After just a few weeks at her new job my mother was chatting to her boss about an article she read in the Times. After only a few minutes, he cut her off saying:
“Judith, in what way is this conversation generating revenue?”
Poor Mom was shocked and rather offended at his ill-mannered question!
But at the same time, she was intrigued by how focused and disciplined his mind was and how much mental self control he possessed.
Her boss was very successful in his field of corporate head hunting and his dedication to attaining his goals was obvious. Yes, he could have been nicer but, in fairness to him, it may not have been her first time “disrupting” his revenue stream to chat with him.
Income Focus: In what way is this activity generating income?
If you are going to invest your time and talents in an activity, why not be paid for it?
What skills do you already have to turn into a new side hustle?
Can you use teaching others what you already know as your side hustle? I have a friend who is a master at selling on Craigslist and eBay. She now has a nice side business teaching others the tricks of the trade for selling online.
There are countless part time jobs and side hustles, so spend some time researching and make the most of the job that works best for you. These side jobs vary from babysitting to virtual assistant, and freelance writing to selling on eBay. Some of my favorite lists are from: Busy Budgeter, Making Sense of Cents and Believe in a Budget.
If you can create additional income streams, the “extra money” can be used in various ways. You may decide to save for a special trip you have always wanted to take, pay off a debt, create a college fund or add to a retirement account.
Earning just a small extra amount adds up over time:
$50/week = $200/month for a total of $2400/year
$75/week = $300/month for a total of $3600/year
$100/week can mean $5200 a year!
How will you use your extra money?
For each income stream, it is important to consider multiple factors. If the hourly rate is higher, less hours each week may work out for you. If the hourly rate is lower, can you work as many hours as you need to earn sufficient income? For each type of work you look at, consider the time commitment needed and tradeoffs if any.
Questions to ask yourself:
What skills do I have and what types of services can I provide to others?
How and where can I find customers and clients?
Will I work f/t, p/t, standard hours or flexible hours at a place or from home?
An example: Tutoring is a great source of income and can pay an excellent hourly rate. If you are tutoring school aged children, the hours are after school, evenings or weekends. If you are considering online tutoring, the hours may be more flexible but the hourly rate may not be as high. Where you tutor, how many clients are available and how you can get them, are other factors for consideration. With each side hustle you consider, you will need to weigh the pros and cons.
For me, before marriage and motherhood, tutoring was an excellent part time job for me. Years ago, tutoring was my extra income that enabled me to save for a down payment and buy my first house years before ever meeting my husband. Although the hourly rate for tutoring is well worth my time now, there are other conflicts. The best hours for me to see students are the same crucial hours I need to be available for my own children. That makes tutoring a less convenient choice for me right now.
Plan of action
Make a list of the work that interests you and fields that you have experience in.
You may decide on a new skill you would like to learn.
Research the availability of these jobs for you along with the earning potential.
Take a risk and try out a new side hustle to see if you can make it work for you!
Did you start a new job or side hustle that’s working for you? How did you decide to add extra money each month and create a new income stream?
Let us know, post a comment!
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