How to Make Money Without Investing in the Stock Market

Last Updated Jun 2, 2011 2:14 PM EDT

How make money? How start business? How get job? No, my editor is not on vacation. Those were the most common responses I heard when I asked people what their most pressing three-word question was. Why just three words? I've found that it is easy to get lost in words and explanations. Three words forces focus and clarity. Over the next several weeks I will attempt to answer these three-word questions and others. I'll start with one answer to the question "how make money?"

How would you like to make more money, earn a 100,000% return, and not have to invest in the volatile stock market? The greatest financial asset you have is not your house, your 401(k), or even your job. Your greatest financial asset is you -- the skills you have, the education you've received, the experience you've obtained, your network of contacts, and your individual way of looking at and interacting with the world. This "human capital" is much more important and valuable than your investment capital. The value of your human capital -- especially for people in their working years -- far exceeds any investment account balance and is central to answering the question "how make money."

Why is it so important? It follows the truth behind the saying, "Give a man a fish and you feed him for a day. Teach a man to fish and you've fed him for a lifetime." Once you add a skill or learn something you did not know, you've increased your value.

Too many of us stop learning once we graduate from school. That's a huge mistake. If we are to succeed, we need to always be learning. We must focus on continuously increasing our skills and our experiences. People who don't change become dinosaurs. You've seen them, and you know what I'm talking about. Those people are about a decade behind. They seem so lost and out of touch. Everything around them has progressed, but they are still operating under an old framework.

Don't look so smug. It's easy to fall behind. It takes time and energy to stay current. Acquiring new skills can be difficult and can take you out of your comfort zone. It can be hard for someone who feels confident in one area to want to expose themselves to a situation where they don't have the answers.

As difficult and time intensive as this can be, it is an absolute must. When you invest in yourself, you are making a deposit that will pay you dividends for life. Take just one night class and you can easily earn a 100,000% return on the tuition. How is that possible? If you currently make $15 an hour as an administrative assistant, how much more would someone pay you per hour if you could also maintain the company's website and make minor changes to it when necessary? What if you learned how to use QuickBooks? What if you learned how to set up and run the company's blog? Would you be worth $16 an hour? Maybe $17 an hour? A $100 class at your local community college can earn you an additional $4,000 a year for the rest of your career.

How make money? Focus on improving your skills, getting additional designations, and becoming more valuable. What skills can you learn that will make you more valuable? What's that one thing that you really need to get to the next level? Is it an MBA? Is it your insurance license? Is it a designation? Maybe it's not such a clear goal. Maybe you're a fantastic accountant but your social awkwardness is preventing you from networking and getting a promotion. Maybe you're afraid of public speaking but know that is what you need. Join your local Toastmasters. Regardless of what's holding you back, now is a great time to overcome it.

By investing in yourself, you can earn a return much greater than you ever could in the stock market. It's not going to get you rich quick, but it's a great long-term answer to the question, "how make money." If you have a three-word question you're dying to ask, submit a comment below, post your question on the other 8 hour Facebook page, or leave a comment at the other 8 hours website.

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    Robert Pagliarini is obsessed with inspiring others to create and empowering them to live life to the fullest by radically changing the way they invest their time and energy. He is the founder of Richer Life, a community of passionate people who want to learn and achieve more in life and at work. He is a Certified Financial Planner and the president of Pacifica Wealth Advisors, a boutique wealth management firm serving sudden wealth recipients and affluent individuals. He has appeared as a financial expert on 20/20, Good Morning America, Dr. Phil, Dr. Drew's Lifechangers and many others.

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