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  • Writer's pictureRodney Alkins

Why we should make our 9-5 job our side income?

The 9-5

My 9-5 job is consistent, it is reliable and it pays me every month without fail. Whether I perform at 100% or not I am going to received my salary. Isn't that great? Well yes and know depending on where you are in your career or personal life. In today's economy my day job pays the utilities and leaves a little to cover unplanned situations, which happens more often that not, especially if you have children, elderly parents or a car.

Now for the sake of not sounding ungrateful, my day job does not pay me enough to live without some level of worry. My expenses are ever increasing even though I tend to live a fairly frugal lifestyle and I am always assessing what I can do without. Notwithstanding, outside of normal utilities there are people I must help even if it is out of my scarcity.

It is from this perspective that I conclude that my 9-5 has to become my side income and not my primary income as it hardly leaves me any wiggle room.

To the Hustle

So I made the decision to pursue my primary business and main income earner. When I started 7 years ago I bought into the network marketing gimmick of over night riches, how about the reality of overnight losses. I made profit for so many other people who promised that I would be earning millions. Please don't listen to those people or advertisements.

It is critical that whatever you choose to do, you must love it. It must not be a chore to you. In other words you must passionate about what you choose to do because as with any business or project there will be challenges and you will need to be motivated to get through those challenging times. When you start your own business it is key to remember that all the rewards are yours and also all the risks.

The Plan

Point to note here is that in developing your main income takes time and planning. If you don't plan you automatically plan to fail. Planning is key because it acts like a road map to your destination. It outlines the objectives and strategies that you will use to get there.

The Challenges

One of the primary challenges to any new business or project is obtaining the necessary funding to efficiently run the business. In a very traditional sense it is still very hard to satisfy banking requirements to obtain funding when you are now starting a business unless the bank itself has an interest in it or if you have significant collateral. This is why entrepreneurs must be creative in their thinking and strategizing if money is a challenge. However, all is not hopeless because with the advent of the internet and various technologies such as blockchain, cryptocurrency and P2P lending there are new financing technologies and methodologies that are much more accessible than the banks. However, even with this new form of financing all usual commercial business protocols still apply.

The Motivation

Do you still want to make your 9-5 your side income. Yes, I Certainly do should be your answer! Look at Elon Musk, Jeff Bezos, Warren Buffet, Bill Gates and many others. If they can do it certainly you can do it too. Here is when I mention these billionaires just to show you the potential that you have inside of you. These people are no different to you, as far as I am aware they are all human. Everyone, needs an opportunity or has to be brave enough to create an opportunity.

So now that you have decided that you are going to pursue your main source of income whilst maintaining your 9-5 side income, here are some of the major benefits of generating your own business and income:

  • Less stress about finances

  • The ability to pay off debts at a faster rate

  • The ability to save money for an emergency fund or other financial goals

  • More financial stability

  • No longer having to live paycheck to paycheck

The Options

So, what are some ways that you can make money so that you can realise some of the above benefits?

  • Several hobbies can be turned into a new stream of income, including art, videography and gaming. Online resources like Etsy allow you to open your own online shop and sell your artwork or other creations. It may take some time to gain a following in these areas, but the more consistent you are the better you'll do in terms of income.

  • You can become an affiliate for any online company that garners your interest. I have linked my affiliate link to Binance which is a very popular way to safely save and invest your money. You can invite and explain your opportunity to friends and family and ask them to sign up and receive a decent income from referral commissions. Alternatively, you can advertise online using Facebook, traffic exchanges, Instagram, Twitter and any other reputable social media site.

  • You can also invest in online companies that offer opportunities to deposit money and receive a return on investment. There are many opportunities to invest online, but always remember to carry out your research and review review review. Investment is risky and you should never invest more than you are able to lose. If you are looking for a small entry, reliable, long term investment in solar power generation, here is something that I have invested in: Sun Exchange

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