9 things to consider to make some extra money

Posted on Saturday, September 14 2013

9 Things to Consider To Make Some Extra Money

 

One of the key things I did when I was starting out financially was get a part time job. In fact when I was in high school I had three of them and I also worked close to full time when I was at university. Not everyone is quite that keen and it was hard work. It did give me a great start financially in life which I am really grateful for.

Getting a part time job or creating a part time business is a great way to get extra money to help make ends meet, pay off your debts, make extra payments on your mortgage, save for something or add to your investments.

Some key things to consider are:
1. What is your overall objective? (flexibility, freedom, no boss, make money)

2. How does your decision fit into your short, medium, long term lifestyle or financial objectives?

3. What is your timeframe? Is it short term to meet a specific purpose or something you want to do for the long term? If you start a part time business do you want to make full time in the future?

4. Have you carefully thought through the reasons why you want a part time job/business or is it an emotional decision?

5. What is your current financial position and levels of expenditure? Specifically how would this extra money be best used?

6. Realistically what levels of income will you receive from the part time job/business? Have you thought through how you will manage this extra income so that it gets to where you have planned it to go and not get lost within your usual spending. A good idea is to get this income paid into a separate bank account.

7. Are there any risks involved? Is there a downside, ie time. Are you okay with the trade off?

8. If you are looking for a part time job have you evaluated what your strengths are and looked at what kind of part time jobs might be available and thought about the best potential fit.

9. If you are considering starting a business have you developed a business plan (this is maybe only a page or two)? Does it include marketing, revenue targets, expenses, developing a team of professionals so you have the right advice from day one, resources/training needed, etc.

Visit www.homebusinessresource.co.nz to get a FREE Report entitled “The 7 Biggest Mistakes When Starting A Home Business”


By Lisa Dudson

Comments are closed.

Expert's Bio

Lisa Dudson

Lisa has been providing financial guidance in the areas of property, business and financial planning for over 12 years. She is the bestselling author of numerous books, previous Vice President of the Auckland and NZ Property Investors Associations and is one of the most experienced financial educators in NZ. Find Lisa On Google+

  • Company Name:
  • Phone:
  • Website:
  • View all articles by: