Make More Money: Generating Additional Income (Part 1)

Although many of the people who write and talk about personal finance really focus on the frugal living aspect of it, there is another whole side of the equation that can and should be looked at: income. Many people who are in dire straits financially could simplify and solve their financial problems by adding additional income to their cash flow each month. The challenge of course is twofold: motivation and opportunity.

In any situation, you must first hear the knock of opportunity at the door. If you actually hear the opportunity knocking, you must immediately take steps to sieze it because as cliche as it is, the fact is, opportunity really does only knock once. And after that, it is gone. Getting motivated to listen for new opportunities and then staying motivated to actually sieze upon them is the first step to becoming motivated to generate more income.

In simple terms, many people are working and are living at or above their means, but perhaps are able to pay their regular installment debt just fine. Hundreds and thousands of dollars lost yearly to interest costs and such, but it doesn’t really matter. These funds are not needed so long as the monthly debt is paid. One way to become motivated is to calculate the interest lost each year by installment debt. There are various calculators out there that are easily available to calculate the interest on loans or credit cards. Add up all of that interest lost in a year and imagine what it could buy.

If that doesn’t motivate you, consider what that same sum would be if invested at a 10% growth rate for 30 years for your retirement, how much would that sum be? Would that be worth doing something to accelerate your debt repayment and/or savings plans to want to generate more income? It probably would. And if it doesn’t motivate you, you can stop reading now. Right now. I mean it. The rest of this article won’t interest you.

So what is the right way to generate more income?

In reality, there is really no bad money that can be generated. Sure there are ways that are better than others if you are trying to save money, avoid taxes, and the like, but the fact is, that there are more opportunities out there to make money than you could possibly exhaust if only you are willing to look for them, and then, actually spend the time as a motivated person, to follow up and cash in.

Self-Employment is always an option if you have a unique set of skills that you feel that you could offer to others and make money. Small-Cash jobs are also available for short money if you know where to go on the internet to do them, depending on your skills. Investment income is also available in the form of bank and investment accounts. I will discuss each of these methods in a subsequent article to provide you some great opportunities.

Are you listening? You might be. But now that we come to it, are you willing to work?

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