Make A Lot Of Money – Here’s How

I’ve gone over this a little before, but the volume of questions I receive on this topic make it clear to me that I need to revisit the question of how to make a lot of money.  I guess because this site’s title has the word “rich” in it, it attracts all sorts of people on the internet, and that’s fine.  I don’t have the hangups about money that some others do, and I don’t think that having a lot of money is inherently evil.  As long as your growth as a person is accelerating at the same rate as your bank account, then you’re A-OK in my book.  After all, it’s what you do with your wealth that really matters.

How To Make A Lot Of Money

There is no shortage of people who want to learn how to make a lot of money, but few of them have the work ethic necessary to actually achieve true financial freedom.

The problem, though, with attracting all types of cash-seekers to this site is that many of them seem to be looking for that quick hit that requires a minimal amount of effort.  Lots of people want to know how to get rich quickly or easily, but as those of us who have been around the block a time or two will attest, achieving wealth is almost never quick or easy.  There’s a reason why only a small percentage of people on this planet are absolutely loaded, and it’s that only a small percentage of us have both the desire and the enduring drive necessary to get there.  Newsflash: If you want to make a lot of money you have to work your butt off!  There is no easy way unless your last name is Hilton or Walton, and even those families spent decades and massive amounts of energy to get to ultra-wealth status.  Anybody that tells you otherwise is selling you something, and that something is a big, heaping, steaming pile of BS.

This is not to suggest that your contracting or service business will necessarily require decades to make you rich.  I’ve seen situations where a young small business owner worked extremely hard and became a millionaire within 5-6 years (and it’s a model I’m personally trying to follow right now), but if you’re expecting to earn a six-figure income right off the bat remodeling kitchens and bathrooms then you’re in for some disappointment.  It will take time.  It will take sweat.  It will take sacrifice.  If you really want to learn how to make a lot of money then you better be prepared for battle.

There’s a Lance Armstrong quote that goes something like this: “Pain is temporary; losing is forever”.  Apologies to Lance if I got that wrong but I think the gist is evident.  There have been days in my business when everything that could go wrong did go wrong, when the deck seemed stacked against me, when all signals seemed to be that I needed to give up and go ask my old boss for my job back.  But, so far at least, in each of these instances I’ve been able to pull back from that edge by reminding myself that pain is temporary and losing is forever.  It is the decisions we make in these instances of doubt and confusion that ultimately separate the winners that make money from the losers that make excuses.  When the stuff hits the fan 95% of us will wither and retreat.  The other 5% will fight on with the knowledge that no matter how bad today is it will be a better tomorrow, not only because things are never as disastrous as they seem in the moment, but also because they know that the other 95% will have thrown in the towel.  The 5% consists of some ornery and stubborn SOB’s, and if you want to make a lot of money with your own business you’ll have to be that way, too.

Okay, so let’s say you’ve got the work ethic and you understand that in order to make a ton of money you’re going to have to put in the time.  Next step: what kind of business to devote yourself to for the next several years or more.  I’ve gone over this in previous posts so I won’t rehash.  I suggest reading about making money with a simple service, getting rich via replication, and finding a profitable niche, just for starters.  Just know that unless you’re ready to scrap and bust your butt the rest is a moot point.  A tenacious business owner can make a go of it in the worst of industries while a limp noodle will have trouble growing a business even in the hottest fields.  Oh and, by the way, if you think that you can grow exponentially without spending at least a little money on the exploding opportunities that are available right now in small business web marketing then you are sorely mistaken.  Familiarize yourself with the leverage that the internet can offer or risk losing out on the huge percentage of consumers who no longer even use their phone book.

This post has sort of rambled on and I apologize to my regular readers for the sermon, as this is intended not so much for you but for the new folks who stumble in here expecting that I’m going to show them the “secrets” to making a lot of money without doing much work.  It was time for some brutal honesty.

So, a fair and kind heads-up to the newbies out there.  Send me an email demanding to know “how to make a lot of money fast” and expect that I will reply with a link to this post and probably nothing more.


Similar Posts:

If you enjoyed this post, please consider leaving a comment or liking it on facebook (yep, it's that button to the left). Thanks!
This entry was posted in Starting Your Business and tagged , . Bookmark the permalink.

6 Responses to Make A Lot Of Money – Here’s How

  1. Jeff says:

    Your rambling on helped me feel better today. I have been a general contracting in Florida for about 7 years and been through some really tough times which was extremely difficult on my family and I! I have managed over the last 2 years to go from homelessness and almost a broken family to owning a sweet home on a canal in the Florida keys. So that shows what hard work can do! Believe me it wasn’t easy.
    Well today I had the feeling of throwing in the towel for the first time in a long time. Things have gone very wrong on some jobs and business has been TEMPORARILY slow. My finances have gone to 0 along with the stress and anxiety levels to 10. So, the deck is piled up against me rite now!
    But hard work I will keep doing and the rick contractor I will be! I think i’m gonna stick with the Lance Armstrong part about pain is temporary!
    I appreciate your effort in putting your blog out.
    Jeff

    • Scott says:

      Hey Jeff,
      Thanks for your comments. It sounds like there have been a lot of ups and downs for you and your business, and truth be told that’s a very common theme for general contractors all over the country over the last decade or so. The economy has been so volatile. But I do think that things are finally stabilizing and those who can have the toughness hang in there and keep fighting will ultimately find enduring success. Keep working, keep marketing, keep networking, keep scrapping, keep learning. You’ll get through it!

  2. Jayson says:

    Hello there,

    I am a current Computer Science student at SDSU and im studying algorithm analysis for future use in business analytics… what has brought me here is that I have worked for an electrical contracting company since i was 15…about 6 years on and off when out of school. My boss, Stan is 31 years old and started our company in 2004, he was just 21. He does pretty well, never crazy loaded with cash but has multiple houses,a nightclub, toys, etc.. he works his ass off and knows the money is worth it but most of the time with so many jobs going on at once he gets spread out real thin and for the last 5 years essentially hasnt been able to enjoy the fruits of his labor. Basically, i have been preparing myself to not only take some of his work load on, but to also drive the company to the next level. He essentially wants me as an apprentice but will be paying a good dollar for me to do it. My request is an article or a point in the right direction on the best way to prepare your apprentice to not only eventually take over but to take it to the next level as well. Thank you for smackin some cheap skates who dont wanna work hard. Maybe they will figure it out and come work for me someday

    • Scott says:

      Hi Jayson-
      Thanks for the comment. I don’t have a specific post on the site yet for how to prepare an apprentice to take over, but if you’ve worked for him for that long then you are probably already better prepared than you think you are. As for taking things to the next level, I still believe there is no better way than to leverage the heck out of the internet. That means having a good company blog, making sure you’re listed with google and yahoo local, and working on your reputation on angies list, houzz, and porch, etc. Actually, it looks like you already have blog set up but there’s hardly anything on it. Start putting in the hours on the blog and you will see results. My series about starting a killer blog begins here: http://www.richcontractor.com/how-to-start-a-successful-blog-for-your-business/. Thanks for the comment!

  3. Donnie says:

    I just stumbled on ur site an I agree with u 100% about working hard an putting money out to build business. My problem is that I had a real strong business about 5yrs ago an it crashed an I went out for 1 yr then went work for someone else of an on for a couple of yrs. I it so hard to work for someone else an u no just as much or if not a little more than them an quality of there work is in exseptable to what I would ever give to my customers. I have in the last 2 yrs stared back my own business an doing ok. I have a good repatation but there are so many in my area that I can’t compete with there pricing. Half of them are not licensed an insured or if they are they are cheating somewhere. I also carry workers comp. I no that I have to become more price friendly but I can only go so low. I guess what I’m after is how to grow an expand to keep busy an money flowing. People say the enternet is the way to go but I’m not smart with that at all an I don’t no what to do at all. I offer a wide veriety of services as far as construction. I don’t care what I have to do to move forward but I have no one to guide me wher I need to go I just no that I can an want to be more successful than I am. Anything u may tell me would be a great help

    • Scott says:

      Thanks for the comment, Donnie. I would point you in a few different directions on my blog that can help. But, first let me say that you should keep prices where you need them to cover your costs, to turn a profit, and to pay yourself fairly. Let the low-ballers scrap it out for the low dollar jobs and focus your efforts on wealthier people who value quality and timeliness. Differentiate yourself by letting people know that you ARE fully insured, that you ARE licensed, and that DO you carry workers comp, whereas competitors may NOT. That will help you to win some jobs even if you are priced higher.

      Read this about low-balling: http://www.richcontractor.com/my_weblog/2008/01/lowballing-will.html
      …and this about how to get started with your own blog: http://www.richcontractor.com/how-to-start-a-successful-blog-for-your-business/

      Best of luck!

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>