How
to go about earning an Extra Income
Extra Income means an income that you can earn apart from the regular income coming
in from employment or normal work. This earning can be used to payoff your
outstanding debts or build up a capital account or spend it on luxuries that
you could only think about before. Everyone seems to want a second income but
no one wants to work a second job, so the extra income is normally seen as a
windfall.
When
we compare income levels in different countries, it is evident that the average
income per person is less than $15,000 a year--in other words, where many
people are near the breadline -- Extra Income really does make people happier
and improves their lifestyle.
But
countries which have average income
above the normal subsistence level of
approximately $15,000 a year, happiness seems to be income independent. For
example, an average American ranks richer than an average Indian or an
Austrian, but also less happy.
Why
does this happen? People always look at their income relatively with some norm
or the other and the norm keeps rising all the time. And this norm is what increases the spending,
more or less in direct proportion to the income. Two things drive up the norm
with which people compare their incomes. One is the income that they themselves
have experienced -- which habituates them to higher standards of living. And
the other is the income that their colleagues or neighbors get, and which they
try to outdo.
The
extra income options available today are targeted to generate employment and
are targeted specifically at people who can use their skills that are lying
dormant to make some more money for themselves. To achieve a moderate success
in generating an extra income one should be aware of their strengths and weaknesses.
This would greatly help in selection of a most suitable way to generate extra
income.
The
selection process consists of logical steps. Firstly one should ask themselves
of an honest opinion of their strengths, what they excel at? What do people
around them keep complimenting or criticizing them on?, are they
perfectionists?, For example, if you are a
computer literate you could help your neighborhood in upgrades, repairs
or installation of software.
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 augmented with self analysis 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 in general market terms has been successful to some
extent. Internet offers something similar that says 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.