5 Tips for Making Extra Money

Make Extra Money StackWe could all use to make just a little extra money, right?

So how do you go about making this extra money?

You could work more at your regular job.

Odds are though, you’re a salaried employee.

Working more will only mean more time away from your family, not more money.

And even if you have a hourly job, extra hours are probably hard to come by right now.

You could ask for a raise. Not a bad idea in normal times. But we’re not exactly living in normal times. Many of us are worried about just keeping our jobs. So what’s the solution?

How I Make Extra Money

For me, it’s been having my own blog and writing about personal finance. I’m able to make a quality secondary income from my efforts here at PT Money. So, is blogging about finance the answer? For me it was. But it isn’t necessarily what’s going to bring you extra income. Here’s why:

I’m passionate about personal finance. It’s something I liked talking about prior to even blogging about the subject. Also, because I’m passionate about the subject, I meet other people who also like to talk and write about it. I learned from their successes and have since been able to find my own success to share.

Lastly, because of my passion, I was able to develop a plan for a successful blog, as well as, put in the time to actually make it successful without it feeling like a huge hardship.

Want to start making your own extra money? Here are my 5 tips for making extra money. Remember: It starts with passion.

Turn a Hobby into a Paying Gig

What are you hobbies? What are the things you like to do with your free time? That’s likely the thing that you should focus on to create some extra income. You’re already passionate and knowledgeable about your hobby. Find a way to turn it into extra money.

Just Start, Perfect Later

You’ve heard it before, “the perfect is the enemy of the good.” This is so true when it comes to making extra money. A lot of time and money is wasted on putting together the perfect business plan. Some planning is good, but you’ll learn far more about your side business if you just start. You don’t need business cards or a website to get started. Just go make sales. Then get those other things going once you figure out how to make money with your side business.

Find Someone Already Having Success

Finding success with any business rarely happen to those who try to go it alone. Besides, most worthwhile money making ideas aren’t novel. Someone has already done it and is doing it better than you could ever imagine. Find those people, make friends, provide value to them, and then study how they do what they do. This is the quickest way to turning your struggling side income into a successful money maker.

In each of Chris Guillebeau’s Unconventional Guides he works with people who are already having success with their online ventures. Who do you know that’s already paved the way?

Set Goals and Create a Plan

At some point, maybe after you’ve got some sales under your belt and have a feel for the business, you need to establish some goals. This goal plan will then become the guide for how you go about your side business over the next few weeks, months, and years. Revisit these goals on a routine basis and make adjustments as you learn more about the business and your expectations become more realistic.

Put in the Time and Discipline

My last tip is one you might not want to hear. It takes a lot of time and effort to produce something valuable enough to bring in a consistent extra income. I spend a lot of late nights and early mornings working on my side business. But because it’s a passion of mine, I can stick with it, even when it seems like success is a bit further down the road.

Over the next few months I’d like to feature interviews / spotlights with other people who are having success making some extra money online. I’ll speak with freelancers, bloggers, artists, affiliate marketers, and more in hopes to give you some good ideas for making your own extra income online.

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Last Edited: November 20, 2011 @ 2:23 pm
About Philip Taylor

Philip Taylor, aka "PT", is a husband and father of two. He created PT Money back in 2007 to share his thoughts on money and to meet others passionate about managing their finances. All the content on this blog is original, and created or edited by PT. Read more about Philip Taylor, and be sure to connect with him on Twitter, Facebook, or view the Philip Taylor+ Google profile.

Comments

  1. That’s incredible you were able to make some side money from a hobby you were doing anyways and enjoy. Makes doing it much more worth it.

  2. PT, I agree. The key is to find something you already enjoy and have a passion for and find a way to monetize that. Speaking from my short blogging experience, it takes something you love to go the extra mile and produce when everyone else is sleeping. Keep up the great work!

  3. so this blog isn’t a “scrapbook” of your life? I’m outta here…

  4. excellent practical approach. putting the time and effort into something you like is not like wasting any time at all.

  5. “It takes a lot of time and effort to produce something valuable enough to bring in a consistent extra income.”

    - That’s the deal breaker for most. Extra money is extra work. Unless you invest your money into rental properties or shares with high dividend payouts, an extra income will consume lots of your time.

  6. Couple of ideas to make a bit of quick cash, but not longterm side money:
    1. Sell unused stuff on craigslist or Gumtree
    2. Sell other peoples unused stuff for a %
    3. Sell blood or plasma

    Longterm side money is definately about doing your passion. It helps with the late nights and backing up working after you have done a full day at your normal job.

  7. Liking the “Just Start, Perfect Later” reminder.

    Hehe, however, sometimes I do start, but never get around to the pefection part ; ).

  8. PT, a helpful post, and I would love to read about your future interviews!

    • Thanks for stopping by Samurai. Glad you liked it. I’ve got one in the bank with a freelance writer. That should come out soon.

  9. Would love to read about how much money one can make as a freelance writer for sure. Will look out for it. BTW, if you want to join The Samurai Fund, or the Alexa Yakezie Challenge (for you that would mean breaking 50,000) you’re welcome to!

    Also, will be highlighting one of your posts in tomorrow’s Katana wrap.

    Thnx!

    Sam

  10. Starting a business has a lot of upsides, since you can completely change your financial picture by creating a successful business (hint: don’t fall for multi-level marketing scams or franchises). The trick is to choose a business model that allows you to learn how to run a business without risking a bunch of money or time.

    Starting any business, you need to test the viability of the business idea, and keeping expenses and risk as low as possible lets you test your idea without risking bankruptcy.

    I truly think that freelancing/consulting is a great business model–either as a side business or with the intent of building it into your full-time endeavor–because a freelance/consulting business has:

    –>very low start-up costs,

    –>flexible hours,

    –>a high hourly pay rate, and

    –>you likely already have the expertise to get started.

    In addition, consulting is a simple business model that let’s you learn the ropes of running and growing a successful business.

    Every business is different, but what I’ve found from running my own consulting business for nearly 5 years is:

    –>I make MUCH more than I ever did at a day job. I’ve actually been able to QUADRUPLE my former salary.

    –>I work less.

    –>I have more flexibility.

    –>I have less stress.

    –>I have equivalent benefits (e.g., health insurance, retirement).

    That’s not to say it’s easy or is never stressful. Start a business as a side-hustle while keeping your day job. That way, you learn how to properly run a business, and can grow it to a point where you can ditch your day job. That’s essentially what I ended up doing.

    Greg Miliates

    http://www.StartMyConsultingBusiness.com