The money-making journey is different for everyone. Some people have a very well-paid job, and they never need to consider potential extra revenue streams from investments or side hustles. Other people are natural entrepreneurs who have their fingers in multiple lucrative pies. No matter which money-making route you are on, there are a number of skills that are key to maximising your potential for generating income. In order to be successful, it is important that you have a strong sense of self-awareness when it comes to your strengths and weaknesses so that you know which of these skills you need to work on.
To help everyone out there on their own personal journey, here are the top skills you need to make money.
1. People skills
People skills are essential in order to make money and be successful. In every career or potential deal, you will meet people who you may need to charm or cajole, so being personal and good at building relationships can really get you ahead. The people with the best people skills know how to influence others and how to work a room, so your ability to network is crucial in gaining new strategic partners and clients, and getting to know people who can open doors.
Here is a list of people skills you need to develop:
- Sensitivity – This will help you to build a rapport with the people around you.
- Adaptability – You need to be able to switch your tone, language and behaviour in order to get on well with different personality types.
- Good manners– Meeting new people can be difficult for some of us, but being polite and having good manners will help you to network
- Listening abilities – This will show that you are interested in what is being said and will also help you to analyse people
- The ability to read body language – This will help you to pick up on cues and understand what people are feeling so that you know how to approach them
- Being able to deal successfully with difficult people or confrontational situations – This will help you to resolve conflict and maintain good relationships with people who are important.
- Tactfulness when dealing with sensitive issues – So that you can keep everyone on side while still being able to resolve a conflict
- Understanding the motivations of other people – This will enable you to relate to them better so that you can harness their potential to help you make money
2. Money management skills
You need money management skills in order to maximise the potential of what you earn. This includes knowing how much is coming in, when any outgoings are due, and if you have enough for what you want or need at the moment. Create a budget so that you can see exactly where all of your money is going each month. Then look at ways to cut back on spending because ultimately this will help create long-term savings or provide extra capital for investment or to build a business. There is a famous expression which many very wealthy people live by which is “wealth is stealth”. When you are managing how to spend your money, don’t worry about being flashy or showing off with expensive things. Always look at the long game, and how you can turn what you already have into more.
3. Time management skills
If you want to make money, your time is valuable. You need to create a strict schedule so that you are able to complete all of your tasks efficiently and have extra time for self-improvement and new projects. You can’t afford large amounts of unscheduled idle time because this will eat into other things on your plate which require immediate attention. This may also mean being able to go without sleep sometimes, so get used to catching forty winks whenever there is the opportunity because successful people tend to sleep less. When you do have some rest time scheduled in, make sure you use it to the fullest, because this will enable you to recharge and come back stronger than ever.
4. Leadership skills
Whether you are an entrepreneur or work at a company, being able to lead people will help you progress in your career and take on more responsibility. Not only do leaders need strong determination and drive, but also the ability to instill those qualities into others. Leaders can use their own personal strengths to drive teams and individuals towards success in different business settings. To make money, you need everyone giving their all towards a common goal, and that is where your ability to inspire is so important. There are few people who are able to do it alone, so to maximise your earning potential, learn how to be a leader.
5. Public speaking skills
The ability to speak in public is a skill that will serve you well throughout your life. Whether it’s giving a presentation at work, explaining an idea to your employees, or pitching the business plan for your new startup company to potential investors, being able to communicate clearly and persuasively with others can be extremely beneficial. For some people, public speaking comes easily, and they thrive off the attention and the opportunity to reach a large audience. For others, even those with excellent business or money-making abilities, public speaking can be daunting. The best way to improve and become comfortable addressing an audience is with preparation and practice. Make sure you know exactly what you want to say and rehearse again and again. If you are still worried, there is always the old trick of imagining the audience in their underwear.
6. Multiple language skills
You never know when you might need to use a second language, and knowing more than one can help open doors for yourself. All the biggest businesses these days are global businesses and so by learning to speak multiple languages, you will greatly increase the number of jobs available to you in countries around the world. If you have your own business, being multilingual will make it easier to build relationships with foreign clients and partners, and expand more effectively into new markets. The best languages to learn really depends on the industry you are in, but Mandarin and Spanish are becoming increasingly more important for businesses and individuals in every niche. Even just a basic command of another language can help you to understand another culture better, which will help you to take advantage of any money-making opportunities that arise.
7. Marketing skills
Marketing is key to every aspect of making money. If you are not willing to put yourself out there, no one will know about your services or products, and you won’t be able to make new partnerships or clients. Marketing and communication go hand in hand when it comes to generating income, and you will need to be a pro at both of these two if you want to be financially successful. There are so many different marketing avenues now depending on what type of industry you are in. Due to the rise of technology, particularly the internet, digital marketing has become key to excelling in practically every industry. Digital marketing includes things like search engine optimization (SEO), pay-per-click advertising, social media marketing, and email outreach. If you are not using these techniques to their full potential then you will be left behind.
8. Self-reflection skills
Being able to look at yourself unbiasedly and reflect on what you are doing well and where you need to make improvements is crucial in making money. Self-reflection allows you to understand your strengths and weaknesses so that you can use them to your advantage in every situation. Successful people know what they are best at and how to maximise their talents, but equally important, is that they also know where they fall short and are able to succeed despite these shortcomings. As well as having good self-reflection skills, it is also useful to surround yourself with people who will be honest with you. Far too many people make the mistakes of only hiring or associating with so-called “yes men” who never tell them the truth. This means that they don’t see the potential flaws in their actions before it is too late, and they end up making a mistake, or missing out on money-making opportunities.
9. Investing skills
Shrewd investment is the single best way to turn the money you already have into much, much more. The internet has made investment possible for everyone from the comfort of their own homes, and if you develop excellent investing skills, you can transform your life and financial position.
Here are some of the most lucrative potential investment opportunities:
Investing in property is one of the most popular ways to make money. There are many different types of real estate investments, such as buying to rent, or flipping run-down properties which you renovate and sell at a profit. With property prices generally trending upwards, long-term property ownership can make you money just by sitting and waiting, just make sure you do due diligence before purchase to make sure there are no problems which will cost you money to repair.
Fans of cryptocurrency believe that it is the best investment opportunity available today. are some of the most promising opportunities for investors right now. This is because they offer extreme volatility and therefore the potential for very high returns. Those who had the foresight to get on the crypto training during the early days have made absolute fortunes in the last few years, but there is still the potential to make money even at this late stage. As with all investments, the most important thing is that you acquire as much information as possible about the different coins and markets before risking your money.
This is one of those new opportunities that has recently been made possible by technology, but it works just like any other type of investment. With peer-to-peer lending, investors lend money directly to individuals or businesses without going through a traditional bank as an intermediary. This means that both the interest rate and profit margin for each transaction is much higher than if you used a bank. This is a great way to own part of a business that you believe has a bright future in store.
Stocks and shares
Playing the stock market is a tried and tested way of making money, as long as you know what you’re doing. Of course, you can’t guarantee success but it is possible to make a small fortune if the market goes your way. In order to maximise your chances of success, make sure you know exactly what you are doing before you make your first purchase. There are various different strategies you can implement such as day trading, position trading, or scalping, and all of them have the potential to make you a lot of money. Experiment with different strategies and start to develop your own trading style and you will soon start to see regular returns.
10. Negotiating skills
Negotiating skills are important in almost every aspect of business, but they are particularly crucial when it comes to money matters. A lot of people have a tendency to put price before quality or service, which means they end up being ripped off because the person on the other side knows that they will pay whatever is asked without question. If you want to save money, get the best deals, and maximise profitability in whatever industry you are in, make sure you develop steely negotiating skills, and you will always come out on top.
To sum up
Money makes the world go round, and to maximise your money-making abilities, it is well worth developing these ten crucial skills. Whether you are looking to progress up the career ladder, launch a successful business, or become a master trader, these skills will give you the opportunity to be financially successful in whatever you do.