Lending Club Blog

Earning More Income

There are two ways to get out of debt: spending less, or earning more. Most personal finance sites deal with the first—how you can spend less and save more of your money. With times like these, however, it might be time to look for more desperate measures. How can you earn more money?

I wrote in a recent article about how the recession might be the right time to start a new business. People want to find ways to save money, and if you can provide people with a good service for a good price, you can definitely start a side business. Trent over at TheSimpleDollar wrote a great article on 50 Side Businesses You Can Start On Your Own. In it, he lists some great ideas such as the following:

Event DJing: Are you an audiophile? If you have a great sound system and a
large selection of music, you’ve already got what you need to hire yourself out
as a DJ for various events and receptions. This is a great way to fill an afternoon
and evening while also earning some cash in the process.

Landscaping services: Willing to mow lawns and trim bushes and trees? Many
people are quite happy to pay for such services. Not only is this a great side
business for a fit adult, it’s also a great way for a teenager to get a small
business started.”

There are lots of great ideas to make some quick and easy cash during this downturn. One excellent example is Edufire.com, a site that lets you teach classes via the Internet. Do you speak a language or have a skill that other people might want to learn? You can teach it from your home, either privately or to a class of students!

Have you thought of starting any side businesses? What would you do? What skills do you have that you could teach others?

Thursday, April 30th, 2009 at 6:07 am

Comments (1)

  1. Tom Lutzenberger:

    People earning a 2nd income just need to be aware as well that it’s
    not 100% additional money. You have to pay taxes on it, similar to
    your first income. In fact, more income may bump you into a higher
    tax bracket both with state and federal taxes. In addition, folks
    also to be careful they don’t put themselves into a conflict of
    interests with their existing employer. Many employers are wary of
    their people picking up a 2nd job or work, so make sure what you do
    has nothing to do with your first job and doesn’t interfere with
    your first job performance.

    April 30th, 2009 at 8:08 pm

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