Creating Cushion of Extra Cash within Your Routine
By Saghir Aslam
Rawalpindi, Pakistan
(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live in security and dignity and fulfill their religious and moral obligations towards charitable activities)
Those who struggle to make ends meet every month may find a big relief if they can increase their income to move away from point of just breaking even.
A small cushion of extra cash every month can provide peace of mind and a sense of luxury. But how to create this cushion may not always be easy. These folks probably have tweaked their budgets in every way already to make things out their limited incomes. They maybe juggling debts, reducing expenses and putting off big purchases to make sure that they stay afloat. So where can they come up with this extra cash.
Time is money.
Your starting point is to think of how much time can you use for your goal of making more money. It doesn’t have to be 20 hours a week; it can be a couple of hours every night and half a weekend day, or whatever works for your schedule and commitments.
Once you come up with a number say 10 to15 hours, think if there is any cost involved. For example, do you need childcare to free yourself up? Are you missing out on work? Have to give up a part time job? If not, then these hours can be turned into your investment in a new – money making project.
What to do?
Projects sound intimidating time – consuming and costly. Your little project doesn’t have to be this way, however. In fact, it doesn’t even have to be a project (or a business) to start with since you don’t want invest into licensing just yet.
Instead, think of your skills and what they can be used for. You may have always had a passion for photography and you own a decent camera. How about trying you luck with professional photography even if you just start with complimentary sessions for family and friends? Are you a pro in fixing computers? How about getting and helping others within your community? Do you paint, bake, tutor?
It really doesn’t matter what you offer as long as it is something that you are good at and it doesn’t requires extensive licensing and you have the credentials to practice it.
Making money
Getting started with free service can be easy. People are more likely to give you a shot even if you are not experienced if you are offering a helping hand for free. Moving to paid services is completely different story, however. That is why you must prepare from day one. Build your online presence early on and make sure that your happy customer, friends and family members are adding feedback and testimonials regarding your services or products. Build a following online to make sure that you name become recognizable in your community.
Finally, when you come to the stage of paid service, start slow and modest. You may be tried of putting your time and efforts for free. But the start isn’t the right time greed. Think of this as a transitional phase. Offer ridiculously discounted service compared to market prices, and offer introductory packages to get people attention. Once you see the response and you being to attract higher demand, gradually increase your prices. Still keep the occasional offers, maintain your social networking, and ensure consistence quality.
Time demands
It may be good news if you end up with more demand than your services or products than you could handle, but there is a drawback. If you don’t have the time to handle the extra work, quality may drop or you may compromise your full – time job. In either scenario, the outcome is not good. Unless you are willing to turn this hobby or additional income opportunity into a full – fledge business, it is important that you learn when and where to draw the line.
Keep this project in its place and don’t let it become a drag on your work – life balance, jeopardizing your main source of income.
(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr Aslam does not have anything for sale.)
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