Find us on Google+ My Sensible Cent: Ways to Make Extra Cash to Suplement your Income

Tuesday, January 14, 2014

Ways to Make Extra Cash to Suplement your Income

There have been an increase in the
number of people asking about ways to make extra cash and felt it would be a good discussion area here. Making additional income is as legitimate a way to help with personal finances as saving money and I'm sure that people have a lot of experience to share with those that are looking to supplement their current income. However, what worked for one may not work for you.

How can one make that extra money?

There are a number of ways to earn
extra income and the full list would be far too lengthy to discuss in any single post. In short you either work for yourself or you work for an employer.
The choices for the entrepreneur would be to sell products, services or a combination of the two.

Whatever the industry, it is important to find a need and fill it. It's not necessarily important that you are the first to do something but paramount importance is to be the
best at what you do.

I worked part-time at an information science college teaching computer applications for one year in addition to my full-time employment. I loved it ... but between paying taxes per pay, taxes at year end, paying for gas, buying lunches or dinners, and just the time away from home it wasn't worth continuing to keep the part time job. I recently quit and while I am writing this on a Monday night at 7:15 pm, I would normally be at this college earning around ksh. 500 for a 3 hour shift. The take home (after expenses) would be around the same amount of money that a 7 year old boy makes working in a factory in China.
Sometimes (not always) working for an employer is not the way to go. I am also a part-time graphic designer for small businesses and individuals in the city. I will design a logo, a receipt book, a poster or a flyer for between ksh.  400 and Ksh. 1500 per page and charge for further editing and printing. I am booked for business for quite some time. I also offer small business computer repair services and individual customers often turn to me for consulting services and vice versa. I earn (and keep) much more than working at the college. I can do it on my own schedule, and enjoy a legitimate home business.

What I am saying is that I am using my skills and each of you should do the same. One person could have an award winning food recipe while
another person may want to perform energy audits, sell or install energy efficient light bulbs and thermostats, and/or associated products and services. Mr. Muscles over there might consider teaching exercise classes in his garage alone or in groups. My list of options can simply go on and on but all relates to one basic question... what's YOUR passion?

Do you know anyone who might like a scrapbook but lacks the time,
equipment or skill to put it together on a computer? Hmmm... that can be a lucrative money-maker especially to an elderly person who may want to hand down recipes and photos and such. Another skilled person might want to buy and refinish old discarded furniture found in a dumpster (only lucky people will find it) that can resell for ksh. 2,000 - 5000 with a coat of paint, sanding, upholstery or whatever. What about Mrs Stay at Home Mom becoming a virtual assistant for an entrepreneur with a day job? She can take messages, answer questions, type invoices, mail postcards or whatever's needed on her own schedule in between diaper changes and naps.
Do you have a great idea for a book,
newsletter or magazine? Start out by writing it and then worry about self- publishing or selling to a publisher. If you find and fill the needs of your audience you can earn not only income but royalties. I have an active interest in passive income.

Do you enjoy washing windows?
housekeeping? running errands? There are a number of disabled and senior citizens who could use your energy. What about doing taxes, bookkeeping or using accounting experience? make up? Sewing or alterations? Teaching computer skills? Clowning? swimming instructor? crafting? consulting? Designing houses? Blogging? Opening an online store?

I told you this could be a long list but what works for one person won't work for another.
Don't just wait for your ship to come in, swim out to meet it!

No comments:

Post a Comment