10 Unusual Ways to Make Money: Wealthy Folks Revealed

10 Unusual Ways to Make Money: Wealthy Folks Revealed

When it comes to managing money, there's no one-size-fits-all approach. However, it's often helpful to take cues from those who have accumulated wealth and learn from their habits and strategies. For example, someone asked in a forum, “To those who became wealthy, what are the most overlooked ways of earning money that people should look at?” Here are the unusual ways to make money that people revealed.

Living Below Your Means

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Through a difficult feat, many people believe it always benefits the pocket to pretend you're not earning so much. Someone said, “I've possessed this mindset since 2020 and am the most financially secure I've ever been.” Another stated, “People tell me I'm good financially, but I don't do anything special or spend much time on it. I just spend a bit less than I earn. It genuinely baffles me that most people don't.”

Creating a Budget

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As an offshoot from that first, one individual noted that making a spreadsheet of your weekly/monthly expenses can be a super helpful tool. If budgeted appropriately, they would understand how they nickel and dime themselves into living in poverty while earning so much annually.

Finding Out Where Your Money Goes

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One user stated that assessment is the first real stage to determine where each dollar is spent. After doing so for a few months, it becomes evident how much dining out, random purchases, and bar drinks cost. You can set as many restrictions as you want, but budgeting will likely be ineffective if you don't take this step.

Not Incurring High-Interest Debt

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Interest payments on high-interest debt can quickly add up, leading to a situation where the interest paid exceeds the original loan amount. If you carry a lot of high-interest debt, your credit score will suffer, and you'll pay more interest and fees. One efficient way to avoid this kind of debt, one user said, is to save for things you can buy without incurring high-interest debt.

Not Impulse Buying

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“Whenever I wanted to make any impulse purchase, I just told myself I didn't have enough money for it because I didn't know how much money I had,” one participant said about their experience with impulse buying. That eventually became ingrained in them, and it became the norm not to waste money without first giving it serious thought.

Investing

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“Accumulate and then invest those early winnings,” another shared. Don't send it right out the door but put that early money to work for you. Keep building it up, and soon enough, all those high-priced items become marginal expenses.

Not Getting Stuck With Analysis Paralysis

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For entrepreneurs, focusing on the crucial small steps that push your business forward is a recipe for success. For example, one user illustrated, “Don't worry about how you will be able to ship 1000 items a day when you're selling 0 items a day.” Another user termed them “peanut butter decisions” and advises spending very little time on decisions that don't matter. Instead, Spend more time on important decisions.

Learning About Business

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One individual who turned a summer job into a successful career after setbacks advised everyone to learn something about business. They attributed their initial failure to their lack of business knowledge. Thus, they admonish that one should find a field they are confident in and start a business there.

Building Equity

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Building equity can be an effective way to increase your net worth and improve your financial position. One user stated that having a job with a generously defined retirement/pension program and taking advantage of it is one method to build equity.

Even though police officers and teachers are not considered particularly wealthy, they frequently have excellent retirement programs that allow them to retire early (as early as age 50) and receive a pension equal to or nearly equal to their previous salaries. Alternatively, you can build equity by investing in stocks, bonds, and real estate.

Paying Credit Card Bills

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If you pay off your credit card balance in full every month, you can save interest and late fees, raise your credit score, and better handle your finances. Ultimately, good financial hygiene can keep you out of debt and strengthen your savings.

Do you have any other tips to add to this list? Comment below!

This thread inspired this post.

Amaka Chukwuma is a freelance content writer with a BA in linguistics. As a result of her insatiable curiosity, she writes in various B2C and B2B niches. Her favorite subject matter, however, is in the financial, health, and technological niches. She has contributed to publications like Buttonwood Tree, FinanceBuzz, and Wealth of Geeks.