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3 Steps to Making Easy Money on the Side

3 Steps to Making Easy Money on the Side

Don’t have enough money?  Can’t get a raise?  Is the bad economy being a drag on your finances? Look, everyone wants more money, and I’m here to let you in on a little secret—for the vast majority of us, making hundreds—or even thousands—of dollars more, per month, is entirely possible.

I’m not talking about quitting your job or changing your career.  I’m talking about making money on the side: taking skills you already have and padding your wallet with some cool extra cash each month.  How awesome would that be? I’m an entrepreneur, and I’ve seen plenty of people who make money on the side.  There’s no “exclusive formula” for it: it’s really just about consistency, long-term focus (don’t give up in a week), and learning from mistakes (optimization and hacking your way to success).

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    98% of people who read this aren’t going to take my advice, and will just keep complaining they don’t have enough money, and do nothing to better their situation.  Whatever.  But, if you’re one of the 2% of people who actually wants to make a difference in their own life, and to make more money using skills you already have, read on, and see what’s worked for lots of people I know:

    Step #1: Come up with an idea by asking 10 people what their problems are.

    Stop worrying “but R.C., I don’t have any skills I can offer someone!”, and instead, go ask 10 people what their problems are.

    Go to a Chamber of Commerce meeting and ask 10 business owners what their problems are. Go to Warrior Forum and start a thread asking people what they need, then ask your contacts the same thing. Point being, leverage your network to figure out what’s bugging people, and how you can help solve their problems. For example, I once got freelancing work helping an accounting by writing their promotional pieces.  Who would have ever guessed that my claim to fame would be doing that?  But persistence paid off, and I found a way to make some cha-ching.

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    Step #2: Set long-term goals, and keep a long-term focus.

    Want to hear a secret? Most businesses take a long time to reach profit.  I just had a phone call with the founder of a luxury jean company who told me that after 3 years, their business was still running at the break-even point.  That was okay, though: they were in it for the long run, and frankly, it didn’t really matter what the short-term results were. Instead of just worrying about how you’re going to find clients, come up with goals and a tangible way to do it.  Focus on what you will have in the next year, instead of just being pouty that the world didn’t hand you cash on a silver platter. You’d be amazed how many would-be entrepreneurs fail on this point alone: they’re sad that they’re not making money immediately, get overwhelmed”when things get hard, and quit after 2 months.

    Weak, weak.

    If you’re serious about making money on the side, then actually stick with it.  If you’re feeling overwhelmed (believe me, I’ve been there), seek out the company of other entrepreneurs (you’re an entrepreneur now, champ), and find solace in hanging out with others who have successfully gone through the same thing.

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    Step #3: Build in ways to get referral business

    We all know that the best kind of marketing is word of mouth, so why not make it easy for others to market for you? Offer your first few clients discounts for referrals to others, and constantly ask your clients for feedback to ensure you’re delivering tip-top, referable service.

    You know that expression in business “making your first million is the toughest, and it’s easier after that”?  Same thing with making money on the side—once you build momentum, it’s easier to get started.

    I’ve seen tons of people make money on the side and start businesses.  That’s how I know you can—and should.

    I’m not just writing platitutdes or rehashed random crap.  I’ve seen lots of people—often my age (23!!!)—do this stuff successfully, and it’s always a shame to hear people talk about their money woes, but see them do nothing to better their situation. I hope this article gets you thinking about making money on the side.  If you decide to go down that route, you still have a lot more research to do.  Contact me or check out my blog if you’d like to know more!

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    PS- in the comments below, feel free to share: have you made money on the side?  What did you do?  Was it tough before?  How long did it take you to build your business?

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    Last Updated on January 21, 2020

    How to Develop a Millionaire Mindset in 6 Simple Steps

    How to Develop a Millionaire Mindset in 6 Simple Steps

    We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

    It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

    How do you go about developing that millionaire mindset? By following these simple steps:

    1. Focus On What You Want – And Take It!

    So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

    Millionaires play to win, not to avoid defeat.

    This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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    2. Become Goal-Orientated

    It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

    Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

    Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

    Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

    You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

    If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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    If you are to become a millionaire, you need to start accumulating money.

    Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

    3. Don’t Spend Your Money – Invest It

    The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

    Stop working for your money and make your money work for you.

    Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

    There’s not just the stock market — there’s also property, and your own education.

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    4. Never Stop Learning

    The best thing you can invest in is yourself.

    Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

    Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

    Learn everything you can about how economics works, how the stocks markets work, how they trend.

    Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

    Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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    5. Think Big

    While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

    There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

    Aim for the stars, if you fail you’ll still be over the moon.

    6. Enjoy the Attention

    To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

    Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

    If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

    Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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    Featured photo credit: Austin Distel via unsplash.com

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