Living on last month’s income: Generating Extra Revenue

work from home

For some of you curbing expenses may not be enough and additional income may be required in order to make your 30-day fund a reality, or at least a much quicker reality. Depending on your skillset and your schedule, you may be able to generate an extra $50 – $500 a month. Here are some ideas to thing about as you look at generating extra revenue.

What’s your hobby?

Everyone has a hobby, something we love to do, something that gives us great satisfaction, but due to busy schedules, we don’t pay it much attention.  Is lack of time your excuse not to pursue your hobby as a revenue generating opportunity? Here is what you can do to create a margin of time. First, look at the way you spend time at work. Is there a way you can become more efficient? Maybe chatting with co-workers steals much of your time. Maybe you need to set a boundary on the amount of extra hours you will dedicate to your primary workplace.  How about starting your day 1 or 1.5 hours earlier and dedicating that time to developing your side business? All of us have a set amount of hours in our day, and it’s up to us to manage it well.

What are you giving away for FREE?

Quite often, there is a skill we have that’s in demand, and we just give it away for free to friends, family, or friends of our friends and family. It’s nice to be generous with your time, but this is also a great opportunity to turn freebies into income! Create a simple business card that tells what you offer, and at what rate, and ask your closest network to refer you to others.  Those who have received your help at no cost in the past should become your best referrals, so don’t be shy to ask!

Why not freelance?

What if you’re perfectly happy with your 8-5 job? Great! How about turning what you do at your regular work into a freelance opportunity? The years of experience and knowledge you’ve gained can serve as a great bridge to a few extra dollars on the side. You can also turn your experience into tutoring opportunities for others who may want to learn what you already do well.

Become an expert at something…on your own terms!

What if you currently lack a skill you’d like to develop into an income generating opportunity in the future? If going back to school is not an option for you at this time, find a friend or someone who already does the work for a living and ask for one-on-one tutoring. This method may actually prove to be much more cost-effective and time-effective while giving you a targeted, hands-on learning opportunity.

Tackle Teaching Online

Online learning is on the rise, with 6.7 million students taking at least one cyberclass last year. That’s twice as many pupils e-learning than there was just five years earlier. You don’t always need a teaching degree to turn your hand to virtual education; many schools will employ online teachers with a master’s degree in a relevant area. For example, you could put that accounting knowledge of yours to good use teaching others to become CPAs via Skype or pre-recorded lessons.

Online teachers are typically paid by the course without benefits, although some would call working from home a definite perk. The steady paycheck these positions provide is another real advantage. Pay is commensurate with your workload and educational credentials, but the average online teacher makes $30,000 in their first year.

Become a Freelance Financial Writer

Freelance writing is on the rise with demand expected to grow six percent between 2010 and 2020. Finance writing is a booming area which requires more specialized knowledge than penning human interest stories or entertainment pieces. Your experience in the finance world makes you perfectly poised to beat out your competition and take on these roles.

You’ll be paid accordingly for your knowledge, with financial writers often commanding several hundred dollars per article. Some finance writers find they can easily make between $70,000 and $90,000 annually, without ever getting out of their pajamas. You won’t need to eat into that salary with additional business costs either, as writers need little more than a computer and internet access. To command the top pay rate, it pays to have a master’s degree in journalism, economics, finance, or management.

So whether it’s curbing your expenses, adding more income to your monthly cash flow, or both, your discipline and commitment to making your 30-day fund a reality will determine how quickly you can accomplish this goal. Remember that the small sacrifice today will give you great pay offs and peace of mind in the near future!

Image by Ben McLeod