You are in stage one but you have decreased your expenses as much as possible and still there’s too much month left at the end of the money. What do you do? Hello Stage2. You start to look for small pockets of time when you can make random amounts of money. You want to increase your income but you are not yet ready to commit to a part time job of sorts.
Profit and Loss
In business, you do a monthly check of profit and loss. How much did your business make, how much did your business spend, and are you in the green still? You do not have a budget because business fluctuates month to month. After you have been a business owner for some time you may see patterns when your business brings in more and when your business is not profitable. And we need to be doing this in our homes too. Remember the most powerful small business is our homes. If you are anything like our house, we have a lot of fun in November and December and then spend Q1 paying it all off. And you may just find you need to find extra sources of income to plug that hole of expense. You may have already had the experience but it’s an expense because the money needs to get paid back. But you don’t have enough.
Random Amounts of Money
I remember the first time I learned about random money that I could get, being a full time stay at home mom with no desire to have an official job, was when a friend recommended for me to take part in diaper studies. I don’t think I ever paid for diapers. I didn’t always make money but I also was not spending money on diapers. I also made random money doing surveys in persona and online. And retail arbitrage. I’d shop the garage sales and in a few months I’d resell the items I’d bought because my kids were ready for the next stage of toys. It was income neutral but again I wasn’t spending money. I made money selling things on Ebay and Craigslist and eventually in direct sales.
Stage 2 is all about finding little pockets of time to make random amounts of money. It’s things that need to get done but also ok if they don’t. These tasks are 100% flexible. How can you make a little extra income to get P&L neutral? It’s a mindset shift on how to add income instead of reducing expenses. And for whatever reason stage 1 is no longer where you want to be.
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