How to make some extra money on the side

In this post I tell you the how I am attempting to make extra money whilst continuing my studies…

A common misconception is that it takes money to make money. This in fact is not true.

You only need two things to make money

As humans the most precious resources we have are:

  1. Knowledge
  2. Time

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Two words you need to know if you are to make money whilst still doing a 9-5 day

Active and Passive  (Income)

Active Income

Active income is where you exchange your time for money i.e. wages. This form of income is generally all the income people will get. The only problem is if you are looking to keep a lot of the money you work for, the high tax rate on earned income will take a lot, and the fact that there is a finite amount of time in a day means your earnings are limited.

Passive Income

Passive income on the other hand is income that doesn’t rely on you showing up to work on it. The simplest example I can think of is a book. The author writes the book, gets it published and then no matter what he/she is doing he will earn royalties every time the book is purchased.

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To get make money on the side you should (in my opinion) focus on passive income because then you will literally make money in your sleep.

How do I make passive income then?

There are many sources of passive income the most popular are real estate, stocks and shares, and books.

These are your assets.

Some assets will require cash, some time to acquire all will require an investment into education before you get started and professional advice.

For me, I am a student, so have no cash, so I must focus on non-capital intensive ways of assets acquisition. For example this website is my asset and I have created it for free.

If you would like to build your own website check out this review: Wealthy Affiliate Review and this post How to make a website in under 30 seconds.

A word of warning

This is hard work to invest your time and energy into something for which you may not see results you want for months even years.

However, say you are an A-level or first year student at university. You’ve just finished exams… what do you do?

Let me propose an idea…

Use your summer vacation to build a website!!

It’s fun to do. You can pick any topic that you are interested in and write about it.

Over summer generate content, around travelling and a summer job if you have one.

It gets better…

After summer you have a website but really not very much traffic.

You can spend your time after university to learn more about websites and add little bits and bobs here and there to improve upon the foundations you’ve built.

Also don’t forget to promote your site by being social! If people ask say you’ve built a website and show them, it’s an interesting conversation topic!

You’ll start getting more and more traffic. Then in your winter break, you can add more content (unless you’ve found time to do this already).

If you stick to it you can persevere and succeed.

I bet you’re thinking how do I make money from all this?

Well check this post out for how to turn a blog into a money making machine!!

Good luck!

More Info

If you would like to know or have a question more please email me at greghannam@personalevolution.org

Or drop a comment below any post and I will get back to you asap

Your friend,

Greg

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13 Replies to “How to make some extra money on the side”

  1. Chris

    Really interesting post…

    It is true that people say it takes money to make money… or money goes to people with money.. but I can see your approach and why this does not have to be true.

    Thank you for sharing your ideas here, very interesting.

    Chris

    Reply
  2. Vera

    Hi Greg, that´s a great source of information you are offering here. I thinks it´s important for people to know that it´s not necessary to have money to make money. Thanks!

    Reply
  3. Elle

    It has always been my goal to be able to work anywhere , anytime whenever I want. Thanks for the great post . Yes developing a great site seems to be a route to take,

    Reply
  4. Rob

    An interesting article but in today’s economics where the value of currency is rapidly declining can one keep up to gain the wealth you desire? “Earning a living” has become near impossible these days so do you believe financial wealth is still attainable in a corrupt and bankrupt system such as currently exists?

    -Rob

    Reply
    • Greg Post author

      Ok earning a living is very hard these days because most people take the prescribed path of: work for money and save. If you store what you have earned in banks, the inflation of prices will swallow up any interest you earn.

      The currency we use today is not based on anything real because (I believe) it was Nixon who took it off the gold standard, this was the day when money lost all its intrinsic value. In fact money is now an idea. The only thing you can do is trade your money for, that will always have a value is assets. Gold is the best example because it has been and will always be traded, all throughout history gold and other real things have been used by every civilization as something that can buy other things.

      With this in mind, to get and stay rich you must acquire assets not money, and from these assets you will gain wealth.

      The first asset you have, and the most important one, is your mind, so education in wealth and money related matters is essential for anyone planning on becoming rich. I will do many posts on this topic in the future so hopefully I can convince you it is possible.

      Greg

      Reply
  5. Simon

    Hi Greg,
    I really like the way you have written your content in small bite sized chunks. It perfectly easy to read. Thanks for leaving a comment on my website. Just thought I’d payback the favour. All the best.
    Simon.

    Reply
  6. Dave

    Passive income is the way to go. And you are right, you do have to persevere and stick to the initial development stages. In the end, the payoff is well worth it.

    Reply

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