Wednesday, March 17, 2010

How have you earned extra money to pay off debt?

I've sold stuff on Ebay, I shop at thrift stores for clothes instead of charging new stuff on a credit card, but I'm still trying to find some extra money to pay down some old debt. Do you have good suggestions? PLEASE no spammers. I'm not looking for a get rich quick scheme.

How have you earned extra money to pay off debt?
Earning extra money is *not* the best and most permanent way to reduce your debt. That's the equivalent of someone who wants to lose weight saying "I'm just going to run one mile a day and do everything else the same". It's not likely to succeed because you're going to be hungrier and will eat more food.





The best thing for you to do is to live beneath your means. Reduce your expenses -- or when you get a little extra money, make sure you don't spend it. Until you find a way to live like someone who makes 90% of what you earn, you'll never get ahead. You *know* that this is possible, because you certainly have neighbors who live on less than you do.





And once you *do* figure out how to do it, the debt will evaporate and the money will just pile up.





Good luck.





Doug
Reply:I've done everything you have done. The best thing my husband and I ever did was become real estate agents. I work about 10 to 15 hours extra a week, in addition to my regular 40-hour a week job. He works about the same. Since Jan. 1 we've made $10,300. Taxes have yet to be taken out of that but it still will pay off some credit card debt.





When we started we knew of only one couple looking for a house, us. It cost us about $1,000 to get started, so maybe $500 for just one person. But it will take about 6 months before you see any sort of return.
Reply:you can either opt for second job or you could control your expenses. This link will help in savings to pay off your debt.


good luck.





http://selfimprovement-success.blogspot....
Reply:I consolidated my debt - used a program (Cambridge Credit Counseling Corp.) that lumped everything together and put me on a payment plan. That was the only way I was able to get through the madness. It's kept me disciplined, even when I didn't have extra income. And it's helped me a great deal.
Reply:Getting an extra job is a great way to make extra money.





Here are some other ways to generate extra revenue


- Babysitting


- Petsitting


- House Cleaning


- Substitute Teaching


- Sell some stuff


- SPEND ALL OF YOUR MONEY ON PAPER BEFORE THE MONEY ARRIVES! When you spend your money on paper before it arrives, you have the opportunity to change what you will spend the money on. When I started to spend my money on paper before the money arrived, I saw how out-of-order some of my spending behavior was. I saved $200/month on groceries/Wal-Mart spending alone.
Reply:Joseph answered it best....get a 2nd job. Or, seek a rich uncle. :)
Reply:Personally, I got involved in politics, cigarette machines, and small personal loans. Oh yeah, and running guns to South America.

ginkgo

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