Introduction:
Many people want to make extra money outside of their 9-5 jobs, but finding the time and energy to do so can be a challenge. Whether it’s due to unexpected expenses or a lack of salary growth, having an extra source of income can alleviate financial stress and help people achieve their financial goals. In this article, we’ll explore a few strategies for making extra money outside of your regular job and how to find the time to do so.
1•Connect with your why:
Before you start looking for ways to make extra money, it’s important to connect with why you want to do so. Maybe you want to save up for a vacation or catch up on retirement savings. Perhaps you want to leave your job altogether and see your new income stream as a way out. Whatever your reason, keep it at the forefront of your mind to stay motivated.
2•Audit your time:
Next, audit your time for a couple of weeks to identify when you can find the time to make extra money. Write down how you spend each hour of the day and highlight the times when you’re doing low-value activities, such as watching TV or scrolling through social media. If this time amounts to 5 hours or more a week, replace it with income-related activities.
3•Outsource tasks:
If your schedule is jam-packed, identify tasks that you can reasonably outsource. Consider hiring someone to clean or cook for you. While this may cost money upfront, it can free up valuable time for income-generating activities.
4•Determine your income preference:
Decide whether you want your extra income to be active or passive. Active income can be earned faster, such as by picking up a part-time job or freelancing. Passive income requires more time to build, but it can generate income without your involvement.
5•Choose your strategy:
Based on your income preference and time availability, choose the strategy that works best for you. If you have limited time, active income may be your best bet. If you have more time, consider building a passive income stream over time.
Conclusion:
Although it can be difficult, earning extra money outside of your 9 to 5 job is not impossible. By connecting with your why, auditing your time, outsourcing tasks, and choosing the right strategy, you can generate extra income to achieve your financial goals. Remember, it’s important to prioritize income-generating activities among your other life responsibilities to make the most of your time