Where To Start Making Money With Money

The first rule about making money with money is make a firm commitment (to yourself) to stick to the rules, come hell or high water, before you even start. Because, quite frankly, if you don't stick to your plan, there's really no point in starting.

You may as well save yourself the angst and pain of setting yourself up for another failure that you can beat yourself up with for the next twenty years. C'mon, life's too short. Not every thing is for every body, so if putting a small amount of money aside each month, for the purpose of making more money, is something you don't want to do, or are not in a position to do, then pass on this.

However, if you are ready, willing and able to slot between $5 and $150 per month into your own system for making money with money... congratulations! You've come to the right place.

Like any good plan, this one needs some preparation before you begin. Grab yourself a piece of paper and answer these four questions. Forget the coffee, do this now.

You need to decide on the following:

1. How much to invest? How much cash do you want to devote to the noble task of making more money for you each month? Start small if you have to, there's no shame in that, and there's still meaningful work that a humble $5 can do for you in the beginning. However, it is only fair to say that the more you can start with, the more money your money will be making for you, and sooner.

2. How often to invest? How often do you want to put this money aside. Are you the "pay-by-the-month" type, or is a single annual payment more your thing? If you know that you are likely to overspend each month, and run out of cash before you run out of month, then I suggest you fund yourself as far ahead as you can (up to 12 months maximum) - so $5 per month would mean putting aside $60 now, and $150 per month, would mean putting aside $1,800 now. Whatever works for you, that is the amount to plan on funding your plan with up front.

3. How much income do I want? How much money do you want this money to eventually be making for you each month? Do you want enough to cover your car payment or your mortgage? Do you want to match your full-time income? Do you want a whole lot more than that?

4. How soon do I want to start living off my profits? How quickly do you want to be able to start living off the proceeds of your "make money with money" campaign? As you get clear on these points, you will see that you may need to make a few little adjustments to your first estimates, as your goals and preferences become more defined.

Once you have completed the above, you will have reached the destination point for this exercise - you will now know exactly where you want to start.