If I asked if you were doing everything you could to generate income, what would you say? A lot of people think that pay raises are the only way to earn more money. That’s true, right?? Well let’s see…
First, we need to address the debt situation. Owing money (for any reason) will eat up your monthly paycheck. Next time you think to yourself “I could handle $25 a month for this new TV” the first thing you should do is punch yourself in the face and realize that it’s going to reduce all further paychecks until the thing is paid off (which will probably take a while). The second thing you should do is walk out of the store proudly sans TV and fire off an email to Johnny Moneyseed with the title “You’d be so proud of me”.
If you make $1000 a month and your monthly bills include $500 worth of loan repayments, you are only netting $500 a month, since the other $500 does not belong to you. Eliminating debt, in this situation, would allow you to buy a $500 TV every single month. And without owing anybody anything.
We started our road to recovery with $60,000 worth of debt. After finding the snowball/avalanche method of debt repayment we paid off our debts about 5 years earlier than we would have by using traditional methods. This isn’t the only method, but it’s the one we used, therefore, it is the best.
The hardest thing you could do to make more money is to give in and get a second job. Depending on your situation it may or may not be a necessity. I would say that if it’s even an option for you to have dual-employment to just do it. If you have kids or your full-time job is 1000 hours a week then this option may not be available to you.
It doesn’t matter if you’re a cashier, a nurse, or a construction worker, the fact is that you need more money, and complaining about it just doesn’t seem to be working in your bank account’s favor. Find something you actually like to do so you don’t add more stress into your life. Like kids? Babysit. Like driving? Deliver pizza. Mow lawns. Walk dogs. House sit. Your options for part-time employment are pretty limitless.
The easiest thing you could do to make more money is to reduce the waste in your life. Having a smartphone is a luxury. Having cable TV is a luxury. Eating out at restaurants is a luxury. Luxuries are non-essentials that weigh down on your paycheck. Not everyone is going to be willing to give everything up, and I completely understand that, but if you are serious about paying off debts or increasing your income, these are the areas under your control.
The most enjoyable way to increase your income is to utilize your talents and resources. I, for example, write these lovely posts for you on the website that I own and in return, when you click on advertisements, I receive a small compensation. Don’t get me wrong I’m not saying I’m talented or that the extra income would make anyone jealous. What I’m really saying is that I love to write, and I love personal finance, which is why my side-hustle involves both of those things.
Figure out what you love to do if you don’t already know. Offer whatever it is as a service on Craiglist. Start your own blog. Teach lessons. Anything that can make you even a few extra bucks from time to time.
All of these things will land you more money. They’ll also probably eat up a good portion of your time. It’s important to realize that more money shouldn’t equal more stress. The whole reason we’re trying to make more money is to reduce stress.
Money isn’t the key to happiness in life, but it does help. Once you get to the point when you don’t owe anyone anything, you can breathe a breath of fresh air. You can go for a hike in the woods, or have a backyard picnic, or whatever you do for fun without feeling the weight of stress on your shoulders. It’s crazy to think that not even five years ago, I used to have to borrow money from my parents whenever I couldn’t pay my bills, and now I write about how to save/make more money.
We’ve done everything from selling stuff to make money, to significantly reducing the cost of our lifestyle, to paying off all of our debts, to starting this site. I figured that it was time to pass on some of the things I’ve learned over the years, but only the stuff we’ve actually done, or things that have worked. I’m a strong advocate for following my own advice, so anything you see throughout my posts are things we have done, or actively do to further save money.
If you catch yourself talking about “how broke you are” or “how in debt you are”, stop and think to yourself have I done everything I can to make extra money? I know I couldn’t stroll into my boss’s office and say, “Look dude, I need a raise”, and you probably couldn’t either. Let’s stop basing our futures off non-existent pay raises and turn to areas of opportunity that really do exist.
*Johnny Moneyseed does not advocate doing anything illegal to make money. Seriously, don’t do anything illegal to make money. I mean it!