Extra Income means an income that you can earn apart from the regular income coming in from employment or normal work. This earning can be used to payoff your debts or build up a capital account or buy things that you could only think about before. Everyone seems to want a second income but no one wants to work a second job, so the extra income is normally seen as a windfall.
When we compare income levels in different countries, it is evident that the average income per person is less than $15,000 a year in other words, where many people are near the breadline — Earning an extra income really does make people happier and improves their life.
But countries which have average income above the normal subsistence level of approximately $15,000 a year, happiness seems to be income independent. For example, an average American ranks richer than an average Indian or an Austrian, but also less happy.
Why does this happen? People always look at their income relatively with some norm or the other and the norm keeps rising all the time. And this norm is what increases the spending, more or less in direct proportion to the income. Two things drive up the norm with which people compare their incomes. One is the income that they themselves have experienced. Which habituates them to higher standards of living? And the other is the income that their colleagues or neighbours get, and which they try to outdo.
The options available today are targeted to generate employment and are targeted specifically at people who can use their skills that are lying dormant to make some more money for themselves. To achieve a moderate success in generating an extra income one should be aware of their strengths and weaknesses. This would help in selection of a most suitable way to generate more money.
The selection process has several logical steps. Firstly one should ask themselves of an honest opinion of their strengths, what they excel at? For example, if you like computers you could help your neighbourhood in upgrades, repairs or installation of software.
The extra income can also be augmented by doing extra seasonal chores like raking leaves in the fall or clearing snow in the cold winters. These are just a few ideas, but making an extra income augmented with self analysis will take away the need for a second job and if you do a good work can even became your full-time income.
Today the internet and the general market have a lot of ideas for generating extra income. Network marketing in general market terms has been successful to some extent. Internet offers something similar that says affiliate marketing. The internet also offers a host of other options like writing, advertising and simple technical non-technical jobs which can highly augment your regular income. The extra income that can be earned form these opportunities depends on how good your skills in the field of your selection.
I hope that you enjoyed reading this article.
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Reginald Liggins is an internet marketing trainer and coach who resides outside of Portland in Beaverton, Oregon.
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