August 14, 2019 Make money outside of your day job
There’s a lot of uncertainty in the job market nowadays. Long gone are the days where you’d work for the same company for 20 to 30 years, get the gold watch, comfortably retire, play golf and put your feet up.
Enter 2019, and the whole notion of a full-time job’s fastly becoming a thing of the past.
Things have certainly shifted dramatically in the last five or so years, with more and more Australians contracting than ever, and with it, the security and safety net that comes with having a full-time salary.
The flipside, though, is that as technology rapidly reshapes the global economy, with it comes a myriad of ways to make money. Depending on which side of the fence you’re on, I think the trade-off is a positive thing.
Now, you’ve no doubt heard my brother, Jason, and I talk about the importance of diversifying your risk when it comes to investing. Well, there’s a good reason why millionaires typically have more than one source of income, developing multiple income streams along the way.
Physically and mentally, you can only work so many hours in one day, right? It’s about thinking outside the square a little and working out how to make money while you sleep – even if it’s only a modest amount.
For most people, their primary salary is their only source of income. The best way to look at your salary, particularly if you’re at a point in life where you’re earning decent money, is to generate enough cash flow to then go and reinvest in other things to generate additional income streams.
Whether that’s having the capital to put into the sharemarket, for example, or giving yourself enough of a buffer to, say, start your own business.
The key is to start thinking of ways to make money outside of your day job. Here are four ideas to bounce around and get you thinking…
Start a passion project
If you’re thinking of starting a new venture, make sure it’s something you’re passionate about. Which is precisely how Orange Wealth came about – Jason and I wanted to create a business that was about helping people like ourselves to get ahead.
It all comes down to what you’re good at and what you love. You might be a great writer at heart – start a blog.
You might have a thing for homely arts and crafts – open an Etsy store. Again, the kicker is to focus on something that truly interests you. That way, it’ll feel less like a chore.
Offer a service or sell something
To be clear, I’m certainly not suggesting you become a door-to-door salesperson or start running monthly Tupperware parties.
Given the digital age we live in, the world’s your oyster. It really is. Often, you don’t necessarily need a physical product to sell – take affiliate marketing, for instance.
The key is to work out what you can do that can scale beyond how many hours a day you’re working to earn your primary source of income and, hopefully, get to a point where you can generate additional income with little to no effort, time-wise, from your end.
Create a product
Easier said than done, right?! I’ll be honest, this one’s not for everyone. First, you need an idea that fills a gap in the market and solves a problem for that particular market.
Then you need the grit and determination to not only develop it but then get it to market.
It could be a physical product that you get designed and manufactured onshore or offshore, or it could be a digital product, particularly if you have a unique, specific skillset that you can leverage to make money out of, say, online tutorials or courses, for example.
Make some investments
As you’d expect, Jason and I are huge proponents of investing – the sharemarket or property, or both.
If you have the capital or are in a position where you can regularly squirrel some extra cash away, it’s definitely worth looking at how you can make your money work harder for you in a diversified investment portfolio.
If you need a soundboard to help work out ways you generate additional income streams, I’m always happy to lend an ear. Feel free to drop me a line or give me a shout.
Disclaimer: all information contained within this article is of a general nature. It does not take into consideration your personal financial circumstances. Please consult a professional financial adviser (just like us ) when making a financial decision.