We’ve all heard that quote that says there is always more month at the end of the money… for many people and families this is true.
Now, the easiest way to have more money at the end of the month is to spend less money during the month.
The problem can be that spending less means that you have to make hard decisions on what expenses to cut. Sometimes, especially if you’re already living frugally, you have to axe fun things like eating out and taking vacations.
Don’t get me wrong, spending less money each month is a great idea and one that I encourage. But I also strongly recommend that you start to dedicate some time to making more money.
How To Start Making Extra Money
Make Money Monday Series:
- M$M 001: How To Sell Old Cell Phones For Cash
- M$M 002: How To Prop Up Your Income By Making Props
- M$M 003: Making Money With Child’s Play
- M$M 004: How To Make Money Being A Mystery Shopper (Plus A Challenge)
- M$M 005: How To Be A Theatre Actor and Live Your Dream
- M$M 006: How to Turn Your Craft Hobby into a Profitable Business
How “Safe” Is Your 9-5 Job?
Most people believe that having a corporate job is “safe” and “stable” and most of the time it is. What I want you to do is look at working for someone else a little differently and hopefully it will help you see the light that creating a second, third, fourth or tenth stream of income can really add safety and stability to your financial situation.
Let’s look at a few things that can very quickly throw your “safe” and “stable” financial situation into a tailspin:
- Getting laid off
- Getting injured and not having adequate insurance
- Wage cuts
- Merging with another company and falling victim to “redundancy”
- The Bobs
- Plus more…
Layoffs aren’t the only thing that can jeopardize your finances. You could be one of “the lucky ones” to keep your job but be forced to take a wage cut.
Then there are “The Bobs”. I, of course, I definitely hope you never have to deal with “The Bobs”.
In the event that you do I hope that you already have at least one additional stream of revenue that can help you cover your expense while you find a new job.
Having A Single Source Of Income Is Extremely Risky
“Never depend on single income. Make investment to create a second source.”
Before you tell me “I don’t have any good ideas” or “all the good ideas are gone” I want to make sure you realize that you don’t need to come up with the “next big idea” to make an extra $200, $500, or even $1,000 per month. I know lots of people who are making pretty good money in lots of different ways and none of them would ever be considered “the next big idea”.
I personally believe that it has never been easier to start making extra money on the side since you have the power of the Internet at your disposal. You don’t even need you own website to sell products. You can take advantage of massive online marketplaces like eBay and Amazon.
Before you go and poo poo eBay and tell me that “it’s so 1999” I want to show you a quick screen shot of $24,644 I grossed in January 2011.
This was a few years ago now, but trust me, you can make a killing on eBay even in 2013 and beyond. In full disclosure, this $24,644 was gross revenue. I was able to make about 15% margin on these items which means that my net profit for January 2011 was 3,996.60. Not bad for a side income.
On top of the nearly $4,000 in net profit I also accumulated 20,647 air miles points because I used my travel rewards credit card to purchase the inventory and pay for necessary expenses like the shipping material and shipping costs.
You can’t expect to start making an extra $4,000 and racking up 20,000 per month right away, but if you start and stick with you the sky is the limit. It really hinges on how hard you are willing to work and how dedicated you are to creating a second stream of income for yourself.
More great articles on how to create additional sources of income and make extra money:
- 15 Things I’ve Sold To Make Money & How You Can Too
- How I Ran A Business Out of a Shoebox and Made $10,000
- Read This… I Guarantee You Will Make Money in 24 Hours or Less*
- 7 Ways To Make More Time For Your Side Busienss
- How I Got Started in Real Estate Investing
- The Real Way To Make Money Investing In The Stock Market
- 6 Unexpected Benefits of Side Hustling. #5 is My Favorite.
- Christmas Money Challenge: Make an Extra $1,000 in Two Weeks
Photo Credit: 1