The 5 Options for Earning More Money (Which One is the Best for You?)

I’ve spent the last few months studying the different options for earning more money so that I could give you the best information possible.

And I mean really studying. I collected over 5,300 data points on earning more money through surveys, interviews, and research.

Let’s talk about what I found and how it can apply to you…

The Surprising Reason Why Most People Want to Earn More

When I started my research, I figured most people would want to earn more money to become millionaires.

Don’t get me wrong, I’m sure you would still be happy with being a millionaire… but it turns out that what most people want is to have options.

For example, here are some of the top reasons people wanted to earn more money. See which ones you agree with…

  • To work for yourself some day.
  • To pay down debt.
  • To reduce the risk of getting a paycheck from one place.
  • To save for retirement.

Notice something interesting about those goals?

None of them require millions of dollars.

This is a key insight: when it comes to earning more money what most people need is not millions of dollars.

Boosting your income by a few hundred dollars per week can make a big difference. What would an extra $10,000 or $20,000 do for you at the end of the year?

Keep that in mind as we discuss your options for earning more money…

The 5 Options for Earning More Money

There are countless ways to make a buck, but when you break it down they all fit into the following five categories.

One of these five options is best for 99% of people.

Before I tell you what it is, let’s be clear: all five of these options can work. But as you will see, four of them have major drawbacks when it comes to boosting your income.

1. You could get an award worth some monetary value.

This could be a free ticket, a $1.00 coupon, a scholarships for college, or the lottery.

I probably don’t need to tell you that trying to boost your income with lottery tickets is a lost cause. But even if you do win the $10,000 raffle at your local festival or a scholarship for school, that’s a one–time event.

The problem with awards, scholarships, and bonuses is that they aren’t a reliable source of income. What you want is a way to consistently earn more money year after year.

2. You could invest your money wisely and then earn money from those investments.

Investing is a great option, but when it comes to supplementing your income it is simply too slow of a process.

Even investments that have quick turnarounds are typically a few years at best. Many investments take a few decades to provide a solid return!

If you have a lot of time and patience, then investing can work, but if you want to supplement your income now then you’ll need to look at other options.

3. You can work for a company.

Getting a job is the classic way to earn money. I recommend it in most cases.

But there are two drawbacks to consider.

First, it’s hard to earn more money from your job. I strongly believe in salary negotiation, but it becomes more difficult to negotiate your salary the longer you are at a particular job.

Additionally, earning a promotion up to the next pay grade is tough for most employees. Promotions are only given to the best employees and because there can only be a few “best” employees that means most people are left out in the short term.

In other words, you’re often locked in at a particular earning level for years. Obviously, this makes it difficult to earn more.

Second, and more importantly, you don’t control the asset. You might think of it as “your job” … but in reality you’re simply renting it. Your boss or your company could choose to let you go at any time. And, as many of my smart friends can tell you, layoffs happen even to very good people.

Moral of the story: jobs are a great way to make an income, but it’s hard to increase your earnings and it’s risky to get all of your money from a source that you don’t control. That means jobs are a tough way to supplement your income.

4. You can be an entrepreneur and build a valuable asset that you own.

This asset could be an invention, a patent, a book, a piece of art, or a business.

Entrepreneurship is a great way to earn more. You own the asset. You choose how much time to dedicate to your work. Eventually, you can decide to sell your asset if you don’t want to run it anymore.

But there are two issues.

First, the payoff is usually delayed. Throughout my research, I interviewed dozens of millionaire entrepreneurs and almost all of them delayed paying themselves for months or even years.

One entrepreneur I talked to worked everyday except Thanksgiving and Christmas and still lived off his wife’s paycheck for 5 years before his business started bringing him a steady income.

Second, it’s hard to succeed and all of the entrepreneurs I talked to sacrificed a lot. In many cases, this meant working long hours. In others, it meant investing a lot of money up front. And almost always, it meant dealing with a constant fear of failure that they would lose the money and time they had already invested.

If you have the time and money to persevere as an entrepreneur, then it can be a great way to earn more money… but it won’t be easy and it almost certainly won’t be quick.

5. You can earn a side income.

In many ways, earning a side income is like being an entrepreneur. Some people who do so might even call themselves entrepreneurs.

But there are a few distinctions. Let me give you three examples of side incomes.

  1. You could start a freelance business on the side. Freelancers get paid quickly and the start up costs are very low. I’ve written extensively about this in the past. You can read more than a dozen examples of successful freelancers here.
  2. You could latch onto a successful business. For example, one woman I talked to was excellent at baking cakes. So, she went to a local restaurant, asked if they would be willing to sell her cakes to their customers and split the profit with her. Within two weeks she was making extra money from her baking and the only time she spent was baking and delivering the cakes to the restaurant.
  3. You could start making money online. A few months ago, Passive Panda featured a story from a reader who paid to have an iPhone app built and made $30,000 in his first 30 days. And that’s just one of many options for generating a side income online.

Regardless of how you do it, a side income is probably the best way to make more money for 99% of people.

You control the asset, which reduces the risk of getting your income from one source. It doesn’t require much (or any) money to get started and you don’t need to make a big, uncertain investment. You get paid quickly and it doesn’t require a lot of time.

Now, you might say, “A side income will never make me a millionaire.”

True. But remember our key insight from before: most people just want options. You don’t necessarily need millions. What would an extra $10,000 or $20,000 do for you each year?

So all of this leads to the final question: How do you make a reliable side income?

The Remora Method

After interviewing dozens of entrepreneurs and freelancers, talking with hundreds of people just like you, and analyzing more than 5,300 data points on earning more money … I’ve come to 2 conclusions.

1. The best way to earn more money is by creating a side income.
2. The most reliable way to create a side income is by using The Remora Method to latch on with a successful businesses that can bring you steady streams of income.

The Remora Method is a step–by–step system that I developed for building a sustainable side income. The brilliant part is that it eliminates a lot of the failure points that prevent people from succeeding.

I could not be more excited to share The Remora Method with you.

Click here to learn all about The Remora Method.

25 Responses to The 5 Options for Earning More Money (Which One is the Best for You?)

  1. Nice little teaser there. It’s definitely worked on me as I can’t wait to find out what this “Remora Method” is!

  2. Look forward to reading more about this Remora method

  3. Amy says:

    I think I’ve inadvertently done something similar with my own freelance business and the results have exceeded my expectations–looking forward to hearing your take on it!

  4. Bee says:

    James, you said you have been interviewing and researching for the last 3 months, but this article does not look like its the work of 3 months. They look like 5 simple stuffs that people should already know. Additionally, those 5 options are very broad. It does not go into detail. I would expect more from a 3 months of research. The only thing that I found useful was that iPhone App article.

    • James Clear says:

      Bee — sorry for any confusion! The results of the research are what I’m covering in The Remora Method, which I’ll be discussing on Wednesday.

      This article was merely getting everyone on the same page. Now that it’s clear that building a side income is the best way to earn more money, let’s talk about how to do that. Don’t worry. There will be plenty of details. :)

      I’m glad you found the iPhone app article useful though.

  5. Guy says:

    Okay, I’m hooked! Great, now I won’t be able to sleep till Wednesday…

    Guy

  6. Ralph says:

    Looking forward to reading it. It sounds like it is going to be one of the ideas I have been looking for.

  7. Alright, that just got me hooked! Can’t wait to learn about the Remora method now!

    As a student, freelancing was the best ‘job’ I could start with– looking forward to make it grow more and more in the next 24 months. :)

    ~ Luana S.

  8. Ntathu Allen says:

    Thanks for breaking this down, its true, an extra couple hundred a month makes a big difference. Looking forward to revealing of the Remora Method. Take care and thank you

  9. Jennifer Rose says:

    Looking forward to Wednesday……….I already have a great idea in mind. Can’t wait to see how to apply your method to my side business.

  10. Joceli says:

    Maravilhoso!!!!! Ate quarta…

  11. Jeremy Delancy says:

    I wondered what you had been up to over the last several months and it seems it will be worth the wait to find out. You have some very good followers. Ramit Sethi of I Will Teach You To Be Rich did an article for the New York Post (I think) on earning side income and some of the commenters went off the rails on why trying to earn more was such a bad idea. Taxes, time, value were all cited as excuses.
    Anyway, every success on this new product launch.

  12. Sheila says:

    James, shame on you…haha! I can’t wait until Wednesday! Sounds very interesting.

  13. Amit Shaw says:

    Superb Article :)
    For me #5 is the best option to earn money and its too easy too :)
    Thanks for share.

  14. Carlos says:

    Mostly agree with what you’re saying about side income, but getting a raise doesn’t have to be that hard. Most people can get better at their job by making some tweaks that will give them a better shot at a raise.

    • But is a raise really worth all that it’s cracked up to be? When I worked in good ole corporate America my raises were a fixed amount each year and it equaled a dollar an hour! I made fantastic money but I was not going to get rich making a dollar more per year. That same company has since stopped giving raises to its 10,000 employees and cut their 401K match. They aren’t in the business of helping you get rich that is for sure.

      • Carlos says:

        Yeah I agree that cost of living raises won’t get you anywhere, but a real raise that takes you to another level financially is a big deal. Of course, you have to provide added value to do that, not just walk in and ask for it, you know what I mean?

        I’m talking about getting a 20%+ raise every few years…that goes a long way.

  15. Techzost says:

    Thanks for sharing. I think #2 is the best option for me.

  16. Godfrey Kigozi says:

    This is very good stuff James. Can’t wait for the Remora Method since I’m already freelancing.

    Thanks for sharing.

  17. Kate says:

    I’d be happy making any money doing just about anything right now.

  18. Ohhh I can’t wait!

    I’m aiming for a million myself. Let’s do this.

  19. marshall says:

    This sounds like a great idea. I’m a hobbyist glass blower and this gave me the idea to make tobacco pipes and sell them to one of the 100+ tobacco shops in town and has a great option for expansion into online sales then hiring other artists and opening a studio.

  20. Rasto says:

    Thanks a lot for the method.

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