• MONEY, MONEY EVERYWHERE:  There’s about $37 trillion circulating around the world in coins, notes and bank accounts, give or take. So why is money so hard to come by? The simple answers are that you need money to get money, and it’s easier to spend it than it is to earn it. But don’t give up – here are some tips for boosting your earning potential, from self-made millionaire Rob Moore.

    MONEY, MONEY EVERYWHERE: There’s about $37 trillion circulating around the world in coins, notes and bank accounts, give or take. So why is money so hard to come by? The simple answers are that you need money to get money, and it’s easier to spend it than it is to earn it. But don’t give up – here are some tips for boosting your earning potential, from self-made millionaire Rob Moore.

  • DON’T ASK FOR A RAISE:  ‘No one’s going to double your income unless you can do the job that pays double your salary. So instead of asking for a raise, work out which role pays double and learn how to do it,’ says Moore.

    DON’T ASK FOR A RAISE: ‘No one’s going to double your income unless you can do the job that pays double your salary. So instead of asking for a raise, work out which role pays double and learn how to do it,’ says Moore.

  • DON’T ASK FOR A RAISE:  The trick is to spend 80% of your time mastering your current job, and 20% learning as a springboard for your next role, says Moore, who co-founded Progressive Property in his late 20s and became  a millionaire by the time he was 31.

    DON’T ASK FOR A RAISE: The trick is to spend 80% of your time mastering your current job, and 20% learning as a springboard for your next role, says Moore, who co-founded Progressive Property in his late 20s and became a millionaire by the time he was 31.

  • DON’T BUY A CAR:  There may be smarter uses for your cash. ‘Instead of buying a £50,000 car, find a lease deal for £400 a month, then build up an asset that creates an equivalent income to cover the lease payments,’ says Moore.

    DON’T BUY A CAR: There may be smarter uses for your cash. ‘Instead of buying a £50,000 car, find a lease deal for £400 a month, then build up an asset that creates an equivalent income to cover the lease payments,’ says Moore.

  • DON’T BUY A CAR:  The key is to choose assets like mature shares or property that retain their value – unlike that sports car you would have bought.

    DON’T BUY A CAR: The key is to choose assets like mature shares or property that retain their value – unlike that sports car you would have bought.

  • COPY SUCCESSFUL PEOPLE:  Don’t resent the person who has the job you want. Talk to them and learn how they do it. ‘Success leaves clues. It’s better to make mistakes vicariously through someone sharing theirs with you, than having to go through them yourself,’ says Moore.

    COPY SUCCESSFUL PEOPLE: Don’t resent the person who has the job you want. Talk to them and learn how they do it. ‘Success leaves clues. It’s better to make mistakes vicariously through someone sharing theirs with you, than having to go through them yourself,’ says Moore.

  • COPY SUCCESSFUL PEOPLE:  It doesn’t have to be someone more senior than you. There’s also a lot you can learn from your peers, if you’re open minded and keep good relationships with them.

    COPY SUCCESSFUL PEOPLE: It doesn’t have to be someone more senior than you. There’s also a lot you can learn from your peers, if you’re open minded and keep good relationships with them.

  • DON’T PUT YOUR EGGS IN ONE BASKET:  ‘Being reliant on one income stream puts you at risk from outside forces and changes. Save and invest a portion of your income into other avenues, building them up progressively over time,’ says Moore.

    DON’T PUT YOUR EGGS IN ONE BASKET: ‘Being reliant on one income stream puts you at risk from outside forces and changes. Save and invest a portion of your income into other avenues, building them up progressively over time,’ says Moore.

  • DON’T PUT YOUR EGGS IN ONE BASKET:  The average millionaire has three income streams to reduce the risk. ‘Have some liquid, secure assets - like your maximum ISA allowance every year - and more illiquid, capital-based assets like property,’ says Moore. Teaching your skills is another smart route, which makes you feel better too.

    DON’T PUT YOUR EGGS IN ONE BASKET: The average millionaire has three income streams to reduce the risk. ‘Have some liquid, secure assets - like your maximum ISA allowance every year - and more illiquid, capital-based assets like property,’ says Moore. Teaching your skills is another smart route, which makes you feel better too.

  • SOLVE BIGGER PROBLEMS:  Aim small, miss small, as Mel Gibson said in The Patriot. ‘Put your hand up and take responsibility for solving the biggest problems you can,’ says Moore.

    SOLVE BIGGER PROBLEMS: Aim small, miss small, as Mel Gibson said in The Patriot. ‘Put your hand up and take responsibility for solving the biggest problems you can,’ says Moore.

  • SOLVE BIGGER PROBLEMS:  ‘Be like Thomas Edison, who had almost 10,000 ‘failures’ before he solved the light bulb. He just saw it as one step closer to his goal.

    SOLVE BIGGER PROBLEMS: ‘Be like Thomas Edison, who had almost 10,000 ‘failures’ before he solved the light bulb. He just saw it as one step closer to his goal.

  • LEARN HOW MONEY WORKS:  You don’t have to swallow an economics text book to understand a few basic rules. For example, ‘money tends to flow from those who value it least to those who value it the most’ and ‘money will not change you, it will only make you more of who you are’.

    LEARN HOW MONEY WORKS: You don’t have to swallow an economics text book to understand a few basic rules. For example, ‘money tends to flow from those who value it least to those who value it the most’ and ‘money will not change you, it will only make you more of who you are’.

  • LEARN HOW MONEY WORKS:  ‘Commit to reading and learning about money, using podcasts, books, articles and audiobooks. Gain the knowledge and become the person who attracts and retains wealth,’ says Moore.

    LEARN HOW MONEY WORKS: ‘Commit to reading and learning about money, using podcasts, books, articles and audiobooks. Gain the knowledge and become the person who attracts and retains wealth,’ says Moore.

  • CROWDSOURCE YOUR FUTURE:  ‘The hardest way to solve problems, progress and make more money is to come up with all the ideas yourself,’ says Moore.

    CROWDSOURCE YOUR FUTURE: ‘The hardest way to solve problems, progress and make more money is to come up with all the ideas yourself,’ says Moore.

  • CROWDSOURCE YOUR FUTURE:  Use friends and colleagues for ideas and contacts, and make sure you give back too. Good careers are built on good relationships.

    CROWDSOURCE YOUR FUTURE: Use friends and colleagues for ideas and contacts, and make sure you give back too. Good careers are built on good relationships.

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How to earn more money: Tips from a self-made millionaire

by Adam Gale
Last Updated: 06 Mar 2018

Images: Shutterstock

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