Image courtesy of marsmet544 on flickr.com
This is my third attempt at writing something that is concise and useful. If I ramble or go off on a tangent, my friends will recognize that’s how I actually speak and forgive my faults.
I’ve been asked by three of my closest friends to give them some tips on earning more through taking on side jobs, hobbies, working from home or freelancing. They don’t ask because I’m a successful businessman but because I’m an INTP, more on that later.
These posts will mainly be for people who have limited time, limited resources or limited attention spans, like me. Here are some basic principles that I want you to keep in mind before we get to the whole money making bit.
1) The Pareto Principle – I first came across this idea while reading the 4 Hour Workweek ( I have a copy somewhere if anyone is interested in borrowing it) Here it is: 80% of effects come from 20% of causes. For instance 80% of your income will be generated by 20% of your clients. Also 90% of crime will be done by less than 5% of the population (It doesn’t always have to equal 100%). The distribution is sometimes more skewed 85/15, 90/10 or 94/6.
2) Minimalism – “The more you know, the less you need.” Aboriginal proverb. At least 80% of what you need to start making money on the side should be within arm’s reach. Any idea that requires a major infusion of cash or has a steep learning curve should abandoned. I’ve made this mistake multiple times. Buying things I think I need but end up never using. Avoid that habit like the plague.
3) Know Thyself – Carl Jung proposed that there were 16 personality types. I am an INTP as I stated before. Despite the fact that personality tests are out of favour as a tool for finding out which job a person is most suited for, they can serve as a starting point for focusing the mind. Go here to take a personality test and then go here to see what careers are your best match. These two steps are very important and you will not be able to proceed if you do not do this.
Summary: Use the Pareto Principle to find what is presently taking most of your time. If, like me, you work a full-time job, then you’ll have to cut back on other activities so you can make a side gig work. T.V is an obvious choice. Despite the fact that most people deny it, the average person watches 5 hours of television per day.
Have a clear idea of what you want to do, “I want to make money” is not good enough. Take the personality tests and see what careers you like. Why? At some point, it will be late, you will be tired, the job will be difficult or you’ll be working when you want to be out with friends, you will curse yourself and maybe me too. If you are working on something that you are not really interested in, You Will Quit and Become Discouraged. Better to choose something that you would do for free and get paid for it than to do something you hate, just for money.
Next Lesson: People Who Pay a.k.a Clients.
Free Resources: Click the links to gain access to these pdf files in my personal library.
Brainwashed: 7 Ways to Re-invent Yourself
