Freelance writing, a new writing site or contest, online resale, consignment resale; they’ve all been money-making endeavors that I’ve tried throughout the years. Some such options were successes…others not so much. And within those options, certain efforts paid off better than others. For example, selling things at one local resale shop earned us more than at another. Selling books online has garnered me more than taking them to the local used book store.
But sometimes, even when these options fail or don’t work out exactly as we’d planned, they can still be valuable learning experiences and we try to explore at least one new option each year.
One of the great things about exploring new money-making options is that it increases not only one’s experience level, but it can also bolster confidence. Seeing that you’re not necessarily bound by the restrictions of a standard 9-5 job can be somewhat freeing. Not only can it grow confidence that you might be able to remain self-sufficient when it comes to earning an income, but it can increase the push to explore new income-earning options that could one day lead to furthered financial freedom.
Backup income options
Whether or not you decide to leave your day job, trying out new money-making opportunities may provide some backup forms of income should a job or regular income loss occur. And even if a financial emergency doesn’t strike, these other income streams could provide additional income for goals such as a better or longer vacation, new(er) vehicle, earlier retirement, or just additional savings.
Better downsizing options
Sometimes new forms of income can also be great ways to downsize. Some of the things our family has tried to make a little extra cash but that have also helped us reduce clutter include:
- Reselling lightly used clothes, baby toys, books, movies, DVDs, and video games at area resale shops
- Having garage sales
- Taking larger furniture pieces to an area consignment shop
- Selling through eBay and other online resale options
While the money received for many such sales isn’t extravagant, they’re least ways to reduce clutter while also earning a little extra cash.
Strengthening our retirement future
Even when our efforts don’t pan out exactly as we’d hoped, we often learn something from them. Sometimes we take that knowledge and use it in new endeavors or apply it to current ones to make our attempts more efficient.
For example, about a year ago, I tried selling on eBay. I didn’t like it for several reasons. However, I took a break from it for about six months, thought about why I didn’t like it, reevaluated why I wasn’t successful, changed my approach, and tried again in the new year. And this time I was much more successful.
How does this affect our financial future? Well, I can take these entrepreneurial efforts over time and gauge our successes and failures. This can be a confidence builder and help to continue trying new money makers, possibly even in retirement when income might be more limited. Being able to find money when money is tight can help reduce stress and increase financial stability.
More From This Contributor:
Building a Revenue Producing Blog
I Won’t Be Waiting to Take Social Security
Preparing to Publish My First E-book
The author is not a licensed financial professional. This article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.