Building wealth involves two broad skill-sets: cutting costs and increasing income. Most personal finance blogs — including this one — tend to focus on the former. Frugality tips have broad appeal because they can be applied by nearly everyone. But in reality, it can often be more effective to boost your income. You can only cut costs so much, but there’s no real limit on how much money you can earn.
For today’s link roundup, I’m sharing several recent stories about boosting the income side of the wealth equation:
I’m a huge fan of money-making hobbies. I think that generating a little cash from something you like to do can be a great way to help improve your financial situation. But sometimes it can be difficult to see exactly how your hobbies can produce income. Craft Stew has come up with a list of 20 ways to make crafts pay that may serve as a source of inspiration.
Next, Trent at The Simple Dollar recently compiled a collection of 50 side businesses you can start on your own. There are some great ideas on this list. I have many friends who do these sort of things to pick up side income. Maybe you can, too.
Can you make money blogging? A recent article in The Wall Street Journal is making waves. Mark Penn writes that bloggers for hire are striking it rich. Others, including Jason Kottke, question Penn’s methodology. My favorite look at this subject recently comes from Penelope Trunk, who offers a reality check: you’re not going to make money from your blog. I’m closely acquainted with several people who have found wealth through blogging. I’ve done it myself. But let me tell you: it takes a lot of work and it takes a lot of luck. Still, in most cases I do think it’s possible for a good writer to earn $100-$200 per month after becoming established. That can certainly help a family’s budget!
Finally, here’s an article that Ramit Sethi contributed to Free Money Finance last month. He writes that if you want to earn more money, you need to stop wasting your time. If you’re trying to boost your income, you need to focus on the things that make money — not the things that don’t. Simple, yes, but oh-so-true.
How do you feel about articles the discuss entrepreneurship and making money? I’d actually love to cover this topic more frequently at Get Rich Slowly. In the past though, I’ve got the impression that there’s only modest interest.
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This article is about Spare Change