Three Tips for Making Money
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In my book I have a chapter entitled “Sixteen Tips for Making Money”. Here are three tips to get you started. These tips are not “get rich quick” suggestions, rather if you follow this advice you will (over time) significantly increase your wealth.
Tip #1 Win-Win
If you go into business, make sure your business provides a win-win situation for you and your customers. Many people have the mistaken idea that business is about screwing your customers or putting one past them. Nothing could be further from the truth. The more your customers win, the more they will tell others and the more they will come back.
Take a simple example. When you go to a shop to buy milk, you win because you don’t have to own your own cow, or drive to a farm to get milk. The shop wins because they make a few cents on the purchase.
My recruitment company was a good example. When I placed a teacher, the teacher won because they found a good job, the school won because they found a good teacher, and I won because I receive a fee for the placement. It was a win-win-win situation.
Tip #2 Be Generous
I can’t emphasize enough how few people practice this amazing technique. But it is hugely effective!
One excellent example is when I applied for some shares in an initial public offering (IPO) through my share broker. The shares were very “hot” and were expected to stag (open strongly). The shares did in fact do very well, they went up 40% on the day they listed. I made $6,000 on one day. I was very pleased and I rang a top restaurant and paid for a $150 voucher which I then posted to my broker with a thank you note. He had been broking for over ten years and he told me he had never received a gift! Six months later another “hot” IPO came up. Guess who got the highest allocation of shares of all his company’s clients? I did, even though I am a small client.
I cannot emphasize this tip enough times. Whatever you spend in being generous in business will come back to you tens or hundreds of times over. Of course that is not the main motivation. It is simply being a good human being to be generous to those around you. It also makes the world a better place to live.
Try it today! Send your 10 best customers or clients or contacts a real gift they will appreciate. Don’t wait for it to be a Christmas gift. Just tell them you appreciate them!
Tip #3 Successful People help other Successful People
This is an amazingly powerful success tip. Successful people help each other to become more successful. Wealthy people help other wealthy people to become wealthier. Fit people help other fit people to get fitter. And so on.
If you want to be successful, help other people to become more successful. Don’t charge people, give your advice for free. The reason is simple; those successful people will help you in return. It will also build your reputation and build goodwill around you. There are tons of successful people you can help with your skill base.