similar, is called "The Millionaire Mind" and, although I am not shooting for millions, if I ever do get there, there are some children in Darfur that need the money far worse than I do. Have a great day!
1 person likes this
@saralee1 (1983)
• United States
31 May 07
Well, thank you indeed for your links! I will definitely check them out, and see what it's all about! Indeed the interest at banks is almost not even worth mentioning. I think it is an embarrassment to the establishment, and if I had to put down someone's share of .03 cents for the month, I'd be embarrassed as heck! :) Also, I don't know where you live, but I did indeed start my CD out at 50$ which I can contribute to anytime I want. this was done at a Credit Union! it does have a flex rate, between 4% and 5%, every month, but isn't bad, really.
@kheyanne (288)
• Philippines
29 May 07
That's right. There's not one money making concept here in this world that could generate you income without you doing your share of earning. Unless of course you have loads of money to invest. Either way, you can live without working if you have a lot of money already. If you want to earn from the internet, you can try this link. Here is where I'm making most of it: http://www.proficientsupport.com
1 person likes this
@saralee1 (1983)
• United States
29 May 07
You know, it doesn't sound bad, I mean it seems to go step by step into the market of setting up your site, how you can get started for next to nothing, or nothing, and some affiliate sites, but, how is it working for you? are you making the kind of cash on it you would like to? just curious.
• New Zealand
29 May 07
i think secret to earn money is good education and applying your knowledge in the rght direction.There might be other way as well but hard work is best mrthod ...
1 person likes this
@saralee1 (1983)
• United States
29 May 07
I went through trade school for two years, and two years at a community college. what I paid for, was 23,000 in debt, and old information. What I ended up with was a job from jiffy lube at 7 an hour. :( needless to say, I didn't take the job. I wish I would have invested that money instead!
• United States
29 May 07
I found something amazing from a book review on Amazon. I can't paste a URL and the URL is long and so I am not going to type i out either, but basically this is the habits of rich and of poor people, and you can find it if you go through the book reviews of "Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth". The review that includes the info about the habits of rich and of poor people is by Carmen Matthews. It is really thought-provoking. It is a case in point about hard work not being all there is to it - it is how you play the game. You can make yourself poor with mathemtical certainty or you can make yourself wealthy with mathematical certainty.
1 person likes this
@saralee1 (1983)
• United States
29 May 07
If it is the same as the millionaire mind, I read the book already, LOL! indeed I am putting forth a lot of the book into my daily practices, and crossing my fingers. I FINALLY have money in the bank for several CD's, and I'm letting it work for me! However, there are so many other things to do!
@as2006 (5041)
• Israel
29 May 07
The secret is to work! A nd if you want lot of money then you must be wise and fast think.
• United States
29 May 07
I usually try avoiding URLs in posts, but I have some amazing power affirmations for wealth I bet you would want to read. http://www.poweraffirmations.com/list-of-sogr-power-affirmations.htm There was a PDF of abundance and wealth affirmations at www.wildlywealthy.com but I am having trouble finding the link. I have it on my own computer. They are like what I just gave you above.