Wanting to get my income up, I’ve been thinking about how I can make some extra money . Inevitably, this leads me to think about how I can be more productive with the resources at my disposal, and I thought I’d pass this brain-work on to you for your consideration. Do you make money by time, task, or potential? Three Ways to Make Money I believe that how you make your money is vital to your future success. Keep in mind that I didn’t say how much you make is vital, although that is important and the end goal. Here are three ways you can make your money. Which one are you using, and how is it working out for you? 1. Make money by selling your time. Paid by the hour? What you’re doing is selling your time. Now, depending on how much you’re making per hour, this may or may not be the right way for you to make your money. If you’re making minimum wage, you certainly don’t want to sell your entire life to that job. If you’re making $30 per hour, you might want to hold onto that one! But there’s still something lacking in selling your time. We’ll get to that in a moment. 2. Make money by selling a task to be completed. Let’s say your a contractor or freelance writer . You’re probably getting paid by the tasks you accomplish. You can save a lot of time this way and work to find ways to speed up your process. The risk in this is that you might not keep your quality up. If you’re self employed or working on projects, make sure that you do quality work and create things you’d be proud enough of to show your mother! But again, there’s still something lacking in selling tasks. It has to do with the future . . . . 3. Make money by working for long term potentials. This third way to make money I have found most rewarding in the long run. You may have heard this type of work described as “working smart” or “generating passive income .” I believe too many people focus on short term income, and don’t consider future benefits of their work. All too often, people work for a set amount of money for a set amount of time or for accomplishing a specific task. Don’t get me wrong, I think the first two methods can surely keep you afloat. But if you want to launch into something greater, consider working in a way that will generate income automatically after your time is spent or your project is completed. Allow me to give you an example. In my business online, I work using all three methods. I get paid by how much time I spend on a certain project, if I complete a certain task, and also by previous work that continues to generate income. I value all of these sources of income, and deem them very important. But the most important work I’ve done has been on those articles I’ve written that continue to bring in affiliate sales or Google AdSense income. My Challenge to You So here is my challenge to you: find ways to work that will potentially benefit you in the long run. Spend some of your time not only making money, but working on projects that have the future potential to make you money. Any company will tell you that in the beginning of its ventures, it made almost no cash. But all of that hard work was what the company needed to lay a firm foundation from which it could grow. What do you think? How do you make your money? What projects have you done for free in the past that now bring in substantial income? Meet us in the comments! Photo by the air we breathe Related Articles: 3 Ways To Better Focus At Work Make Money Designing Logos 5 Legitimate Work-From-Home Jobs 10 Ways To Make Money Writing Online How To Set Strong Long Term Financial Goals 10 Ways To Simplify Your Life (And Make and Save Money In The Process) How To Solve Financial Problems | Earn More or Save More? John Frainee is a personal ﬁnance writer at TheChristianDollar.com . His goal is to provide biblical ﬁnancial principles that encourage people to live healthier lives. Beyond personal ﬁnance, John enjoys spending time with his wife and two crazy cats, playing a competitive game of Monopoly, and reading just about anything he can get his hands on. You can also ﬁnd him on Twitter and Facebook . As a thank you for subscribing to our newsletter you can download our quick eBook ” 25 Ways To Save Money in 2011 ” for FREE! The articles on this site are for entertainment purposes and should not be taken as financial advice. Please contact a financial professional for specific advice regarding your situation. Also, many of the CPF articles help us pay the bills by using affiliate relationships with Amazon, Google, eBay and others. Find out more here .
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3 Ways to Make Money: By Time, Task, or Potential