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Earning Extra Income

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Some of the things that we can learn from doing a financial needs analysis (FNA) are what your budget looks like, developing a budget (if you don't have one), debt amounts and monthly payments, and money coming in versus money going out to pay living expenses.  If the money coming in doesn't cover all of these expenses, then there are basically two remedies: reduce expenses and/or increase income.  

Part-time jobs (working as a W-2 employee) and working for yourself as a "freelancer" (1099 contractor) offer some pretty good alternatives.  Part-time jobs, such as working at your local store or delivering pizzas for an established company give you the simplicity of earning income as a W-2 employee where the company takes care of all the tax deductions and paperwork.   There are many types of 1099 contractor "side gigs" out there to help with earning more part-time income as well.  Driving services, such as Uber and Lyft, delivering food, such as Doordash, and doing "freelance" work for companies.

Doordash and Uber, for example, are the types of side-hustles where you are basically doing 1099 type work - you have to account for your own income, taxes, and expenses.  Freelance work is the same deal.  You would account for our own income taxes and self-employment taxes.  But then you also get to write off your expenses as well.  I have some spreadsheets and templates to help with that also.

There are a few horror stories out there about some of the driving and food delivery gigs, however.  So if you're looking for another (and safer - work from home) alternative for a side gig, you might want to try one of the freelance sites. I recently retired from my job, but I still need at least a little part-time money so that I can put off pulling from savings and other retirement money.  

As is true in investing, I believe in having a well-rounded work "portfolio" to keep me engaged, busy, and earning money.  In addition to my work with Primerica, I have been having some good luck with a site called "Upwork." 

https://www.upwork.com/

You basically go in and build a profile.  Then, if any jobs appeal to you, you apply by submitting a "proposal," which is essentially similar to a cover letter, plus answer any of their specific questions.  

If someone has work available and is looking for someone, they can also search out people based on their profiles and skills.  I have been offered 5 or so jobs in the last month.  Two of those, I am waiting back to hear if I am hired.  A few I turned down because they weren't exactly my skill set. 

I got really lucky and got hired on only the second proposal that I submitted.  I am doing some tech writing work with a fantastic company in Atlanta, GA.  Very rewarding.  I work with them 6 hours a week.  So if I get a few of these little jobs, that turns into a pretty good part-time income.

Upwork is a pretty reliable and safe site, from my experience.  They have a lot of measures in place to protect you and the people who hire you and to prevent scams. They have some pretty good videos that show how their process works.  Let me know if any questions, and I'll be happy to answer.

Full disclosure:  I do not work for Upwork and am not affiliated with them.  I am just a freelancer using their services.

Since "retiring" from my old 9-5 job, my new endeavor is building a coaching practice that allows me to help main-street families earn more income, become properly protected, debt-free, and financially independent.  Ask me how I can help!

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