How to make big money

8. Sell the sizzle, not the steak
An age-old route to riches is to promote hopes and dreams, regardless of how far they may be from reality. Of course, government regulation has curtailed the wild health claims for snake oil and many other patent medicines, hair restorers, potency formulas and fountains of youth, but opportunities still abound.

Example: Penny stocks of dubious, even nonexistent Canadian gold mining companies have long been the staple of the Vancouver Stock Exchange and appeal to sizzle lovers. So, too, do get-rich-quick schemes and the get-rich-quick and related self-help books. The purveyors can make good livings and then some selling their strategies as they prey on hopes and dreams.

9. Take advantage of addictions and vanity
Catering to addictions and vanity has always been a big moneymaker, even more so when they are outlawed. Think of sex and prostitution, the world's oldest profession.

Example: Caffeine addiction has created vast fortunes in coffee and tea. It had a lot to do with originally attracting the British to the Far East. And don’t believe soft drink makers when they say they put caffeine in their products to improve the flavor and pep you up. It’s mainly to make them habit-forming.

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10. Picks and shovels
Supplying goods and services to a risky but potentially very profitable venture is a time-honored way to clean up. The old story is that few gold miners in the 1849 California gold rush got rich, but those selling them picks and shovels — and Levi pants — did. Fast forward to today, and businesses that prosper as suppliers to those who hope to make gigantic profits are legion.

Example: In stock bull markets and especially bubbles, investors have dreams of fabulous riches and will pay heavily to those who serve their needs, aspirations and whims. This includes stockbrokers, as shown by the close correlation between stock prices and brokerage commissions. Ditto for investment advisers and mutual fund advisers. Those that provide back office, custodian and other services to stockholders like State StreetBoston are also in the picks and shovels business.

11. Get paid with money that isn’t the payer’s, especially if they’re desperate
Small pieces of big pies get bigger and easier to obtain when the buyer of the pie wants it badly and considers the service in question essential to get the deal done.

Example: CEOs are often quite free with corporate money in paying bonuses to consultants who may help save their companies, even when those outside experts tell them what they already know. A CEO friend talks about high-priced consultants he hired who took what he called “a walk down the hall.” They interviewed all of his senior staff on the issue in question and then simply regurgitated that information to the CEO.

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