posted
OK, I have a decent job making about $22 an hour three years after getting a bachelor’s degree in HR. For some that may be good, for others that may not sound so good, but for the Salt Lake City area, with a business degree, it’s around avg.
My question is, how on earth can I make some extra $$. I’m definitely not money hungry, but what do you do out there do to help bring in a few extra hundred a month? An extra couple hundred a month with minimal amount of work would do wonders for my family (and ease my worries a bit).
Some Ideas I’ve had: Are they BAD or GOOD ideas?
Part-time realtor? Part-time wedding photographer (my sister does this)? Get an MBA with the possibility of making more later in life? Online selling on Ebay, but what?
Also, please let me know what you are doing to help improve your economic situation.
Posts: 82 | Registered: Aug 2005
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In a long-term view, it is the best thing you can do.
For short term, if you have the skills to be a photographer and the business skills to handle the business end, that could be a fantastic side line. One or two Saturdays a month and you'd have the extra money you requested. It will take an investment of time, though - even not counting the actual photography time, it takes time to handle the business part.
Posts: 26077 | Registered: Mar 2000
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posted
I have made a regular few hundred a month playing music. Which, in addition to being a lot of fun, isn't all that time consuming (for me, anyway -- I play solo, so I rehearse at my convenience).
I've also tutored. That pays pretty well and you can do it a few hours a week.
I know several people that line their pockets by selling on ebay, but you have to have certain organizational skills and the right disposition to make that really work. I have neither.
Then there's the college kid favorite -- selling bodily fluids.
Posts: 5462 | Registered: Apr 2005
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posted
I'll second the selling of bodily fluids. If it's not against your religion, selling your plasma can be a nice income supplement. As a bonus, it saves lives.
Posts: 433 | Registered: Feb 2005
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posted
The best thing you can do to get ahead is to cut your expenses and live below your means. I know there's only so much you can do that, but it seriously will make a bigger difference and be less stressful than trying to take on a second job. Most people find that if they have more money coming in, there is more money going out, too. Getting a handle on your spending and setting up automatic deductions to saving will help you get ahead. If you already have them, make them larger. Although I'd never argue against getting an MBA, too. Posts: 7954 | Registered: Mar 2004
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posted
ElJay has a huge point there...most of us have no real idea what we really spend on things.
I thought I was fairly frugal until I recorded all my spending habits for two weeks. Turns out that I spend a ton of money eating out for lunch when I could be making it for about 1/10th the cost.
I still eat out a lot, but not as often as I did. There are other considerations....if I eat in the break room I never get a full lunch. Posts: 15082 | Registered: Jul 2001
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posted
Yeah, I know the COL may be higher in SLC but I thought...wow,my hubby makes $14 an hour and we pay the mortgage and raise 3 kids on that. $22 sounds like luxury.
Making all your own food saves an absolute TON of $$.
Posts: 2711 | Registered: Mar 2004
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posted
I make 14 an hour... There could be hope. Or not... But it's true, it's better to cook than eat out. I'm not talking about living on ramen, you can't go wrong with chicken and good rice... Plus supermarkets are always hiring. You might be miserable. Does your job have overtime? Overtime is spiffy.
Posts: 9942 | Registered: Mar 2003
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posted
Go buy a small notepad...one you can keep in your pocket.
Write every cent you spend down, no matter how small a purchase. You will be suprised how much you spend on things you don't realize are costing you.
I know I was.
Turns out I was spending $48 a week for lunches, not including another $8-10 for soda every week. That also didn't include going out for dinner with my wife or any other things.
I also gained 20 pounds. Go figure.
That added up to about $240 a month, and I was eating unhealthy foods. For less than $120 a month I now eat lunch out twice a week and make my lunches for the rest of the week.
So I made about $120 in savings per month....and lost about 5 pounds so far.
posted
Word. I live in downtown DC and can't imagine paying the mortgage for an efficiency condo on $14/hour, let alone supporting 3 kids and a spouse.
Posts: 23 | Registered: Jul 2001
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posted
$22/hour is $45,760 a year. That is not "barely middle class" by any measure I can think of. The US median household income was $46,326 in 2005, according to the census bureau. Median SLC income is $37,287.
We don't know how large a family Presences is supporting, obviously. And like I said, expenses tend to expand to meet income. *shrug* I just think you're exaggerating a bit, Tom.
Posts: 7954 | Registered: Mar 2004
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posted
Presences, just a word of caution. Photography, especially when just starting out, can be a VERY expensive investment. The equipment you'll need to buy to be competetive costs a prohibitive amount. Prints, mattes, film, all the stuff you need to do a professional job, cost money. It's a good long term investment if you plan on doing it professionaly for awhile, but as a way to make a quick couple hundred it's a little impractical. You'll be spending more than that for quite awhile after you first start.
IMO, of course.
Posts: 499 | Registered: Mar 2004
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quote:My question is, how on earth can I make some extra $$. I’m definitely not money hungry, but what do you do out there do to help bring in a few extra hundred a month? An extra couple hundred a month with minimal amount of work would do wonders for my family (and ease my worries a bit).
Spend less. Invest more. Have your money work for you rather than working for more money. Or, if that doesn't work, get a higher paying job somewhere. Or simply ask for a raise.
In truth, though - I'd bet an extra hundred a month won't actually do wonders for your family, and won't actually ease your worries that much.
Posts: 2432 | Registered: Feb 2001
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posted
I'm with the savers. If you think you need an extra $100 a month, the easiest way to find it is spend $100 less somewhere else. If you're paying any debt with interest, try to get that low as quickly as possible, especially credit cards. Cut out a couple of luxuries, and start a savings account. Lots of places now have savings with 4-5% interest. Try ING or HSBC internet banks.
Posts: 3950 | Registered: Mar 2006
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I have ING. I love it. I automatically transfer a chunk of my paycheck to my ING savings account. That way I save money without any conscious effort. It would never happen if I had to transfer the money myself.
Posts: 866 | Registered: Aug 2005
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posted
Can you get your place of work to pay for all or part of your MBA? A lot of places have programs, sometimes you have to ask.
ING is great.
I teach a preschool art class through the local parks department, it's one hour a week and pays $200 for 8 weeks, not much but a little contribution, and I can bring my 3-year-old with me for free if I want. (I also get one free class for either me or her, if I would like it. I haven't taken advantage of it this semester but maybe for the fall semester.) Maybe you or your wife could find something like that. Many preschools hire very part-time music teachers, usually no degree required, or sometimes elementary schools will pay a local person to sing songs and play instruments or tell stories for an assembly. Those are also things your wife could probably do to make a little extra money without being away from your kids (or without being away from them much.)
Posts: 21182 | Registered: Sep 2004
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posted
[QUOTE]Originally posted by ElJay: according to the census bureau. Median SLC income is $37,287.[quote]
This is somewhat misleading. The median household income for Salt Lake County in 2003 was $49,003. The median household income in Salt Lake County for household with 4 people has been estimated at $56,000. The numbers for Salt Lake City proper are highly skewed for the region because the city limits are very small and include larger older neighborhoods with smal homes. A disproportionate fraction of the regions poor, young singles as well as the retired couples live within the city limits. As with many US cities, younger middle class families with children are more likely to live in the suburbs than the inner city.
[ May 02, 2007, 08:23 PM: Message edited by: The Rabbit ]
Posts: 12591 | Registered: Jan 2000
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posted
Yes, it's true the downtown area of SLC total household income was only $37,287 in 2005. However, I actually live in the outskirts of SLC, would not want my family in half the areas in downtown SLC. The outside areas of SLC are a lot nicer, but a lot more expensive to live. Housing is an absolute joke (not as bad as California though). In any case, median houshold income in say South Jordan, which is about 20 miles from downtown SLC is as follows: By the way, most of the surounding areas are very similar. Median resident age: 25.3 years Estimated median household income in 2005: $75,000 (it was $75,433 in 2000) Estimated median house/condo value in 2005: $253,200 (it was $221,800 in 2000) By the way, housing as increased proabaly by 30% since 2005 in all of Utah. So a 253,200 house is now worth about $330,000.
I currently live in Tooele, UT, this is about 40 miles west of SLC. (Takes an hour to commute) Median resident age: 27.5 years Estimated median household income in 2005: $41,500 (it was $43,862 in 2000) Estimated median house/condo value in 2005: $111,900 (it was $121,200 in 2000) Housing around here has gone up 50% since 2005. I'm not kidding either, my friend bought a brand new home for 125,000 beginning of 2005 and sold it for 200,000 last November. Our Condo was bought for $72,00 and they are now selling for $110,000.
The problem with all these numbers? My income did not increase enough in a 2 yr time span! So a home that I could have afforded a year ago is out of the question now.
In any case, I do feel that the extra 200 to 300 dollars would make a bit of a difference, escpecailly since we have outgrown our condo and need a house. (OK, don't need, WANT a house) $300 converts to about an extra $40,000 home on a 30 yr mortgage at 6%.
In any case, thanks for all the advice! I think I will start with watching what I spend and see where I can save, then I'll probably still persue a side business of some sorts, but I'm still not sure what to do yet.
Do any of you out there have any other side business ideas that have worked for you?
Posts: 82 | Registered: Aug 2005
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posted
Any random talents you have can be a way to make money, as Kwea and JT already mentioned. I get random gigs juggling at festivals or teaching workshops, and that can bring in between $75 and $200 depending on what I'm doing and how many ways the take is split.
Selling things on ebay could also work out well for you if you have a lot of junk in your house, or books that you don't read, or whatever else you feel like you could toss out.
Posts: 3420 | Registered: Jun 2002
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quote:In any case, I do feel that the extra 200 to 300 dollars would make a bit of a difference, escpecailly since we have outgrown our condo and need a house. (OK, don't need, WANT a house) $300 converts to about an extra $40,000 home on a 30 yr mortgage at 6%.
If it is at all avoidable, I would strongly suggest not taking on debt that requires a second job to service - even less dangerous debt such as a mortgage.
Taking an extra job to get a little ahead is one thing. Taking it on to get a higher mortgage is a 30-year commitment.
Posts: 26071 | Registered: Oct 2003
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posted
Also, houses cost a whole lot in maintenance, that you aren't necessarily going to have budgeted for. But still, buying my house was the best financial decision I've ever made. It's appreciated in value to almost double in the five years I've had it.
Posts: 6246 | Registered: Aug 2004
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posted
How many kids do you have? Is there any way your wife could help out? I know Gold's Gym hires moms in their kids' care center, and you can take your own kids to work. I don't know what talents she has, so I can't suggest anything more specific than that.
Posts: 1903 | Registered: Sep 2003
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posted
I did freelance writing for a while, and still do a job every now and then when clients need me. You can freelance in marketing writing or technical writing if you have experience that way.
You could start your own HR service for small businesses that don't have fully functional HR departments. That's essentially freelancing as well, at least at first. I have no idea what kind of upfront investment you have to make to start something like that, or if you have to have any kind of license or be part of some organization to get access to forms and files companies might need. But it's definitely a viable business opportunity.
I know having a full-time job and then having to work on a part-time basis as well is a stretch, especially when you also have a family. Be sure you really want it, because no matter what you do on the side it's going to eat up your family/free time. If you can find a way to live comfortably within your current income, you'll probably enjoy that more than wearing two hats. However, if you start a successful side business, it might become your full-time job and be much more lucrative than working for the man.
Posts: 5957 | Registered: Oct 2001
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advice for robots - "...HR service for small businesses..." You mean like Kelly Temps, People Link, etc.? Posts: 692 | Registered: Feb 2000
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