Wednesday, October 20, 2010

Making Up for Lost Income

Many who have managed to skirt layoffs and remain employed are struggling to meet their financial responsibilities as a result of pay cuts, shortened work weeks and downgraded positions. If you’re looking for ways to make up for lost income consider the following:
  • Take a second job: Moonlighting may be a good temporary solution to earning extra income. Be sure; however, that a secondary job won’t interfere with your full-time job. Investigate whether your current employer has a policy on moonlighting and be sure your second job isn’t a conflict of interest (e.g. working for a competitor or supplier). Recognize your priority is your full-time employer.
  • Find a seasonal job: If the commitment and hours of a secondary job appear daunting, think about something more manageable. Try seasonal work such as raking leaves, spring house cleaning or retail work during the holidays.
  • Generate income from a hobby: Are you a talented amateur photographer, writer or seamstress? Your current hobby may garner extra money to help pay bills.
  • Sell items you currently own: You may find several unused items you can sell to earn some money. Sell items in a garage sale, to a consignment shop or use an online auction and shopping site like eBay.
  • Barter services: Although it won’t help you earn additional money, bartering services can help save on expenses. For example, if you’re great with landscaping and your neighbor is handy with basic car maintenance, offer a garden design plan in exchange for an oil change.
  • Look for a similar position at a different company: Search for job opportunities where pay is better and/or there might be more opportunities for advancement. Even in a tough job market, employers usually keep an eye out for talented people.
  • Get a job with a direct sales company: Many have found working with direct sales companies like Avon, Tupperware or Mary Kay to be a great way to earn income. To explore options and ensure you align with a credible company; start with the Direct Selling Association.

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