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Three years ago, I was a stay at home mom who really needed to find a way to make some extra money from home.
We had two small kids (a 6 month old and a 3 year old) and I just wasn’t ready to go back to work, but each year our budget kept getting tighter and tighter.
Adam and I had to figure out a way to increase our income (even just $500 a month would make a huge difference!) and that’s when we realized the benefit of having a side income. Adam was working a full time job as a chemical engineer (without the ability to take on extra hours or overtime), so the side income would really need to be something I could do.
What is a side income?
I would say a side income is any way for you to make extra money in addition to your full time job (without interfering).
Think of your own situation, what benefit an extra $500 each month would make? I know it is different for everyone!
Here are my 5 Reasons to Start Earning a Side Income
1. It is always nice to have a Plan B
You can’t always predict what is going to happen at your regular job. I was a speech therapist before and my company lost our contract twice (which meant I lost my job… without notice). People talk about job security, but it really is nice to build a side income so that if you ever needed something to fall back on – you would be set!
2. Tax Deductions
Warren Buffet has been said to pay a lower tax rate than his secretary. One benefit for us picking up a side income connected to our business meant that we could deduct some of the business expenses to help lower the taxes that we paid.
We quickly realized how little control Adam had at his full time job. He couldn’t pick up overtime. He couldn’t control when he got a raise. With our side business, we could plan out promotions and have a least a little control about how much our monthly income grew. It’s always good to know that if you put more time and effort in, you can raise your income directly!
Since I was the main operator at first for our side business, it had to be flexible since I was going to be working at home and be a stay at home mom at the same time! I was able to set my own schedule and work when the girls were asleep or napping.
5. Extra Cash
Everyone had different goals and plans they would use extra money to go for. For us there were three main reasons to earn extra income: give more to our church, pay for a Disney vacation, and buy me a new van for our growing family. I’m sure you can think of many things that extra money would help your family accomplish.
P.S. If you are curious to learn more about our side income that actually turned into our full time income, CLICK HERE for more info.