Creating Additional Income To Become a Millionaire
“Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time.” – Proverbs 13:11
After cutting some unnecessary expenses from my wants, I can clearly see if the 70% allocation of our salary is enough to cover our daily living expenses or not. If it’s not, I have to find ways to augment my means. The first target is to be at least to break-even on a monthly basis.
So my next step is to look for temporary ways to cover up the deficit by selling unnecessary things.
Sell those unnecessary things
During financial trouble is not always the best time to sell any of your possession. It will not allow you to negotiate on the upper side, but it will most probably put you on bargain sale because of the immediate need of cash. One example is the moment when I was selling my car that I could easily sell for $2000. I just gave it away for $700 because of the urgent need of money. And since I am paying for $50 for parking and another $60 monthly for the car insurance, I decided to get rid of the car for that price so that I can save more than a hundred dollars monthly.
If you were forced to sell some possessions, make sure that you’re selling those not-really-needed things like appliances that eating up so much space. In my case, I sold my photography lights, flashes and other gadgets that I am not using any more. Although they were sold at low prices, that was okay because I don’t use them anymore and it’s a wise decision to dispatch them.
Look further for more little things that you can turn into extra cash by selling them. There are always something in your closet or cellar that are simply eating space.
Create value or use more time
After dispatching the unnecessary things, I have to find ways to increase my current income. The best way to start is where you are now – with your current job. Maybe the first thing that will come in your mind is to ask for salary raise, but you have to make it with value or quality of work so you’d be worthy to receive the salary raise. Or, maybe you can earn extra income by adding more working hours (overtime) if your company allows you to work overtime. But of course it would be best if you can do both, adding quality in your work or valuing yourself and working extra jobs at the same time.
If adding more time (paid overtime) will not work with your current job, you can accept extra jobs outside of your company or current job. Yes, it’s something we call sacrifice a few hours to earn more. But since we have limited in 24 hours a day, we have to make the best decision and discipline in managing our time.
Acquiring more knowledge about my job responsibilities adds more value on myself because it makes me more efficient and productive. I resume to work early in the morning and get out a bit later in the evening. I may not be paid on these extra hours, but this will be an investment. Once I founded integrity on my job, I can reluctantly go to my boss to ask for a salary raise if I need to. But even though I don’t have to go to my boss five times a year to ask for a salary raise, the boss will know if I deserve an increase through the fruits of my labor – efficiency and productivity.
There is a good thing about investing on yourself. If your current job cannot provide the salary that you have on your goal by the strategy above, you can look outside and find other opportunities that can provide you the salary you are seeking.
Offering services that you know
In case of doing additional jobs, I will make inventory of myself to see what services I can provide to increase my income. Currently, I have my full time job during week days, so if I will offer my services, it should be during evenings and weekends.
I have working knowledge with troubleshooting computers. This service can bring me at least 100$ extra every month. It needs a lot of time, though, so I limit myself in accepting a job if clients will drop their computer to my home after work. I cannot do computer services from house to house.
I have knowledge with Social Media Marketing – designing websites and providing contents, and gaining website traffic and attention through Social Media sites like Facebook and Twitter. These knowledge can be used to small businesses around where I live, so I can decide if I will provide a service for web design.
Royalties and Affiliate earnings
I love reading personal development and self-help books. Reading books for at least an hour a day, I can increase more knowledge. With the knowledge I gain from reading, I can do some writing for my blog and provide content and value with my articles. Blogs take time to reap the rewards but it’s a great investment. I can add affiliate links that might generate extra income to be able to maintain the websites and might earn extra income as well.
One of the great benefits of keeping a blog is for my learning and training in writing. Articles I write will hone my knowledge and it is also my dream that one day I could be able to write and publish an e-book. My first book published on Kindle was the realization of that dream. Although the book was not so popular, it brings me credibility. I may earn extra income from royalties if I can publish more books in the near future.
Accepting Odd Jobs
Accepting odd jobs can provide extra income, too. If you have a car, you can ask neighbors if they need a vehicle for hauling things.Check if they need someone to mow the lawns, walk the dog or some repair jobs. Or you can join Uber if you have a nicer car.
These little things can add up to fill the gap on your budget.
Try to find ways to earn extra amount out of your free time and providing services on what you already know. With the surplus of money flowing in, you can fill the gap on your budget. Eventually, you can add those extra savings to your emergency fund, or add the amount to paying back your debt, or start accumulating for your investment fund.
Even though I had some bad experiences with Network Marketing, I am convinced that it is by far the best vehicle for small earner like me to get started with business and go to the top. I just have to find the right company that will stay for long time.
Network marketing is simply promoting and recommending our favorites like soft drinks, restaurants, basketball team, favorite rock star, etc. So there is nothing new; I’ve been doing it almost every day, I just have to figure out how to collect my fees for recommending and promoting.
I’d be back promoting soon my network marketing opportunity once I building my sales funnel.
If you are looking for some ideas how can you get started doing a part time business, simply leave your comments. I can coach you to get started with your part time online business to fulfill your dreams to become a millionaire.
Here’s to your success!