Extra Income means an income that you can earn apart from the regular income that is coming in from your employment or normal work. This earnings can be used to payoff your outstanding debts or build up capital or spend on luxuries that you could only think about before. Everyone seems to want a second income but no one wants to work a second job, so the idea of an extra income is normally seen as a windfall.
When we compare income levels in different countries, it is evident that the average income per person is less than $15,000 a year, in other words, where many people are near the breadline earning an Extra Income really does make people happier and improves their lifestyle.
But countries which have average income above the normal subsistence level of approximately $15,000 a year, happiness seems to be income independent. For example, an average British or American ranks richer than an average Indian or an Austrian, but also less happy.
Why does this happen? People always look at their income relatively with some norm or the norm keeps rising all the time. And this norm is what increases the spending, more or less in direct proportion to the income. Two things drive up the norm with which we compare our incomes. One is the income that we ourselves have experienced, which habituates us to a higher standard of living. And the other is the income of our colleagues or neighbours get.
The extra income options available today are targeted to generate employment and are targeted specifically at people who can use their existing skills that are lying dormant to make some more money for themselves.
At Rachael Academy this is what I teach my clients and audience to do. Having a side hustle or a home based business is a great retirement plan that should be looked into, also a great safety net if you should ever loose your job.
To achieve a moderate success in generating an extra income you need to be aware of your strengths and weaknesses. This would greatly help when it comes to the selection of the most suitable way to generate extra income.
The selection process should consists of logical steps.
Firstly you need to ask yourselves an honest opinion of your strengths and what you excel at? What do people around you keep complimenting or criticizing you on? Are you a perfectionists? For example, if you are computer literate, you could help your neighbours and small business around you in upgrades, repairs or installation of their software.
The extra income can also be augmented by doing extra seasonal chores like raking leaves as it starts to get colder or clearing snow in winter. Both my 13 and 15 year kids work a five day week while going to school, they earn their own money doing paper rounds, working our local cheap shop and stacking shelves in our corner shop. I myself run a few successful internet businesses.
These are just a few ideas, but making an extra income augmented with self analysis will take away the need for a second job.
Today the internet and the general market have a lot of ideas for generating extra income. Network marketing is a general market term that has been a very successful industry to some extent. Another successful industry that offers similar potential is affiliate marketing. The internet also offers a host of other options like writing, advertising and simple technical non-technical jobs which has great potential for regular income. The extra income that can be earned form these opportunities depends on how good your skills are in your chosen field of selection.