The Proven Strategy for Making Extra Money

The holidays will be here before we know it. Wouldn’t it be great to have some extra money for gifts, travel, or whatever the season brings? Sure it would. We could all use just a little extra money.

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 in this economy.

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? 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.

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.

So what does all this mean for you? How do you take the lessons I’ve learned from my putting my passion project into action and use it to provide more income for you and your family? It’s your lucky day. I’ll do it for you. 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. Need specific ideas for hobbies that can bring in extra income? Download my ebook, 52 Ways to Make Extra Money…Revisited.

Credit: wka

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.

Credit: perhapstoopink

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.

Make the Most of the Last Lazy Days of Summer

The last lazy days of summer are upon us. Even though school has started for some, and work has ramped up again for others…summer officially ends Sept. 21, 2009. This time of year it’s easy to get caught up in the same old unproductive traps. Today I challenge you to break out of your “lazy days” rut with these five time management tips. Read More »

The Cash for Clunkers Program: What Does It Really Mean for You?

The Cash for Clunkers bill recently became law. Many people are excited because it essentially gives auto dealers the ability to provide you with a $3,500 (in some cases $4,500) rebate towards the purchase or lease of a new, energy efficient vehicle. All you need to do is trade in your old, less energy efficient vehicle. Read More »

Your Future with Finances: From College to the Real World

Making the transition from college to career is tough enough without having to deal with finances. It can be overwhelming, but by doing just a few things now, it won’t be long before you’ll be miles ahead of most of your peers and even most people in their 30s. Read More »

Get Serious About Saving Money

Piggy Bank

Did you recently begin tracking your checking and savings accounts with Quicken Online? Are you happy with the current balance?

With the recent downturn and uncertainty in our economy, it’s now more important than ever to build up a nice savings account balance. Unfortunately, just wanting to save more won’t cut it. You need to get serious about your money saving efforts. Read More »