You Must Generate More Income
Throughout the country you keep hearing of companies cutting employees to save on costs. You also have heard multiple times over the past few years that we all need to learn how to budget our money better.
Although both of these are true, another reality is that one can only cut so much based on the money they have coming in. For all the hate we’ve been showing against the banking industry lately in retrospect they have the right idea. They keep trying to come up with new revenue streams to offset their losses. Sure, we hate their ideas, but at least they’re trying. And we have to try on our own to generate more income as well.
The simple solution is to tell everyone to get part time jobs but that’s not necessarily the best option. If you have kids do you really want to be away from the house all the time? Also, it can be tiring; sure, one must do what one must do but are there other options available?
Actually yes there are, and it’s within each person to try to figure out what other options they have. In essence, every person has a skill that someone else might be willing to pay them for, or a talent that can help them produce something they might be able to sell.
I’m currently reading the book The Barefoot Executive by Carrie Wilkerson, and in it she talks about many people she’s helped mentor over the last 4 or 5 years in helping them figure out both ways to make extra money and ways to actually get their businesses to take off so that some of those people are self sufficient.
I hear you now, ‘what can I do’? Here are 5 general ideas of things to think about:
1. Teaching. Teaching is probably the number one thing to look at because, as I said, everyone has a skill that someone else wants to learn. You can either set up a coaching course, create ebooks on your subject, or advertise to do direct teaching.
2. Sell stuff. Who saw the guest post on making money on eBay? Two weeks ago my wife and I ran into a guy that was buying up lots of one particular product at the Dollar Store. He said that he sold them on eBay for $10 and was making a killing because people loved these things yet didn’t know they could be had for much cheaper. It’s not a scam; this is what retail marketing is all about.
3. Freelance writing. If you can write on certain subjects there are people willing to pay you for your knowledge. They’re always the easiest people to find but if you can find them it can put some nice dollars into your pocket.
4. Consulting. This is different than teaching because you’re going in to help tweak an operation rather than starting from scratch. You can’t get away with this in all industries because of proprietary information, but the overwhelming majority of fields have no restrictions on your sharing thought knowledge. And by the way, who says you have to consult in something you do that you’re presently employed for?
5. Repairs. Do you have special talents for repairing certain things? Maybe you know a lot about computers that you could help others with. Maybe you’re an electrician or an engineer who knows how to fix home appliances. Or maybe you’re someone who knows how to fix lawn mowers and the like. There never seems to be enough people who know how to fix things when you need them.