The art of making $$

[allchopin]

Money is the eternally sought-after item that is ever so hard to get.  Aside from stealing it, what ways do you go about getting it?  I'm not talking about simply getting a job at the local store or mowing lawns, but more efficient ways of aquiring wealth.  The best way I have come across is investment (longer term index funds and shorter term stocks) but this isnt a great way to depend on.  What are the best ways you all of made money?

[Bob]

I teach!

[musik_man]

It's pretty much impossible to make much money (legally) in any way other than working.  Stuff like investing will only increase money you already have.  This summer I'm busing tables at a restaurant for about $10 an hour, and it's giving me more than enough cash to buy any CD's or books I want.

[gee]

dealing coke, and heroin. Just head up to flander's field and start picking them poppies.

[chozart]

you could play for events, as I do
made $100 just for playing at a grad party for 4 hrs

it's not like I do this very regularly, like a job or anything
more like.. a gig every now and then, heh

just make sure people know you're interested

[Nightscape]

Well, if you're a college piano student, and looking for a little extra spending money, you could do what I do.  I play for a church (weekly on sunday mornings) and also I play once or twice a month at a fancy restaraunt.  This adds up to about $400-500 a month (depending on tips of course) and really I am only "working" about 8 hours a month - and that working consists of playing the piano, which is more fun than work for me. 

Anyways, lots of churches need pianists, and especially need organists, and the job doesn't really require virtuosity, just some musicality (good sightreading skills, and such).  The bigger the church, the larger your income.  I play for an extremely small church, but I'm hoping to move up to a larger one soon.  The restaraunt gig I got was by pure luck.  If you're eating at a restaraunt that has a piano, ask if you can play a piece on it.  They might like your playing and offer you a gig!

[Kassaa]

you could play for events, as I do
made $100 just for playing at a grad party for 4 hrs

it's not like I do this very regularly, like a job or anything
more like.. a gig every now and then, heh

just make sure people know you're interested

100$ for 4 hours!

damn, Im going to play on a boogie woogie festival and I get 600$ for one hour.

[ajw400]

I think a worthwhile church job should compensate you about $70-100 per hour. I play for a relatively small church and the $150 per week for two hours of work, but I'm hoping to woo a new church soon. Catholic churches tend to pay less. Honestly, it's the easiest money in the world - you don't need to practice or prepare the hymns and you can improvise if you forget to prepare solo music, although I make no double standard between performance and church music. It's a nice way to try out your solo pieces too, and they just lap it up.

[mound]

  Stuff like investing will only increase money you already have.

Umm..  exactly?   

[Torp]

Real Estate has worked for me.  Really it's just another form of investment like stock, bonds, etc., it's just not as liquid.  It works the same way as any investment, the more you know about the market in which your dealing, the higher likelihood of success.

The secret to building wealth, any amount of it, is consistent, disciplined savings and knowledgeable investing.  If you can't personally determine whether the companies your investing in are a good buy then you need to acquire the knowledge that will allow you to determine that.  If you're going buy stocks and bonds then you better learn how to read and understand balance sheets, incomes statements, and cash flow statements.  If you're going to buy real estate you need to understand concepts like leverage, cash-on-cash return, after-tax cash flow, equity, and you also need to understand the trends in the market.

Have reasonable, conservative estimates about the types of returns you can expect from investing.  25% returns on your money is highly unlikely, possible, but not realistic.

Start young.  Do the math.  If you started saving $100/month at the age of 15, how much money would you have by the time you're 65, assuming an annual rate of 5%?  How about if you wait until your 25, 35, 45 to start?  Then look at the opposite, if you start at 25, how much would you have to save monthly in order to arrive at the same # you'd have if you started at 15.

The age old adage of "It takes money to make money" is true in most respects.  The problem most people have is that they assume they must use their own money to make money.  This is not true.  However, if you're going to use someone else's money you're going to have to pay them for that right.  So, become familiar with interest rate spreads, particularly the spread between what money costs you to use and what that money can make you.  Obviously, that spread needs to be positive.

Become aware of the effect of taxes on your investments.  Learn and understand what rules and regulations allow you to legally defer taxes.  If you can earn 5% after tax, it's better than 5% before tax.  You should have a good tax accountant on your side.  They pay for themselves.

So, after all that, the bottom line to making money is understanding how money works and how people use it.  Then, have a plan.

Hope some of this helps.

Jef

[allchopin]

The church ideas are great and I have made an attempt (though no 100/hr jobs ) - though it seems to me that churches would be hesitant about hiring someone to play for them as they are usually used to volunteering for activities.  Kassaa, how did you come about getting this festival gig?  I'm jealous .

Torp:  It really does take money to make money, and starting young works only if you have the 100/month to invest in the first place!  I guess the real problem I am trying to address is the 100/month rather than what to do with your money once you have it (I don't really have that problem) - and I'm not sure I'm too keen about the prospect of taking out a loan to invest in real estate yet (or other liquid assets).

I think teaching is a great way to make money (as long as you're not teaching solely for mercenary purposes which could possibly have bad results for the students) as long as you're able to get your name out.  Bob, have you found this to be able to support you financially?

[Torp]

Torp:  It really does take money to make money, and starting young works only if you have the 100/month to invest in the first place!  I guess the real problem I am trying to address is the 100/month rather than what to do with your money once you have it (I don't really have that problem) - and I'm not sure I'm too keen about the prospect of taking out a loan to invest in real estate yet (or other liquid assets).

I agree, that's what I said.  It just doesn't 'have' to be yours.  My example of $100 was just that, an example.  The principals apply whether it's $1 or a $1,000,000.

Are you're simply looking for the quickest way to make money by trading your time and talent?  Then figure out what talents you have that no one else has and exploit those talents.  Just remember, the limiting factor in trading time for $$$ is time.

[Jacey1973]

Well, if you're a college piano student, and looking for a little extra spending money, you could do what I do.  I play for a church (weekly on sunday mornings) and also I play once or twice a month at a fancy restaraunt.  This adds up to about $400-500 a month (depending on tips of course) and really I am only "working" about 8 hours a month - and that working consists of playing the piano, which is more fun than work for me. 

Anyways, lots of churches need pianists, and especially need organists, and the job doesn't really require virtuosity, just some musicality (good sightreading skills, and such).  The bigger the church, the larger your income.  I play for an extremely small church, but I'm hoping to move up to a larger one soon.  The restaraunt gig I got was by pure luck.  If you're eating at a restaraunt that has a piano, ask if you can play a piece on it.  They might like your playing and offer you a gig!

But i didn't realise you could get paid for playing in church! I thought it was a voluntary thing for your faith? I played in church a few times but this scary nun (Sister Mary Joseph - how Christian is that name?!) was always bossing me about and telling me exactly where to stand, what/when to play, when to stand up/sit down, when exactly to put communion in my mouth etc etc....and i kinda missed Sunday morning lie ins, whilst recovering from a hangover and watching Hollyoaks on T4 in bed with my boyfriend, that's the best way to spend Sunday mornings 

[Ziggy]

Sinner!!!   

[lostinidlewonder]

Real Estate is a big winner for most. You can make complete salaries just on the value added each year to your homes. But you require money for that, some people are still stuck finding money.

Solve this riddle and this is how you make lots of money:
How would you create a good or service people didn't know they needed?

Musicially you can make the big money from concerts. This is what will make you cash quickly, given that you sell the tickets, that is a horribly long discussion and really is learnt from experience.

This link was about making a living with music earlier on this year.
https://www.pianostreet.com/smf/index.php/topic,6544.0.html

Doing mass teaching, holding around 40 students a week would also generate a lot of income, but if you have the sanity to do that is another question.

Money can be made through hosting events. I hosted a chess competition when I was younger, charged people to enter, collected prize money from sponsorship from local businesses + part of the entry fees as well. Again that is about the marketing, making sure it gets known, generate lots of interest. I did it through the schools and bought bulk drinks and food to sell. Food and drinks is a big selling factor if you ever organise to get lots of people to be in one place, but it requires strict organisation or you buy too much/too little, waste resource and lose money. Also you wouldn't sell caviar at a school get together, so one has to think what to serve depending upon the occassion.

You could spend years and years learning how to card count at blackjack, or learn to throw die at Craps, or become a poker champion. But you have to be able to deal with losses as well and keep at it. Blackjack is a beatable game, the best players get a 2% advantage all the time and in the end win big. So if you have nothing to do, start sharpening your BJ skills.

Hiring or rental business do good. You see it lots of time it applied to video stores, but I think it has big application for things like, toys. I have a friend who hires out childrens toys for all ages and the business is many millions of dollars in value. She started in her living room.

[klavierkonzerte]

you think money would make you happy and your life would get better, that's not AT ALL true.
when you get money then you'll realize how unimportant it is.

i thank god every day for his blessings but somtimes i wish we never had money
atleast there would be somthing to apreciate or to look forword to
i don't mean that i wish to lose our money because now i'm used to this but........ mmmmmmm................. i really don't know what to say.

i'm being honest here i'm not trying to look ideal or anything.

[Bob]

Klavierkonzerte,

I most humbly volunteer to learn about the unimportance of money from you.  I will, if I must, take the burden of some of your money for you.  This will help me realize how important money is and will help you achieve true happiness.  I think it's about time I realize how important money is by having some and I am certainly willing to help a fellow pf member achieve true happiness.  I will not be the one to deny you true happiness.  I will take the lower rung and achieve false happiness with this burdensome money.

Bob

[mikeyg]

My family pretty much gives me all the money I need to live quite comfortably.

[lostinidlewonder]

MONEY doesnt bring happiness but it gets rid of things that cause unhappiness.