Observations on Earning an Extra Income - Motivation is Critical 

"Extra income" means an income that you can earn apart from your regular salary. Extra income can be used to pay off your outstanding debts, build a retirement account, or buy goodies that you could not otherwise afford.  Many people would love to have a second income without having to get a second job, so finding a way to make some extra cash without having to seek additional employment is quite appealing.

Motivations for Earning Extra Income

How dedicated you are to earning an extra income usually depends on how strong your motivation is!

In looking at different countries, the average worldwide annual income per person is less than $15,000.   People in this level are basically in survival mode, living from paycheck to paycheck.  In this case, the motivation for earning an extra income is purchasing power, increased happiness and an improved lifestyle.  These are strong motivating factors!

In countries where the normal income is more than $15,000, the goal for earning an extra income is to build a foundation so that the wage earner can quit his job and become independent.  The average American, who earns more than the average Indian or an Austrian, is less happy because he would rather work for himself and have a lot more money as a result.  Independence, combined with great wealth, is important to Americans.  However, it's not as important as making ends meet, so a person who has enough money to get by and to afford some extra luxuries usually does not have as strong a commitment to earning an extra income as someone earning less money.

 

Blurb Alert! Create your 1st product in just 5 hours, from your idea to your 1st customer. This online course is only $25 and comes with a money back guarantee.

People always look at their income in relation to a norm, and the norm is always rising.  Many compare their standards of living with those of their neighbors and colleagues and try to compete.  Whether or not it is healthy, there are some folks whose only sense of prestige and self worth is based on whether they have more money, more freedom and more goods than friends, family and neighbors.  This sense of competition can be a strong motivator for earning extra income.

Others are looking for extra income for more practical reasons that extend beyond day-to-day living.  Their jobs do not pay well enough to build a decent savings account or retirement nest egg.  For families with children and teenagers, extra income is set aside for college funds or all the extras that kids seem to demand these days.  The motivation is future oriented.

Figuring Out How to Earn Extra Income

You need to be brutally honest with yourself instead impulsive when determining how you will earn extra income.  First, what do you like to do?  What are your skills?  Do you honestly have the motivation and commitment to put in the time and effort in raising extra cash?

If you are being honest with yourself, you'll know that watching television, going to bed early, partying or engaging in other forms of recreation outside of regular work hours will need to be curtailed.  You'll need to be honest with your family about having to spend free time with your money making venture. The person who is truly motivated to earn extra money must have the self discipline or motivation to achieve his or her goals. 

If you want to a better chance at earning an extra income, do something that you know how to do.  For example, it is impractical to try to earn extra income by fixing people's plumbing if you don't know a thing about plumbing.  Some things can be learned pretty quickly -- so long as the income earning activity is something you can learn fairly easily without getting frustrated, the activity is worth taking a look at. 

You also need to figure out if there is a demand for the project you are thinking about launching.  You need to get paid for your efforts!

More importantly, you need to like what you're doing!  If you're worn out from your workday, it's hard to stay committed to an extra income effort if you dislike the work required.

Long Term vs. Short Term Extra Income Commitments

If your extra income motivation is to become financially independent by starting your own business on the side, you are facing a long term commitment.  It generally takes at least two years to realize a profit with you own business.

Seasonal chores, such as clearing snow, are quick ways to generate some extra income that do not require years of commitment.  Landing some short term freelance projects is another income booster that does not require long term commitment. 

Today the Internet and the general market have a lot of ideas for generating extra income. Network marketing can be successful. Selling products or services online is another way to make some extra income.  Internet-based income opportunities are generally long term commitments due to the time required in marketing and building the business.  Selling products from time to time on EBay, however, will not require years of hard work.

Conclusion

No matter what you decide to do to bring in some extra cash, you need to be motivated.  Time, effort and patience rules the success you will enjoy.

"Observations on Earning an Extra Income - Motivation is Critical" submitted by Veronica Lopez