A lot of times when people are looking to make more money, the first thing they think of is trying to find a part-time job to increase their monthly income. A few years back I was doing the same thing when a co-worker of mine introduced me to Robert Kiyosaki’s Rich Dad’s Guide to Investing. Regardless of what you think about Kiyosaki (there are plenty of opinions on both sides), that book really opened my eyes to a different way of looking at making money. I was really naive to how successful investors and/or businessmen use their money to work harder for them.
The part that struck me the most was the advice to start a part-time business instead of looking for a part-time job. With a job, you only get paid when you are physically working. Once you stop, the money stops too. If you are able to build a business, you can grow to where you don’t need to be actively working it to make money. Not to mention, building your own business allows you all the creative power without having to answer to a “boss”. While it’s risky to start a business in general, starting one part-time is obviously much less risky as you still have the security of your main job. For many, there’s just something intoxicating about working for yourself. The journey itself is much of the joy, and can be a much needed change of pace to the frustration that comes with a normal job.
There is a drawback though, as starting a business takes a lot of effort and more risk than just getting a job. While the rewards are potentially huge, some people are not in a position to take any risk with their money or their time. In those situations it may be better to take a part-time job to have a little more stability in your income stream. If you are in a position where you need a guaranteed increase in income with no wiggle room to handle some instability, then trying to start a part-time business doesn’t make much sense. One thing you can do though is try to find a part-time job that can give you additional skills that you can possibly use later in starting your own business. That’s a nice way to turn a potential obstacle into a positive attribute to take advantage of in the future.
If you’re looking to expand your current income stream, take some time to analyze your finances and your ambitions. You may be able to start building your dreams while adding that extra income that you need to get over. In time, you may have your own business that becomes your primary source of income.
