Making Your Side Income Your Main One
In my discussion with friends and acquaintances, I know of many who are not happy with their current work situation. Usually it is because of income, the boss co-workers, the long commute or more time with growing children. Some speak of having a side income to supplement the main income in order to be able to say No on certain assignments. And I think, many would like to be able to generate passive income.
I was a little crazy and stupid perhaps a bit lucky to be able to transition jump and survive from earning a fixed income to commission based work more than 10 years ago. 2 years ago, I help my wife do something similar. Looking back, for myself at least, to when I made a rather drastic move, I always wondered if there is be a better strategy to make such a transition.
I was “lucky” in the sense I had some savings over 2 years of working plus money I accumulated and did not spend doing odd jobs I did while I was still in college. Another factor that help was I lived with my parents and had no commitments except for my own daily expenses.
Most people I believe will have a lot more commitments like children, home and car payments than I. Thus to make such a transition definitely needs more planning and strategy.
If I can turn back the clock, I’d do it differently. Why? First, it was stressful why the money did not come in, even though I didn’t need much to live on. Some of you on the other hand might think a extra bit of motivation is needed to make sure you sink or swim. I don’t think so.
Second, I discovered that when you work for yourself, you are paying for the learning process yourself. Every course you need to take or manual you must read comes from your own money and time. When you work for someone to learn the trade or industry, your employer is paying for it! So, if I had to do it all over again, I’d work with someone in the industry I want to try out.
Third, you might need to take one step back to move two steps ahead. Some jobs just don’t give you the opportunity to learn. Others, might demand so much of your time and energy that you don’t have any left to explore anything else. So, one thing to consider is to get a job that is less demanding.
This is especially useful if previously you are on top of the game. Say, that you used to work for a top notch company that pays well but you have a somewhat shitty life. You want your life back. The way forward is to look for a company where the pressure is less, perhaps a lower liner company that pays almost the same salary. You might think there is no such companies, but trust me, there is. Such companies are usually on the growing stage and don’t have the expertise to expand. So they import talent. With lesser work pressure, you’d have time to think and plan for your side income business.
Once your side income grows substantially, you can make your side income your main one.
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