How are you making your millions?

by Kristina on April 18, 2013 · 7 comments

Good morning Dinks.  Let me ask you a question, what do you do?  Some of us work hard at our 9 to 5, some of us have a side business to showcase our not-so-hidden talents, some of us try to invest our money and some others try to make our money by buying and selling homes. In life how are you making your money and it is enough to make your fortune?

Making it at our day job.

Maybe you are climbing the corporate ladder trying to make it to the top.  If you love your 9 to 5 then there is no reason why you shouldn’t try and be the best you can be, that includes making the most money possible. Maybe you are taking courses to improve your skills, enrolling in a management program and enjoying all of the perks that come with being successful.

Turning our hobby into an income.

This is how many freelancers get into the business of working for themselves.  If you have a hidden talent then exploit it and start turning your hobby into an income. Maybe you love blogging or maybe you love playing guitar, whatever it is that you love why not turn it into a side hustle and start making some money with it. Who doesn’t want a little extra money in their pocket?

Trying to make some good investments.

Many of us take our hard earned money and invest it for our future.  Making a good investment can include anything from putting your money into the stock market or putting your money into a new start-up business. Good investments can sometimes be a great risk and sometimes big risks can be very rewarding. Even though I am a financial planner I am not a high risk investor.  I don’t expect to become rich overnight and therefore I am willing to accept a lower (but steady) rate of return in return for a lower level of risk and (hopefully) constant growth over the long term.

Learning to live on a budget.

Maybe you are building your net worth by saving a portion from every paycheck.  This is not the fastest way to save money but it is a proven and effective way to keep your bank account growing.  If you have good financial habits and can save money on a regular basis then over time you will be able to build up a big net worth. Keeping your expenses down frees up more income and you know what they say – income that is not spent can be saved.

Buying, renting and flipping homes.

Maybe you are a real estate guru who likes to buy houses cheap, fix them up, flip them and then sell them as a profit.  Or maybe you are someone who likes to have a steady stream of income from rental properties. I don’t own any properties but I do love watching DIY shows on television and Homeclick videos online..  I wish that I had a knack for choosing colour swatches and fixing cabinets but I just don’t have that gift.

Photo by imagesofmoney

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{ 6 comments… read them below or add one }

1 DC @ Young Adult Money April 18, 2013 at 8:28 am

A few things – I don’t think I will ever become “rich” working at my 9-5 job, and if I did it would mean that I sacrificed pretty much everything to get there. I do blog and have my website, which has potential to grow and/or turn into other projects. Finally, we did buy a fixer-upper and rent out part of it, but this honestly has caused a decent amount of stress and it’s debatable whether it’s worth it.

2 William @ Bite the Bullet April 18, 2013 at 12:48 pm

I’m on to my second million… I gave the first one up as a bad job. :) Seriously, we’re retired and the only thing we do for money is investing. That sounds so, well, active, doesn’t it? But it’s like watching the snow melt or grass grow. So I’ve taken up blogging as a way to meet people and exchange ideas.

3 Bob Gilbert April 18, 2013 at 12:49 pm

Working my 9 – 5. At the same time, took the advice above of ‘turning your hobby into income’ in Jan of 2012 when I discovered Bitcoin. Took a speculative, calculated risk there and have made over 200% profit recently, and now the cycle is starting again, and this time the initial startup costs are already covered, so it’s the incremental costs only, so the risk is much less this time around…most importantly, having an absolute blast doing it.

I just discovered this site today thanks to Zite on iOS and I am looking forward to visiting often.

4 John S @ Frugal Rules April 18, 2013 at 1:32 pm

We turned my wife’s freelance business to a full-time business and have not looked back. We love that the income is unlimited (if it were only that easy) and have only ourselves to answer to.

5 Jake Erickson April 19, 2013 at 12:04 pm

My wife and I currently work 9-5 jobs and are really enjoying them. That being said, we’re living on a strict budget so that we can invest the extra money for the future. We both also have blogs which may turn into side income in the future, but isn’t worth much now.

6 Canadian Budget Binder April 19, 2013 at 3:39 pm

Ah, I wish we were making millions but we’re not but maybe one day we will be worth the million dollars but it won’t be worth it’s weight in words. The one thing we are doing is budgeting and that has helped give us that jump start towards debt freedom and opening up other options for us which could send millions our way.. (dreams are good :-)

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