August 4, 2011, 6:00 am

How Would You Make More Money?

by: MD    Category: Alternative Income
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How Would You Make More Money?
Last week I asked you guys if you could decrease your lifestyle spending. The idea of being forced to cut down on your expenses is always interesting because it forces us to challenge ourselves to see if we’re able to be more conservative.  There were some interesting and honest (which I always appreciate) responses to my question.

Financial Samurai wrote:

To answer your question, I could DEFINITELY decrease my spending even further if I had no job. I would go into survival mode and pretend I was broke and work harder to increase income and find a new job.

Mike (of this blog) wrote in:

I would actually be pretty grumpy but I would cut down on my expenses before going into debt to finance my lifestyle. I’m the kind of guy that would get 3 jobs and work 90 hours a week to get out of my mess. But still, I would still be pretty upset about it!

The reason I even got the idea to write the post was based on my own personal weakness in decreasing my expenses. Let’s go over a different scenario today. I wanted to ask a different question…

How would you make more money if you needed more money for some reason?

Let’s start off by looking over some common ways to make more money if you had to:

Find another job.

You might not be able to find another gig that pays as well due to the timing constraints. You can however find part-time work. If you really needed to find extra cash you could work at a part-time job whenever you’re off from your main job. This of course includes evenings and weekends. The obvious benefit would be the additional money that you make. The biggest setback is that you would pretty much eliminate your free time from your schedule.

Ask for more hours.

Depending on where you work you can pick up more hours. By working more hours or on higher level projects, you could easily find yourself making more money per month. The major setback would be that you would have to devote much more of your time towards your company than you really want to.

Go back to school.

If you’re thinking more long-term than you can go back to school to upgrade your skills. This will require a pretty heavy time and financial investment. The positive is that you can find yourself earning more money in the future by finding a much higher paying gig when you’re done school. Have you thought about going back to school? What’s holding you back?

Gamble.

Gambling seems to have a negative connotation (and deservedly so!). You could however make some decent cash through gambling. Whether you want to put your savings into the stock market, pick up poker, or spend more time at the horse races, you could make a little extra money by gambling. You could also lose this money. The risk is all in your hands and what you can handle.

Now that we looked over some possible strategies for making more money. What about some general thoughts? Let’s look at some other areas that you would have to think about as well:

The toll on your lifestyle.

What would be the toll on your lifestyle? The biggest issue that prevents most of us from making more money is the toll that it would take on our lives. Does making more money always have to be a negative? Could you scale a current process? I’m really fascinated by the idea of the toll that making more money would have on your current lifestyle.

 Your energy levels.

Do you find yourself drained after a long shift at work? My problem is that when I work on something that I don’t care for, I find myself very drained at the end of the day. This plays a major role into my energy levels. On the flip side, when I’m super motivated about a specific project, my energy levels are high and I can work on it all day. What effect do you think making more money would have on your present energy levels?

What if you absolutely had to earn an extra $5,00o per month or $2,000 per month? What would you do? How would you go about this? Would it even be possible for you?

(photo credit: rubenxaus11)

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Comments

AS a teacher, I asked for an additional class which boosted my income last school year. It is my way to get extra hours.

That’s a lot of money. I would have to hustle, hustle, hustle! I’d write just about any article that came my way, tutor, clean houses, walk dogs, build websites, anything I could.

I would definitely have to get a second side job and start pumping out articles on my website more often. I would cut back on even the essentials like flights to see my girlfriend. It would suck, but if it were necessary I would do it!

Deliver pizza. The pizzeria always need an extra driver and if you’re in a nice neighborhood, you’ll make pretty good tips. Start a few more websites if I have the time.

For me, it is a matter of asking for more hours and changing my life style. I would like to consider getting a new job, but then I’m afraid that it would add to more expenses like traveling to get there and more eating fast food during my time away from home. Instead, I would make small adjustments like going to work early, packing a lunch, and staying late at work. The only thing I would definitely not do is gamble. If I’m in need of more money, then my luck must be pretty bad already.

I would slash & burn any areas I could work with before taking on an additional job.

For example, I would switch from satellite TV to basic cable, increase the deductibles to reduce premiums on insurance policies, use more coupons and promotions in flyers at grocery stores, sell one of my vehicles and/or take public transit if necessary.

Nice post. I think it makes you realize how important certain things are to you. For me, it’s time.

I would invest more in the Yakezie Network and call every PR company and media person I know to help spread the word and build scale!

But for now, I’m happy we are a small, relatively unknown group, going at our own pace.

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