Tuesday, July 12, 2011

Maybe I've got this all wrong?

A couple weekends ago I heard a segment on Marketplace Money that really got me thinking. The author basically recommends that instead of cutting down on expensive lattes and finding other ways to save a little money, we should focus our time and energy on bringing in more income. In his estimation, this will be a better use of our time and will allow us to continue to live the lifestyle we want. Some ideas include giving private music or other lessons, helping create PowerPoint presentations, or organizing people's closets.

I see some flaws in this theory. First of all, if we increase our income but still continue to live just at or above our means, we will still have the same problem and will just have to keep earning more money. It seems to me that a combination of cutting our spending and increasing our income would be the best strategy. Come to think of it, I think that we could possibly solve the current fiscal problems in our state (Minnesota, where our state government is currently shut down), as well as national budgets with a similar approach!

So, you're looking to earn some extra income, where to start? If you have professional or technical skills, try http://www.elance.com/, which offers a way to connect businesses who are looking for writers, accountants, and many other skilled professionals to complete specific jobs or assignments. Craigslist has a section with similar postings. If you have some time, possibly look into direct selling such as Pampered Chef. If you're a stay-at-home parent, maybe you could watch another child some days. Or if you are handy you could do some maintenance or fix-it work for friends or neighbors.

Just don't forget to stay thrifty once the extra money comes rolling in.

Link to transcript of the segment: A new way to save Marketplace From American Public Media

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