The Great Recession has had a big effect on many people.

Job losses, investment losses, and housing losses (through foreclosures), have forced many folks to look for as many ways to save money as possible.

It’s also forced them to look for ways to make extra money too!

Although times are tough, this also has become one of the greatest opportunities to make extra money through a side job or business.

The Internet has made home commerce a completely viable option for many folks looking to make extra money.  So, while you might be job hunting, consider other ways you can make a little extra cash.

The necessity to make extra money by creating multiple streams of income in today’s tough economic climate has become even more of a reality.

istockphoto.com/chrissadowski

Extra money can come in many different forms, (i.e. a blog, freelancing, selling on eBay or turning a hobby into a business) but it’s important to ask yourself a few questions before you jump into the deep end of the pool by trying anything to make extra money.

Generating extra cash flow each month can be simple, but not easy.   You must be careful to avoid any get-rich-quick schemes!

So, here are a few tips to get you started on making extra money.

1. Assess Your Situation

Take a look at  where you are in life.  Are you a mid-career changer, or are you a young student looking to make extra money?

Do you have adequate time to spend on creating a side income?

Perhaps you are married, and your spouse will be able to pick up some of the slack in order to help you take a full run at a side hustle.

Do you plan to eventually work your side business full time?  Do you have adequate emergency funds to help weather any storms?

These things will impact the route you want to take to make extra money, whether through a home-based business, a side job, or blogging.

2. Assess Yourself

What do you like to do? What are you passionate about? What skills do you have?

Turn what you already have – a skill, hobby, passion or even a life experience — into a product or service that makes extra money!

Perhaps you’re great at writing.  Starting a blog is a natural thing to do, and best of all, you can make money at blogging!

Do you have a love for photography?  Take a leap and start a home-based photo business, which is what my wife did!

She absolutely loves it, and it doesn’t feel like work, because she’s passionate about it.

3. Assess Your Market

I’ll never forget what my marketing professor continually pounded into our heads during class.

He always said:

Find out what your customer wants and figure out how to give it to them!

Who are you marketing to?  And, what exactly are you offering them?

You need to understand your market before you jump into a side business to try to make extra money.

Also, after you develop an idea for a home-based business product or service, it’s important to set a price that customers are willing to pay.

A Few Questions to Consider When Trying to Make Extra Money

Here are some questions you can ask yourself to find side business ideas:

• What do you like to do in your spare time?
• What are your job responsibilities at your present job (past jobs)?
• What are some problems that others ask you to help them with?
• What are some things that you’re very good at, but perhaps take for granted?
• What do you wish you could spend more time doing?
• Who are some others that have been successful that you can ask for advice?

Other Resources to Help Make Extra Money

• 52 Ways to Make Extra Money
• How to Make Extra Money Online
• Channel Your Inner Nerd to Make Extra Money
• 3 Crazy Ways to Make Extra Money
• Guide to Diversifying Your Sources of Income

You don’t need to wait until everything is perfect to start your side business.   Remember, do what you love, have fun and see what happens!  I bet you’ll be able to make extra money at something you really enjoy doing!

This was an original post I did for ChristianPF. Check it out here.

I talk a lot on this site about saving money, and for good reason. We must develop good saving skills in order to meet our goals, however, that’s only one side of the coin.

As some of you know all too well, it’s hard to save money when there isn’t much coming in.  In order to save money, we need to be making money.

Some of us may feel stuck in a particular job or career that doesn’t pay well.  In that case, if you’re looking for ideas for a career change and want to know about some well paying careers, then you’ve come to the right place.

Recently, Career Builder ran an article on MSN that described 30 jobs that pay between $30-$39 per hour.  That tranlsates to salaries between $62,400 and $81,120.  In most circles those would certainly be classifed as a well paying career.  Career Builder’s list was interesting with a wide variety of jobs.

If you’re looking to increase your knowledge and earn more money, then take a look at these positions that pay between $34-$39 per hour.

Here’s the top 10 on Career Builder’s list from this article in terms of pay with a brief description of each field:

1. Clinical, counseling and school psychologists

Diagnose and treat mental disorders; learning disabilities; and cognitive, behavioral and emotional problems.        

Hourly pay: $34.77         

Annual salary: $72,310

2. Fashion designers

Create clothing and accessories, from shoes to clothes to jewelry and more.

Hourly pay: $35.78         

Annual salary: $74,410

3. Operations research analysts

Study management and operations issues through engineering and other scientific methods.     

Hourly pay: $36.23         

Annual salary: $75,370

4. Sociologists

Study human society and social behavior.                             

Hourly pay: $36.63         

Annual salary: $76,190

5. Physical therapists

Develop rehabilitative programs that improve patients’ health.

Hourly pay: $36.64         

Annual salary: $76,220

6. Architects

Design buildings, homes and other structures for various clients.

Hourly pay: $37.93         

Annual salary: $78,880

7. Education administrators

Manage the everyday operations of educational facilities.                   

Hourly pay: $38.53         

Annual salary: $80,140

8. Environmental engineers

Study environmental problems and create solutions that governments and the general population can put into practice.                            

Hourly pay: $38.82         

Annual salary: $80,750

9. Civil engineers

Design and oversee the construction of large-scale public works, such as bridges, dams and airports.             

Hourly pay: $39.03         

Annual salary: $81,180

10. Materials scientists

Research and study the structures and chemical properties of various natural and manmade materials.            

Hourly pay: $39.59         

Annual salary: $82,350

*Salary information based on data from the Bureau of Labor Statistics.

What you’ll notice is that each one of these jobs require education or special licensing. It may be worth taking the time to gain the additional education to acquire these skills to enable you to apply and attain work in a field that makes more money.

You’ll want to weigh the costs with the future potential benefit of an increased salary. You may also want to check into the future demand of these jobs as well.

What are your thoughts?

Are you surprised by any job on this list?  Do you know anyone who works in these fields?  What is the outlook on these fields in the future?

When trying to attain financial freedom, we are usually advised to closely examine our budget and find ways to cut expenses. This is great advice, considering that the average American has serious holes in their household finances. Unfortunately, most of the common advice stops right there, ignoring the option to make extra money and increase your income.

When evaluating the flow of money in a household, it’s really quite simple. You take your income and subtract out any expenses that you have, and you are left with the amount that you can save or spend. If you are left with a negative number, or if the number isn’t large enough, you really only have two options.

1. Reduce Your Expenses

Take a look at where your money is going each month and decide where you can cut back. Once you have food, shelter, and clothing covered, don’t be afraid to reduce your expenses that are just keeping you back from your goal.

However, the problem with that approach is that you can only go so far. You will ultimately come to a point where it is not possible to cut any more expenses. Once you are down to only paying for the basic necessities of life, there is little room left for cutting expenses. This is where that second option comes into play.

2. Make Extra Money 

In order to fill a gap in your finances, or even just meet your goal faster, you may have to look for ways to make extra money.

I have to admit that this is something that I rarely considered until this last year. I just kept looking for ways to squeeze a few more dollars out of my budget each month! Many people that I consult with have the same mindset. They are willing to put water in their ketchup and soap bottles (and other frugal activities) in order to save a few pennies, but are reluctant to look for ways to increase their income.

When looking for ways to make extra money, there are a few guidelines that you should keep in mind.

Make Good Use of Your Time

The easiest way to ensure that you are being efficient with your time is to assign yourself an hourly wage. It is nice to think of doing a task for $100, but if it takes you 10 hours, then you are only making $10/hr; is that acceptable for you? If not, then you need to request more money, do the job faster (without sacrificing precision), or pass on the offer.

At one time I considered delivering newspapers in the early mornings. However, after discussing the idea with several people, I realized that it wouldn’t be worth it for me. The weekly and monthly paycheck seemed really nice at first, but then I had to consider all of the hours assembling and delivering the papers, and then collecting the subscriptions from the customers. Not to mention all of the wear and tear on my car (new shocks and struts aren’t cheap) from the stop & go driving and the heavy load!

Stick With What You Know

The easiest way to bring in extra income may be to work more hours at your current job. If that isn’t an option, then look for consulting work in the same field. It should be much easier for you to convince someone of your worth, if you already have experience in that particular area.

You may also find it easier to get started with a new job (much less of a learning curve) if you stay in your current field. You also will be able to ensure that you are being paid a fair wage for your labor, since you are familiar with the industry and how much a particular job is worth.

Don’t Neglect Your Family

It can become very easy to try and work day and night in order to bring in more money. However, doing that for an extended period of time can cause a strain on your family relationships. I’ve seen a number of husbands/fathers work 80-100 hours a week trying to chase after money.

They often convince themselves that their absence from the home is the best thing for their family, because it means more money in the bank. However, no amount of money can make up for not being around.

When you are looking for ways to make extra money, be sure to avoid this trap.

Your Thoughts?

1. Have you cut your expenses as far as you can?
2. Have you looked for ways to bring in additional income?
3. If so, what guidelines/rules have you followed?

Once you’ve had a taste of passive income, it’s hard to deny it can become almost habit forming.

Seeing and understanding how your money can work for you, and create money of its own with little or no work from you, is a wonderful feeling.

It is often the feeling of independence – financial independence that is.

Simply put, passive income is income that requires little or no work upon your part once the income stream is put in place.

Certainly there WILL be some work at the beginning to get the passive income stream set up, and there will be some supervisory work or updating work along the way.

But, many passive income streams are quite self-sufficient, meaning you largely get to sit back and watch your money grow.

But getting a passive income stream started may at times be easier said than done.

Here are some tips that could help you create your own smart passive income.

1. Ease of Accessibility

A passive income might be generated by something as simple as investing your money in an interest earning savings account, savings bond or certificate of deposit that gives you returns on a regular basis.

Such investments however, might call for the investment institution to retain your money for a particular period of time, charging a penalty should you require your money back before the maturity date.

It is often important to bear in mind how accessible you need your investment to be before turning it into a passive form of income.

2. Look For What You Love

Not all forms of passive income require a monetary investment though.  Things you already love to do might earn you a passive income.

Selling artwork you’ve created, earning residuals from articles you’ve written, or earning advertising revenue from a blog you’ve created could all be fun or easy ways for you to earn passive income by way of a passion.

3. Ample Opportunity

If you aren’t sure what type of passive income streams are out there or which ones might be right for you, consider doing a little Internet research.

The Internet has opened plenty of avenues and opportunities for passive incomes and there is a variety of advice out there upon the topic.

Taking an hour or two to search and read about forms of passive income could help you come to a decision on what type might work for you.

4. Due Diligence

While the Internet can be a great source of information on passive incomes and may provide certain opportunities, it’s important to go into such opportunities with your eyes open.

There are sites on which to set up a revenue producing blog, sites that allow you to write articles for residuals that earn money over time, and a variety of other ways of earning a passive income by way of the Internet, but you could get burned jumping too quickly at such options.

Not all such sites are reputable, and sometimes the ones that are could leave you doing a lot of startup work for very little return over the long run.

This is why it can be important to conduct your due diligence to ensure your work is met with proper reward.

5. The Quick Money Isn’t Usually the Best Money

Tying in with due diligence is the fact that quick money isn’t usually the best bet when it comes to passive income.

While some forms of passive income might offer you an up front payment for your time invested, it is also important to consider what your work might be worth over the long term.

An example of this would be selling an internet article to a client for $5 upfront when that article used elsewhere could make you $25 or more in residual or advertising revenue over the course of a year.

6. Diversify

As with investing, when it comes to passive income streams, you may not want to put all your eggs in one basket.

Diversifying your passive income can help you protect yourself against downturns in the economy or keep your income streams flowing when one or more of those income sources is turned down to a trickle.

7. Don’t Let Your Forms of Passive Income Stagnate

While passive incomes streams may not always require a lot of work once in place, they still require supervision and updating from time to time.

Keeping your passive incomes streams up to date and relevant by checking up on them, updating them or reinvesting in them can mean that they remain efficient revenue producers for you.

8. Be On the Lookout for New Opportunities

As times change so might your opportunities for passive income.

Being on the lookout for new passive income opportunities, whether they are online, by way of interest earning investments, real estate, or whatever, can help keep you diversify and take advantage of new income sources.

9. Network

Networking through friends, family, and associates can help you stay apprised of new passive income opportunities.

Networking can also help provide you with advice, ways of earning or increasing current passive income streams or finding and developing new ones.

This has been a guest post by Tom Becker, who writes for Money Choices, a leading Australian money comparison service where you can compare savings accounts and various other types of financial products.

This post was included in the Best of Money Carnival hosted by The Financial Blogger, and the Yakezie Carnival hosted by Saved Quarter.

Have you thought about buying investment property?

Interest in renting out investment property, like apartments, is gaining because of depressed real estate prices.

Investing in the right apartment can be a great way to make money, but the wrong investment can lead to big losses.

Before you look at even one investment property or apartment you should know what makes a good rental and how to decide which one best suits your needs.

Investors like the idea of buying apartments over buying houses because the start up cost is usually much lower.

Apartments also have the added advantage of being a bit easier to maintain. Without having to worry about a lawn and often with maintenance costs built into the price they are an investors dream come true.

Low cost and little hassle makes along with a big investment return makes them virtually a win-win situation.

However, before you go out apartment hunting you should know which kinds of apartments are going to give you the most for your money and how to determine the rent-ability of a particular space.

Apartment Hunting Tips

Investment Property Tip #1 - Pay attention to location.

In most cases you are going to have a better chance at renting an apartment that is close to amenities that make living in the city easier.

Look for places that have close access to public transportation systems, shopping outlets, and restaurants. Most of the time apartment dwellers are young and without children so proximity to schools is not a top factor.

Although you want your investment apartment to be in a great locale, you want to steer clear of main roads.

Opt for places on side streets because they will be less noisy and more appealing to renters.

Investment Property Tip #2- Size does matter.

An apartment in a big complex may be more expensive to run because it will have more facilities that need to be maintained like gyms and pools.

This may mean that you will not make as much profit on your rental price. However, those amenities might make your apartment more appealing to the right renter.

On the other hand, older apartments are cheaper to maintain and tend to have a bit more character which would also be ideal for the right buyer.

The best thing to do is to evaluate each apartment based on comparisons of similar apartments in the area and choose the one that will give you a big return.

Investment Property Tip #3 – Find rentals you would live in.

It sounds counter-intuitive but if you seek out apartments that are appealing to you then you then they will likely also be appealing to renters.

Most of us want an apartment that has nice laundry facilities or hookups inside the apartment. A parking space is a huge plus in most city apartments and one that your renters will be willing to pay extra to get.

We also want nice views, a good layout with lots of storage, and plenty of natural light. Remember that what is appealing to you will probably be appealing to others too.

Investment Property Tip #4 - Watch out for potential maintenance issues.

In many cases regular maintenance will be included with the building. However, more expensive fixes like an elevator repair, building painting, or parking lot resurfacing could be charged back to you.

If you still want to buy a place that has these potential added maintenance costs make sure you can add a bit to the rental price to set aside a fund to pay for them when the time comes.

Investment property, like apartments, is a good way to get into the real estate game.

With some smarts you can get a great place that will allow you to make some extra money so that you can continue to build your real estate empire.

On the other hand, making a bad apartment choice can quickly land you in the poor house with a pile of debt and an apartment that no one wants. Choose wisely and do not settle until you find the perfect investment apartment.

This article was written by William Eve. William writes about saving money, property investment and real estate for Home Loan Finder. If your looking for a home equity loan or a mortgage broker, visit the Home Loan Finder website for great advice and competitive mortgage products.