While saving money is great, making more money may be the most effective way to up your financial game. You could ask your boss for a raise, but unfortunately, we can't always wait for upper management to make that decision.
At my first job out of college, I remember waiting 4 months before all the levels of management agreed upon a raise for the employees (which, by the way, was only for an extra 25 cents an hour—talk about an insult!). It was at that moment that I realized I'd be better off making extra money on the side.
Thanks to the internet and our money smarts, we can make money on the side during our free time—and it's pretty easy! All you have to do is just answer these three questions.
1. What Would You Do Even If You Weren't Getting Paid For It?
My coaching clients who want to make more money are usually shocked when I ask them this question. My reasoning is simple: The things you love to do are usually the ones you are really good at. You also won't mind putting in the work if you love to do it.
So, look at your hobbies and how you spend your free time. These are usually a good indication that you are naturally talented in a certain field.
2. What Would People Pay You To Do?
You have specific talents and skills that other people may not—and those people are willing to pay you for them. Do you get all giddy when you think of organizing a closet? Charge others to fix their closets! Trust me, there are people who cry at the mere thought of tidying up a closet. You can help them do it—for a fee!
Love dogs? Charge your busy neighbors to walk theirs! I periodically see one of my neighbors walking six dogs at a time. When I asked him why, he said he adored dogs so he started a local dog-walking service to take it off the hands of his busy neighbors.
You don't even have to go outside of your living room. Web designers, programmers, writers, and other freelance workers are all making more money than their 9-to-5 counterparts just from their laptops.
These are just a few examples, but I'm sure you see where I'm going. Find what you love and are naturally good at, and then start charging other people to do it for them.
3. When Is Your Start Date?
A lot of people talk about starting side hustles to create more financial freedom, but they don't follow through. Give yourself a deadline for starting your new endeavor. And then figure out an accountability system. Maybe you bring on a coach. Or maybe you just ask your likeminded friends to support you and hold you to your goals.
Whatever the case, make sure you put a concrete system in place to ensure that you will actually do this. You can use this statement to help you out: "I (name) will start my (insert side hustle) on (date). I will hold myself accountable by (support system of choice)." Say it and put it up somewhere you'll actually see it.