Why are so many people on the lookout to earn extra income? It’s a sad reality in the 21st century that traditional jobs and careers no longer cater to the dreams, aspirations and even livelihoods of the average person. This phenomenon is no longer country-specific, across the globe the traditional format of the industrial revolution: “get a job and build a career” income earning options are slowly but progressively dying out.

It’s a sad reality because for the vast majority of people this option was and still is the only option, they believe exists for them. The truth, however, is quite different. There have always been, and more so now than ever, numerous options for anyone to create income for themselves outside of the traditional job format. Most, delightfully too, of these options, are even better, more sustainable and more lucrative than any traditional job could ever be.

The South African job market

So, why is the job market drying up? Well without getting into too much detail the following global trends appear to have been instrumental in driving the death of the traditional job:

  1. A steady rise of centralised, socialist economic policies resulting in the discontinuance of a free market trading environment which once stimulated the growth of new businesses and growing job opportunities.
  2. The progressive automation of once human-intensive tasks throughout every facet of the economy. This is the inevitable result of technological advancement which will reach its crescendo with the advent and introduction of Artificial Intelligence driving, it is estimated, 40%* of the world’s labour will be forced into unemployment.
  3. The long-term application of minimum wage regulation.
  4. In certain (but many) territories the enforcement of race or gender quota systems, forcing out skills and experience from the affected labour markets.

Is there another way to earn extra income?

All of the above, of course, leaving us with the one burning question: “Is there another way I can earn a living or even to earn an extra income?” and preferably from home. Well, the answer is “Yes”. The answer has in fact always been “Yes”. Why then did you not know this before? Well again the reasons are relatively apparent:

  1. Indoctrination – From your parents to your schooling and every message you have received from the media since you were born was “Get a job and build a career”.
  2. Pride – If it doesn’t look like, act like or smell like a job, it’s below you. This is a judgement you have made automatically in the past towards any option presented to you, based on little to no information – just “gut feel”.
  3. Focus – As a result of the above two, you have only ever focused on a traditional job solution. As a result, you have just never paid attention to anything else.

How can you earn a living from home?

There are many options to make money from home. So what options are there then for earning extra income from home? Well here are the basic categories:

  1. Get a second traditional job – Defining working from home can be a bit tricky but at its broadest it includes second jobs like doing deliveries after hours, becoming an UBER driver or taxi driver, completing admin and review tasks for companies after hours. Not to mention just about every other type of traditional employment that can be performed after hours like restaurants, hotels, call centres etc. and everything in between.
  2. Speculate – Numerous opportunities ranging from forex trading to electronic currency investment fall into this category. It can also include sports betting, online gambling and property investments etc. etc. Any form of investment where you are not in control of the outcome of your investment, falls into the category of speculation.
  3. Start your own Business – One could argue that this is the ultimate “in control” option but requires a few key ingredients as described below to really become a success for you.
  4. Build your own network – In the 21st century this is the easiest, lowest cost and least time-consuming option for creating extra income from home.

The above categories sum up your options to earn an income from home. Instinctively you’ll feel like there must be more options but as you work through them in your mind, you’ll find that they all fall into one of the above 4 categories.

Now each of the above four categories come with their own distinctive pros and cons. It is important that you consider these in choosing which one you will select for the use of your precious spare time. Where successfully endeavoured each one of the above categories can ultimately turn into a full-time income creation solution for you.

How should you choose to earn an income?

There are pros and cons of the four categories of income creation opportunities. You should way each of these options up and seek qualified financial advice too.

Category 1: Get a second traditional job

Pros:

  • Certain and almost immediate income
  • Little to no thinking required, just get out there and find one.
  • Depending on the type of employment, there’s usually little to no cost in implementing. Get hired, start working.

Cons:

  • Drying up pool of jobs available.
  • No control over your earnings. In other words, there is little chance that you will be able to grow this into a substantial income for yourself.
  • You will remain beholden to a boss.
  • You could lose the job as easily as you obtained it.
  • Extremely time consuming for the level of income produced.

Category 2: Speculate

Pros:

  • You can have spectacular gains quickly.
  • Other than any monies you choose to invest start up costs are usually minimal.
  • It’s usually easy to understand and quick to implement.
  • Requires little time.

Cons:

  • You can have spectacular losses. This is the most common outcome for new entrants in a speculative environment. It looks incredible on the outside but almost immediately results in a loss to the new entrant.
  • While it is usually easy to get started, those who do make consistent gains in any speculative environment normally have years if not decades of experience and study of the specific environment.
  • You do not have control! Speculation for the inexperienced and uneducated is always about “hope”. Money is invested and then the investor hopes for returns. Seldom to receive them.

Category 3: Start your own business

Pros:

  • It’s all yours. You are your own boss and ultimate decision maker. Ultimately responsible for its success or failure.
  • You can, at least initially, design it to fit into your own time schedule.

Cons:

  • You need a saleable idea. This is not as easy as you think. In most economies outside of the first world west, there is little to no market space for niche business ideas. In order to survive in these economies, you need a mainstream idea that hasn’t been done before or will be done by you in a way that it has never been done before. Difficult, very difficult.
  • Requires capital, staff, licencing, offices, software etc. etc. depending on the idea.
  • Will ultimately utilize all of your time, thought and energy.
  • Comes with very little guarantee of success.

Category 4: Build your own network

Pros:

  • Generally easy to understand and implement.
  • Very low costs of implementation and can often pay for itself in its first month if properly worked at.
  • In your control!
  • Ideal for those with little time. The speed of growth of the income it produces is the only variable. The more time you have the faster it will grow. However, it will still grow with small amounts of time applied to it.
  • Unlimited potential for growth.
  • None of the burdens of administration associated with owning your own business.
  • Can be worked on 24 hours a day 365 days a year anywhere in the country.
  • Can in many cases create a lifetime sustainable income for you and possibly your family after you.
  • Can permanently alter your personal circumstances without prejudicing your full-time job.

Cons:

  • Many scams and schemes disguised as legitimate networks. Ensure that you do your research properly before joining a network.
  • Will require perseverance and determination over time.
  • Will require disciplined emotions and humility as most people are stuck in the: “I need a job” mind frame.

Whatever it is that you choose to do to earn a living, remember that you do have options and that the earlier you start working on those options the sooner you will be able to significantly enhance or completely replace your day job’s income. As the years pass, the demand for individual entrepreneurship will grow greater and greater. It is best you start now, before it is too late.

References:

* http://fortune.com/2019/01/10/automation-replace-jobs/