Rules for making money

Rules for making money

The rules for making money can be applied to anything, including making money online. There broke up into two categories. The first is how you spend money and the second is how you make money.

How to spend money:
(1.)  Spend money only on things that make you money.
(2.) Spend money only on things that save you money.
(3.)  Spend money only on things you must have to live. (i.e. shelter, food, medicine, etc.)

How to make money:
(1.) Never do the work that you can pay someone else to do for less.
 (2.) Never pay for work that you can do yourself for less.
 (3.) Never sell an investment for less than what you paid, unless it will save you more money in the long run.
 (4.) Never hold onto a losing investment. It is better to lose a small amount than to lose it all.
(5.) Never be afraid to make a mistake, that you can learn from.  (6.) Knowing something that your competitor has not learned yet gives you an advantage.
(7.) A degree is not required to be in business, but a degree of knowledge about business is needed to run a successful business.
(8.) Make it simple and easy to replicate but impossible for competitors to copy.
(9.) Five percent of the people in the world control 95% of the wealth. And only 5% of the people in the world read. Knowledge is power.
(10.) A business idea need not be original, only an improvement on the previous persons idea.
(11.) Never invest your own money when you can invest someone else's money cheaper. 
(12.) Things that can be repeatedly sold such as insurance, book royalties, and movie rights etc. are the best things to invest in. As they will continue to earn money regardless of what you do and for many years after you are gone.

    These are all ideas and concepts that my father taught me as I was growing up. And it should be noted that teaching children the concepts of economics at an early age is important to their prosperity as adults.

EBay use to be the place to go for auctions but over the years has moved more towards virtual stores. As a result what once was the best place to sell something has become more of a research tool than an actual auction site. People who look to auction an item off often find they are competing with sellers selling at a fixed price in a virtual store. Worse yet, Chinese manufacturers have begun using eBay to sell items direct, try competing with that. Now for somebody looking for items to retail, a lot of times I have found eBay to be cheaper than wholesalers. Unless the item is very unique you may be better off selling your item in the Classified ads. As of late I use eBay to find out what I should be selling an item for and then I go to craigslist to do the actual selling. The owners of eBay have forgotten who and what made them so great. The ooos and ahh's that always seem to catch people's attention are gone. The"did you hear what this sold for on eBay"or"did you hear what someone was selling on eBay?" Are no longer the gossip at water coolers. The corporate bigwigs got greedy and turned it into something that the users never wanted to see. It was an auction site and that's what made it great. You never knew what your next big sell was going to be or for how much,or how little you might pay for an item you just bid on. The CEOs forgot that the excitement of the auction itself is what made eBay great. EBay should be looking in the rearview mirror because sooner or later somebody is going to realize what eBay threw away. If eBay was smart they would start up a new website that was auctions only, or they can sit around and wait for a competitor to beat them to the punch.