How do you solve money problems?

1. Stop spending

2. Worry

3. Blame someone or something

4. Give up

5. Go further into debt

6. Sell a possession

7. Become depressed

8. Complain

9. Cheat or steal

10. Hope someone will just give you the money you need

Of course, none of these solutions help you gain more money.

However, this solution is effective.

You solve your money problems by making money. No other approach is a solution. An abundance of money is your only solution.

1. Figure out how much money you need. Write the total at the top of a page. For example, "I need to earn $10,000 per month."

2. List all of your assets. Include all of your possessions, your skills, your knowledge, your contacts and your passions. These are some or all of the ingredients to your ultimate success, so make the list as complete as possible.

Examples: You have a truck, a camera, an empty bedroom and $11,225 cash. You are good at organizing, listening, learning, speaking and making people feel important. You know all about horses, word processors, furniture building, the State of Texas, Internet auctions and using e-mail. You know Jennifer, Robert, Tim, Ruth, Steve, Dave, etc. You have a passion to help others, build model airplanes, solve complex problems, learn new things and more.

3. Dream up every way you can use your assets to make money. Make a list. Old methods, new methods, any combination of assets that produce income.

Examples: Use your empty bedroom to start a small business selling cameras, furniture and jewelry for others at Internet auctions. Learn how to prepare tax returns. Help your boss make deliveries with your truck.

4. Select a method that is proven. Does this method already make money for someone else?

If so, it is a good candidate.

If no one has ever made money with your idea, look for something else. Stick to methods that already work and invent new methods as a hobby at some other time.

5. Verify that others would pay you for the product or service.

For example, ask your boss, "Did you know I know 150 horse owners. They need shelters for their horses. What if I tested the market to see if we could add portable shelters to our product line. If it works out, I would be willing to run the new division."

As another example, you are thinking of taking pictures as a profession. So you meet with professional photographers to see how much money they make.

Ask around. For instance, ask your friends "If I had my own insurance company and could save you money on your car and home insurance, would you be interested?" "If I made a video on how to cut children’s hair, would you buy it?"

6. If all the signs are good, test the idea in the real world before devoting much time or energy to the idea. For example, run a part-time business from your house to ensure it will be popular and profitable. Make a few products or services to see if anyone will buy them. Try the new ad campaign with a small newspaper. Dip your toe before taking the plunge, especially if the idea is new.

7. Once the idea is certain to work, then and only then should you invest significant time and money into the project.

8. If you cannot work out a workable income source, work out a plan to increase your assets. If you have the right ingredients, creating new income sources is much easier.

For example, you may need additional education, apprenticing or experience in certain fields before you can earn more income. You may need to become more responsible. You may need more familiarity with a subject. You may need to make more contacts.

9. Once you have a plan you are certain will work, work long and hard to make it happen. You will solve your money problems by making more money on your own.

10. This final step is rarely taken, but is key to becoming wealthy.

After you have one steady source of income, look for another source by repeating these steps.