I have the great pleasure of being surrounded by people that strive to be successful, both financially and in their career. Sometimes the two go hand-in-hand, other times one has to suffer at the expense of the other.
We are moving into an era where people do not graduate from college and spend the rest of their working years in one place – the workforce has grown to be much more complicated than that. To make enough money to not only survive, but to thrive, many people will have to create multiple streams of income and have a savings plan in place that allows them to “pay themselves first” before the rest of your money leaves their hands.
How can clients supplement their income?
There are many different ways to supplement your main income, but I am going to focus on a few of the most helpful ones I have encountered.
Many clients may think, “My day job is fine. It provides a steady income stream while also giving me opportunities to establish and build on my skills.” However, that job does not have to be the only means to an end. If a client has a flexible enough schedule, you may suggest moonlighting to your clients to supplement their income as they work toward a financial goal.
By definition, to “moonlight” means to have a second job in addition to one’s regular employment. It is an easy way to earn some extra cash currently unaccounted for in their budget, and clients can choose from a variety of jobs.
Maybe your client is very social and likes dealing with people – maybe then could be a server or bartender on the weekends. Maybe your client is like me and enjoys shopping and employee discounts – maybe they could work in retail a few nights of the week. Whatever they choose, they can have fun and make additional cash to save more or treat themselves by moonlighting.
2. Drive for a ride-share program
With the increasing popularity and use of programs like Lyft and Uber, clients have another great option for making supplemental money and being their own boss. This job is available to anyone with their own car and car insurance. They just have to download the app, fill out the forms, and within a few days they are helping people reach various destinations in their city while making extra cash.
Both Uber and Lyft pay weekly and they do a direct deposit into the driver’s account. It is quick, it is easy, and a good way to discover places and areas in the client’s city they may not know about.
3. Freelance administrative work
If you find that your client is really crafty and creative when it comes to things like resumes, cover letters, and portfolios, they can charge a fee for their services and freelance work. There is always a need for these kinds of professional services in the workforce today.
The average job-seeker will pay anywhere between $25-$50 for a quality and creative resume or cover letter. This is a great option because clients can set their own hours, choose who they work with/for, and set their own price.
Other resources on supplementing income
There are many more options to choose from and if your clients are serious about exceeding their annual salary, then I encourage advisors to assist clients in searching for and find an option that works best for them.