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:
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.
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.
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?
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:
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.
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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