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15 July 2007

Create Additional Sources of income to supplement one job and one paycheck

Additional source of income is a must have nowadays especially if your present income is insufficient to support your daily expenses throughout the month. Therefore it is a good to have additional money coming in every month from other source. Here we discussed a few words in regards to creating additional source of income while still maintaining your current job which is your main source of income.

You need to search for ways, opportunities, create one where none existed before. I’ve read an articles, books regarding this subjects but all they says is create, find, search, its benefit, it advantages but hey they didn’t show you how to create one. Instead they insist you think, use your brain, brainstorming, discussed among your friends, read book on financial. Man that to me is a big task and time consuming. It’s like going back to college studying all those subjects.

Why don’t they just give us a guide and shows us the way. Be compassionate. Have pity on us all those successful fellows out there.

There are many things that you can do to earn money while you are working for someone else. For instance if you have a good knowledge in building website, you can always be a freelance in designing site for someone else. If you have talent in music, you can give lessons in music. If you good at mathematics, give tutoring in mathematic. Literally a million things you can do to create Additional Source of Income. Another example, if you are good in writing an articles, perhaps you can write for someone or publishing company, magazines or similar. If you a wizard with computers, there are thousand and one things you can do to earn additional income. You can build them, sell them, repair and service them or perhaps teach others how to use them.

To ease the process of developing additional source of income, a set of rules need to be presented to give us a clear picture where are we heading. In shorts, what we want is something that will produce a good if not excellent return on our investment. The work should be something that:

a) Can be done in our spare time – something that can be done on a part time basis.
b) Do not consume a lot of our time – the work must not take too much of your time. You don’t want to work another 5 hours after work do you? The work should be something that requires a maximum of 3 hours a day, only at the beginning stage (the beginning stage always requires the most time and effort) and gradually decrease to one hour a day.
c) Minimum management – The work must not require a heavy management i.e. require your constant input and tinkering every 3 minutes.
d) Minimum startup – do not require too much money. Look for ventures with a small burn rate.
e) Generate a high return – This is what I am still waiting for ages. A lot of them bloggers out there earning thousands of dollars doing business online. Anyway, look for something that will generate a high return. Since you are spending time, money and effort, it is wise and a must that your investments are reimbursed well. If your return is not attractive or even just enough to pays all the bills, why bother doing it.

Here are few examples that can be done on part time basis:

a) Part time sales work.
b) Lecturing, teaching and tutoring.
c) Writing.
d) Editing, proofreading and typing.
e) Consulting.
f) Young and adult Education.
g) Singing, acting and modeling.
h) Speaking (toast master).
i) Network Marketing
j) Internet online Business.
k) Blogging

That all folks, it may sound hard but not easy. It all up to your to decide whether you want to do it or not. It about what you want to achieve, your goal in life, you have to discipline yourself. Have strong motivation to go forward and do it. Referring to nike slogan “just do it” and British former MP, David Mellor use to say “just do it, as long as you re not caught doing it”.

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