Extra Income: What, Why and How You Can Earn It

Let’s face it.  Ours is a world that is run by economics.  Economy matters.  It affects our personal lives, how we eat, drive our cars and how we make our decisions.  It even affects how we choose our country’s president.  So if you find that you have to tighten your belt from time to time or that there are certain things you can’t buy because your wallet doesn’t let you, consider earning extra income to boost your spending capability.

What can be considered as extra income?

Any income you generate apart (‘extra’ means outside) from the salaries and wages you receive from your job or the main source of the money that you currently earn.  If you are an accountant, for example and you work as a teacher part-time, the money you earn from your part-time job is your extra income.  If you are a business owner and you also moonlight as a writer, everything you receive for your writing skills is your extra income.

Extra income may also come to you in other forms, such as royalties, annuities and interests.  If it’s the only source of income you have, then there’s no reason to call it ‘extra’.

Why earn extra income?

Why not?  Extra income means extra everything, including taxes.  Kidding aside, extra income means access to better things.  Think about it: you have more money for house repair, a better car, better health insurance, more vacations, fatter bank accounts and better college or university for your children.  If there’s a hobby you’ve always wanted to start but couldn’t because it cost too much, the extra income will let you start enjoying it.

How to earn your extra income

Now here’s the fun part.  Anyone who is willing to work and be more resourceful can earn some extra income.  Basically, though, there are two ways to do it: work for someone else or work independently.

By working for someone else, you eliminate much of the responsibilities related to the management and operation of a company of business.  You can choose one aspect of the company, such as finance, advertising, sales, marketing, production or logistics and offer your skills in any of those areas.  You simply get paid for the quantity or quality of the work you turn in.

On the downside, your income potential may be greatly hampered by the company you work for.  Many companies do not pay more than market rates, which might sometimes require you to conform to current pay scales.  They might also limit the number of products you can produce.  If they need only 10 templates for a web page, for example, they will only pay for that number.  If you wish to earn more, you’ll have to offer your skills to another firm.

If you work independently, you’ll have more freedom to do as you please.  You can work for as long and as hard as you like without anyone supervising you.  You also get to receive 100% of your output.

The only disadvantage is that you will have to handle everything – production, administrative tasks, negotiations with clients, etc.

What possible sources of extra income can I tap?

There are dozens to choose from, depending on your skill, background and willingness to work.  There are some jobs that let you work on your spare time while there are others that will be more demanding from you.
If you’re looking for easy jobs that provide extra income, consider doing the following:

Paid surveys – easily the simplest way to earn extra income.  You only need to register with a site, answer surveys and get paid.  If you want to earn more, consider signing up with multiple sites and accepting surveys in different categories.

Data entry – if you can type fast and produce accurate entries, this is a good source of extra income for you.

Sell used items – old stuff you hide in your attic or closet can easily be turned into cash.  Consider selling them online.

If you prefer jobs that require a bit of work and effort, do the following:

Blogging – great if you enjoy writing about a certain niche topic.  Earn through premium content subscriptions, referrals and pay-per-click advertising.

MLM – excellent source of extra income since many models allow residual earnings.  Perfect if you have a good network of contacts who like to work as well.

Affiliate marketing – you’ll need a website or a blog for this one.  Essentially, you will be helping a company promote its products.  You provide the site, place links on their ads and direct your visitors to these links.  You get paid for every successful action performed by your visitors.

How much can I earn?

That depends on many factors, such as the type of extra income source you use, the demand for the job or service you do, how much work you put in, market trends, etc.  You could choose just a single source of extra income and earn from there exclusively but you could expand your earning potential by using two or more resources.

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