Five easy steps to having more money

The money must come from somewhere. The stock market works well as a means of leveraging one’s discretionary income. It works somewhat less well as a means of providing income one lacks from other sources, and it works poorest of all as a means of leapfrogging one out of a hand-to-mouth existence and into fabulous wealth. For most people, it makes sense to have a small amount of money – even $50 a month can make a big difference if one starts young, automatically put into a tax deferred retirement account.

And yet, the money must come from somewhere. Just as investment advice requires discretionary income to be helpful, budgetary advice requires some income to be helpful. Fortunately, these tips can help even if all your income is from a part-time low-wage job. As Americans, we are blasted with buying signals nearly all of our lives, and trained to believe that our cash flow is essential to our overall success as human beings, so asking Americans to live within our means – let alone below them – can be a hard sell.

And yet, the money must come from somewhere. When I wrote about making money, back in the spring, I focused not on weird tricks, or secret websites, but on states of mind. In this, my piece on saving money, I will do the same, but I will also point out strategies that not only save money, but confer at least one bonus advantage as well. Advantages confer more advantages, after all, and while making more money is the more glamorous route to having more money, spending less has this overwhelming advantage: it is within everyone’s power to spend less, and it requires the cooperation of no one else.

Oh – because I couldn’t resist, I did throw in one weird trick this time.

Julian Close

Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.

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