How to Make More Money on the Side
It will take time and effort to learn how to make more money on the side. This is especially true when you’re working a full time job or you’re in school. Maximizing your extra hours to increase your bank account takes a level of dedication that most of your peers lack.
But you’re clearly not like the majority of them if you want to make more money on the side. And that’s a good thing. You have a hunger to better your life. To reach new levels of success for yourself and possibly generations.
And although it will take some time to make a lot of additional money, it won’t take long in comparison to how much you’ll get to enjoy the benefits of it. Extra side money will give you the
- Money for emergencies
- Ability to help you escape wage slavery
- Option to have a good apartment in a central part of the city.
- Peace of mind that you can take care of your family
1. Money for emergencies
You never know when an emergency comes up and you need money. Your dog could eat a piece of metal and needs surgery, your car breaks down, or you get hit with a big medical bill. Maybe you can’t work for a few months. Life happens. And you need to have money saved up so you’re prepared. Having an extra flow of income on the side can help to build your emergency fund.
2. Ability to help you escape wage slavery
The next level to the emergency fund is the freedom fund. A freedom fund is the money that allows you to escape wage slavery. 95% of you reading this right now are in wage slavery or will be if you’re still in school. You work a job for another man.
But if you can add a side income to what you already have then you can build up your freedom fund. This can be used to invest in your business, to live off of, or travel the world. Your freedom fund is essential the money you save the guarantees you’ll never have to work for another man in your life.
It’s like an emergency fund on steroids.
A regular emergency fund should have at least 5 or 10k in it. A freedom fund should have at least 25k, but 50k is more ideal. And 100k is a solid freedom fund. You don’t need to have 100 grand saved up before you quit your job, but it’s also not a bad idea. Knowing that you never have to work for another man can give the freedom to pursue your purpose level headed. It also allows you to invest in your own business and achieve success more quickly.
3. Option to have a good apartment in a central part of the city
More side money means you can live a better life. Having a nice apartment in a central / trendy spot of the city is a must-have for a player in the dating game. Girls are going to like it when they come back to a nice place. And besides helping you get laid on the first date, it’s just enjoyable to have a nice apartment.
I could live in a shitty apartment if I have to. But if a nicer apartment is still affordable for me then I’ll take it. I advise you guys to spend less money and save. This is essential for any and every man who still isn’t financially independent.
However, once you are financially free, there’s nothing wrong with upgrading your lifestyle, given that you’re still modest in comparison to the money you’re making with the 40/40/20 rule.
4. Peace of mind that you can take care of your family
Being able to produce a side income will give you a peace of mind because you can help your family. One of the worst feelings in the world is to see someone you love suffer and for you to not be able to help. When your parents get old and need help, you’re going to want to be able to give them good healthcare and the best treatment. If you’re a father or will ever be one, then you’ll want to give your kids a good upbringing and a great life.
All of these things cost money. Not having money means your family might struggle, especially if they depend on you. If you have money then you can give your family a great life. You won’t ever need to stress about paying bills, traveling, or enjoying time with your kids if you’re rich.
Even if you never need to use it, having the peace of mind that you can take care of your family or close friends is a great feeling. That’s what you get if you work more and build your wealth. And a key step towards building your wealth is to make side money to increase your income.
Making side money
You need to learn how to make more money on the side so you can escape wage slavery and pursue your purpose. Whatever your motives are, figuring out how to make more money on the side will only help you
There’s many ways to make money on the side.
1. Side business
The first way, and best way, to make more money on the side is to start your own side business. It’s the best way because you can scale it up as much as you want. It can overtake your main job. And your side business is the thing that can make you rich.
You can start a side business doing
- Web design or graphic design
- Real estate
- Computer programming
- or something you’re passionate about
And passion is the key. You need to love what you do. Get good at it. And make money with it. W hen those 3 things align, you’ve created a purpose for yourself. Making a side business that doubles as your purpose will give you the energy to put in all the extra hours to make side money a reality.
You’re not going to make cash at first. And when you do start to make extra money on the side it won’t be much. Patience is a virtue. It will grow if you keep putting in the effort. Loving what you do is not only a healthy habit to have. It’s essential if you want to keep the staying power to be able to hang in there in the early days.
2. Part-time job like bartender, bouncer, personal trainer
If you can’t start a side business, don’t want to, or still need more money, then you can get a part time job. Working at a nightlife venue as a bartender or bouncer will give the benefit of
- not working normal hours (so you can still have a full time job)
- meet girls with your status boost while making side money
- keep yourself from wasting money partying
- save yourself from hangovers and other bad aspects about nightlife
A physical person will enjoy a job like personal training due to the nature of training clients in a gym. This is also a part time job that can become a full time purpose if you love it and decide to go independent.
3. Drive uber or lift if you have a car
Living in a city like NYC or San Francisco gets ride of the need to have a car. Most of you live somewhere else and might need or want one. Having a car can provide you with extra income if you use it with Uber and Lyft. Driverless cars haven’t taken over just yet.
Doing this as a full time job is tough because you’re using lots of money on gas and putting tons of miles on your car. However, you can get the most out of it by doing it just at peak hours. You’ll get paid more per ride and have less overall costs. You can do this in conjunction with working on your side business if you need the extra side money.
4. GaryVee method
GaryVee has a great method for making extra money on the side. It’s simply to get free things on craigslist/facebook and then sell it. This takes time and possibly gas money if you’re driving around. But it’s an easy idea to follow. And it’s purely just hustle.
Unless you’re passionate about selling used furniture, this should never be your full time job. It’s still a great way to make side money while you’re working on making your purpose profitable.
Once you’ve made money – Investing
You can make money on the side with the stock market and in real estate. The margins will be much higher with your own business, which is why you should build it up first before you go after these two. But given you’ve done that and have already made, investing is another great way to build side income.
Putting in some money into an IRA or mutual fund in your 20’s can be a nice cushion for retirement when you’re older. For example, putting $50,000 into an IRA when you’re 25 will be worth over 1 million when you’re 65. It’s a great long-term investment and has a big ROI given you wait 40+ years. The problem is that it’s not worth taking the money out until you’re old because of compound interest. So you don’t see the money until you’re done with 2/3 of your life. If this is an extra way to put money away then that’s fine. Just don’t dump money into the stock market before you have a successful business.
The same goes for real estate. Real estate is great to make rich people richer. Most ultra rich people own a bunch of real estate. But it’s not the way you get rich. It’s the way you maintain and slowly increase wealth you already made.
That being said, having rental properties that bring you income every month is an amazing way to make money on the side.
Invest in yourself and your business first with the side money you make. Invest more and more back into your business. Then you can start to invest in the stock market, real estate, and other ventures to continue to hold onto + build your wealth.
What making money on the side requires
- Time management
- Motivation + Energy
- Providing value
You won’t just be able to make more money on the side with minimal effort.
Time management will ensure you’re using every hour effectively. Following a schedule consistently is the foundation for all success.
Motivation + energy will be needed to keep you on the path. A motivated person who knows how to have energy will be able to stick with the schedule you assign to yourself. If you love what you do and love the reward, then it’s easy to be motivated.
And when you know how to have energy and avoid burnout, then you can stay dedicated. Motivation is key to getting started. Energy is key for consistent performance. Both of these will lead to dedication. Even when you’re feeling tired on certain days, dedication will push you through.
A no carbs diet, combined with intermittent fasting + working out in the morning will have you feeling more energetic than most. But dedication will be needed when you get into a slump.
Your purpose is what drives you. And it’s what will keep you dedicated. A man with a purpose can stick to a tough schedule and be motivated by what he does. A man without a purpose will give up when things get rough.
And ultimately, you need to provide value. Making money on the side requires that you give value. Whether it’s your own side business or working somewhere part time. Customers + employers give you money because you give them value. If you understand value than you’ll never be without work. And you’ll likely be driven to be an entrepreneur over an employee.
Make the side money
Making the side money will give you more options. More options is always a good thing.
Money isn’t the meaning to life, but it gives you the ability to live your best life. It’s essential that you make money in this world. Because the more money you have, the more access the resources you have, and the more options you’ll have. Having one income isn’t enough for most people. The average millionaire has 7 sources of income.
You don’t need that many, but you need more than one. This is even more true if you don’t own your own business yet.
Stop wasting time. Learn how to make more money on the side and start putting in the work to see your bank account grow.
If I’m making 150k from my day job then there’s only so much I really need to use from that to put into my own business… The rest should be being put into income producing assets like stocks, bonds, REITs, crowdfunding etc. Correct? I’m 26 yo
Depends on the business, but yea, with 150k a year you should be making enough to invest in your business and invest in the stock market through various ways you mentioned.
It’s preference for you at this point. As long as you have some savings for a rainy day, and enough to invest in your business, the rest you can invest in the stock market, in real estate, or spend how you want.