Avoiding Financial Setbacks #5: Create A Second Income
May 13, 2008 – 11:00 amTo end off the “Avoiding Financial Setbacks”, there is one final piece of the puzzle to where you can assure yourself that you will not suffer a threatened setback. Consider producing some type of second income. There are hundreds of opportunities out there waiting for people like you and me to take advantage of. I will present 20 of my favorites in just one moment, but before I start, ask yourself:
WHY DO I NEED/WANT A SECOND INCOME?
Maybe you have to play catchup. Maybe you have goals that you would like to meet. Maybe you bills that need to be paid immediately. Or maybe you’re just sitting on the couch looking for something to do worthwhile. A second income will provide you with the additional resources and currency to take care of those things that you want to accomplish. For example, on my list of 20 income producing methods, I hope to use #18 as a summer job to help rebuild my Emergency Fund.
HOW LONG WILL I NEED TO GIVE UP MY EXTRA TIME?
A second income does not have to be a lifetime dedication. Summer’s coming up, get into a summer job or do some a few weekends. As long as you accomplish those necessary goals, you do not have to dedicate your life to a second job or a second income. Just take care of what you need to take care of and if you feel as if you really do not need the extra income any longer, you can safely take care your leave.
BUT WHAT IF I DON’T HAVE THE TIME?
A good portion of the methods I present below requires 30 minutes to an hour of your time. If you can’t sacrifice an hour a day, or even an hour a week in some cases, and you’re not bringing in the extra income to satisfy your needs, then you will need to take some time to re-evaluate your time management. Somewhere in there is flaw that can be re-adjusted.
MY TWENTY METHODS
Keep in mind, there are hundreds of work-from-home & side opportunities that you can take advantage of. This is only a small list to get you mind started on what you think would work best for you. And it isn’t necessary that you just pick one. Of the 20, I am involved in 6 of the ones mentioned, and plan to take part in another 3, and once I become a homeowner, I’ll take part in another 2. That will be more than half of the list provided.
- Blog – Making money from blogging can be done as quick as a month or as long as years to accomplish. It took famed guru, John Chow 5 years to make the money that he’s making now. One thing’s for certain, he was passionate about it and so should you.
- Create an online business – For less than $100 for a year you can register your own domain name, sign up with a reputable hosting company, and sell products online brining in that extra cash.
- Create Your Own Products – If you have your own products, then that’s great. You retain 100% of the profits or you can even market yourself better by creating your own affiliate program.
- Join An Affiliate Company – If you don’t have your own product, no worries, there are hundreds of companies looking for resellers. You can still retain a nice percentage of what you sell. (See “#12 Avon”)
- Turn Your Hobby Into A Profit – I knew someone that used to love to make jars of jam. Now she’s making a nice side profit selling her hobby to friends, co-workers, family, and even meeting new people along the way.
- Work Part-Time or Weekends – Summer’s approaching and a lot of kids will be looking for summer jobs. Go out into the market and snag your position before it’s given away.
- Sell Your Junk – Take a look into your attic and basement and see what old junk you have lying around. Chances are you may have something you really don’t want to part with, but I bet if you sold it, you’d forget about it a month later. Here are some ideas you can use to get rid of your junk and free up some space.
- Sell your items at flea markets
- Sell them on Ebay
- Start a Garage Sale
- Grow A Garden – If you’re a homeowner or own some type of land, reserve some of that and grow your own produce. Once their ripe and ready for eating, take them to a local farmer’s markets and sell them to your shoppers.
- Referee – I got this idea from my boss. He’s a huge sports lover of all types. He referees little soccer & baseball games. There are mental and physical tests you have to complete to be an official referee but he does bring home a nice chunk to the family budget.
- Start A Dog Walking Service – There are plenty of people out there are that are (or maybe claim) to be too busy to walk their dog. This is where you step in. Start a dog walking service and just watch what type of extra income you can bring in.
- Rent A Room or Start A Bed In Breakfast Service – Have an extra room or a space in your home that can be turned into an extra room? Rent it out and meet some interesting people. Start a bed in breakfast service and show tourist how nice people are in your city. Homeowners be sure to check with your mortgage bank first, some do not allow borrowers to rent out rooms.
- Teach Something – Are you good at math, history, science, or any other subject that you feel could benefit someone out there? Become a private tutor to a young child or teach at continuing educational schools, such as GED programs.
- Model – I thought of this one because I was actually asked to model at one time in my life, but it’s still a great side gig and brings in some great income.
- Join Avon – My mother is part-time Avon representative. One of the best things about being an Avon representative is that the only out-of-pocket costs is a small registration fees. Everything else is buy as you sell.
- Online Surveys – Here is a nice way you can earn some extra cash by testing out products. I am part of Pinecone Research, and every once in awhile, you’ll receive products from the actual manufacture to try out and provide your own input.
- Sell Plasma – This is something else I’m starting. Locate a blood center that pays for your plasma. By giving up a small hour of your time, you can bring in $20 - $30 dollars per visit. Though there are some centers that will invite you back after 48 hours, I recommend going in at most once a week to give your body some time to rejuvenate itself. You can easily bank $80 to $120 per month for no more than four hours of work.
- Join Second Life – I was shocked to learn of the type of money people are making off of the online game Second Life. People are using Adobe Photoshop to setup businesses, real estate, tanning salons, hair salons, upgrades, you name it and they’re doing it! You don’t even have to be good with Adobe, just know how the “Second Life” world works.
- Go Into Movies – There are agencies that will pay $100-$200 a day just for you to sit in the background and sip some coffee. Do some local researching and see if anyone is looking for any extras to star in a new film.
- Write Articles/Book – I enjoy writing articles and will soon be making the transition to selling my material. Search for magazines, advertisers, and even bloggers that are looking for authors to join their team.
- At-home customer service – Here’s is something else that I’m looking into. There are some legitimate companies out there looking for new employees to provide telephone customer service in the comfort of your own home. Since I’m out of school, I’ll be looking into doing this part-time. Here are some links of site you can visit if you’re interested in this:
- Babysit, Nanny, or Childcare – You do not have to an 11-year old to babysit. Families are looking for responsible adults to watch their children while they work. On average childcare costs $1,000/month per child.
- Professional or Mystery Shopper – People are actually looking for other people to do their grocery shopping for them when time is limited for them. Why not use your extra time to assist others. Advertise in your local newspapers for hopeful clients. Also, companies are also looking to improve their customer service by hiring mystery shoppers to shop and evaluate their employees. I managed to find A LINK to help you on your search!
And there you have it! 20 different ways you can make money by using your own extra time. I’m sure you can use a couple of these to help build your finances and will be able to take on any setback thrown at you. Remember, will not happen immediately. It may take weeks or months to fulfill your overall goals. Just be sure to browse through the posts presented throughout this series to help build yourself to a stronger person, financially and mentally. Good luck out there!
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