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It is no news that millions of Americans live paycheck to paycheck. According to a recent publication on CNBC, about seventy-eight percent of full-time workers in the country said they live paycheck to paycheck. About 10 percent of those that earn $100,000 or more say they can’t make ends meet, and most of the workers said they are in debt and they do not know how to get out of their debt.
There are many reasons why people are struggling in their finances, the humongous amount of debt that Americans carried is the major one. The total U.S household debt has surpassed $13 trillion, with over $8 trillion in outstanding Mortgage loans, credit card debt of over $1 trillion, auto loan exceeding $1.2 trillion and student loans of over $1.5 trillion. More troubling is the fact that many of the corporate organizations are sending available jobs overseas to save on cost and return money to the shareowners. Many American workers are overqualified for their jobs but they could not leave because they can’t find other options, there are many more people working as freelancers without the benefits that come from established organizations.
This is a precarious and alarming statistics that increases the stress in our society, and it must be promptly addressed. In my ebook, “Money Equation,” I wrote about two sides to the money equation, the income side and the expenses side. I explained how to reduce monthly expenses to have more money at the end of each month. In this post, I will be sharing 10 ideas that you can leverage to make extra income at the end of each month. If you are currently struggling to meet up with your monthly financial obligations, these ideas will help boost your income so that you can start living without financial worries that have pervaded our country.
Here are my top ten ideas that can generate extra income for you:
1. Rent out your home
2. Rent out your car
3. Drive with Uber/Lyft
4. Sell Online
5. Become a freelancer
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