It often seems more money can solve whatever financial problems you have. And sometimes it can. This week on the Fox 59 Morning Show I talked to Ray Cortopassi about three different ways you can earn extra income.
Disclaimer: 90% of your financial problems can be fixed by cutting expenses (yes, I made this statistic up). But if you’ve cut all the expenses you can from your budget and you still need more money, earning more money may be the only solution. Bringing in extra income can be the perfect way to fund a specific goal like a house project or a vacation, or as a way to speed up debt payoff.
Here are three ways you can earn extra money on top of your current income:
1) Do freelance work. Your day job requires certain skills, so why not use those same skills to get paid during off hours? Whether it’s data entry or consulting, there are lots of opportunities to make money doing what you are already qualified to do.
2) Sell stuff. Spring is officially here, which means it’s garage sale time! Selling your stuff will not only provide you with extra money, but it will also help you de-clutter your life. But don’t limit yourself to selling only your previously purchased items, what about selling homemade goods? Etsy has boomed in popularity in the last five years by selling homemade wares from all over the world. Consider selling your homemade crafts or food for extra money.
3) Get a second job. I always respect people who have a second job, because it shows they recognized a need in their life and they took the next step to fix it. Getting a second job isn’t going to make your life any less busy, but income from a second job should relieve financial stress.
Here is the most important thing to remember about earning extra income: Don’t mindlessly absorb the money. The only time earning extra money is beneficial is when you have taken stock of your current income and expenses, determined the exact monetary need, and then earned extra income purposefully. If you are not resourceful with the money you currently make, adding new funds to that pot isn’t going to change much. Earning extra income can be a last ditch effort to solve a financial problem, but it can also be a proactive decision for your financial future. Either way extra money can help, but to be truly successful you will need to have a grasp on your current financial habits.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.