How to make loads of money

by chumchingee

I have never taken advantage of this. So I don’t know that it even works that well. I have all ready gotten a trade and made a comfortable living with that. I have pensions and Social Security retirement.

The first goal is to find something everyone wants. It doesn’t matter what it is as long as it is legal. The goal is to acquire something everyone wants one of. This may be a service. It can be a product. It can be an idea. Or an invention.The idea is to find a product you can sell for more than you buy it for. It can be a novelty item as well.

The next goal is to market it for more than it costs you to produce the product. Normally I would suggest at least a 20% profit on each item sold. But it can be as low as 10%. The lower the price the higher the profit on the item should be. Marketing should not be underestimated in its value.

The third goal is legal. Make sure you have protected yourself against copycats. Against competition from unfair big financial people. I suggest at this point a good business lawyer draw up papers that are necessary to protect your business.

The fourth goal is to insure the product against law suits and damages. Unfortunately, the world is not safe against theft of many forms.

Once you have made money, then diversify. Get into companies that you buy the products from. If you shop someplace look into investing in it. Even in the worst depressions, the products people use everyday are good investments. I would diversify in at least seven different directions. Keep the investments small. Don’t invest in anything that you cannot afford to lose it all.

Build your personal finances. Rule of thumb: 10% off the top of your net has to go to savings. The next 10% should go to God. That means it has to be tithed somewhere you believe in. I don’t know how this works. I do know it does. And when the world falls down around your shoulders and I guarantee at some point it will, that 10% might mean you make it or not make it. All of this is done from your net income as you figure out the rules of your life. You have to figure out how to live on 80% of your net income no matter what else you do.

Never buy a car new. There is an excellent review of all cars over the last 5 years in Consumer Reports every April. Read it like a bible. Starting with the oldest year cars. This will give you an idea how the car was engineered. It is a report card on everything from engines, transmissions, brakes, electrical and body repairs. It is from the horse’s mouth from the consumers that actually made the mistake of owning that model car. A survey is sent out each year to see what problems owners had with each of these model cars and trucks. From that determine your needs. There is a beware column of used cars not to buy. I suggest a car with 3 years on it with 36,000-40,000 miles.

Find a good mechanic and follow his advice. A good mechanic does not necessarily work for  a dealer. He doesn’t work for a book garage where everything has an hour and price guide. He is likely an older person with a good knowledge of short cuts as well as a thorough knowledge of your particular model car.

He might be a jack of all trades and also repair lawnmowers on the side. He might be a good man to know if you need some common labor done. He might actually not be a mechanic so much as a body man. There are a number of reasons these people don’t work for the high priced shop. But it is to your advantage to know these people.

Keeping the people that do these kinds of things is money in the bank. What you have to spend is just as important as what you make. You pay taxes on what you earn. Sales tax is all you pay on the outgo and only on things that are not utility or mortgage payments.

Pay an extra amount each month on a new mortgage. Even if it is only $50 it will reduce your interest by half down the road. Instead of 30 years you might even pay it off in 15.

Well that is what I would do to make loads of money if I were young. When you get old, time is worth more to you than money.

 

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