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There’s a lot of argument about whether we are in a recession right now. But there’s no debate at all that for the last year, prices for basic goods and services have risen.
People have felt and are feeling the pinch on their savings and finances and their overall wealth. They are seeking practical right now ways to generate extra income and rebuild their wealth. Here are ten readily accessible ways to do so.
1. Sidehustle. A successful and profitable sidehustle can make/will make the difference between financial independence and struggle in your life. You can leverage all your skills and provide solutions and services that people need at a price you can set.
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10 Practical Ways To
Generate Wealth Now
By Pierre Clark
Generate Wealth Now
By Pierre Clark
People have felt and are feeling the pinch on their savings and finances and their overall wealth. They are seeking practical right now ways to generate extra income and rebuild their wealth. Here are ten readily accessible ways to do so.
1. Sidehustle. A successful and profitable sidehustle can make/will make the difference between financial independence and struggle in your life. You can leverage all your skills and provide solutions and services that people need at a price you can set.
And you will be in control of a successful business that will provide freedom and income.
2. Reducing Expenses. Another easy to improve your wealth is to cut unnecessary and unwise sending. COVID proved many things we buy (that we think we really need) we don’t.
Don’t buy that extra bag of snacks or hot dog just because you can or think you want it. Don’t spend that extra $10.00 on that streaming account.
Take it from me, reduce expenses and invest the difference. Your bank account and strengthened lifestyle will thank you later.
3. Selling Unused Items. Everything you have ever owned usually comes down to a few things you use or wear all the time and the rest just gathers dust. Sell the unused item if you’ve stopped using it or it no longer serves your needs. Then put the proceeds in an investment account.
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4. Stock Index Funds. Stock index funds invest in a list/pool of the most promising stocks in a sector to combine your chances for growth and appreciation into one investment. Index funds have been very effective and successful investments over the years because they consolidate investing many assets into a single asset class, thereby reducing the risk. Good index funds have been organized by Fidelity, Vanguard, Schwab and many others.
5. IRA/SDIRA. The IRA is an investment vehicle everyone should have in their toolbox. But while the custodian of your ordinary IRA chooses your investments, with a self-directed IRA you make the investment decisions and choices which can greatly expand and supercharge your entire investment portfolio. You can invest in real estate, stocks, precious metals, and many other kinds of assets, all tax-deferred with the proceeds as well available for you to manage.
6. Online Real Estate Investment Fund. There are many funds now through which you can invest in real estate with as little as $509. These funds selling fractional shares of real estate can be very lucrative investments over time.
7. Investment Fund Like Robinhood/Webull. The rise of the so-called retail investment funds like Robinhood and Webull allow the purchase of fractional shares of stock, stock options and cryptocurrency and allow those investors with limited funds to invest to become investors and benefit from both the appreciation in value and the depreciation write-offs real estate affords.
8. Family Investment Pool. A family investment pool, if you are lucky enough to be part of a family that you can work with that way, is just members of your immediate or extended family pooling their money together on a shared investment.
9. Improving Your AI Skills. AI is the new technology buzzword, and while everybody is talking about how many jobs AI will eliminate, the real story is in how many new jobs and capacity-building initiatives AI will (and has) created and will empower. Understanding AI and mastering AI tools will be the fundamental skill you’ll need going forward and once you’ve mastered it, you can use it on a variety of ways to boost your income and increase your wealth.
10. Increasing Your Income On Your Job If You Have One. How can you increase the income that you are already getting on the 9-5 job you have if you’re lucky enough to have one in this era of massive layoffs? Well, employers don’t fire employees who have valuable moneymaking skills so make sure you increase yours. Learn new skills. Inquire about new tasks that need performing or old ones that the layoffs left undone. Do more and you very likely will earn more.
These tips and more can launch you on the way to increasing your wealth. Which these days is more important than ever.
5. IRA/SDIRA. The IRA is an investment vehicle everyone should have in their toolbox. But while the custodian of your ordinary IRA chooses your investments, with a self-directed IRA you make the investment decisions and choices which can greatly expand and supercharge your entire investment portfolio. You can invest in real estate, stocks, precious metals, and many other kinds of assets, all tax-deferred with the proceeds as well available for you to manage.
6. Online Real Estate Investment Fund. There are many funds now through which you can invest in real estate with as little as $509. These funds selling fractional shares of real estate can be very lucrative investments over time.
7. Investment Fund Like Robinhood/Webull. The rise of the so-called retail investment funds like Robinhood and Webull allow the purchase of fractional shares of stock, stock options and cryptocurrency and allow those investors with limited funds to invest to become investors and benefit from both the appreciation in value and the depreciation write-offs real estate affords.
8. Family Investment Pool. A family investment pool, if you are lucky enough to be part of a family that you can work with that way, is just members of your immediate or extended family pooling their money together on a shared investment.
9. Improving Your AI Skills. AI is the new technology buzzword, and while everybody is talking about how many jobs AI will eliminate, the real story is in how many new jobs and capacity-building initiatives AI will (and has) created and will empower. Understanding AI and mastering AI tools will be the fundamental skill you’ll need going forward and once you’ve mastered it, you can use it on a variety of ways to boost your income and increase your wealth.
10. Increasing Your Income On Your Job If You Have One. How can you increase the income that you are already getting on the 9-5 job you have if you’re lucky enough to have one in this era of massive layoffs? Well, employers don’t fire employees who have valuable moneymaking skills so make sure you increase yours. Learn new skills. Inquire about new tasks that need performing or old ones that the layoffs left undone. Do more and you very likely will earn more.
These tips and more can launch you on the way to increasing your wealth. Which these days is more important than ever.
By Pierre A. Clark
From The Entrepreneur’s Corner™ Classic Columns
© 2009–2010, Revised 2025. All Rights Reserved.
Pierre Clark is the Founder-Editor of The Entrepreneur’s Corner™, Homefree, NuFutures Development Ventures LLC, and NuMillennium Opportunity Capital Ltd. Rights Reserved
Writer’s Note: Everyone thinking about starting a business and wants to know: how to get the money. Here are some tips and strategies. (I'm using these myself. Let me know how they work for you.) Call 312-970-0249 for info about our workshop sessions and podcasts on Clubhouse and Fanbase.
For more insightful wealth and entrepreneurial articles by Pierre Clark Click Here
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