Boost Your Income
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Extra money every month is always useful, whether it goes toward
paying bills or a trip to Cancun. People turn all sorts of
skills—including cooking, teaching, and organizing—into cash. Here’s how
you can, too.
Coaching
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Are friends and family members constantly asking for your advice
about a topic you know a lot about, such as how to fix customer-service
problems or negotiate work conflicts? If so, perhaps you can turn it
into a side business to get paid for your knowledge. Set up a website or
blog to help find clients, and you’re in business.
Teaching
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If standing in front of larger groups and following lesson plans
is more your style, opportunities at local schools can let you tap into
your inner professor. Community colleges and professional schools are
often looking for outside experts and part-time teachers.
Writing
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Almost everyone relies on the written word in some capacity, so
those with editing and writing skills can often pick up contract work
from companies and individuals who need help with their websites,
marketing material, or product descriptions. Some writers also find
success selling e-books or other digital products online.
Speaking
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Not everyone likes the idea of speaking in front of a large
group, but those who do (and are good at it) can often build a side
career as a professional speaker. Industry groups, conference
organizers, and companies frequently hire inspiring speakers for their
events. Professional organizations, such as the National Speakers
Association, can help you get started.
Sell Your Stuff
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Cleaning out your bookshelves and closets can yield a nice pile
of cash if you spend some time taking appealing photos and marketing the
listings. Sites such as eBay and Craigslist make it easy to set up shop.
Cooking
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As evidenced by the booming take-out market, busy professionals
are willing to pay big bucks for someone to help them manage their
meals. That’s why people with kitchen skills can often make decent money
cooking up batches of food and delivering them to paying customers.
Rent out your space
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If your home has an extra bedroom behind a door that locks, or
even better, in its own suite, you could become a landlord. Students and
recent graduates are often especially eager for affordable and small
spaces.
Organize for Others
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If getting a closet or drawer in order is your idea of a good
time, you can turn that passion into a part-time business. An easy way
to start is to offer your services to friends and family. Collect
endorsements and then find your first real client.
Web Design
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Web designers count everyone from Fortune 500 companies to
nonprofits to individuals among their clients. Since almost all
businesses need websites these days, anyone who can design appealing
ones is in high demand.
IT Consultant
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Are you the one your older family members are always asking to
help them with their email and computer problems? If so, perhaps you can
get paid for your skills (and patience) by setting up an IT consultancy
on the side.
10 Ways to Improve Your Finances in 2011
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Decide on your big goals.
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Do you want to have more money in your bank account? Take a
five-star vacation? If you're having trouble putting your finger on it,
ask the people who know you best. Brainstorming with your significant
other, family members, and friends can help shake loose your own
thoughts.
Automate your savings so you put away money each month.
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The most successful savers profiled in
Generation Earn
started by automatically saving a small percentage of their income;
Nicole Mladic, a 31-year-old communications director in Chicago,
couldn't afford to put away a big chunk of her salary when she was in
her mid-20s, so she started saving 2 percent. A few months later, she
raised it to 3 percent, then to 4 percent, and eventually she reached
her goal of 10 percent. Today, her net worth is more than $90,000.
Get rid of junk mail.
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The website catalogchoice.org lets retailers know which customers
no longer want to receive their mail. Participating companies agree to
stop sending any more catalogs within three months. Signing up with
41pounds.org halts junk mail.
Keep a spending diary.
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Even if you just track every dollar you spend for two weeks, it
will open your eyes to where your money goes and what you could cut back
on. You might not realize that you spend $100 a week on lunches, or
that your taxi-cab habit is eating up half of your discretionary income.
Become a better cook.
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Sometimes you have to spend money to save money. Nowhere is that
truer than in the kitchen, where investing in a few key pieces of
hardware can help you cook better, faster, and cheaper. And anything
that makes your food taste better and gets it on the table quickly can
lessen the temptation to order budget-busting take-out.
Use less energy.
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Small changes, like closing doors to unused rooms or turning off
the air conditioner during the day, can make a serious dent in utility
bills. So can unplugging appliances, turning off lights, and shutting
down computers at night. Even televisions can use power when they're
turned off, so unplugging them when they're not in use saves energy.
Work with family members.
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Family members can help each other save. Adult children are
increasingly living with their parents, for example, but this
arrangement doesn't have to be a burden if the adult children contribute
to household costs or pay rent. You can also help out by gardening,
doing housework, or sharing your computer skills.
Ignore the market (for the most part).
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Focusing too much on the ups and downs of the market just causes
stress. When the market's plunging, instead focus on your hobbies,
family, and getting outside. Avoid cable television news, which often
treats every dip in the market like a major crash. If your investments
are well-diversified, you've done all you can.
Clean out your closet.
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Not only will you have a more organized space for the new year,
but you probably have some valuable items—books, CDs, and games—that
charities could make good use of. See what you have that you're ready to
give away, then look up local charities in need. Be sure to retain a
record of what you give for next year's taxes
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