Success

A friend of mine asked me the other day if I could think of any ways to make extra money. It seems that his day job isn't enough to cover his bills or to go away on vacation as much as he wants.  I've been pondering this question for a while and have thought of some of the things I've done … here's a list of some of the ways I've attempted to make extra money. (You can read a similar post at Frugal Dad, where I got the inspiration for this post – 14 Ways to Raise Quick Cash)

BOUNCER/BARTENDER

I did this for almost a year and made some decent tips. I think I actually worked 7 days a week for a period of 6 months. But, I was a little grumpy with customers sometimes, especially after working 8 hours in an office.

Result: I just got too run down and my day job suffered. Had to quit to regain my energy.

CRAIGSLIST/EBAY

I managed to sell quite a few things on eBay and Craigslist. eBay was ok but I found the auction format somewhat tiresome; they do have a 'Buy Now' option for experienced sellers. I also found it a pain dealing with postage/handling – how much do you charge without scaring off potential customers yet still covering your costs? Don't get me started on Craigslist low-ballers – the scourge of the internet.

Result: I stopped doing this so much as I ran out of things to sell plus I found it took too much time in relation to the revenue. I guess if you find the right product it could be fine. Drop-shipping is also great if a company will do it for you.

TAXES

I know many accountants who do this on the side and you can earn some decent cash. But you need to have the proper software and insurance and some people are too cheap to pay a decent rate. You also need many clients to make some good cash – let's just say I've worked some long hours when tax time hits.

Result: I don't do this so much anymore as the cost of software/insurance is skyrocketing. People seem to almost want this service for free … especially friends! I also found my health took a bit of a hit because of the long hours.

PRODUCED A SHOW

I co-produced and co-starred in a show at the Vancouver Fringe Festival back in 2007. We thought we could make extra money AND get to perform and have fun. The reviews were horrid and it was painful listening to the slamming of doors as people left the theatre. I laugh about it now. I actually have a video somewhere but it is firmly hidden on my hard drive with the appropriate encryption.

Result: we didn't do a very good job on the marketing and our piano player turned into a real Divo. Plus, our concept and execution were generally quite poor – it was based on the music of Kurt Weill – think depressing, German show tunes.

NETWORK MARKETING

I can hear the groans, already. I've been doing this for several years now and must admit, I haven't made a lot of money. Many of the stereotypes of networking marketing types are true but also many are not – it just depends on the people. But, I am having fun and learning lots of new skills and doing things I never thought I could do.

Result: I plan on continuing – I've made a pact to not harass my friends and family and to just try and be as honest as I can.

So, there you have it – I haven't made a lot of money but I feel the experiences have been priceless and will serve me well in my future money-earning endeavours. I also have many amazing (and frequently hilarious) memories that I'll be able to reflect on for years to come.

As for my friend, what did I tell him?

I told him to focus on getting a budget and learning to live and save off the money he currently earns. The problems with part-time jobs are that they sap your time and energy (and health) and can seriously affect your performance in your day job.

Live on what you earn.

A final piece of advice (and I know he's reading) … stop buying shoes! ;)

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• Rental Income and Passive Cash Flow
• Passive Income and Wealth
• 10 Ways to Tell If You Can Afford It
• Determining Your Latte Factor
• Microsoft Money – Tracking Your Finances
• Succeeding In Network Marketing 

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Goals, Goals, Goals! They're so important to have! I'm one for writing them down and totally keeping track of them. Well, back at Christmas, I set a few goals for myself and this blog. Here is a brief update of what's happened:

RRSP CONTRIBUTION

I was supposed to increase this to $500/month. Why haven't I done it? Well, with this economy and having a contract that is ending later this year, I've been hesitant to increase it.

FIX: Time to stop worrying and force myself to save.

EMERGENCY FUND

Supposed to increase this by $6,000 for the year. I have to say, I'm on track for this, as I have an automatic savings plan of $500/month.

STARBUCKS HABIT

I have NOT kicked my Starbucks habit yet – still drinking two a day! But … it's so dark and delicious! I also love my ritual of saying hi to everyone at my corner store and it's just so nice to sip while reading my emails.

FIX: Cut down to one, starting tomorrow!

PAY OFF SMALL LINE OF CREDIT

It's not quite paid off yet. I have to admit, the last three years, after I sold my condo and de-cluttered my life, I wanted to make up for the lack of travelling the past 10 years and I went nuts. It was worth it! There is nothing that brings balance and perspective in your life more than seeing how other people live.

FIX: I won't be travelling for a while and this will be paid off by August of this year.

INCREASE MY CONTRACT RATE

I did extend at my current contract but I didn't ask for a raise. I guess with the economy the way it is, I kind of chickened out.

FIX: If I extend again, I'll be increasing it. I'm worth it!

GO SELF-DIRECTED ON MY RETIREMENT FUND

I haven't done this yet because I actually don't meet certain minimums on some online trading accounts. Right now I have a pitiful mutual fund that is being eating up by management fees.

FIX: Increase current account to threshold then open self-directed account.

FINANCIAL BLOGS

I had a goal of reading at least one blog … and I actually read 20 to 30 … when I have the time!

TAX-FREE SAVINGS ACCOUNT

I am happy to report that this will be maximized this year. Here in Canada we can put up to $5,000 in a tax free account.

LOSE 10 POUNDS OF FAT

I am getting close to doing this. I'd have to say, I'm in my best shape in years due to yoga and lots of cardio. A few more pounds would be nice …

Fix: No more European wieners and sausage.  What can I say – it's the German in me.

RECORD A DEMO

Not sure if you're aware, but I love to sing! I really want to record a demo but haven't done it yet. I've recently cleared up my schedule – no more taxes and bookkeeping – and plan on doing this by year-end. Just have to pick the songs. I'm also in a small talent contest right now … I won last week (even after 5 double rum and cokes) and will be in the finals in June.

BLOG

Subscribers goal – 500; actual = 155. Since Jan, I've managed to increase by almost a factor of 4! Thanks to all those who have subscribed.

Posts – I'm managing to do at least 5 posts per week, although, recently, I felt a bit of burn out coming on and took a break. I'm slowly feeling refreshed and getting back into the swing of things. Surprisingly, when I took time off, the world didn't come to an end.

Earnings – my goals was $200/month and I'm sitting at $30 to $40.  Pretty lame, actually, but it's my own fault.

FIX: Guest posts on other blogs to get my numbers up; treating this blog more like a business – ie. spending more time; work on SEO (Site Engine Optimization) – I am not good at this but I have to make this blog more Google Friendly; need to work on the monitization thing … again, this is due to not treating this blog like a business.

That's it for now! I'll keep you posted in the next 3 months or so on what's going on.

RELATED POSTS

• 2009 Goals
• Budget/Goal Update
• Budget Meltdown
• On Burning Out

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Have you every felt so tired and exhausted that you had a tough time even thinking about working or doing some of the things you love to do? Have you been working non-stop the past year without a break or have been so focussed on a goal, that you either ignore or don't notice the people around you? Are you afraid to stop because you think something bad will happen or you'll lose all the success you've worked so hard to gain? It could be that you are a candidate for burn out.

It seems we're all working so hard these days. For what? To pay the bills or prove that we can measure up? I'm not sure why, but we seem to be so goal-oriented and obsessed with accomplishing things … like that promotion at work or maybe getting a bigger house, or just paying off debt, that we're forgetting how to live. Now, there's nothing wrong with being achievement-oriented because I have a whole list of goals I want to achieve, too, but what happens when it becomes your life or when nothing else seems to matter?

And how do we know if we're even having a problem? There are many healthy people who work long hours and who are goal-oriented and aren't suffering from burn-out.

Here are some of the signs or phases (from the article I link to)

• Compulsion to prove yourself
• Working harder
• Neglecting your own needs
• Displacement of conflicts (increase in aggression/cynicism)
• You dismiss your friends or hobbies.
• Denial of emerging problems.
• Withdrawal.
• Behavioural changes become obvious to others (they can see it but you can't)
• Inner emptiness.
• Depression.
• Burnout syndrome.

Do you see any of these in you? It could be nothing … but it could also be a warning sign.

I know I've been blogging the past year and had a goal of doing at least five posts a week, regardless of what else I was doing. Well, I work full time, workout at the gym, do yoga and have a few other side ventures, so I am pretty busy. I've also been doing some taxes on the side to make extra cash this month. I've even somehow managed to go out and have a great time (and drink too much, actually)

But something happened last week – I just couldn't fathom doing a blog post. I crashed and hit the wall. I simply ran out of steam and didn't have the energy to do a post. So, I decided to take a week off and recharge my batteries. I was worried – what would happen to my blog? Would it just fail and crash? Would anyone come back?

Well, nothing really happened, actually. My traffic has pretty much stayed the same. Looks like the world didn't end after all. And the best thing? I feel refreshed and ready to start again. I could have written crap all week, but I think that would have caused more damage then just stepping away.

This is an important lesson (especially for you micro-managers!) Sometimes, you just need to let things alone and they will work out for themselves. You can't do everything – yes, mistakes will be made, but you have to realize that perfection is impossible. Taking a break is a good thing – if you have the right people and processes in place, you'll be the stronger for it.

Burnout can happen when we start to forget about the joy in what we're doing and become too focussed on the outcome.

There's something to be said for enjoying the journey.

(My posts are going to be a bit less frequent the next few months, but I'm not going anywhere, so please keep coming back!)

Also, one of my articles was featured in the Carnival of Finance at Mighty Bargain Hunter. Check it out along with the rest of the excellent articles)

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