Advice on how to make money

ad83

To be perfectly blunt I need to begin making a lot of money with in the next few years

not looking for a how to be a millionaire guide but rather looking for peoples thoughts and opinions on how you believe this can be best achieved

This is an honest question and would be interested to hear peoples feedback. I feel peoples responses may make interesting reading for anyone in a similar position to myself

I am not trying to make money in order to drive a Ferrari or socialise with celebrities. My motivation is to be able to provide a comfortable retirement for my parents who approaching retirement have had their entire pension wiped out directly and indirectly through the collapse of the banks and stock and property markets

• To give some background, currently
• I am in my late twenties and hold a junior management job within a finance organisation
• have a business related university degree
• have a house in negative equity
• have begun studying to be a chartered accountant and investment analyst in my own time
• I have not always been the most career minded individual and probably drifted through quite some years of my adult life when times were good. Not to say I didn't work at any stage or was lazy but certainly did not always display this level of motivation. I guess this is quite normal however regret not gaining more qualifications to date but that is the past and I can only look forward. I have spent the last year to eighteen months working extremely hard climbing the corporate ladder so to speak however from conversations with more senior individuals within the company it appears that the level of wages to be achieved at the highest levels is not quite I had imagined though certainly nothing to turn your nose up at.

Realistically I am willing to do almost anything and go anywhere in order to make real money. Were i not caught in negative equity I imagine I would be focused solely on starting a business however with the situation as it stands I am looking at taking an established career path also along the lines of becoming a CFO . I am not panicking and am trying to take a long term view but will need to have put aside a few hundred thousand at least within the next few years and want to be a millionaire aged forty

Many Thanks in advance for your thoughts

AD

Procrastastudy

Work hard, educate yourself, go for opportunities when they arise and invest wisely. There is nothing else you can do. If it was easy to make money or someone had a sure fire way to do it everyone would be rich.

ad83

Procrastastudy wrote: »

Work hard, educate yourself, go for opportunities when they arise and invest wisely. There is nothing else you can do. If it was easy to make money or someone had a sure fire way to do it everyone would be rich.

Thank you for your response. I understand your sentiments and completely agree .not seeking to make easy money or anything like that but was more looking for some insight from different sources. For example i see you post in he legal discussion quite a bit. If you were a solicitor or involved in the business and were able to say that a partner of an established firm would generally earn x amount that would be something tangible i could work with. Certainly is no easy answers i fully agree. Thanks again

Procrastastudy

ad83 wrote: »

Thank you for your response. I understand your sentiments and completely agree .not seeking to make easy money or anything like that but was more looking for some insight from different sources. For example i see you post in he legal discussion quite a bit. If you were a solicitor or involved in the business and were able to say that a partner of an established firm would generally earn x amount that would be something tangible i could work with. Certainly is no easy answers i fully agree. Thanks again

If you want to make money don;t enter the legal profession - that is one thing I can tell you!

yosser hughes

You're only in your twenties. Relax. You're in a good position relatively speaking. You're educated and seem motivated.Keep learning and when an opportunity arises, recognise it and don't be afraid to take it.

ad83

yosser hughes wrote: »

You're only in your twenties. Relax. You're in a good position relatively speaking. You're educated and seem motivated.Keep learning and when an opportunity arises, recognise it and don't be afraid to take it.

Just wondering if anyone who didn't see this thread initially may have any interesting thoughts or opinions. Not just for myself but all readers who may be in a somewhat similar situation

Does anyone think there may be a different forum to which this thread would be better suited?

silja

Your jobs and education so far have been office based. Would you be wiling and able for physical work? Such as becomming a plumber, and doing emergency/ night time work can pay decently. I now live in the USA and her,e people who want to make a lot of money without a super long education often do long range truck driving or working on oil rigs or in Alaska's fisheries, but I'd say you'd need a visa before anyone'd hire you.

ad83

silja wrote: »

Your jobs and education so far have been office based. Would you be wiling and able for physical work? Such as becomming a plumber, and doing emergency/ night time work can pay decently. I now live in the USA and her,e people who want to make a lot of money without a super long education often do long range truck driving or working on oil rigs or in Alaska's fisheries, but I'd say you'd need a visa before anyone'd hire you.

Thank you silja, i was thinking that also.
Certainly able for physical work

I am looking into doing courses in construction at the moment with the idea of setting up a business with a builder friend of mine in a couple of years, building, renovating and developing properties. This is a plan for probably 2 years down the road( we are both abroad at the moment paying off mortgages etc... ) and i think if i do courses in plumbing, electrician, carpentry ( to a competent level )so i could have a mix of the financial and practical side of the business.

I will look into what options are available with regards to doing unsociable jobs on oil rigs or at night tc... Looking at jobs in Dubai and Qatar also. Thank you for this suggestion, much appreciated. As i say i am willing to do almost anything and if i could pull in a large wage i could at least support my parents, save some capital for the business, pay down debts etc...

Bigus

Well done so far and you're on the right path by setting goals, and you are the right age.

If you can keep your current job and take on extra work in a completely different field, during the UNSOCIABLE hours that you have available to you, there is potentially lot of money and experience to be gained, in all sorts of areas.

Industries with plenty of work I suggest , entertainment, catering,security,events ,training,driving,minding,special interest etc.

in other words instead of spending money during your time off generate extra income instead and perhaps get entertained and educated too.

I will re emphasise in a different field initially to your current work/experience, and the further out of your comfort zone the better.(for stimulation)

Just think if you emigrated you would be removed from the temptation of socialising and would be able to do unsociable hours no problem and report back home about how much money you were making, doing 90 hours a week.

Doing these extra hours on a tax efficient basis is up to you but you should be well qualified to figure out an efficient way of netting this extra income.

Personally if you live in a city I'd start by doing something takeaway delivery runs every Friday. Sat and sunday for a start, you'd never know what may come of this from a business point of view.

Also publicans and hoteliers are always looking for well educated PART time staff that raise the bar (no pun intended) for their full time staff. Start off on basic but you should soon end up earning more per hour or tips if you've a business head.

The best professionals (both legal financial and marketing )I've dealt with over the years, always had more than one string to their bow and often had bar work as their real world education either here or abroad.

The Average joe won't work unsociable hours hence the opportunities for ambitious people on the look out for business ideas and expanding their network of CONTACTS.

Good luck and keep talking/networking you'd be amazed what comes out of it.

As the fella says the "harder I work the luckier I get".

ad83

Bigus wrote: »

Well done so far and you're on the right path by setting goals, and you are the right age.

If you can keep your current job and take on extra work in a completely different field, during the UNSOCIABLE hours that you have available to you, there is potentially lot of money and experience to be gained, in all sorts of areas.

Industries with plenty of work I suggest , entertainment, catering,security,events ,training,driving,minding,special interest etc.

in other words instead of spending money during your time off generate extra income instead and perhaps get entertained and educated too.

I will re emphasise in a different field initially to your current work/experience, and the further out of your comfort zone the better.(for stimulation)

Just think if you emigrated you would be removed from the temptation of socialising and would be able to do unsociable hours no problem and report back home about how much money you were making, doing 90 hours a week.

Doing these extra hours on a tax efficient basis is up to you but you should be well qualified to figure out an efficient way of netting this extra income.

Personally if you live in a city I'd start by doing something takeaway delivery runs every Friday. Sat and sunday for a start, you'd never know what may come of this from a business point of view.

Also publicans and hoteliers are always looking for well educated PART time staff that raise the bar (no pun intended) for their full time staff. Start off on basic but you should soon end up earning more per hour or tips if you've a business head.

The best professionals (both legal financial and marketing )I've dealt with over the years, always had more than one string to their bow and often had bar work as their real world education either here or abroad.

The Average joe won't work unsociable hours hence the opportunities for ambitious people on the look out for business ideas and expanding their network of CONTACTS.

Good luck and keep talking/networking you'd be amazed what comes out of it.

As the fella says the "harder I work the luckier I get".

Thank you Bigus. That is excellent advice. First thing i am going to do is ascertain what the tax implications are for taking on a job in a bar and the start handing out cv's so i can leave saturdays and sundays open during the day and focus on studying

Really appreciate all the above advice

Mr. Loverman

One of the best ways to make money is to reduce your expenditure.

Sounds silly but it really works.

Before I left Ireland I simplified my life (for a year or so) and saved a fortune.

hobochris

I would think in terms of supply and demand as that's how a free market works.

I would look to work in an industry where demand is constant, funeral directors, butchers, food retail.

That's how big companies tend to make money, e.g vodafone have a constant demand for airtime and monthly subscriptions (bill pay).

Also keeping your costs down and under control is key, rising costs can kill a business. Going back to the vodafone example they do this by maintaining their own network which gives them endless supply of potential airtime.

Anyway there's some food for thought.

ad83

hobochris wrote: »

I would think in terms of supply and demand as that's how a free market works.

I would look to work in an industry where demand is constant, funeral directors, butchers, food retail.

That's how big companies tend to make money, e.g vodafone have a constant demand for airtime and monthly subscriptions (bill pay).

Also keeping your costs down and under control is key, rising costs can kill a business. Going back to the vodafone example they do this by maintaining their own network which gives them endless supply of potential airtime.

Anyway there's some food for thought.

Thanks mr l, hobochris

Could not agree more on the costs side.Of everybidy i have ever known it was the low earners who dont spend who saved more money than the high earners with associated lifestyle

On the free market point that is an excellent point. Have been watching a series of videos recently http://www.antonkreil.com/economics/
And would really recommend watching this to anyone looking to get started in business