Tired of the PAUPER BUDGET? Think Larger Income and Side Hustle Instead!
“No family gets rich from earning the minimum wage. In fact, the current minimum wage does not even lift a family out of poverty.” – Christopher Morley
I have been a financial professional for over a third of my life. Throughout that time I have been helping people become financially savvy and plan for their retirement. Here is the kicker when it comes to being financially savvy; if you don’t know the real problem you can’t find the solution. So here is the deal:
I have worked with thousands of people who budget until they are blue in the face. There is a small majority of people who stick to the plan and everything works out well for them. But for a large majority of people the real issue is not budgeting or finding the discipline to budget. The real issue is income.
I remember working with a couple and after cutting out their cable and internet bills they would still be $200 short every month. Outside of lighting candles instead of using electricity no more budgeting could fix their problem. No matter which way you spin it they weren’t bringing in enough money for their day to day fixed expenses. I asked them if they had ever considered getting a second job or working weekends. After their two dumbfounded stares, they said no we love where we work. I explained that I understood that but in today’s world with continued benefits and pay going backwards while our costs of living is increasing we have to find a solution.
In comes the idea of the “side hustle” or “side gig.” In other words a good old fashioned part-time job. I shared with them the experiences of friends and employees and how it had worked out for them. In today’s world it is not that tough to think of something you are passionate about and find out how to make an income from it part-time. I have one employee who is very successful, but she is always asking what she can do on the side and the weekend because she doesn’t like using any of her regular paycheck as “recreational” money so she hustles each and every week and is very successful with earning hundreds extra each week.
Another one of my friends has a very good career and has a brand new car that she pays for every month selling Scentsy outside of work. Those are just a few things that I have seen with my own eyes that I have seen people close to me be successful at. You could pick up coaching, consulting, mowing lawns, start an online side business or even get into network marketing. My disclaimer is that there are a lot of junk and scandalous programs out there that make you pay them monthly and then someday you may make some money back.
Since I have been helping people with this I can tell you if you’re hungry enough you can make a very good living have a side hustle or side gig. A lot of times people start part-time jobs and it ends up being a full time career for them making more than they were before. I have two companies that I offer products that are very resourceful and I have no costs associated with them other than how I market myself to offer these products and I make a very good residual income from it. So if you’re stuck in a rut financially that you can’t seem to get out of, you probably need to change your mindset and start thinking about how you can generate additional income.
Share any ideas or ways that you have done this and how it worked for you below. We love to hear comments and success stories!