Finding Ways to Replace Your Income
Nov 12th, 2016
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Replacing your current income may be a task too daunting to overcome. Or at least, it may seem that way immediately if you were to attempt to replace it today with some combination of self-employment.
But replacing your income doesn’t need to be accomplished over-night and in most cases it will never be.
There needs to be a combination of replacing income, reducing expenses and having a clear vision of what you want to accomplish. Right now, due to a matter of will and circumstances, I’ve all but replaced my income with multiple freelance jobs that have helped sustained us over the last year.
Given that my wife and I are both working part time, it hasn’t been all roses and some months we’ve resorted to dipping into our savings to make ends meet. But if we hadn’t saved enough, if we hadn’t reduced our expenses, if I hadn’t developed transferable skills and built the relationships that we have, I’d be looking for that next full time, hourly job to help compensate.
Harness, Develop and Pursue Your Unique Skillset
The focus of replacing your income should be based on the unique skillset that you have to offer.
You are an extremely unique person with different skills, abilities, resources, relationships and passions. If you start to imagine and think of the ways people would pay you to use your abilities, you’ll come up with a list over time.
You’re already being paid for the skills that you provide whether it’s writing, supervising, selling, driving or promoting. The only issue is, you’re capped at your current earnings and your amount of free-time because of your ‘boxed’ hourly or salary earnings.
This doesn’t mean that you shouldn’t continue to be the best that you can be at your current job. We should always work with the highest character and ability as if we are working for more than just the boss.
Colossians 3:23 states:
“Whatever you do, work at it with all your heart, as working for the Lord, not for human masters…”
If you’re already working the hardest and to the best of your ability at the job you’re at, then you’ll continue to develop your personal skill-set in order to continue to be marketable. The competition out there can definitely be strong especially given technological advancements and our age dilemma.
Use all of this to your advantage.
That may mean instead of sitting on the couch or going to bed early you should read, develop, research or get out there and try something new. Even if it’s just in spite, knowing that the ‘up and coming’ younger generation is working on trying to take your job in a few years! (Except us millennials right? I hear we’re too lazy to work…)
Diversify Your Skillset
Even though your job may be specific, make sure you are diving into new and other transferable skills.
We can easily get stuck in a rut by collecting a paycheck for the one skill we have but don’t be fooled. Most companies are not loyal enough to their employees to keep you around if you stop producing for some reason or if a cheaper and more productive option comes along.
You should always be looking for ways to develop new skills that are related to your abilities or even learning completely new skills if you find something that you’re passionate about.
I’ve always made it a point to try to enjoy what I do, find out how to be the best at it and learn along the way. If I’m at a job where I’m not learning anything new, then I become complacent, bored and may eventually leave or retire that job. Often though, you can always find something new and interesting about any job that you’re at or have been at for a while so use that to your advantage.
Are there some free-lance or consulting jobs that are similar to the job that you’re at that could provide you a comparable income? If so, what skills do you need to develop to do it?
Start taking the steps now to get where you want to go.
Read also: Starting a Side Business blog posts.
I understand what you’re thinking. It’s hard to think about what you could offer other people and get paid to do it.
In fact, you may think it is silly that someone would pay you for your skills but listen, they already do! One of my biggest struggles is that when I learn a new skill, I have such a short memory on how long it took me to learn that skill so I feel bad charging people a premium for me to do it for them.
We just have to get over it!
Can you help people with advertising consulting? Are you a fireman but really passionate about personal training? Are you in social media marketing for another company or love browsing, posting and connecting on social media?
People will literally pay you to do that and sometimes they pay a lot of money. Find what you want to do, connect it with your skills and make the jump.
You are unique with a your own particular set of skills and character. Use that to your advantage. Follow your passion. Develop your skills. Set forth into independence.
When to Jump Ship
After you’ve developed your skills, and you see the vision, opportunities or market openings to advertising yourself, start taking leaps of faith into those opportunities.
You may still have a full time job but you’re working a little bit on the side to build your ideal work-lifestyle. Some people call this a ‘side-hustle.’ The ultimate goal is to not have a full time job and a side-hustle permanently but to make your side hustle be your passion that you’re ultimately trying to use to replace your current work-a-day job.
If your side-hustle isn’t your passion, then you may have to rethink it.
You’ll know when to jump if you’re simultaneously reducing expenses, saving and earning income in other unique ways and your side hustle is making nearly enough money to overtake your current job.
By saving and investing in yourself, you’ll have “room” to make the decision that you’re done working for the ‘Man’ and you’d like to work for yourself. And you know what, we will all be grateful for it because you will most likely be more passionate about your own work than you are about someone else’s dream.
We would be thankful that your passion can be lived out in service to us and others because un-passionate people do not build great products or services. Passionate people achieve amazing and noteworthy accomplishments. Be passionate and build something that we can all appreciate.
What passions have you followed that have helped you find your current job or career?
Being disciplined with your money is hard but trust me, it's worth it. -Brandon
I’m Brandon and that’s my bride Ariana and our first born. We listened to age-old wisdom and paid off over $100,000 in debt from college, credit cards, vehicles and an underwater mortgage in under two years. We now we live a debt free life. Now we’re able to spend more time at home with our kids and prioritize our life.
With BeardedBudget, I have developed a number of financial and merchant relationships; some of which are affiliate relationships. The opinions expressed here are mine alone and should not be construed as professional financial advice but honest reviews and recommendations based on my own experience. For more information, read the disclaimers and disclosures.