Learn 6 ways to pick up multiple paychecks.
Money Girl
218 MG How to Find a Second Source of Income
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I'm Laura Adams. ♪♪♪ I want to share some exciting news with you. The Institute for Financial Literacy recently honored me with an award for my new book Money Girl Smart Moves to Grow Rich at their annual conference. It won the 2011 Eiffel Award for Book of the Year in Money Management. The acronym Eiffel stands for Excellence in Financial Literacy Education. And the award acknowledges individuals and organizations who are dedicated to providing financial education for Americans from all walks of life. At the conference, I was amazed at the innovative ways people are teaching kids and adults about money. In future shows, I'll share some of those resources with you. In today's podcast, we're going to talk about some ways to create more income. Almost everyone wants to make more money, right? But when you feel like you can barely keep up with your full-time job, the idea of taking on a second or even third one can sound a little ridiculous. After all, if you're already squeezed for time, then how can you possibly pick up even more responsibilities? Well, stick with me because it might be easier than you think. As daunting as it sounds, finding multiple sources of income doesn't have to be difficult, and it can be the solution to achieving more financial stability. In this podcast, I'll give you solid tips for how to create extra sources of income that can pick up slack in your budget, make it easier to save money, and give you an automatic safety net in case you unexpectedly lose your job. I like to think about having an additional source of income as being sort of like an insurance policy. I interviewed one young woman who taught aerobics classes in the evenings after spending her days working as a videographer for news organizations. When she was unexpectedly laid off from her day job, she quickly doubled her aerobics teaching load and was able to keep herself afloat until she found a new full-time job. Some more examples of income multi-streaming are a teacher I know who sells used baby clothes out of her home and a young couple who run a small internet business on the weekends. Just like these people, you can also pick a profitable project or create a business that matches your lifestyle. Making more money or multi-streaming your income doesn't have to be quite as overwhelming as it first sounds. If you're ready to get started, here are six ways to begin picking up an extra paycheck. Extra income, tip number one, share your skills. The first step is to think about what you can do that's unusual or valuable to other people. Do you know a second language well enough to teach it to others or have a skill like woodworking, crochet, or playing a musical instrument? People pay for all kinds of lessons. Just log on to the services section at Craigslist.org to start brainstorming what you could offer. If you're not sure whether there's a market for your skill, post an ad on Craigslist or on a local message board and see whether anyone contacts you about it. Extra income, tip number two, start a service business. People are willing to pay for all kinds of things like house sitting, dog walking, cooking, yard work, cleaning, exterior pressure washing, computer work, tutoring, and even organization. If you're interested in launching a business, come up with a business plan and start spreading the word. Extra income, tip number three, sell your creativity. There are websites like CafePress.com that let users design their own t-shirts and products with witty words or fun graphics and then sell them for a profit. Though you won't get rich if just friends and family members bite, you could turn into a success story if you create a design at just the right time. For example, if a big news event or a viral video inspires you, then quickly make a related t-shirt and get the word out. After President Obama signed the health care bill into law last year, Vice President Biden uttered a memorable expletive and almost immediately t-shirts emblazoned with health insurance reform as a big, blankity blank deal became hot sellers. Extra income, tip number four, get crafty. Websites like Etsy.com make it easy to start selling your own jewelry, artwork, and other handiwork. But don't get stuck making a hundred beaded necklaces for two dollars each. For the biggest payoff, stick with projects that have a relatively low time to profit ratio. I love learning and anything that makes learning easier. If you're a parent and your child needs some homework help, then IXL is a right for your family. IXL is an online learning program for kids covering math, language arts, science, and social studies. IXL has interactive practice problems for topics from pre-K to 12th grade and everything is organized by grade and subject. As kids practice, they get positive feedback, awards, and explanations for wrong answers. IXL figures out what your kids need more help with and recommends more topics to practice. Their videos, lessons, sample problems, and learning games too. One subscription to IXL gets you all subjects and all grade levels. Membership started just $9.95 a month. It's no wonder IXL is used in 95 of the top 100 school districts. I think the positive feedback that IXL gives is really crucial when it comes to learning. So make an impact on your child's learning. Get IXL now and money girl listeners can get an exclusive 20% off IXL membership when they sign up today at ixl.com/moneygirl. Visit ixl.com/moneygirl to get the most effective learning program out there at the best price. Earning your degree online doesn't mean you have to go about it alone. At Capella University, we're here to support you when you're ready. From enrollment counselors who get to know you and your goals, to academic coaches who can help you form a plan to stay on track, we care about your success and are dedicated to helping you pursue your goals. Going back to school is a big step, but having support at every step of your academic journey can make a big difference. Imagine your future differently at Capella.edu. AI might be the most important new computer technology ever. It's storming every industry and literally billions of dollars are being invested. So buckle up. The problem is that AI needs lots of speed and processing power. So how do you compete without cost spiraling out of control? It's time to upgrade to the next generation of the cloud. Oracle Cloud Infrastructure or OCI. OCI is a single platform for your infrastructure, database, application development and AI needs. OCI has four to eight times the bandwidth of other clouds, offers one consistent price instead of variable regional pricing, and of course, nobody does data better than Oracle. So now you can train your AI models at twice the speed and less than half the cost of other clouds. If you want to do more and spend less like Uber, 8x8 and Databricks Mosaic, take a free test drive of OCI at oracle.com/advanced. That's oracle.com/advanced. Extra income tip number five. Market your knowledge. The creator of mocha-manual.com, the black mom's guide to life, became a consultant to companies that wanted to better understand the concerns and preferences of African-American mothers. You can also become a paid consultant or speaker once you've developed your reputation as an expert. A local speaker's association can help you find gigs and negotiate a rate for making presentations. You might even consider checking to see whether the local community college is interested in having you teach a course in your subject area. Extra income tip number six. Sell an unusual service. The website 5RR.com lets people sell and buy all kinds of wacky services for just $5 a pop. Current services for sale include designing a visually appealing signature, creating a customized sound effect, making a tough decision, and writing a personalized rap song. Just as with crafty projects, you don't want to over commit to something that won't earn you a big return. But if you have a skill that easily translates into a quick service, then this could be a good strategy for you. These are just a few ideas to get you thinking about what you can do to create a multi-streamed income. You never know, your project might turn into a full-time job in itself, or it could just be a backup plan that gives you peace of mind while you continue to work a day job. Finding extra work that you really enjoy can be a great way to share your skills, meet new people, and take your personal finances to the next level. This podcast was written by Kimberly Palmer, the author of Generation Earn, the young professional's guide to spending, investing, and giving back, who writes the alpha consumer blog at usnews.com/alpha. To learn how you can work with me for one-on-one financial coaching, or have me speak to your organization, visit smartmoves2growrich.com. And one more thing, if you're not already subscribed to the podcast on iTunes, that's the fastest and most convenient way to get each new show. Several of you have asked about where to find older podcasts that don't show up in the iTunes feed anymore. You'll find them in the Money Girl section at quickanddirtytips.com, where there are hundreds of archived articles with links to everything mentioned in the podcast. And while you're on the Money Girl page, be sure to get more money tips by signing up for the free newsletter, following me on Twitter and joining the Money Girl Facebook page. If you have money questions, email me at money@quickanddirtytips.com. I'm glad you're listening to Ching. That's all for now, courtesy of Money Girl, your guide to a richer life. [Music] Earning your degree online doesn't mean you have to go about it alone. At Capelli University, we're here to support you when you're ready. From enrollment counselors who get to know you and your goals, to academic coaches who can help you form a plan to stay on track, we care about your success, and are dedicated to helping you pursue your goals. Going back to school is a big step, but having support at every step of your academic journey can make a big difference. Imagine your future differently at Capella.edu.