How to earn an extra income is always the question on the minds of many hardworking people. An extra Income means an income that you can earn apart from the regular salary. This earning can be used to pay off your outstanding debts or spend on luxuries such as that well-needed vacation that you could only think about before.
When we compare income levels in some countries, it is evident that the average income per person is less than US$15,000 a year. The truth is, most working-class people are hanging on by a string, as they say in my country they are living from hand to mouth. So an extra income would really make people happier and improve their lifestyle.
An Extra Income is Very Welcomed in Most Household
Gone are the days of the 90s and early 2000 when a family could survive on a single income. Today the inflation and economic factors are such that survival on two incomes in some instances is still living from hand to mouth.
Going by this trend we can very well imagine what the future holds for us. Two incomes certainly will not be enough. It’s best to prepare for the worst and expect the best instead of vice versa. Its best then to have multiple incomes flows into your finances than to have an insecure future.
This article, it might be lengthy but I tried to go in-depth since the concept and importance of an extra income become all the more apparent. Hence my reason for this article to show you another way how to earn an extra income.
Take a look at the people who are rich around you and tell me what is the first thing you notice, Yes, they work for themselves and they usually have more than one income streams. If one income dries up, they can always fall back upon the other stream of income.
On the other hand, ordinary working-class people have always been in a dilemma to find a better paying job or find themselves in a dilemma if they should lose their job. Loss of one income affects them adversely and it would take years of hard work before any normalcy returns.
Not to mention, the rippling effects of financial distress that could cause a lot of unwanted emotional disturbances.
So having the knowledge of how to earn an extra income gives you a backup to fall back upon. If one source vanishes, you should not feel the difference. It would give you enough time to reorganize and regroup, that’s it, and you are back on the happiness highway, safe and sound. So with nothing to lose, take a look at this model outlined below and learn how to earn an extra income.
Give Yourself a Shot at a Better Life Learn How to Earn an Extra Income
Extra Income opportunities can be anything you are good at including work-from-home opportunities that help augment your regular income. Many people are opting for these work-from-home opportunities for the following reasons:
1. It gives them a better chance to balance work and family
2. There is a burning desire to be financially independent and successful
3. They will be their own boss with no one looking over their shoulders. Freedom of time, moment, goals, finances everything left to them.
4. Flexibility to do whatever they want to do, whenever you want to do it.
5. Job security and fear of unemployment vanish.
6. Sense of pride. Make them more of a complete person who can proudly say that he/ she is an entrepreneur who has achieved something.
7. Self-confidence going through the sky. This factor will help them face most hurdles in life with a lot of lesser heartaches and stress.
8. Many countries offer tax benefits for home-based businesses since it is considered extra income. So greater credit ratings with lesser tax obligations.
9. They can retire at their own time, at 30 or at 60, it’s entirely up to them.
Success becomes a commodity which they can measure with their own yardstick rather than others, which contributes a lot to their personality and the finances through the extra income they earn.
The above reasons are certainly worth a glance if you are considering being successful and independent in life.
How to Earn an Extra Income Online with Your Skills
The extra income options today are targeted specifically at people who can use their skills that are lying dormant to make some more money for themselves. Therefore it is very important that you know how to earn an extra income. To achieve success in earning an extra income one should be aware of their strengths and weaknesses. This would greatly help in the selection of the most suitable way to generate extra income.
Firstly you should ask yourself an honest opinion of your strengths, what is it that you excel at? What do people around you keep complimenting or criticizing you on?, are you a perfectionist?, For example, if you are good at cook are you the one they are always asked to cook at functions and family gatherings. There is a reason why everyone is always coming to your house for dinner.
The extra income can also be augmented by doing extra seasonal chores like raking leaves in the fall or clearing snow in winters. These are just a few ideas, but making an extra income will take away the need for a second job.
Today the internet and the general market have a lot of ideas for generating extra income. Network marketing has been successful to some extent. The Internet also offers something similar called affiliate marketing. The internet also offers a host of other options like writing, advertising and simple technical non-technical jobs which can highly augment your regular income.
The extra income that can be earned form these opportunities depends on how good your skills in the field of your selection. So take the time out to learn how to earn an extra income.
How to Find a Suitable Extra Income Generating Opportunity?
Here are some tips:
1. Analyze yourself and find out what your core competency is. Marketing, Writing, Programming or anything else that you excel in.
2. Find out what your friends and family see in you, what they praise you for and what they criticize you for. This will help in narrowing down your options.
3. Try and find out how different or relevant it is to your regular job or work that you do daily.
4. Ask yourself about the job satisfaction that you have today and you might have if you get a suitable extra income-generating opportunity.
5. Analyze the skills that you possess but have gone unused since you have been working. Ask yourself, if you would be comfortable bringing them out to generate that extra income?
After doing the above, research and analyze the opportunities available by talking to people who already have extra income coming their way or use the internet to find opportunities that match your skills then make a list.
My Recommended Way How to Earn an Extra Income is Through Affiliate Marketing
Affiliate Marketing is the fastest growing industry on the Internet today. Extra Income made through this channel runs into billions of dollars yearly.
What you need then, is to get some training on how to become a professional affiliate marketer. You can start by finding someone in the industry to be a coach. I will gladly do that if you are serious about making an extra income.
There are many professional affiliate marketers already earning a substantial extra income, who would be willing to teach you by passing on their knowledge so that you can augment the extra income they are already earning.
There are also many affiliate marketing training program which can teach you how to earn an extra income, one such one is Wealthy Affiliate, and obviously the one I learned most of my affiliate marketing skills from. Take a closer look at this program and definitely give it a try.
You can join for FREE and start the training course if you find it helpful and you want to get more advanced training you can upgrade your membership to the premium level. I will personally be on hand to offer any assistance you need and if I am unable to help you there a community of experts and more experienced people who are willing and able to help.
The secret is to become a student of your own business; you will get to learn something new day after day. Now you are ready to begin by setting some realistic goals for yourself and learn how to earn an extra income.
The major problem that plagues most affiliate marketers is that they tend to set themselves unrealistic goals by being overconfident about their skills and plans. This results in becoming disenchanted very quickly due to non-attainment of goals. Being realistic removes a lot of pain in this context. For example, a goal of $5,000 a month is realistically attainable, but a first-time affiliate marketer is not likely to attain it when starting up.
Beginners and first-timers should look at something more modest than $5,000 dollars a month. Starting with a smaller objective like $50 or $100 extra income a day, at the same time learning the trade’s smaller and important nuances will be worthwhile in creating a long term and sustained affiliate marketing business.
A goal of earning an extra income of $50 a day may seem small and non-lucrative, but it is achievable and affiliate marketing is a continuous learning process, it is a good place and budget, to begin with. Remember, you are also learning how to do things successfully at the same time. Give it some lead time and you could substantially increase your extra income using affiliate marketing.
Revise Your Goals
Keep revising your goals periodically, as often as monthly. Remember these goals should point in the direction of one larger single goal that you want to achieve in terms of success or in terms of the amount of extra income you want to earn. Put these goals on paper and make sure they are in visible range on your table all the time. This will help focus your energy towards your goals.
A lot of literature is available on focus and goal setting by renowned and successful people like Les Brown and more. Reading them would help you not only to add to your knowledge base but also to work in a better and more efficient way towards achieving that extra income goal of yours.
The next step would be the most important in your career as an affiliate marketer to earn extra income. Go out of your way and into the field to make connections and contacts with relevant and useful people in the affiliate marketing industry.
Invest Your Time and Resource if You Want to Earn an Extra Income
Reinforcing belief in yourself can be reflected by investing in your own business of affiliate marketing. The more you invest the more extra income you generate.
Quoting an old proverb, “It takes money to make money”, it is very apt in relevance to the business of generating extra income through affiliate marketing.
Affiliate marketing is cheap to set up, being a home business. Apart from setting up the home office itself, there are more costs involved in setting it up and get it running smoothly. Stuff like office tables, chairs and other home office accessories can get a little expensive depending on your choices, tastes and aesthetic sense.
The other costs involved will be at your induction into the affiliate marketing industry. To generate that extra income you will need to invest in finding web space, registering your own domain name and building your own website that would involve about $100 a year in recurring costs.
This can be reduced by using template options for your website. Select a template that is professional-looking, clean, aesthetic template and edit it to put in your information. Invest time, money and space well in quality content, although it will take a little time and patience, make sure the website is easy to read while fulfilling the needs of being an affiliate site. This will go a long way in securing more hits adding to your objective of extra income generation.
Find professional writers to do the content for your website. They are expensive but deservedly so, since they can make or break your web presence. Use their services by choice and prudence, remembering that it will ultimately affect your bottom line of that extra income you are chasing.
What you are investing today is your investment into your future and your success. Follow up your investment with zeal and commitment and there would be nothing stopping you from realizing your dreams through earning that extra income.
Rome wasn’t built in a day; your extra income business wouldn’t be either. It takes time to succeed in everything and anything. Patience and perseverance are keys to building any business. This article expectedly should have given you some insights into setting up and building a successful affiliate marketing business, and the direction you should take towards earning that extra income you have always dreamed about earning.
Keep going and it wouldn’t be long before others approach you for advice and tips on how to be successful.
Extra Income can be of Two Kinds – Linear and Residual.
Linear income is the extra income you earn on an hourly, daily, weekly or monthly basis. There is no more future commitment attached to it from your end or form the receiver’s end.
Residual income is an extra income where you work hard once and reap the fruits of it all for many years in the future. The reward for the same effort paid over and over again.
In the normal course of your career, you earn linear income you are earning only for the time you can spare on work on a daily basis. Some earn a higher linear income. Most smart people try to shift to residual incomes through extra income routes to have a secure retirement and future. Starting with one residual extra income effort a year would be a good idea.
The internet gives a lot of options in the extra income route. You just have to be careful in selecting the right one by recognizing the hype form the straight-talking ones.
Extra Income Qualifications
It’s time to ask yourself whether you have the right qualities and characteristics to make that Extra Income. There are an awful lot of people out there all around the globe looking to make that extra income, and money matters. A few checks and realities have to be brought to the fore before you get into the rigmarole.
Meaning no offence to anyone, few people are better with a second job to supplement their regular income rather than starting up an extra income program. It’s not worth the effort for them to waste precious time and effort on the internet when the chances of their failure are great.
In today’s economy, employers have got into the habit (maybe due to hard-pressed finances) of delaying raises, whereas inflation is faster to catch up with an individual. To make ends meet it has become essential that he/she looks for extra income opportunities at the earliest to ease out the current scenario and to secure a better future. Apart from paying bills, concerns of better living and growth are of paramount importance in one’s life.
In conjunction, computers and internet have made it possible to bring people and work together to match their skills, interests and abilities which can be moulded into the home business mould making it possible to earn that extra income without much of a fuss. Keeping the ease of setting up and starting off in mind, it is again advised not to jump. The extra income route is not for everyone.
Make sure you have the following attributes before thinking of the extra income route. Be honest to yourself while reading the following since this can make or break you:
1. Are you Goal Oriented? To be successful in any endeavour, one must have goals. Goals define the means and ways of achieving something. They can be set in two ways:
a. The amount of extra income you want to earn in dollars.
b. The time you want to spend on a specific job to earn the dollars.
What, When, Where are three important specifics that you have to define before embarking.
2. Ask yourself
a. Can you afford the program? (The investment). There are some free startup programs also.
b. Analyze your strengths. What you are good at and enjoy doing?
c. The marketability of the program you choose.
d. How much time will it take to achieve your goals following the chosen program?
3. Courage: Instead of getting caught in analysis paralysis, get yourself enough courage to start.
4. Selection of the right program is very important. Match your strengths to the appeal of the program.
5. Have a good plan in place to market your program. Ask questions if you do not know, but a good plan is a must.
6. Do you have self-motivation and perseverance to go on and on? Keep abreast and educated.
Once you honestly answer the above positively, it would not be really difficult to succeed, otherwise, look for other alternatives than to delve on these opportunities.
Every entrepreneur, to achieve any amount of success should be motivated. Motivation comes from passion. Every book published or e-book that deals in money-making and motivation scream passion – the most important ingredient in any successful entrepreneur.
Similarly, when you think about going after that extra income, you have to create a burning passion to do so. It will keep your fire glowing for a long time, at least till the first results become apparent. After that passion at a particular level keeps in rotation, after all money is the biggest motivator.
An entrepreneur embarking upon the route of a home office and extra income should strongly believe in himself and his capabilities. He/ She should be thick-skinned not to be perturbed or affected in any way by others comments and opinions. People are just plain jealous. Clear conscience and belief in oneself do not seek external approval.
Evidence enough that, once you are successful and start earning extra income, the negative opinions and nasty comments turn into praise. One should have the ability and courage to make independent decisions and abide by them. This would be your most valuable asset yet.
Online businesses are basically scams – the popular opinion of people around you in any part of the world. Your online business needs your approval heart and soul; otherwise, success will keep eluding you and so will the extra income you planned from it. If Edison did not believe, that electricity can be harnessed to light up human life; we would still be living in the dark ages, wouldn’t we?
Being flexible with working hours, being energetic, planning wisely, focusing on short-term objectives and stress control are hallmarks of a successful home business owner. If you think you lack in any of them, practice till you make these attributes a part of your involuntary senses.
Discipline to start is very important but to know where to stop is more important. Do not overwork or stress up yourself to the point of not stopping. It will only burn out your imagination and render you useless for some time to come.
Building your business is more important than earning money out of it. As your business sustains and grows, the money you earn from it automatically grows. Treat the home business as your hobby and keep abreast of it through updated information. Knowledge earned does not cost a cent here but will help in decision making in all spheres of independent life.
Last but not least, fear of failure and not failure itself leads to most failures. Keep trying, look at failure as a part of learning and appreciate your benefit of knowledge from it. Learn fro your mistakes, a lesson we have learnt in primary school.
All the best in your endeavours as you pursue ways how to earn an extra income to make life easier for you and your family.
Join me in Wealthy Affiliate today for FREE and see if you like it. Its a once in a life time opportunity.