If you have been following TFB since the beginning of the year, you probably noticed my switch of direction towards making money online topics. I actually want to lean towards a “making extra money” direction. This is why I recently talked about how I increased my income from 30K to 100k in 5 years.
My 2 main sources of income (my day job and my online business) are derived from the same asset: my brain. In fact, most of the work I do is thinking and my “product” is mostly to serve my clients. I offer financial advice and investment strategies to my clients and I write about personal finance on my blogs. What is cool about the service industry is that you can leverage your efforts in many ways. If I’m good at running blogs for example, I can take my experience from my main blog and use it to run 10 blogs.
But what if I was doing a hands on job? What if I was working in the construction field for example? Can I really lift 2 bundles of iron rods instead of 1 to work faster? Not really. So what can manual people can do to increase their income? After talking with my brother-in-law (who’s working in the construction field) on several occasions, I tried to find some ways to make extra income for all those people that find it’s not so easy to increase their pay check. So here are my thoughts on making extra income for hands on people:
That’s probably the most obvious and simple idea I could find. Most people working in these types of fields are paid by the hour and often have the possibility to work extra hours (and getting paid overtime for these hours). It’s not an incredible idea as you are literally burning yourself out but it is still a good way to earn extra bucks.
I’m a big fan of efficiency. Regardless where you work and what type of job you have, there is always space for improvement in your work environment. Since you know you job well and probably the company you are working for, as well; you could certainly make a few suggestions to management in order to improve the overall efficiency of your team. It could be through improving a process, changing a method or adding/modifying a tool that you use.
Great ideas always get rewarded. You will either get a bigger bonus or increase your chances of getting a promotion. On top of that, you will remain in your manager’s good grace (which is not bad if your company is going through a tough time and consider cutting down on the number of employees…)
You would be surprised how many professional schools, colleges and Universities are looking for people with experience in their field to teach people how to do their job. I have noticed that there is an interesting switch in their hiring process when they become very interested in adding expertise by delivering 1 or 2 courses in order to help students to make the link between theory and the real world. This can be applied by many individuals and it’s a great source of extra income. Unfortunately, this also requires more hours.
All right, so you don’t want to work more than 40 hours a week and you won’t be getting a promotion any time soon. You are basically stuck in the classic rat race with a job that pays the bills but doesn’t make you happy. So here’s my question for you:
Why don’t you do something that would make you happy?
In your free time, consider starting your own business on the side. It doesn’t have to be a service, it doesn’t have to be on the internet (mind you, it would help!). It just needs to be linked to your passion. At the beginning of the year, I read 2 very interesting books on the idea:
Funny enough, the first book, written by Tim Ferris, explains how to start your business in the internet world. Tim is a real wizard of efficiency and he found ways to benefit from the internet.
The second guy, Gary, made his fortune in the wine industry. He uses online marketing as well but his business was not an internet start-up, it was really a wine selling business.
I won’t lie to you, if you don’t want to use the internet at all in your business model, it could be very hard. However, if you don’t know much about technology, you can always outsource this part of the project once you get bigger. At first, you don’t need to spend thousands of dollar on your site anyways.
If you really don’t want to get in the service world, you can always try your hand through leveraging. By borrowing to invest on the stock market or to buy land or properties, you can make a lot of money too. I’ll skip the investment topics since it is also something that requires a lot of time and financial knowledge.
However, buying a property is more accessible to everybody. All you need is good savings habit in order to build the down payment. Once you have it, you start with a small investment. When I was 20, I bought land for $28K. A year later, I sold it for 32K. Since I took a personal loan to finance the purchase, I literally made 4K out of nothing. By starting small, you can build capital and become a bigger player later on.
Regardless of which domain you are working, you’ll need to be patient before you see the extra income coming in. It takes time to build a business or to put aside enough capital to start earning some real extra money. If I take my personal case for an example; it took me 5 years to reach a 6 figure income and 3 years of hard labor on my blogs to build a 6 figure gross income business too. All that to say that money doesn’t come overnight!
It was hard for me to find ways that you can make extra income without using the internet or the service industry. This is why I would like to hear from you about this topic. What other ideas do you have? Or examples of side business that worked for you?
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