Author Topic: Advice about Supplemental Income  (Read 3963 times)

Gimesalot

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Advice about Supplemental Income
« on: March 06, 2014, 10:29:10 PM »
I am new to MMM.  I was getting into the reduction of lifestyle and increased savings aspect, and then BAM!  I got fired from my 6 figure income job about 2 weeks ago.

I have job hunting by looking for postings and contacting recruiters.  Alas, I am still out of work.  It has only been two weeks, but I am itching to start earning some cash!

So here are my ideas:
- Handylady Work: DH and I are buying a house that needs work.  I thought I could use my time to learn how to make the electrical, plumbing, and other necessary repairs.  Turns out, in my city, you are not allowed to do most work yourself.  You have to hire a contractor to get the permit.

- E-book:  I started writing.  I am about 10% through a short story.  Then I realized that self publishing is difficult.  I thought I could just type it up, make it nice, and done.  It turns out that I have to pick a platform, get an ISBN, etc.

- Leapforce: $13.50 an hour, work from home.  Then I read some terrible reviews.  Inconsistent work, strange business practices, etc.

- Cellphone Screen Repair: Everyone and their mom has an iphone with a broken screen.  I watched the videos, sourced the parts, and I am ready to go.  Then I realized that I should not be operating a business without a city license, tax license, etc.

- Bike Repair: Find broken bikes, fix and sell.  Plan B the spot for learning how to fix bikes just, I mean days ago, closed.  No one to learn from, no place to work on bikes.

- Blogging:  Hey, I am not doing anything else.  MMM even wrote an idiot-proof guide, but it sounded like I would need some cash for this option.

- Treehouse / Lynda:  Learn new skills?  Why not.  I am just worried about investing the money and then not having time to recoup the investment if I get a job.

- Property management: I am about to have two rentals, and I have several friends who are looking to buy rentals.  I am organized and come from a family of landlords.  Then I found out that I need to be a licensed broker, which requires that I be a licensed real-estate for FOUR years.

I am finding it really difficult to move forward with any of these projects without investing some money, $50 to $200 dollars.  Normally, I would just invest the money and try it out.  However, given the fact that I am not working, I am being cautious about cash outflow. 

Also, although I am an optimistic person, I am getting really bummed about the all of the hurdles that are coming up in all of these projects.

What should I do?  Should I try some of these without the proper certification, permits, etc.?  Should I make the investments and hope they pan out?

Thanks everyone!

wtjbatman

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Re: Advice about Supplemental Income
« Reply #1 on: March 07, 2014, 06:10:23 AM »
You lost a six figure job. Barring your book becoming the next Twilight, you're probably not going to replace that kind of income with any of those jobs. $13 an hour? Compared to what you were making that's laughable. I assume getting back into whatever career you were in is an option since you said you are job searching. If I was in your shoes I would just collect my unemployment and focus 100% on the job search. Unless you, for whatever reason, do not want that type of job anymore and are looking for a new career. In which case I don't think fixing people's bicycles is going to be that career unless it's a true passion and you are going to start a business.

Ziggurat

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Re: Advice about Supplemental Income
« Reply #2 on: March 07, 2014, 07:22:40 AM »
Sorry to hear about the job loss -- but at least the good timing of finding MMM just before can help.

I agree with wtjbatman that putting your energy into recovering a job similar to your previous is the best bet.

However...

Quote from: Gimesalot
...
- Property management: I am about to have two rentals, and I have several friends who are looking to buy rentals.  I am organized and come from a family of landlords.  Then I found out that I need to be a licensed broker, which requires that I be a licensed real-estate for FOUR years.

Otherwise, this property management option stuck out to me as the one deserving attention, given that you have some knowledge and are getting into rentals anyway. I would assume the license is only needed to sell to your friends.  Can't you still act as a property manager?


Gimesalot

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Re: Advice about Supplemental Income
« Reply #3 on: March 07, 2014, 08:58:44 AM »
Thanks for the replies. 

I understand that these will not replace my income.  I am looking to find another job, but it was Mardi Gras.  Around here, the world stops for Mardi Gras.  My hope is that I will get some phone calls next week.

In the mean time, I would like to earn something.  Even if I work for 10 hours a week, at $13 an hour, that is still $100 a week.  In a month, that pays for my cell phone, gas, electric, internet, and some food.

@Ziggurat: According the the state and city laws, I have to be a licensed broker to advertise my services as a property manager.  I am not sure why you can be your own property manager without a license, but you can't get paid for doing the exact same work, without an arduous 4 to 5 year licensing process. 
« Last Edit: March 07, 2014, 09:06:22 AM by Gimesalot »

wtjbatman

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Re: Advice about Supplemental Income
« Reply #4 on: March 07, 2014, 09:10:34 AM »
I understand that these will not replace my income.  I am looking to find another job, but it was Mardi Gras.  Around here, the world stops for Mardi Gras.  My hope is that I will get some phone calls next week.

In the mean time, I would like to earn something.  Even if I work for 10 hours a week, at $13 an hour, that is still $100 a week.  In a month, that pays for my cell phone, gas, electric, internet, and some food.

I can understand that. But you're also talking about having to wait... a week? A couple weeks?

From what you're saying (by not saying anything), I assume you're not getting unemployment then? Because if you are, I can't imagine you need to worry about a couple weeks worth of earning $100 a week. If you NEED to work, you could try applying to some dime a dozen type jobs (retail) and go down that route until you get a job in your field.

The vast majority of side hustles also take time to get up and rolling. Even the ones you listed would likely take several weeks before you start seeing money coming in. If you're that desperate, you could try selling stuff you no longer need for a quick cash boost. Jewelry, electronics, collectibles, 44ft sail boat, you know, the usual.

Gimesalot

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Re: Advice about Supplemental Income
« Reply #5 on: March 07, 2014, 09:23:39 AM »
@wtjbatman:  I have applied for unemployment.  I am waiting for the checks.  However, I suspect that my employer will challenge my claim.  I have to be prepared to get a big fat zero. 

I don't "need" money.  I just feel like I am not doing enough to ensure my savings last as long as possible.  Additionally, the idea of having a mortgage payment, my first ever, makes me want to earn whatever I can.

I have tried retail jobs in the past.  They are even more difficult to get than engineering jobs!  Most places won't hire you because they know you will leave as soon as you get a professional job.

One last thing to mention.  A lot of these ideas are very very far from my traditional work.  I thought I could earn some money, albeit a small amount, but I could expand my skills.

phred

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Re: Advice about Supplemental Income
« Reply #6 on: March 07, 2014, 12:13:07 PM »
There is a workaround to the property management gig.  What's the first thing seasoned business people say to anyone wanting to start a new business?  Get some experience first by working for someone in that business.  You can do the administrative and clerical tasks of property management while waiting the two years to take the broker's exam.  Yes, you will need a sales license, but those are quick & easy.

mollyjade

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Re: Advice about Supplemental Income
« Reply #7 on: March 07, 2014, 12:38:18 PM »
What if instead of focusing on earning more, you use your free time to focus on spending less. See where you can renegotiate bills (insurance), source cheaper food, sell things on craigslist, and so on. There's no money outlay for these, just time, which you have lots of now. And the savings will continue after you find a job.

Prairie Stash

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Re: Advice about Supplemental Income
« Reply #8 on: March 07, 2014, 01:55:56 PM »

@Ziggurat: According the the state and city laws, I have to be a licensed broker to advertise my services as a property manager.  I am not sure why you can be your own property manager without a license, but you can't get paid for doing the exact same work, without an arduous 4 to 5 year licensing process.

To advertise is different than working as a property manager.  I don't advertise my services, but work comes to me through referrals. So if a friend asked you to do it, is it still against local laws?

Gimesalot

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Re: Advice about Supplemental Income
« Reply #9 on: March 07, 2014, 03:02:43 PM »
@ phred:  Thanks so much for this suggestion.  I will look into this ASAP. 

@ mollyjade: unfortunately, this i snot low hanging fruit.  I have already negotiated our insurance, cell phones, and internet before I got fired. For food, I actually eat out every meal when I am out of work because I can eat at my husband's restaurant for free.  For us, eating at home and buying our own food is a treat. I know first world problems right?

@ Prairie Practicality: I don't think it is against the law in that case.  You are right, I will talk to my friends and see if there is an opportunity.

Thank you all so much.

Lans Holman

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Re: Advice about Supplemental Income
« Reply #10 on: March 07, 2014, 03:21:14 PM »
You didn't mention what field your previous employment was but if you are trying to get back into it I would think about what skills you could be developing with your newfound spare time that would be helpful.  I've been using Treehouse for a few months now not just to develop skills that might lead to a new career at some point but also to work on some things that are useful with what I'm doing now.