In today’s society, it is pretty obvious that everyone has to earn their keep appropriately. As the old mantra goes “money makes the world go round” is quite true to a certain degree. Basic necessities such as paying bills, food, personal hygiene, healthcare, and transportation (just to name a few) all require money before being acquired. In a dream world to some, money wouldn’t exist, just the barter system of traditional times.
We have an economy that can change at any moment. One day the stock market can have record highs and everyone in an office excited. The next day stocks can drop dramatically and the unemployment rate can spike. For many industries (and their employees), job security is not guaranteed.
Family households tend to have an easier time dealing with one adult being laid off than a single household. Why? Dual incomes allow for a safety net (per se), which can be utilized temporarily when required. For example — some one in a family household can be laid off from work and claim unemployment benefits.
How to make money online at home in your pajamas
Many people dream of being able to work from home in their pajamas. The most common route that is taken is called freelancing. Freelancers are able to utilize their skills (including, but not limited to) writing/journalism/blogging, photography, graphic design, and customer service. It takes time for individuals to gain a substantial income from being a freelancer. We are going to cover some basic facts and tips for you today.
Should you go full time as a freelancer?
Your decision on choosing part-time or full-time freelance work depends upon how much consistent work can you receive. Many freelancers start out part-time to build up their resume/portfolio for future clients. Freelancing in regards to any trade skill does not guarantee full time income. It is going to take time, patience, and improving your skill to become full-time and secure with your job security.
Do not let the progression scare you by any means. There is a plethora of freelancing websites available. Some websites cover a wide variety of industries, while other websites are specific to just one industry. The open market for freelancers is a major plus to why individuals are deciding to take this route frequently now.
One of the most important tips that a freelancer has to take into consideration is holding themselves accountable. Typically a freelancer accepts work from clients based upon their own schedule. Clients will have their own deadlines set for orders/projects to be completed. The most common mistake that individuals make pursuing freelance status is becoming too content. Remember, there is no one next to you or over you (also known as your boss) to make sure that you complete work at a specific time. You also have to realize that you will most likely have to self-edit your own work as well before sending it to your client(s).
Time is of the utmost importance as a freelancer. The more consistent you are with your work (including needing little to no revisions) the more likely clients would want to work with you for more orders/projects.
Generating a higher income sooner than later
If it was easy to make double the money in the least amount of time, everyone would do it. There are a variety of ways that you can generate a higher income sooner than later.
Obtain multiple jobs
On average, 2 full time jobs is the most that an individual takes on at any given time. If we were to base the work hours of each job at 40 hours a week, that means you are working 80 hours out of 168 hours within 7 days. This can become extremely exhausting and physically demanding. The key factors here are to maintain a schedule that you can comfortably complete, and when to take days off from work.
When it comes to making a schedule, allocating your time appropriately is solely up to you. It is not the responsibility of either job to make sure that you make it to the other. Keeping this in mind, make sure that you are prepared to either work 8 hours back to back. For example, if your first job is a morning (9am-5pm), then to give yourself a little bit of a break, your next job can be between 7pm-3am.
You also have to take into consideration the distance between both jobs and your home. If you want to take a break in between jobs, are you going home first or going to the next job? Essentially having double the income is absolutely great, however, be sure to maintain your health. It will do you no good to be sick/injured and not completing work to the best of your ability.
Invest in stocks and bonds
Stocks and bonds will be the most difficult option on this list. Why? It takes time for an individual to properly learn the necessities of stocks and bonds before investing money into it. When individuals go into this realm of the market thinking that it will be an easy cakewalk, it may not end as well as they desire.
Investing in stocks and bonds can be a stressful and rewarding avenue to take — essentially a double edge sword if you will. The economy can be unpredictable at any moment. One day, your stocks may see a dramatic increase and the next they can hit rock bottom. If you decide to invest your money into stocks and bonds, we highly advise that you receive proper knowledge from a professional first.
Understanding your balance between saving and spending
Money management is a key reason as to why some people who seem like they are not doing much work, earn so much money. As the old mantra goes “let your money work for itself” is still relevant today. An example of letting your money work for itself and you is putting it in a savings account.
Most banks on the market allow for an individual to earn a percentage of interest based on how much money is kept in their savings account. While the percentage is typically low (0.1% – 5% on average), this is where your patience comes into play. Look at your savings account as a long-term journey, not a get rich quick plan. If you can maintain (and add) a routine amount of money to your savings account, over time what may seem like pennies will turn into dollars.
Many people fall into spending more than they actually can afford. This can result in being late on some bills and if they include fees, it only puts you further behind financially. Maintaining your budget will give you a little bit of comfortable room to use (or a financial safety net if you will).
Live with a roommate(s)
This option can be considered the most simplest to take on the list. Having a roommate(s) essentially saves everyone money on bills and necessities for daily living at home. Your roommate can be close friends, family members or even strangers (although we advise you are cautious).
Is there a specific option that stands out to you as a viable option? Do not feel the need to rush your decision by any means. Make the best moves first and save yourself time. Money will always exist, all you have to do is figure out the best option to achieve the amount you desire.