Will the Sensex go Up or Down?

Timing the market is not a good idea. Any guesses at whether sensex will go up or down is at best speculation. Try the following tips:

These five ways to make money aren't free, they do take work, but they are also based on universal principles that are available to everyone.

Most lists that you find on the internet for "how to make money" are meant for people looking for free money. Not this list. Instead, we're looking at the top 5 ways that real people make real money. The work isn't easy, but the principles are. So take heart. If you're willing to invest your time and money, you can make money these same ways.

1. Fill a need that no one else currently provides

My grandfather-in-law became a multi-millionaire by designing and customizing coal processing equipment unique to each mining location. When the business started, they were the only company in the country offering this service. By customizing coal processing equipment the company offered coal businesses the opportunity to optimize their profits. In exchange, my grandfather-in-law was able to charge a steep premium for the service that his company provided.

My wife's grandfather saw an unfilled business niche and set his mind towards filling it. It took lots of hard work, but that contributed to the success of his business: it wasn't easy for competition to rise up.

2. Let someone else do the hard work

Don't want to start a business? You don't have to. If you see someone else filling a niche well, you can invest your money in exchange for a share of the profits. Chances are that your investment return won't be as radical, but if you see a company doing a great job at filling an otherwise unmet need, you can let them use your money to effectively make you more money. This, of course, is called investing. The reason investing works is because even companies need to spend money to make money. So the aim is to lend your money to a company that you think will put your money to good use, and turn it into profits.

A lot of people think that investing is like magic. That somehow you just get free money. The truth is that when you invest, you are putting your money to work...literally. Money begets productivity which begets more money.

3. Invest In Yourself: Get an education

It's true. One of the best ways to increase your long term earnings potential is to specialize by getting educated. We live in an economy where the demand is high but hte supply is low for highly skilled individuals. Whether it is in technology, medicine, science, business or engineering, your earnings will skyrocket with the right specialized skill.

Higher salaries make a big difference. 30 years at $150,000 compared to 30 years at $50,000 is like night and day. It's the difference between five condos in five countries and zero condos in zero countries.

4. Do something that no one else is willing to do

This is similar to the first principle, only here rather than needing creativity to identify a niche, you just need a willingness to do things that other people have a reason to avoid. For example, you may need to work in high-risk situations or be willing to work extra long 12 hour days.

Some jobs that are very unattractive still need to get done. When people step up to the plate and do these jobs, they get rewarded handsomely.

5. Get the hang of buying low and selling high

Whether it's the stock market or the real estate market, some people just have a knack for knowing the true value of a big ticket item. When you can identify the true value of a property or stock, you can also have a good sense of when it is selling at a bargain (buy! buy! buy!) or when it is selling at a premium (sell! sell! sell!).

Unfortunately, most people buy high and sell low and totally lose out on the opportunities that stocks and real estate provide. Getting the skills to identify the true value of items doesn't come easily, but just like everything, a lot of practice goes a long way.