Make Money Online for Beginners & Dummies by Giovanni Rigters, Jeffrey Mac

Dont Let Lack of Knowledge Stop You

There are plenty of investment apps and investment information services to will help you become a successful investor, even though you’re just starting out–hey, maybe you can call yourself an apprentice now, at a minimum!

Some will even fully manage your investments for you, and at a surprisingly low cost.

And once you’re ready to begin trying your hand at self-directed investing, go slowly.

Make sure you have a solid base of emergency savings and managed investment accounts.

Then gradually move into self-directed investing on a diversified investment platform, one with all the tools you’ll need to be a successful investor.

At some point you may even decide self-directed investing isn’t your thing, and that’s fine.

Very few people could remotely qualify as investment experts, so you’re in good company if you’re not one of them.

But you can still take advantage of managed accounts, like Betterment, to handle the work of investing for you.

The only requirements are a willingness to get started, and a decision to commit to the long-term, and you’ll have everything you need to be a successful investor.

How to Become a Millionaire: 5 Actual Ways to Get Rich

Okay, okay. Enough about the whys behind becoming a millionaire.

Here are 5 actionable ways you can actually become a millionaire.

Option #1: Find Work to Do for Life

Like I’ve been saying, the best way to get rich is just live your day like you don’t have to actually make any money.

Obviously don’t be a lazy-ass bum, but just do things that you really enjoy.

If you’re like, oh how do I actually make money doing stuff I like? You could start your own company! Be like the founder of who loves playing chess so he started a chess website and now he makes a lot of money doing chess.

Listen to my podcast with the founder of here.

Or my buddy David Hauser — he started a company called Grasshopper that does voiceover IPs so you can have your own telephone number from your computer.

He started the company and sold it many years later for over $200 million bucks! He owned 50% of the business so he’s worth over $100 million dollars today.

Option #2: Ride the Waves

There are many ways of getting rich.

Just because I did it in tech and startups doesn’t mean that you have to do it that way.

Catch the early waves of what’s a growing market, and be a pioneer.

One of my very good friends was an early employee at Lyft — so he got super rich by being an early employee and getting shares in the company, and then it went public.

There’s two different ways of doing it:

  • Create your own category so you create the wave

Like Uber, Lyft, Airbnb — there was nothing like that really before and so your upside is crazy high… But also your downside is crazy high. You’re more likely to fail.

  • Or do what’s already working

I like to try to do what’s already kind of working. My upside’s not going to be insane but there’s a higher chance it’s actually going to work out.

An important thing that I really want to encourage you to do, is don’t just be wave chasing. Find the waves you’re genuinely interested in and chase those ones.

Option #3: Commit to it for 10 Years

Whatever it is — just commit to it for 10 years.

Remember that 10-year rule.

I have seen numerous times that if you can commit to something, keep improving it, and you do it for 10 years — you will be as rich as you want.

Option #4: Just Marry Rich

You can always just marry someone rich if you’re lazy — and then you’ll get rich fast!


But honestly sometimes that just seems a lot easier…

Option #4 for real: Industry Selection Matters

There’s people I know that are working in debt collection. That’s fine.

How big is that actual opportunity? It’s debatable.

Choosing the right industry can make you a lot of money.

It doesn’t always have to be trending industries either. I’m a big fan of unsexy businesses that no one wants to do — but you can make bank doing some of that stuff.

But some of these other businesses and industries have huge tidal waves happening and it’s going to stick around. Just choosing a different industry and doing the same amount of work you’d normally do, you can actually get super rich.

A good buddy of mine literally spent almost every dime he earned buying Ethereum for a long time and now he’s worth nine figures. He picked an industry he believed in, and it paid off.

Option #5: Work for Rich People

You could also just go work for someone who’s already rich.

If there’s someone out there who you really admire who’s already rich — just go work for them!

You’ll see the different things that they’re doing and they’ll probably help you get rich.

My goal for the people on my team is to help them get rich or whatever type of lifestyle they want.

I think one other key thing here that stands out is this plays into not doing what everyone already tells you to do to get rich. Go get rich by finding something unique. Go work for a unique founder or a unique business that you believe in and get rich that way.

If you’re doing the same thing as everybody else you’re going to get the same results.

So go do something different.

Go find some type of business you don’t really see anyone else doing or find a way that works for you and double-down on it. Really explore it regardless of what everybody else thinks.

My stepdad Norm did this.

He had a traditional engineering job in Silicon Valley and he just invested really boring and well over 20 years which helped him retire early.

So instead of having a crazy story like being an early employee at a company that did well or having a huge exit from an IPO, he had a traditional job, invested pretty smart and boring, and was able to retire from that.


Which passive income source is best?

The question of which passive income source is best depends on several factors, but some of the most important include the amount of money you have to invest, the total opportunity size, your interest and ability in the area, the amount of time you need to invest and the potential to succeed. Typically, the lower the barriers to entry, the more crowded the field of competitors and the lower likelihood of success.

So you’ll need to weigh the opportunity against these factors and see which passive income strategy works best for you. But it can be helpful to have natural ability and an interest in your target area, because these can help motivate you in the early days when things are likely to be tougher.

There are passive income opportunities for people who are starting out with some money and even those who have no money to start.

How can I make passive income with no money?

If you have little or no money to start, you’ll have to rely mostly on your own time investment to power you through, at least until you build up a little money. That means focusing on passive income sources that take advantage of the following traits:

  • An area where you’re an expert. Here you can build your expertise out into a useful product or service for consumers, e.g. design, software coding and others.
  • An upfront work-heavy opportunity. You’ll need an opportunity that requires a time or work investment, such as creating a course, building out an influencer profile or other options.

In effect, you’re substituting your time for your lack of capital, until you can get enough capital to expand your set of opportunities.

How can I make passive income with money?

Money can provide you with more passive investment opportunities. If you have money to invest in a passive opportunity, you have not only the opportunity set above but a new range, too. Money is a prerequisite for taking advantage of the following passive income areas:

  • Investing in dividend stocks or REITs. Investing in stocks means you need money upfront, but you’ll receive some of the most passive forms of income around.
  • Save with bonds or CDs. Other purely passive activities include buying bonds or CDs.

Here you can use your money to make money with little or no effort on your part, if that’s what you’d like to do. Of course, you could pair your money with a lot of time investment to move into an even more lucrative niche, too.

Opening Your First Account

Where you open your account really depends on how much you want to do when it comes to your investments.

If you don’t want to think about investing at all, and just want it all handled for you, you might consider investing at a robo-advisor like Betterment. With a tool like Betterment, you open an account, answer some questions, and deposit your money. Betterment handles the rest for a small annual fee. It’s that easy. You can even setup direct deposits and have it done automatically for you! Check out Betterment here.

If you want a little more control over what you invest in, maybe want to pick some of your own investments, check out M1 Finance. They are a free investing platform that requires a little more work, but they do allow you to customize your portfolio beyond their basics. And best of all, it’s commission-free. Check out M1 Finance here

If you want to see all of the options we recommend, here’s a list of companies that allow you to start investing for free.

Why Invest?

So, now that you understand the basics of investing, why would you invest versus just saving your money – especially since there is the risk of loss?

Because, over time, investing has provided better long term returns that other places of putting your money. And if you want to retire someday, you need your money to work for you and grow. Saving alone will probably not get you to where you need to be.

Here’s some historical perspective on returns for different asset types (long term 80+ year results)

  • Stocks: 9.8% Annual Return
  • Government Bonds: 4.9% Annual Return 
  • Real Estate: 7.5% Annual Return (based on a commercial/residential mixed portfolio)
  • Savings Accounts: 3.4% Annual Return (based on 3 month treasury bills)

The problem with these numbers is two-fold:

1. They’re historical – meaning that because this happened in the past doesn’t mean it will happen exactly the same in the future.

2. They’re average – meaning that you go up and down each year.

However, for the long term, investing has outperformed keeping your money in cash over the long run. So, if you’re 30 years old, and looking at how to grow your money to a solid amount by the time you’re 65, investing is the way to go. Savings alone just won’t cut it for you.

3. Trade commodities

Trading commodities like gold and silver present a rare opportunity, especially when they’re trading at the lower end of their five-year range. Metrics like that give a strong indication on where commodities might be heading. Carolyn Boroden of Fibonacci Queen says, “I have long-term support and timing in the silver markets because silver is a solid hedge on inflation. Plus, commodities like silver are tangible assets that people can hold onto.”

The fundamentals of economics drives the price of commodities. As supply dips, demand increases and prices rise. Any disruption to a supply chain has a severe impact on prices. For example, a health scare to livestock can significantly alter prices as scarcity reins free. However, livestock and meat are just one form of commodities.

Metals, energy and agriculture are other types of commodities. To invest, you can use an exchange like the London Metal Exchange or the Chicago Mercantile Exchange, as well as many others. Often, investing in commodities means investing in futures contracts. Effectively, that’s a pre-arranged agreement to buy a specific quantity at a specific price in the future. These are leveraged contracts, providing both big upside and a potential for large downside, so exercise caution.

Related: What Starbucks Teaches About Marketing Commodity Products

And DIY-ers – don’t be a hero

If you do prefer to pick and choose your own investments, then I remind you of the words of George Soros, a hugely successful investor. Good investing is boring – if you’re enjoying it, you’re probably not very good at it. (I paraphrase).

Humans are lovely but flawed creatures. As soon as we start to pick and choose, ego comes into the equation -and ego is a horrible investor.

Consider using funds as a way to have some control over investing, but still have a very diversified mix of investments.

Holly Mackay is the CEO and founder of Boring Money, which provides independent reviews and Best Buys for investors. She holds more than 25 test investment accounts, to help her sort the good from the bad and the ugly.

If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join our Facebook Group, Money Pot.

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