We have talked about getting started towards developing an Extra Income the last few weeks. Why the stress on this?

Developing Extra Income, especially the way we advocate it, takes time. Extra Income is not simply a matter of taking up a second job, it is the establishment of your own business. And like all businesses, it takes time and effort to make it work. In general, you must give yourself 3 good years to make a steady income from your side-business.

What is a good income amount to aim for from your side-business?

Overall, between your main career income, and your extra-income, you should be looking to pull in north of $150,000/year. We pick this number because at this stage you can seriously ramp up your investment portfolio and aim to gain total financial freedom in under 10 years from when you hit that number.

The advantage of setting up your extra income as a business is also that if you have really worked on your side-business, and set up your processes such that it can work without your constant involvement - you now can claim serious equity in the business. That is, someone will be able to purchase the business from you and operate it.

So long as you are the business - you cannot claim any serious equity in it - for you have to always be a part of the picture. More on that fine distinction in a separate tip. And finally, your own show can at last showcase all that latent potential within you, giving you a degree of satisfaction that a second job will never bring. For all these reasons, we insist on your starting on your path towards developing an extra income business today!