How NOT to make money
Yeah! It sounds funny to read it. Isn’t it? We come across tens and tens of articles about making money quickly (or getting rich fast). Suppose it was that much easier to get rich; why are more and more people writing articles or creating videos on making money to make money? That’s a paradox.
Everyone from a daily wager to a software engineer wants to become rich; who doesn’t want to? But why are most people struggling to achieve their dream then?
The main reason why people like me struggling to make money is not because of a lack of ambition or lack of ideas, but it’s merely a lack of concrete action.
The best way of not making money is just (1)sleeping on ideas rather than implementing them. I have been thinking of starting a side hustle for the last seven years or so and, I am still thinking of it. That’s scary. When I come across an idea, I excite and discuss it with my family members and friends for weeks. Sometimes months. Irrespective of their response, I keep working on the concept for weeks until a new idea pops up, and the thinking process starts all over again. Agree; we need to spend quality time to refine and assess an idea before committing to that. But, it shouldn’t make you end up in an idea generation loop forever. That’s where I have been got caught up for years.
Whenever I feel I am going somewhere, in reality, going nowhere. I am still there where I was 7years ago, At the “Idea generation phase.” I might have worked on dozens of ideas, but nothing is materialized. That’s said, “ideas themselves don’t make money but actions.”
You might want to start a business or a side hustle to get rich but do nothing more than just thinking about lucrative business ideas because ideas come for free of cost. It’s not entirely true, though. You are losing the time means losing the money. Let’s say, on average, 2 hours per day for the last seven years; I might have spent ~5000 hours just working on ideas. I could have mastered a new skill or upgraded the skills that might have helped in my career growth and helped me earn a high salary.
Another reason why people like me keep waiting for better business ideas instead of implementing one is (2)fear of failure or losing money. How can you come to know whether your idea works or not unless it’s implemented? Don’t get me wrong. You should evaluate your idea carefully before implementing it. Implementing every idea that comes to your mind is a recipe for disaster.
On the other hand, there is no guarantee that your great idea won’t fail. And many people might be working on the same, or similar idea as yours in this internet age. But what separates the winner from the remaining people is who implements the idea successfully.
Indefinitely looking for better ideas would eventually cost you tons of time. If you are waiting for better ideas forever, when could you implement your idea, fail, and fail in that process and learn from your failures before successfully making money? We think that we can get rich with one great idea. That’s an illusion. Even you got a million-dollar idea; it’s worthless until you successfully executing it.
There are countless money-making ideas. But the real question is if you can, when can you implement any one of them? You better retrospect your actions if you are waiting for a great idea. In hindsight, I wish I had implemented one of my ideas and failed miserably instead of merely spending ~5000 hours for ideas. At least, I could have crossed the idea generation phase successfully.
Don’t just sleep on ideas; act.
There are countless ways of making money. But the best course of not making money is doing nothing more than waiting for great ideas.
