These days, simply earning money from your main gig may not be enough. Simply put, you may need something more than just your regular 9-to-5.
Nothing teaches us this lesson better than the recent government furlough. For so long, we thought of government jobs as the safest employment opportunity. However, in a blink of an eye, many government workers found themselves seeking financial assistance to make ends meet.
Here are a few tips to increase your income outside your day-to-day job.
Turn your passion into cash
I know it may seem impossible, but you can turn your passion into cash. Research whatever it is you love to do -- consulting, social media, photography or writing -- to determine how you can market your services.
You don't have to give up your main gig to be successful. Develop an additional income stream by turning your passion into money before going to work, after work or on the weekends.
Consider rental income
Rental property is a great way to supplement your income. If you do it right, it can be one of those "money makers" that earns you cash while you are asleep.
Before purchasing a rental property, prepare yourself financially. Consider saving money in case there is a need for repairs and maintenance or other unexpected expenses.
Also, make certain you have an idea of the property's projected income and expenses before signing your name on the dotted line.
Get out of debt
Many people forget that reducing their debt can increase their income stream. Not only are you freeing up a line item in your budget, but you also are eliminating interest expenses, which can have an adverse impact on your bottom line.
For example, if you have monthly interest of $50 a month, reducing your debt can will help save money.
Kemberley Washington is a CPA and professor at Dillard University in New Orleans. Visit her blog at Kemberley.com. Follow her on Facebook or connect with her on Twitter @KemWashCPA. Like, love, tweet or share this post.