We want to make money!

We all know that to make money you often need to invest money. Sometimes that money can be hard to come by, and sometimes an opportunity sounds SOOOO good that we are tempted to raise money in a hurry: credit cards, pawnshops, money lenders, title brokers. There are plenty of folks willing to lend money for some collateral and a fee, but the flimsier the collateral, the stiffer the fee. Sometimes your back might be against the wall and you have no choice, but growing your wealth is about being financially prudent. If you are contemplating borrowing money, you should ask yourself what you are borrowing it for: a new trinket, the latest gadget, a hot racing tip? If that’s the case then maybe you should think twice and try to save your money rather than go into more debt. On the other hand, if you are trying to raise money to obtain an asset - something that will increase in value, something that will pay a higher return than the interest on your loan, then you might be willing to consider a riskier strategy. Just remember, never risk what you can’t afford to lose, and if you do find yourself bringing your stamp collection to the nearest pawn broker then you might want to ask around to find out their reputation first. As always, research is your best friend. And where do you research information on the pawnshop industry? Where else, but the National Pawnbrokers Association.

I wish I could tell you I was the only one out here in cyberspace running a blog about trying to make money.  If I were I would have tons of traffic on this site, and lots of ad revenue to go with it!  Alas, I’m only just beginning and it will take some time before I build up my audience.  Until the day when I can claim that this site is THE authoritative source on how to plan for your financial future, I strongly urge you to do some research on your own.  In other words I’m not the only game in town, and it would be silly of me to pretend that I am, and silly of you if you don’t sift through a few other blogs to see how the info here compares with others.  One site that I think is quite good, and seems to be poised for growth is Cyberwyre. They’ve recently added a couple of new authors, and frankly I hope to learn from their insights.  But don’t worry, I’ll keep pointing you to sites that I hope are worth your time and that may give you the inspiration to achieve your dreams of financial security.

Owning your own business is the American dream, but it can be an intimidating dream for the fledgling entrepreneur. One way to limit the risk and benefit from the planning and experience of more seasoned business people is to purchase a franchise. Franchises vary considerably in startup costs and it is important that you do your homework to make sure that you are dealing with a reputable franchise vendor. Many cities host franchise fairs where representatives of many franchisors display their wares and can discuss their business models with you. Remember to watch out for high pressure sales tactics and don’t be afraid to ask even the most naive questions - this is your future we’re talking about. You should also seek out and talk to other franchise owners to learn about their real-world experiences launching and growing the same business that you are considering launching. A great place to start your homework is this guide from the Federal Trade Commission: A Consumer Guide to Buying a Franchise

Taxes!  Nobody likes that word, but with April 15th just a month away it is time to wake up and smell the deductions.  Being smart about your taxes won’t help you earn more, but it may help you keep more of what you earn.  Not a bad idea.  Of course one of the things that makes taxes so complicated is that the rules keep changing, and it is hard to keep up with the experts.  Here is a good article from AM Online that recaps some of the new rules for this year: 2006 Tax Law.

You might also want to do your own taxes - there is great software available to guide you through the process.  Two of the most popular are:

TaxCut 2005 Premium (non-tax states) and TurboTax Total Tax Solution Premier 2005 with State Win/Mac

Here’s wishing you many happy returns!

And let me set the record straight on this: When it comes to making money, I am no expert. I’m doing okay, but nothing to write home about. I’m here to learn and to share some of what I learn and some of the resources that I find along the way. Everyone has to follow their own path, but there are good guides out there. One name I trust when it comes to money is that venerable institution known as The Wall Street Journal. They are the heavyweights, the top guns, the no-nonsense team that keeps the financial world informed. We all know their wonderful newspaper, but they also put out books on all kinds of subjects that I think a reader fo this blog would find interesting. Here are a few:

• The Wall Street Journal Complete Money and Investing Guidebook
• The Wall Street Journal Guide to the Business of Life
• The Wall Street Journal Guide to Planning Your Financial Future, 3rd Edition : The Easy-To-Read Guide to Planning for Retirement (Wall Street Journal Guide to Planning Your Financial Future)

Since this site is all about making money and all about helping others do the same, I thought I would provide some commonly used keywords for searching on topics related to making money:

 Make Money • IRS • Retire Rich • 401K • Save Money • Smart Investing • Financial Planning • Franchise Business • Entrepreneurs • Millionaires • Billionaires • Charitable Giving • Real Estate Investing • Mutual Fund • Stock Market • Wall Street • Dow Jones • NASDAQ • NYSE • Living Well