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I made a firm decision to never return to a traditional job but I understanding the need for dependable income in order to support my family and grow my businesses. So I've been on the hunt to find a way to reliably earn at least $2,500 a month without a traditional job. My wife is responsible for at least $1,000 a month with her regular W2 jobs and the rest is up to me.
What are my standards?
I refuse to make the same mistakes again which is the reason I decided to not to take a traditional job but I must also avoid the same trap. So I set standards for any income-producing activities I decide on.
- It must allow adequate time to grow my business. The major reason I am turning away from a traditional job is that I have not been able to focus on my business.
- When possible, It must be leverageable or scaleable. The next biggest trap of a traditional job is that you will also trade your time for the money. If I find income producing activity that I can hire someone to do and still get paid then I could make more money and spend less time.
- It can not be a get rich quick gimmick or trendy fad. Every ad on youtube is someone trying to sell you a program or system for making easy money. I know better than to fall into that trap.
What are my options?
I know there are tons of ways to make money in today's marketplace but speaking from experience I think it best I focus my attention on a few at a time. So I did some research and picked what I think are my top options right now.
- Uber / Lfyt driving - I've heard that people are making good money with rideshare companies like Uber and Lyft and others who quit because they said it wasn't worth it. Upon further research, it is noted that Uber drivers can earn between $8.55 - $11.77 per hour after expenses (Reed, 2018). At first glance, it doesn't seem worth it but considering it as a temporary stepping stone if may do the trick.
- Blogging - As you probably can tell I have already started blogging a bit but I need to know if I can make money with it. According to Amy Lynn Andrews, it can take a blog up to six months to make a good part-time income and up to two years to turn it into a full-time income. Considering that most traditional jobs refuse to even give you a raise in two years, that time frame is not so bad.
- Freelancer - I have some skill in the areas of sales, WordPress website building, and business building so I could offer those services on a contractual basis. I have discovered that with websites like Upwork, Fiverr, and freelancer I could be making $21 per hour on average.
- An employee in my own business - As you may know already I am preparing to grow a couple of businesses of my own. My DJ business last year made a pretty good part-time income when I focused on it but since I spend all that money on my living expenses the business has not grown a bit. So I could continue to pay myself from my business efforts but I would rather reinvest if possible.
- “How to Earn More Money Freelancing (Even If You're a Total Beginner).” Skillcrush, 6 Nov. 2018, skillcrush.com/2016/02/02/earn-more-money-freelancing-for-beginners/.
- “How to Make Money Blogging.” Amy Lynn Andrews, 8 Jan. 2019, amylynnandrews.com/how-to-make-money-blogging/.
- Reed, Eric. “How Much Do Uber and Lyft Drivers Make in 2018?” TheStreet, TheStreet, 11 Dec. 2018, www.thestreet.com/personal-finance/education/how-much-do-uber-lyft-drivers-make-14804869.
- Schroeder-Gardner, Michelle. “75 Ways To Make Extra Money - How To Make Extra Money.” Making Sense Of Cents, 29 Aug. 2018, www.makingsenseofcents.com/2015/05/75-ways-to-make-extra-money.html.
Now that I have spent time strategizing it is time to get to work. I have found four ways that should produce at least $2,500 a month without a traditional job. While I don't really know if any of them are dependable it seems like a good starting point and I'll be sure to let you know how it goes.
Let me know what you think! Leave a comment below and let me know if you agree with my choices, have a more dependable method of making money, or perhaps you think I am completely wrong.