The internet is filled with articles giving advice on how to make money. Whilst many have found good sound techniques to help you earn more money, chasing after every tip is time consuming and may leave you overwhelmed as to which piece of advice to follow. (Here is an article I wrote on 10 ways to make money online.
Here, 5 personal finance gurus give their opinion on the best way to make money:
1) Find a Need and Meet It
According to Pat Flynn, online businessman and host of “The Smart Passive Income Podcast,” your income comes down to how well you can provide solutions when they’re needed.
“The easiest way to make money is to provide value to others in need,” Flynn said. “Earnings are a byproduct of how well you serve your audience. That’s just really what it comes down to.” Flynn points to freelancing and entrepreneurship as good opportunities to do this. “Freelancing, for example, is using your skills as a service to help others who need that kind of work done, and it can be a win-win situation for everyone involved,” he said. “Building a brand or a company that creates solutions, both digital and physical, can be a fantastic way to create supplemental income and passive income as well.”
2) Maximize Your Market Reach
Robert Kiyosaki has built a following through his “Rich Dad” brand, which started with the best-selling book “Rich Dad, Poor Dad” and includes the “Rich Dad Radio Show.” Kiyosaki’s take on how to earn more money is to focus on a broader market or audience. “For me, I make more money when I focus on serving more people,” Kiyosaki said. “For example, I write a book — rather than hold small meetings or talk with small groups — to serve more people. If I write a good book and it serves a lot of people, I make more money.”
3) Follow Your Passion
“Tapping into your passion is the best way to make money,” said Emma Johnson, who is a journalist, business owner,runs her own podcast called “Like a Mother with Emma Johnson.”
Johnson says passion and the drive that comes with it are what will separate you from the competition in your field. “The market is crowded with a lot of people doing similar things,” Johnson said. “Your spark, the thing you love to do most — that is the thing you can bring to the world that no one else can. Devise a business around that, and it’s solid gold.”
4) Find Your Competitive Edge.
Laura Adams offers similar advice to Emma Johnson. When it comes to making money, however, Adams said that finding your competitive edge is key. “The easiest way to make money is to figure out what you do better than most people,” Adams said. “Then provide that value to an employer or to your own customers.”
5) Create a Stream of Money
Matt Theriault, a real estate investor and host of podcast “Epic Real Estate Investing,” said that frugality is the wrong approach to take. “‘Saving’ money is a losing proposition,” Theriault said. “Don’t bother. And ‘making money’ is the wrong mindset. ‘Creating streams of money’ is where one’s attention should be focused.”
Theriault also provided a starting point for those looking to create a stream of money: “I would say an internet business has the lowest barrier to entry while offering the highest rewards. Supply a demand and charge a monthly fee for it. It isn’t easy, though. Simple. Not easy. No such thing as sustainable ‘easy money’ — of which ‘sustainable’ is the only type of money anyone should be interested in making.”