How to Generate Extra Income

Today I’m giving the tools you need to think about how to generate extra income in your life.

Those that are a little more frugal in their lifestyle and want to be financially independent in the future are always thinking of ways to improve their cash flow or increase their income. Herein lies the problem, most people just ‘think’ about how to make money but most don’t follow through.

If you are to generate some extra income in addition to what you bring home, you want to bring in that extra cash in the most efficient way possible.

You must first of all if you are already doing some kind of work for free, ask yourself, “How can I monetize this work?” In other words, how can I presently make money out of a situation where I may be doing some work but not benefiting by not being compensated with money. However, this does not apply to charity work or work you have volunteered of your time for a good cause. You must also learn to give back for free. This makes you a philanthropist that will be valued by others that may need the resources.

If you cannot make money by work you already do and it is not charity, you might reexamine if it is even worth your time. Remember time is one of the few things that we all have the same of. We all have 24 hours in a day, it’s how we apply our time is what matters. After a self-check if you really are capitalizing for the best use of your time, ask yourself if there is something that you would absolutely love to do with some spare time that would boost your income levels and bring in extra money. You may find that you are an expert in sales training or copywriting and do some consulting on the side if you have a day job. Before doing any extra work, visualize with clarity of intention, where you want to go financially. You might visualize yourself financially free because you built a very profitable practice. You really need to see this in your minds eye and feel it. If you can put emotion into your thought, your subconscious will help work towards your goal. For a recap of goal setting, see earlier posts on goals.

The next step of generating some extra income is to start small. Give yourself little mini goals to complete and hit each month. For example, you might want to set a mini goal to bring in an extra 100.00 that month other than your normal income. For some, that may sound too high and others too low, so modify the amount according to your needs. If you can start small and bring in 100.00, you can certainly over time, bring in much more than that. Please just start small and hit your goal so you don’t sabotage yourself. When you hit your goal, reward yourself with maybe a movie or something. Don’t go and spend all of your money in one place, you are better off putting it in an investment or an account to get you financially free.

Most of all, have fun and be creative with your newfound money generating skills. Also, maintain balance with Life, Family and your own Personal Development and Hobbies. There is nothing worse than workaholics that worked their life away with money in the bank, but didn’t live life fully. Remember no one comes down to the end of their life and says, “Boy, I really wish I worked more!”. Take time to reflect and build your life little by little and enjoy the journey!

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Category: Income