Tuesday, December 18, 2007

Extra Income

I've previously written about some of my ventures into service type small businesses to earn extra income for investing. While things have slowed down, due to the seasonal nature of most of the jobs I usually contract, I have been able to branch out in new directions for the winter months to earn a little extra cash. During the month of December I was able to find a good deal on a used computer, which I upgraded and sold for a small profit. Then too, I contracted 2 computer repair jobs for co-workers, which netted even more profit with no outlay of cash on my part. I also got the idea that some of my lawn service customers who own rental properties might be in need of snow and ice removal services during the winter months. I contacted a few of them and picked up a couple of jobs near to my home, which will provide me with continuing extra income throughout the winter months. I'm not really talking about lots of extra money here. However, when you think about your long term investment plan, an extra $50 to $200 per month can go a long ways towards helping reach your financial goals. I usually set aside 50% of all extra income for investment purposes, so it has really given my savings and stock accounts a boost.

Another thing I've discovered is that every time I complete one job, it usually leads to another. I could see this eventually leading to a small business of my own, providing a variety of personal services, allowing me to give up my hourly job entirely. Most of the small jobs I've picked up pay me 2 to 3 times my hourly rate at my regular job. So truthfully, it wouldn't be too hard for me to replace my hourly income entirely and work less than I do now. I thought when I began to look outside my job for extra income, I would not have the time or energy to do a lot of extra work. What I've discovered though, is that I've become more organized and efficient with my time and resources and am able to easily complete 2 or 3 small jobs per week and still have plenty of personal time. I guess the whole point I'm trying to get across here is that if you want extra income, it can really pay off to assess your personal skills and see if you can market those skills to others. It has really been paying off in my case and I'm looking forward to increasing income for 2008.

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