After you’ve cut back all the expenses you can (or are willing to), you may still need to make more money. Whether you’re looking to reduce debt, or just add things to your life that move you closer to your values (e.g., travel, wedding, fun activities), there comes a time when it may be helpful to switch mindsets from “what else can I cut?” to “how can I make more money?”
Happy Labor Day! This post was inspired by a reader who shared his story. He is a father of three whose day job reduced employees’ salaries substantially to avoid layoffs. After cutting every expense he could, he realized that it still wasn’t enough. He needed to make more money. He started by selling his possessions, then moved on to creating products to sell, and then began an internet-based business. Currently, he is making more money on his side jobs than he does at his day job! Now if there’s something he wants, he doesn’t think about what he needs to cut to afford it, he asks himself how he can make more money.
If your training program or employer won’t allow you to have another job, or you are already working long hours, and/or you have young children, you may think that you can’t take on another job. But it is possible for you to find a way to make more money.
The fact is, even if it’s not an official “job,” there are plenty of ways you can make more money.
Sell everything that doesn’t add value to your life
Furniture you don’t use
Clothes you no longer wear
Anything you have more than one of
Cars you can’t afford
Anything you’ve purchased a newer version of
Everything that’s been sitting in a box or your closet for a year
Books you won’t read again/Study materials you no longer need
Use your skills
Tutor (Zach from Four Pillar Freedom made $1,000 in one month tutoring statistics)
Teach at a test-prep center
Write a book
Become a consultant
Make instructional videos
Teach on-line or evening college classes
Find a colleague who is looking for an assistant or for help on a project
Look for part-time openings at crisis centers, programs for those with physical or mental disabilities, or hospitals/Emergency Departments*
Provide clinical supervision for trainees*
Conduct psychoeducational (e.g., gifted) assessments for children*
Rent space from a colleague and practice your specialty on nights/weekends*
*applies to licensed clinicians
Make your hobbies work for you
Sell crafts on etsy
Refurbish and sell furniture
Sell your artwork at local art festivals
Teach piano, guitar, or other lessons
Photograph weddings, birthdays, or babies
Sell based items or specialty foods at a Farmer’s Market or to your peers
Start an internet-based business
Create a YouTube channel with links to products
Become a staff writer for existing sites in your area of interest
Get involved in internet marketing
Start a blog (I read How to Start a Blog and Why You Should by Retire By 40)*
*Note, I spend more than 40 hours a week blogging. Although I treat blogging as a second full-time job (I’m also a psychologist), I don’t expect to break even on its expenses any time soon.
Offer a service in others’ homes
Pressure wash people’s homes/patios/driveways
Mow yards/Trim trees/Lay sod
Return to the work you enjoyed when you were younger
Waiting tables (esp. at high-end restaurant or where you will have “regulars”)
Part-time position at a theme-park (plus free passes!) Interestingly, my son’s teacher worked at one over the summer. I hear that a lot of teachers do this.
Lifeguarding or teaching swim lessons
Working at your favorite store or movie theater for a discount
Take advantage of new markets
Driving for a ride-sharing company
Warehouse for major on-line retailer or package delivery service
Or volunteer for perks
If you can’t afford to attend local festivals, fairs, concerts, or sporting events, try volunteering. Although this may not make money, you’ll get free admission and maybe also a free lunch!
What things have you done to make more money?