9 practical ideas that you can use to make more money

million_dollars

A Million Dollars in Cash.. Wow!

These are simple ideas. You need not make drastic changes to how or where you work. You also do not need to leave your country. Some ideas can be applied without leaving your desk. See which one strikes a chord with you.

1. Renegotiate your salary.

If you are in a job ask for a raise. Search online on how to do it, there are tons of articles on it. A basic plan is to be insanely valuable to your company and show it in black and white to the person who has the power to raise the salary – can be the person you report to or her boss. I am sure there are smarter ways to do it but this the best I know of. If you are not able to get a raise at your existing job then quit and get a better paying one.

2. Raise your consulting fees.

First step will be to ask your existing clients for an increased rate. If you are not confident of doing this, then continue serving your existing clients at current rates. Pitch and win new clients at a higher rate. Now fire those clients who think they are paying more than you are worth. If you run software as a service business then increase the price of your offering. Do not only increase the price, but also add some value to the product as a surprise. You also need to spend more time in front of your potential clients than you spend sitting in front of your computer.

3. Create a Parallel Path.

Develop an earning through this. A good idea will be to create an online business that runs on an auto-pilot. If you want to convert an existing skill to an online business, feel free to write to me. I will be happy to share some ideas.

4. Daily Kaizen.

Kaizen is a Japanese technique used in manufacturing. It is about constant improvement. Apply this to your life and do a little everyday to improve. When you do it for couple of months, you will see yourself improved. When you apply it to your skill set that helps you earn your daily bread – your earnings will increase. It will not happen automatically, you need to ask. But with an enhanced skill set chances are that you will be more confident asking and you will get what you want.

5. See who you spend your time with and how you spend it.

Jim Rohn has famously said thatYou are the Average of the 5 People You Spend the Most Time With“. I am not sure how true this is. But if you spend time with optimistic people chances are you will be in good spirits. When your motivation and enthusiasm is high, chances are that your productivity will be high. So avoid colleagues who are into useless gossip. Spend time fuelling your ideas with action. By all means be in touch with your friends. Offer a shoulder to somebody who needs to cry and a patient ear to listen to someone in distress. But do not spend all the time playing an agony aunt and by all means cut negative influences from your life – people or places.

6. Read about how to make more money.

Start with “Think and Grow Rich” by Napoleon Hill; “The Millionaire Next Door” by Thomas Stanley; and “I Will Teach You to Be Rich” by Ramit Sethi. But do not stop at reading only, apply what appeals to you.

7. Think out of box.

Take inspiration from One Red Paper Clip and Million Dollar Home Page. Both created significant money by taking action on ideas that were hard to believe but innovative.

8. Write a book.

Sell it to a mainstream publisher or write, self publish and sell it online. This is for real. You now are living in times where Indie authors like J A Konrath and Amanda Hocking are making a killing along with thousands others who are on to earn subsistence money through self publishing.

9. Leverage geo-arbitrage.

Find high paying work on Elance.com or Guru.com and get it done at locations where you can get quality work done at a cheaper price. Word of caution – start with small projects, build trust with vendors and clients – before you move on to bigger projects. This has the potential to become a full-fledged business. But initially you should be able to make some extra money by spending 1-2 hours a day.

Bonus: Sleep an extra hour every day and exercise regularly. A relaxed mind and fit body is right vehicle to earn more. Also remove clutter from your workspace and home. Sell what can be sold online (eBay or Craigslist). You will create space for thinking and also get some chump change for stuff you would not have used anyway.

Last but not the least – Do more of less and help people make more money. Sure fire ways of earning more over long term.

What would you like to add to this list?

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