Sunday, 23 November 2008

How to make money without working

Making money without working is everyone's dream. Few people succeed in such schemes, but there are a lucky few. While most people have to work for a living, the good news is that there are alternatives.

Some people say that if you earn money doing what you love doing, then it isn't work. Sometimes musicians, artists and writers feel this way. These are people that have a strong need to express their creativity. They would have to do it even if they did not get paid. Success means that they can do what they love and be paid for it.

Developing a business that is self sustaining and produces a residual income is another way to make money without working. Building a business will require some initial effort. The effort may be very substantial, but once the business becomes self-sustaining there is a work free income.

There is always the option of using your vast wealth to make money. If you have enough, then you can let the money work for you. There are a number of ways to do this, but the main investments are property and equities. While there are many that have been caught short in the current financial crisis, they have generally managed to make plenty of money in the long run. If you have some money available for investment, then the best time to invest is now when prices of investments are low.

Then there are the money for free traps. There are thousands of Internet scams offering vast wealth in exchange for a small initial layout. These are a one-way ticket to losing everything. Get rich quick schemes are just that. The originators of the scheme get rich at your expense.

Some people believe that they can make money by gambling. The casinos and betting shops are full of these delusional people. Of course it is possible to win from time to time, but millions of compulsive gamblers have found that the money flows in one direction. Casinos and betting shops ensure that the odds are firmly set in their favour. It is a statistical certainty that the punter will lose in the long run. There are some exceptions. A skilled poker player may be able to make money by playing against weaker players, but the lifestyle is still precarious.

Then there are those that turn to crime. The scammers, fraudsters and armed robbers. Some of them make money - but then participating in crime is their work. So even that does not bring in money without working.

Most people have to work to make money. For them, the only time that success comes before work is in the dictionary.

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