Reading Time: 4 minutes Making Extra Money: Bursting Out Of Your Financial Bubble
This is a collaborative post by Ellie Jo about how to make extra money.
We are all, to some extent, burdened by financial worries. And this means that when we worry so much about our finances we can tend to find that we are stuck within our limited capacity to earn. The important thing when we start to think about our money and potential to earn is to go outside the bubble. But it’s easier said than done when we are already too busy to earn an extra income. So what are the things that we can do?
How to make some extra income
Learning Trading
Financial trading is one of those things that can seem incredibly complex. What we need to do if we are to generate an extra income through this avenue is to develop a strategy that suits our lifestyle. The great thing is that there’s plenty of opportunities out there to learn the ropes with the right resources. There are some great websites out there that can teach you how to day trade or pick certain approaches. But the first step is to generate a diverse portfolio, which is where you don’t invest in one thing. Investing and trading are two sides to the same coin but they require a lot of long-term effort. It’s not a way to generate immediate windfalls of cash especially with something like cryptocurrency and when you start to learn about how to short Bitcoin or know the signs of a swinging market this is all down to a long-term investment of your time. When we are too busy to earn an extra income trading can provide us with the opportunity to dip our feet into this world. But you always need to know just how risky it is.
Generating A Passive Income
A passive income is something that we all think is a way to earn money while we sleep. In one respect this is true, but generating passive income is about putting that effort upfront. There are approaches like affiliate marketing or selling a product on a website that can help you to earn a passive income but the trick to getting this off the ground is about understanding your passions and knowledge. If there’s a product you have knowledge of or an industry that you are particularly passionate about you might be able to sell this product on a specific website which could be your own or a friend’s blog. But this is a way of building up a business that could soon become your main source of income. We have to remember that we all have dreams of setting up some form of self-sustainable income in this respect but when life is too busy and you’ve already got a job, looking to find a way to diversify yourself could be through the affiliate marketing approach. But you have to remember that it’s an incredibly competitive industry already.
Looking At Your Current Lifestyle
When we’re too busy to earn an extra income we have to look at our outgoings. A lot of us feel that when we are already tightening our belts, making significant cuts to our outgoings could be impossible. But when you start to look at your life overall are there little things that can help you to regain a sense of focus? Are there aspects of your outgoings that are not conducive to any form of positivity in your life? While we’re not saying to embrace the minimalist lifestyle, if you are someone who likes a certain brand it’s important to note that there are products out there that do the same thing for a fraction of the cost. Learning how to budget is a crucial skill and this is why we all need this in our back pocket before we start to invest or plan money into something. If we know exactly what our outgoings are in conjunction with what comes in, having that control over our finances means that we can make more solid financial decisions and start to invest a little bit of money in something like affiliate marketing or a low-risk stock or share.
Managing our money seems like a nightmare in the modern-day, especially as prices continue to go up and if we are to make any sense of our financial situation we need to address our individual expenditures but also realize that we don’t have to make do with what we’ve got. You can earn an extra income these days but it’s all about putting that effort. We may feel that we have a limited capacity to earn because we only get so much salary with our current job but this is when we have to learn to diversify. You are only stuck in your financial bubble if you aren’t willing to expand.
Rachel is an Austin blogger, educator, mom, wife, young breast cancer survivor writing about health, saving money, and living a happy life in Austin, Texas.
Rachel has written for HuffPost and Hometalk and has been featured on KXAN, Studio 512, Fox 7 Austin, and CBS Austin.