"On average, millionaires invest 20% of their household income each year. Their wealth isn't measured by the amount they make each year, but by how they've saved and invested over time.”
- Ramit Sethi, "I Will Teach You to Be Rich," New York Times bestseller
Have you calculated your retirement income recently? Are you investing enough now, in order to maintain a comfortable lifestyle once you reach your desired retirement age?
Perhaps you’re saving up for a large purchase? A new home, or addition to your current residence? A souped-up ski boat? A luxury vehicle? A European vacation?
We know that it’s important to diversify investments. It’s also good practice to diversify your income stream. Having multiple streams of income can reduce risk of an unexpected job loss and help account for rising health care costs.
TIRED OF MAKING SACRIFICES?
Cutting expenses can only take your budget so far. If you’re feeling tight on money – or if you want to build more wealth – consider ways of earning some extra income.
A LITTLE MORE CAN GO A LONG WAY
Use extra earnings to pay down debt. Then, create an emergency savings account. Balancing your budget can improve your overall sense of security.
Next, boost your net worth and contribute to your retirement accounts. The more you earn, the more you can invest. The more you invest, the more rapidly you can reach your goals. Invest more now. Your future self will thank you.
Short-term gratification can keep you engaged. Once you’re back in the black, and continuing to earn extra dough, go ahead and purchase that awesome pair of stilettos you’ve been pining over.
THE POSSIBILITIES ARE ENDLESS
There are infinite opportunities that don’t require a lifestyle change. Having a side gig is more common than you might think.
“Nearly one in four Americans now earns money from the digital ‘platform economy.’”
- Pew Research Center, study
15 WAYS TO EARN ADDITIONAL INCOME:
- Maximize Your Salary
- Ask for a raise at work. Doing so gracefully and effectively may be the fastest and easiest way to begin making more money. Keep in mind, since the recession, wage growth has remained slow, which translates to lean years for employers.
- Obtain a higher paying job. Your earning potential may be greater at another company. Do your research before jumping ship. Update your resume. If you need to beef up your skills, research class offerings at your local trade school.
- Rent Your Room or House
- Sign up for Airbnb or Vacation Rentals by Owner. According to a recent article by USA Today, you may have the potential to earn over $400 per month.
- Become a Driver
- Many Uber and Lyft drivers transport passengers in their spare them, or after their kids go to bed. If you have a nice car and like meeting new people, it might be a fun way to earn some extra cash.
- Monetize Your Interests
- What skills do you have? Enjoy writing? Photography? Social media? Math? Utilize your expertise, and become a freelancer, consultant, or tutor.
- Sell Unwanted Stuff
- “One person’s trash is another person’s treasure.” Sell or barter unused electronics, cell phones, clothing, furniture, toys, and baby items. Have a garage sale, or sell online: ebay, Facebook marketplace, LetGo, Craigslist .
- Get Crafty
- Do you love to sew, crochet, or make jewelry? Create a sellers account on Etsy, and cash in. Maybe you love to restore old furniture or refurbish auto parts for collectible cars? Buy used and flip them at a local flea market, trade show or craft fair.
- Get a Part-Time Job
- If you love shopping, and tend to spend at a specific store, consider working at the store one day per week. Earn the discount, and spend the money you would have spent anyway.
- Use Your Talents
- If you have character and aren’t afraid to take direction, start your modeling career today. Capture a few headshots and submit them to a local talent agency. It can be difficult for agencies to find actors who are young, elderly, pregnant, etc.
- Good at mimicking accents? Have a crystal-clear voice? Create a voiceover demo, and send or upload it to a reputable talent agent.
- Become a Handyman (or Woman)
- Are you good at getting to the root of household issues and making repairs? What about fixing cars? Sewing? Let your friends know you can help them with their household needs.
- Care for Animals
- Do you have a love for furry friends? Get paid to pet sit, walk dogs or scoop poop.
- Care for People
- If you love children, consider babysitting. Love older folks? Become a companion to the elderly.
- Clean Homes
- If you’re a clean freak, offer up your skills. Get paid to dust, mop, and polish to your heart’s content.
- Spend Time Outdoors
- Help your friends and neighbors with their yard work or landscaping.
- Offer Encouragement
- Are you an inspiration to those around you? Become a life coach or personal trainer and help people achieve their dreams.
- Become a Personal Assistant
- Run Errands and make purchases for those who don’t have time to shop. If you have an eye for design, you can help with interior decorating.
GET THE WORD OUT
One of the best ways to create a successful side venture is to let your friends know you’re available. Promote your business, and ask for referrals. Advertise for free on Facebook, in your neighborhood association newsletter, within your office HR department and at church. Prepare business cards to pass to those who may be interested in utilizing your services.
YES, YOU CAN
There are countless ways to make extra money. Get creative. Find a niche that’s not filled. Expand your hobby or love into a business, and put your spare time to good use.
These are just a few options that can provide a little extra cash, so you can stretch your budget further.
What are some of your favorite ways to earn some extra dough?
Interested in learning more? Here are a few informative and inspirational articles for your reading pleasure:
"Side Hustles are the New Norm. Here’s How Much They Really Pay"
"How to Be a Millionaire, Saving Very Little Per Month"
"How to Turn Your Hobbies Into Services That Make You Money"
"8 Lifestyle Changes to Make if You Want to Earn More Money"