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Using Your Assets to Make Ends Meet

September 6, 2010 at 8:35 am 4 Comments  

A big part of living inexpensively is about saving money but the other part is about making more money. No matter how much we save, we must find a way to out pace the cost of inflation.

The best way to make more money without waiting to be hired by someone else is to figure out what it is you can do to earn money. This may seem weird, especially if you have what we’ll call a ‘worker bee’ mentality. The ‘worker bee’ subscribes to the notion that “the only way to get income is to work for someone else.”

This is so far from the truth!

In order to use your assets, you must first take inventory of what you do everyday and decide if you would consider offering that service for a fee.

  • Do you homechool? Why not offer to teach a subject to a child in addition to your own for a fee.
  • Can you sew or crochet? Consider doing alterations or selling items on Etsy.
  • Do you blog? Consider placing ads on your blog or becoming a paid contributor for another website.

Taking this step takes confidence. You must believe that what you have to offer is worth money. Do you have a skill to share? Teaching a class is a great way to start. I’ve earned an average of $27 an hour teaching coupon workshops twice a month. I’ve also compiled the information I teach in the workshop into a downloadable Ebook that generates an income as well.

Another idea for generating income is participating in yard sales. My community sponsors a yard sale 3 times a year, and I take full advantage of this opportunity to get rid of unneeded clothing and household items. I also sell items that I have stockpiled, as a result of couponing, especially for this event.

This year I spent 8 hours selling items and earned $240. That’s a net profit of $24 an hour, if you add in 2 additional hours for set up and clean up.

The key to using your assets to make money is to identify your talents. Once you do that the possibilities are endless.

What talents are you using to earn extra income?

Filed Under: Budgeting Tagged With: raising money

About proverbswife

Saidah Washington is a Regional Saving Contributor for South Carolina Inexpensively (coming soon). Saidah (pronounced Si-e-da) is married to the greatest man she knows, besides Jesus Christ and mom to 4 beautiful children. Her goal on A Proverbs Wife is to share products, services and resources available to make managing a family easier.

More from Inexpensively

  • Budgeting31 Day Budget (Day 29): Selling on eBay & Craigslist
  • Budgeting31 Day Budget (Day 27): Increasing Income
  • Make Money on Your Excess
  • 31 Day Budget (Day 3): Plugging in the Numbers

Comments

  1. Khaleef @ KNS Financial says

    September 7, 2010 at 10:04 pm

    Good tips! As you said, we need to get out of the mentality that the only way to make money is to work for someone else. Money is just a way for us to trade services and goods more efficiently. Working for yourself just means cutting out the middle-man!

    Reply
  2. proverbswife says

    September 8, 2010 at 6:24 am

    Well said Khaleef. I am checking out your blog and stumbling a few of your articles. You now have a new reader. Thanks for the comment friend.

    Reply
  3. Belinda says

    September 8, 2010 at 10:15 am

    Hi, I found you through ProverbsWife’s tweets, and this was timely and insightful for me. Thanks for sharing, and I will plan to pass it along.

    Reply
  4. Saidah @ A Proverbs Wife says

    September 9, 2010 at 12:53 pm

    Thanks Belinda.

    Reply

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