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How to make fast money?

how to make fast money

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Subject: Career question for you

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Dan’s Answer

I don't know of any method to earn fast money (other than robbing a bank or winning the lottery). However I can explain how you can have One Million dollars ($1000000) the slow and steady way. How about this?

If you finish college and your first job pays $50000 per year (about $25/hour),
and you receive a 2% raise each year,
and you invest 10% ($5000) each year in a mutual (stock) fund,
and the money in the mutual fund earns 7% annually,
then you should have One Million dollars in about 38 years (due to the magic of compounded interest).

However, if you save your money in a 401K retirement plan and your employer also contributes 4%, then you will have One Million dollars after only 33 years or $1.5 million after 38 years.
The plan only requires that you sign up for automatic savings contributions and then leave it alone. No additional effort on your part is required.

These assumptions are very normal and achievable and can either be verified via a Google search ("retirement savings calculator") or if you simply ask your math instructor to verify the plan.

BTW... If you become an engineer, your salary is much more likely to start at $100,000 so your savings will be $10,000/year thus you should have $1 Million in 25 years, $2M in 33 years, and $2.9 Million after 38 years.
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Michelle’s Answer

Hello, Sasha -

The only way to MAKE fast money is to apply for and obtain a job operating the currency printing press at the U.S. Mint. That machine will have you seeing money very fast before your eyes as you make it. But I digress.

Your question indicates that you are in some sort of bind and have goals that have financial means attached to them. I do not know your age or what your situation is but these are often true, valid needs when you can't push forward towards a goal because of financial setbacks. I would like to shed some light on the subject and assist you with what you may be experiencing now.

Although no one can tell you how to gain immediate financial gain, you can EARN money, not so fast, but gradually. It is as simple as applying yourself and making one of your primary goals obtaining employment. You'll have to wait for that first paycheck, but it's something you have earned. You will need to build up some personal confidence, learn resourcefulness and see yourself taking the steps towards employment. I'd like to share an experience with you.

I was a social service case manage for 27 years at various private agencies and attended numerous workshops, trainings, conferences and presentations. One of the most memorable experiences I had was a day of Homeless Simulation where we took on scripted and improvised roles of being homeless and had to navigate our way through simulated society. I acted as a single mother with two children. My first instinct was to go to all of the welfare booths, sell my furniture, etc. Bad choices. It got chaotic for my character that I was simulating. She was looking for fast money. At the end, the presenter of the event announced that only two people in the simulation out of about 100 people were successful. What did they do ? They started their day first going to the Employment Office and getting a job. They had no problems with this experiment, but all of us who thought getting quick money at social service places found ourselves defeated. Now, in real life, everyone's circumstance is different and there is a time and place for extra help that welfare can provide, but this really opened my eyes and brought new insight.

Avoid schemes, things that seem too good to be true, or promises. You are a much needed person in the workplace and there is a job out there just waiting for you. Cast away any thoughts that hold you back and just go for it. Replace worry and immediacy with self discovery. This is your life and you deserve to progress and build yourself a good life.

I hope that this was some food for thought and that you will feel better about your situation soon. Best wishes to you in your progress !
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Kien Loon’s Answer

Rewards is a function of Risk. High risk high reward.
Thank you comment icon Hi Kien, can you explain more to give Sasha some more perspective? Sharyn Grose, Admin
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