Generate Extra Cash in 5 Ways

Earn extra income to increase your cash flow. The five ways to generate extra income suggested here require a lot of discipline and determination.

Use your spare time to get a second job.

Assess what you can do which will earn extra income for you. If you can write, a computer savvy or know something about Internet marketing you can do online jobs. There are a lot of sites you could work for depending on your skills. Examples are oDesk.com, Elance.com, freelancer.com, and onlinejobs.ph.

Reduce your expenses and adopt a saving habit.

Examine how you manage your salary. Do you save some? spend all? or spend before you receive it? None of these habits could generate you extra cash.

Change your money habits. Develop the saving habit rather than the spending habit. Reverse the cash flow equation to make your savings program work: Income-Savings=Expenses. Pay yourself first and put in your savings program. Be prepare for major lifestyle changes.

Adopt a realistic cost cutting alternatives.

Monitor your utility bills, check your cellphone habits, reduce eating out. How about household chores?Family members can do tasks instead of hiring outside help.

Sell old appliances, furniture and home furnishings no longer in used.

Regularly conduct an inventory of physical assets to determine which ones should go in case you need immediate cash.

Make an inventory of physical assets and liquidate those which have become liabilities.

What you consider assets should put money into your pocket rather than the other way around.

On a long term perspective, generation of extra cash on a sustainable basis requires preparation and planning. It entails investment, as well.


Here are ways to prepare for your positive cash flows in the future until your retirement years:

1. Develop and/or hone your marketable skills.

Here are some skills which have a wide market: computer programming, website building, writing, teaching, and many others. Just scour the net for opportunities.

2. Build a business website.

There are several options in building a website. There are many free platforms and software. But building a successful online business requires the right tools.

In my case, I use Solo Build It. It has a complete set of tools to bring your web business to where it should be - profitable business which you can comfortably retire to.