How to Find a Second Source of Income
Learn 6 ways to pick up multiple paychecks.
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Almost everyone wants to make more money, but when you feel like you can barely keep up with your full-time job, the idea of taking on a second or even third one can sound a little ridiculous. After all, if you re already squeezed for time, then how can you possibly pick up even more responsibilities?
How To Find a Second Source of Income
As daunting as it sounds, finding multiple sources of income doesn t have to be difficult, and it can be the solution to achieving more financial stability. In this article I ll give you solid tips for how to create extra sources of income that can pick up slack in your budget, make it easier to save money, and give you an automatic safety net in case you unexpectedly lose your job.
Why You Need Multiple Sources of Income
I like to think about having an additional source of income as being sort of like an insurance policy. I interviewed one young woman who taught aerobics classes in the evenings after spending her days working as a videographer for news organizations. When she was unexpectedly laid off from her day job, she quickly doubled her aerobics teaching load and was able to keep herself afloat until she found a new full-time job. Some more examples of income multi-streaming are a teacher I know who sells used baby clothes out of her home and a young couple who run a small Internet business on the weekends. Just like these people, you can also pick a profitable project or create a business that matches your lifestyle.
How to Start Making More Money
Making more money, or multi-streaming your income doesn t have to be quite as overwhelming as it first sounds. If you re ready to get started, here are six ways to begin picking up an extra paycheck:
Extra Income Tip #1: Share Your Skills
The first step is to think about what you can do that s unusual or valuable to other people. Do you know a second language well enough to teach it to others, or have a skill like woodworking, crochet, or playing a musical instrument? People pay for all kinds of lessons. Just log onto the services section at Craigslist.org to start brainstorming what you could offer. If you re not sure whether there s a market for your skill, post an ad on Craigslist or on a local message board and see whether anyone contacts you about it.
Extra Income Tip #2: Start a Service Business
People are willing to pay for all kinds of things, like house-sitting, dog-walking, cooking, yard work, cleaning, exterior pressure washing, computer work, tutoring, and even organization. If you re interested in launching a business, come up with a business plan and start spreading the word.
Extra Income Tip #3: Sell Your Creativity
There are websites like Cafepress.com that let users design their own T-shirts and products with witty words or fun graphics and then sell them for a profit. Though you won t get rich if just friends and family members bite, you could turn into a success story if you create a design at just the right time.
For example, if a big news event or viral video inspires you, then quickly make a related T-shirt and get the word out. After President Obama signed the health care bill into law last year, Vice President Biden uttered a memorable expletive, and almost immediately T-shirts emblazoned with Health insurance reform is a big #@%*! deal became hot sellers!