To have extra income means taking on a job other than the one giving you a regular income, like another job to support your day job. The income generated from this new job, is usually used to pay off debts, or to build up capital, or to satiate the luxuries that you desire.

Everyone would love to have extra money but come to a standstill because they don’t want to take on a second job. Thus, extra income becomes a windfall that nobody addresses.

Comparing the income levels of different countries, it is a fact that the average annual income of a person is less than $15,000. This income places most people below the poverty line. Thus, the need to earn extra income becomes more evident.

But there are other countries that have an average income of more than $15,000, and thus, their contentment is more marked. Or it should, but that’s not the scenario that is happening. Take into account that an average American ranks richer in terms of income, compared to an average Indian or Austrian, but are less happy or content.

People have been lead to believe that happiness is directly proportional to the amount of money that one makes. But what happens is that people have come to compare their income with that of a norm that is also steadily increasing. With the increase in this norm, it becomes apparent to them that their income cannot substantiate their need to keep up with the rising norm.

There are two things that drive up the norm with which people compare their income to: First, is the income that they have experienced, which propagates them to a higher standard of living. The second is that they look at the income that their neighbors, friends, and colleagues get, which they then try to outdo.

This temerity of trying to outdo one’s self has lead to an explosion in those seeking extra income. Usually, it drives people to use skills that have been dormant. To achieve a certain degree of success in this field, one should know their underlying strengths and determine the best way to make use of those strengths for monetary gain.

Extra income can also be augmented by doing extra seasonal chores like raking leaves in the fall or clearing snow during winter. These are just a few ideas, but producing extra income augmented with self analysis often takes away the need for a second job.

Nowadays, technology found via the internet and the general market offer lots of ideas to generate income. Some network marketing opportunities have been successful. The internet has a lot to offer such as: affiliate marketing, other options such as writing, advertising, and simple non-technical jobs will help augment your income.
The income earned from these opportunities will depend on how good you use your skills in the field of your selection.

There are many ways for kids to make money but have you ever wondered the advantages of teaching your kids how to do this? Beyond just getting paid kids are learning some vital skills that could never be learned in a classroom. Let take a look at some of these.

1. Money Management – When your kids are making money they will have to learn what to do with that money. Do they spend it? Do they save it? Do they give to help someone in need? These are decisions you make every day as parents and your kids can now begin thinking about these types of things too.

2. The Value of Money – It is amazing how people will spend differently when they are spending their own money. When someone else is paying, we spend freely. When we are paying, we tend to spend wisely. When kids have their own money to spend, money they have earned, they realize there is no bottomless pit of money. They also learn that buying this item may mean they have to sacrifice something else. What a great lesson to learn especially as a child!

3. Time Management – When you consider the different ways for kids to make money usually it is in addition to activities they already have on their schedule, whether that’s school, church, sports or family time. Kids will soon realize that there are only 24 hours in a day and you can’t be everywhere and do everything. Hopefully they will learn how to prioritize what’s important even though this is sometimes very difficult to do, even for us parents.

Some parents will help their kids start businesses and for these kids there are skills they learn in addition to the ones above. Here are some of these

1. Marketing Skills – Marketing is a wonderful skill because kids are learning how to create excitement and branding for whatever product or service they are promoting. Companies spend huge sums of money to get the message out about their product or service. Think of all of the millions of dollars spent on advertising every year, whether it’s print, TV or internet? Marketing professionals are vital to the success of every company and your child is learning these skills at a very young age.

2. Sales Skills – Selling is an invaluable skill that can help your child in every area of life, both professional and personal. You can use these skills whether it’s persuading a customer to use the product or convincing the college interviewer that you are the right choice for that college. Selling happens all of the time. People often say they don’t like to sell, but they usually don’t realize they do it all of the time. Having your kids do it and recognize they are doing it can give them a world of confidence and an advantage in every situation they face in life.

You see parents finding ways for kids to make money is about more than just making money. It really is about preparation for life. Not just teaching your kids how to support themselves but helping to develop skill sets that are vital to success in every area of life.

Problems with money can quite simply destroy lives. Obviously, we all need money in order to live our lives but when finances are not handled well, problems with money can grow out of control. If you are going to achieve life balance, you MUST get control of your finances.

People mis-quote the Bible and state “Money is the root of all evil.” That is an incorrect statement. The Bible teaches us that “…the love of money of a root of all kinds of evil.” (1 Tim 6:10) It is this love of money which generally gets people into to trouble with their finances. By focusing on all of the things money can buy (happiness not being one of them) people spend more than they make, borrow more than they can pay and simply focus on how they can get more money.

If you want to achieve true life balance, you have to get over your problems with money. Check out these first steps and getting past your problems with money.

Admit it – This is the first step with any kind of problem, right? You have to admit that there is a problem. If you run out of money each month, you have a problem. If you have consumer debt hanging around on credit cards, you have a problem. Don’t be fooled into thinking that you are in such bad shape just because everyone you know is in worse shape. Admit you have problems with money and get started fixing what needs fixed.

No more debt – The amount of debt that that is carried on credit cards is astounding. To begin making a change, do not ever charge anything again. Get rid of your credit cards, you don’t need them. Anything you can do with a credit card you can do with a debit card provided you have the money in the bank. You can never borrow your way out of debt.

Establish a savings – I was talking to a couple that was in their late 70s and they told me that they had never had $1000 in the bank – ever! That means that their entire lives had been spent living paycheck to paycheck. If an emergency came up they just put it on a credit card and dealt with it later. Well, now they should have been enjoying a nice retirement but instead they were both trying to figure out how to earn more income. Having a savings will allow you to lose your dependence in credit cards when emergencies come up.

Start a budgeting system – This has to be something that you and your spouse agree on if you are married. My wife and I use a zero based budgeting system where at the beginning of each month we put together a plan for how we will spend/save all of the money that is going to come in during that month. Basically we spend all of it on paper before we really spend it. This helps us track and control all of our spending and saving.

If you start with these four things you will be well on your way to eliminating your problems with money and achieving a true life balance.