Money is any
item or verifiable record that is generally accepted as payment for goods and services and
repayment of debts in a
particular country or socio-economic context.[1][2][3] The main
functions of money are distinguished as: a medium of exchange; a unit of
account; a store of
value; and,
sometimes, a standard of deferred payment.[4][5] Any item
or verifiable record that fulfills these functions can be considered as money.
Money is
historically an emergent
market phenomenon establishing a commodity
money, but nearly
all contemporary money systems are based on fiat money.[4] Fiat
money, like any check or note of debt, is without use value as a
physical commodity. It derives its value by being declared by a government to
be legal tender; that is, it
must be accepted as a form of payment within the boundaries of the country, for
"all debts, public and private".[6]
The money supply of a
country consists of currency (banknotes and coins) and, depending on the
particular definition used, one or more types of bank money (the
balances held in checking accounts, savings
accounts, and other
types of bank accounts). Bank money,
which consists only of records (mostly computerized in modern banking), forms
by far the largest part of broad money in
developed countries.[7][8][9]
Ways to Make
Money Fast
1. Drive for
Uber or Lyft.
Companies
like Uber and Lyft offer a
great opportunity to make some quick cash. You'll need a clean driving record,
a fairly new car and the authorization to work wherever it is that you live. If
you have all of those things, you can work when it's feasible for you, whether
that's in the middle of the day during rush hour, or in the wee hours of the
night on a weekend. The choice is yours.
2. Become a
market research participant.
In
college I participated in loads of market research. It's fairly quick
money for not a lot of work. Companies looking for consumers' opinions on a
variety of products and services put you in a room to garner your opinion.
That's it.
This often
involves writing or stating your opinion, answering polls or surveys, or
breaking off in a discussion group. The mechanics don't matter much. The point
is that you can rely on it from time to time.
3. Sell old
books on Amazon.
Amazon makes
it fairly easy to list and sell old books on its marketplace. You can make
more than just a few bucks If you have pricey text books from college. Be
sure the books are in good condition. You'll get negative reviews if you
attempt to sell books that are falling apart. Remember, add value where you
can, no matter how small it might be and no matter how few people might readily
notice it.
4. Sell, or
resell, used electronics on Craigslist.
The
market for used electronics is vast. You can use Craigslist to part
ways with your old iPhone or your MacBook. You can grab a premium for these
types of electronics. Some people even flip items by buying them and reselling
them.
You could also
use a website like Gazelle to sell your used phones, no matter
what kind you have. Companies like that have made an entire business model out
of buying used phones and refurbishing them. Either way, you can expect to get
a fair bit of money relatively quickly if you have these items laying
around your house.
5. Do tasks
with TaskRabbit.
TaskRabbit lets you
tap into an existing marketplace of people looking for help locally with
chores. The tasks aren't always small. This platform (along with others) offers
bigger tasks, such as home renovations, as well.
Amazon is
getting into the task business with Amazon Home Services. The services
listed there range from very small repairs to larger and more involved tasks
that would take considerably more effort.
6. Deliver for
PostMates.
You
can earn some cash when you're in dire straits by using PostMates, and you
don't even need a car, just a bike for deliveries in busier cities and downtown
centers. I've used it often to get food from specialty places that don't
deliver themselves, but it can be used for many things.
PostMates
states on their website that you could earn up to $25/hour doing deliveries.
You could also earn some tips in the process so it's a great option for people
that are looking to do something in their spare time, similar to the big
ride-sharing apps that are hogging up app stores everywhere.
How to Get Rich
Wealth: nearly
everyone wants it, but few people actually know what they need to do in order
to get it. Becoming rich takes a combination of luck, skill, and patience. To
get rich, you'll need to set yourself on a path that leads to a monetarily
enriching career, then handle the money you earn wisely by investing it, saving
it, and reducing your living expenses. Getting rich isn't easy, but with a
little bit of perseverance and skillful decision making, it's definitely
possible.
Investing
Put money in the stock market. Invest money in stocks, bonds, or
other vehicles of investment that will give you an annual return on investment
(ROI) great enough to sustain you in your retirement. For instance, if you have
one million dollars invested and you get a reliable 7% ROI, that's $70,000 per
year, less inflation.
·
Don't get enticed by day traders who tell you it's easy to make a quick
buck. Buying and selling dozens of stocks every day is essentially gambling. If
you make some bad trades — which is unbelievably easy to do — you
can lose a lot of money. It's not a good way to get rich.
·
Instead, learn to invest for the long run. Choose good stocks with solid
fundamentals and excellent leadership in industries that are primed for future
growth. Then let your stock sit. Don't do anything with it. Let it weather the
ups and downs. If you invest wisely, you should do very well over time.
Save money for retirement. Keep saving. It seems that
fewer people are saving adequately for retirement. Some feel they may never be
able to retire. Take advantage of tax-deferred retirement plans such as IRAs
and 401Ks. The tax treatment they embody will help you save faster for
retirement.
·
Don't put all your trust in Social Security. While it's a good bet that Social
Security will continue to work for the next 20 or so years, some data suggest
that if Congress doesn't radically alter the system — either by raising taxes
or reducing benefits — Social Security won't be available in its current form.
It is probable, however, that Congress will act to "fix" Social
Security. In any event, Social Security was never designed to be the only
resource for retirees in their later years. That makes it all the more
important that you save and invest for the future. [1]
·
Invest in a Roth IRA. A Roth IRA is a retirement
account to which working individuals can contribute an annual sum of $5,500.
That money is then invested and gathers compound
interest.
If you wait until retirement age to take money out of your Roth IRA, the money
that you withdraw isn't taxed, because it was taxed at the time you first
earned it.
·
Contribute to a 401(k) account. This is an account set up by
your employer where pre-taxed contributions can be invested. Your employer may
choose to match all or part of your contributions. This is probably the closest
thing you'll get to "free money" in your life! Contribute at least
enough to take full advantage of the match.
·
Invest in real
estate. Relatively stable assets
like rental properties, or potential
development land in a steadily growing area is a good way to build
wealth. As with any investment, there are no guarantees. Many people, however,
have done quite well with real estate. Such investments are likely to
appreciate in value over time. For example, some people think that an apartment
in Manhattan is almost guaranteed to increase in value over any five-year
period.
·
Invest
your time. For
example, you might like having free time, so you give yourself a few hours a
day to do nothing. But if you were to invest those few hours into getting rich,
you could work towards having 20 years of free time (24 hours a day!) with
early retirement. What can you give up now in exchange for being rich later?
Investment advisor Dave Ramsey likes to tell his radio audience, "Live like
no one else today so that you can live like no one else tomorrow."
Avoid purchases
that are likely to depreciate rapidly. Spending $50,000 on a car is
sometimes considered a waste because it's likely that it won't be worth half
that much in five years, regardless of how much work you put into it. As soon
as you drive a new car off the lot, it depreciates about 20%-25% in value and
continues to do so each year you own it. [2] That makes buying a
car a very important financial
decision.
Don't spend money on stupid stuff. It's hard enough making a
living. But it's hard and painful when the things you spend
your hard-earned cash on are financial black holes. Reevaluate the things you
spend money on. Try to figure out whether they are truly "worth it."
Here are some things you probably don't want to spend that much money on if you
plan on becoming rich:
·
Casinos and lottery tickets. The lucky few
make money. The rest of us lose it.
·
Vices such as cigarettes. Heavy smokers can only watch
their money go up in smoke.
·
Huge markups like candy at the movie theatre
or drinks at a club.
·
Tanning booths and plastic surgery. You can
get skin cancer for free outside if you'd like. And do nose jobs and botox
injections ever look as good as promised? Learn how to age
gracefully!
You're not the only one getting older.
·
First-class plane tickets. What are you
getting for that extra $1,000? A hot towel and another 4 inches (10.2 cm)
of leg room? Invest that money instead of throwing it away.
·
Stay
rich. It's hard to get rich, but
it's even harder to stay rich. Your wealth is always going to be affected by
the market, and the market has its ups and downs. If you get too comfortable
when times are good, you'll quickly drop back to square one when the market
hits a slump. If you get a promotion or a raise, or if your ROI goes up a
percentage point, don't spend the extra. Save it for when business is slow and
your ROI goes down two percentage points.
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