I have just returned from a visit to Uganda. I feel super-blessed to live in Australia where there is just SO MUCH OPPORTUNITY!!! Uganda is a nation that is still recovering economically from severe trauma for decades last century and while things are improving, there is a long way to go. Honestly – we have so many options for how to make extra money at our disposal here, yet there are many of us who feel down in the dumps about our prospects or our situation.
It’s all In Our Minds
No matter what country we live in, the main thing we first need to acquire, to work out how to make extra money – is the right mindset!
While in Uganda I delivered a workshop for a group of 18 women who supply bead jewellery to a business which was created for their benefit – to create a market for them to supply. The jewellery is then retailed in other countries, mainly the USA. These ladies live in a slum in Kampala, called Banda. They have varying education levels, and speak various languages, and there is one very important thing they have in common with us in Australia : They have dreams – big dreams.
We talked about how to consciously dream our dreams, and choose which ones to turn into goals. Then they learned about creating action plans, and the whole area of overcoming obstacles.
These ladies all need to discover how to make extra money, on top of what they are already doing, in order to reach their dreams. The same is true for many of us isn’t it! We looked at some key ingredients for how to do this.
The Key Ingredients
Here is what I believe are the key ingredients in the recipe for making extra money:
1. Abundance Mindset
Imagine what could change for you if you decide to believe that there is an oversupply of money out there, and you can have as much as you want of it!!
There are many many beliefs like this, that we could argue the empirical truth of, until the cows come home, and there would still be different viewpoints. It is magical to see what happens when we just decide to believe a certain concept. This is powerful when the belief supports us, and it doesn’t really matter what the absolute truth is (if there is one).
2. Have a very specific reason for an extra amount of money we want to generate.
There always has to be a reason – something we are ultimately going to spend our money on. Money itself is worthless. It’s the exchange that is powerful. When we have a crystal clear vision of what we are going to exchange that money for, a fire in our belly causes us to erupt into action, to generate those funds! Our reason can be a lump sum, or an ongoing earned amount.
One of my goals for my later years, is to eat out more than I eat in. This means a larger than standard amount of money spent on food on a regular basis, by a few hundred dollars per week. This means that our investment income, if we are ever not working at all, needs to cover this. This dictates my goal investment income and amount invested.
3. Self Awareness – understanding what we are good at, and enjoy doing.
Many times I have clients who want to earn more money, but when I suggest various strategies, they are not interested in them. I believe the reason for this is that – often more important than the money, is the enjoyment of our energy expenditure while we are generating the funds. Really – what use is the money if the process of making it saps our life force?
A friend who has just been on a cruise mentioned a very sad looking toilet cleaner on the ship. Those cruise staff work very hard for weeks or months without a break, often to send money back to their families in developing nations. It’s not hard to imagine that this sad lady may have been feeling that her efforts weren’t worth the monetary return.
If we are aware of our natural talents and skills, and what we love doing, and then consider all the income generation possibilities that match this, our list of how to make extra money will be shorter, but much more inspiring!
4. Market Awareness – understanding what people want and are prepared to pay for.
We only make money when someone values what we have to offer, more than their cash! We need to discover what is wanted and needed out there, that we can supply (glad-heartedly). The more people who want what we offer and are prepared to pay for it – the better. And the less competition we have, the better also!
A phrase to describe this is “feed the hungry crowd”. The analogy here is arriving with a hamburger van, to a crowd of sports fans who have just spent hours watching a long game of football. If there is no other food supplied, and the crowd has been there for hours, their hunger is guaranteed, and the hamburger sales are guaranteed! What can you supply, that many people are hungry for, OR – a few people may be hungry for, and prepared to pay a lot for because it isn’t common?
For my Ugandan friends, they need to supply the wants of people in their community who have money and want something not commonly available. It is a recovering economy, and as more people encounter full-time work, they will have less time available for what they were doing before. What services might Ugandans now be prepared to pay for?
For my Australian friends and clients, I notice there is a plethora of services now available for small business owners. Many Australians are running businesses – often alongside other employment, in order to generate more money. Business owners often need services supplied as there are not enough hours in the day to do everything themselves. Is there something you can contribute that they will be delighted to pay for?
5. Strategy Awareness – being a student of possibility!
If I ask you how to make extra money, you will probably think of 3 main categories: employment, business, or investing. There are loads of possibilities within these categories:
As well as standard employment on a full time, part time, or casual basis, there is also contract work, or temporary work.
Just about anything can be a business, from dog walking, to cake baking, to selling stuff online, to affiliate marketing commissions, to blogging, to stock-market trading. The list is endless really.
And a special mention regarding stock-market trading. Many people consider this to be investing, but when trades are made on a frequent and regular basis, the ATO considers it a business, and expenses and income are reported and handled accordingly.
Investing requires having money (or equity) to invest, in order to make additional money. Investment always carries with it the risk of losing money, so requires education and specific knowledge regarding investment vehicles and strategies. Setting up an investment portfolio to provide income is generally a long term strategy (5 + years), rather than a short term strategy to produce additional income.
Rather than re-inventing the wheel, here are a few links to great articles that describe many possible angles on how to make extra money.
How to Make Extra Money
Being a student of possibility simply means keeping an eye and ear out all the time regarding money-making strategies. There are so many of them! But you have to know about them, in order to select which one(s) are right for you.
In conclusion, if you’re looking for how to make extra money in order to reach your goals, or even just because you have a general sense that life would be better with more income, I hope you are inspired to take action to choose a reason, and a strategy that works for you.
You can check out the side bar on my blog here, for some specific money making opportunities that I promote or offer from time to time. You may just find something that happens to agree with you!
Wishing you loads of money and life success