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Why Extra Income Is So Important

Extra Income

One of the most widely discussed topics with personal finance bloggers is about earning extra income.  We all talk about it, and most of us even practice what we preach.  Earning more money is not a taboo topic, and is in fact, a reality for many. When I talk about earning more, I’m not talking about earning more from your regular job; I’m meaning cash coming in from a side job, or hustle.

Before you stop me and say that you don’t have time to pick up a side job, I hear that too many times.  I don’t allow it as an excuse anymore and do you know why?  The simple reason is that excuses get you nowhere.  If you are taking time to make excuses, then you are not using your time wisely.  Myself and many other people also have busy lives, yet we manage it rigorously. (Editor’s note: I could not agree more with Grayson. Excuses will get you nowhere and the time you’re wasting making them can be put to much better use.)

Make that Money

I have been earning extra income ever since I was in high school.  I have had side jobs for close to 15 years.  It is not about having time to do a side job, it is about the drive to look for side jobs.  If you want to earn more money, then go out there and get it done.

I don’t mean to sound harsh, but I have found over the years that if you want to see results, then you need to dig in and dedicate yourself to whatever goal you have.  Trust me, making extra income on top of having a full time job, a family, selling a home, and enjoying my passions is not always easy.  There are times when I am tired and want to just relax, but then I think about my goals.  I always create lofty goals and the only way I can achieve them is to earn extra money.

The Importance of Extra Income

We all have goals, don’t we?  If you don’t, then I am not sure what to say to you.  Step away from this post and go write down something you want to achieve.

Ok, now for those that have goals.  Let’s talk about how you plan on achieving them.  John and I both are advocates of setting goals.  They are extremely important and help you understand where you are and were you want to go.  Without them, it can be very hard to achieve much.

A Goal That Requires Extra Income

One of my main goals this year is to sell our current home and then buy another one.  Now, selling and buying a home is a hectic process as all homeowners know.  The entire process is time consuming and it costs a lot of money.  I have been saving as much money as I can with each paycheck, but after some time, I realized that I wasn’t saving enough.  There are two ways to deal with this problem.  I could cut services that I pay for on a monthly basis, or I could earn more.  You can only cut expenses by so much before you are going to hit a wall.  Unfortunately for me, I have hit that wall.  So, my best option was to make more money.

I can’t go to my boss and ask for a raise, as we only get annual reviews, so that would be a waste of time.  What I can do is look for income producing opportunities on the side.  It has been about 7 months since I have ramped up my efforts to earn extra income and I can say that I have reached my goal.  I now have enough money in my savings account to be comfortable when paying a down payment and having an emergency fund.  This wouldn’t have been possible without earning extra income.

There have been so many people that have reached out to me about how they were only able to achieve their goals by earning more money.  I was only able to reach this goal and another major goal of mine – paying off my debt, because of extra income.  It is such a powerful financial tool and it can provide financial security.  If you have the ability to earn money on the side, then you can truly change you life.  Extra income can open up opportunities that allow you to achieve more.

For those who remain skeptical of the power of extra income, please don’t look down on the idea until you try it.  There are thousands of ways to earn more money.  Side hustles are a powerful tool and the options can be vast.  I wouldn’t be able to do many of things that I do without my extra income.  Not only does it open doors for me, it also allows me to increase my knowledge.  I try to never stop learning and when I do that, I get more opportunities to turn an idea into an income generating side hustle.

Do you earn money on the side?  Do you think it is important to earn more money or do you earn enough that you don’t have to worry about it?

 

Photo courtesy of: _DarkGuru_

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Grayson is the owner of Debt Roundup and co-owner of Sprout Wealth and Eyes on the Dollar. After going to battle and winning against consumer debt, he decided it was time to learn how to use credit wisely and grow his wealth. He discusses all things personal finance and is not afraid of being controversial. He also is a freelance personal finance writer and offers blog owners technical blog management services.

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