3 REASHONS WHY YOUR FAMILY NEEDS A SIDE INCOME

You may wonder if whether or not a side income would be a great idea financially for you and your family.

3 Reasons Why Your Family Needs a Side Income

The answer is almost always yes.

But why might you need a side income?

Have you felt stuck financially?

We sure have.

One time…

We sat in our one bedroom apartment in Spokane, WA watching the snow flakes accumulate on the ground below. It wasn’t going to be stopping any time soon.

A year earlier we moved to Spokane from Southern California as we needed to change things up. Well change was on the way…

Alisa was pregnant and expecting our first child.

It was in this setting that I was wondering how we were going to support our growing family. The work position I had taken to be in Spokane was going to be seasonal and I didn’t expect this at all.

Not a good thing as we were getting out of debt and saving for another mouth to feed.

As I sat in our dinning room with the computer on our table I Googled Dan Miller. He had been on The Dave Ramsey Show the week prior and I liked what he had to say about earning a side income.

As I looked at his website I found what I was looking for…

48 Days to Creative Income (now it’s No More Dreaded Mondays).

I picked it up without a second thought.

We needed to make a side income fast!

And the rest is history as they say…

Since that time we learned how to start a side income business as well as our current businesses that we have run for the past 12 and 5 years.

Each side income has benefited us from getting out of debt, to saving for vacations, to growing our emergency fund.

We want you to be able to do the same for your family.

Now let’s look at the top three reasons why a side income may be a great idea for your family. Remember that a side income may come from a second part-time job, an online position, or even your own small business.

3 Reasons Why Your Family Needs a Side Income

Achieve Financial Security

As you have seen over the years the economy can be roaring ahead or it can be receding.

You may even have had friends, family, neighbors or coworkers who have lost their jobs, lost money on investments, been laid off, or have had issues paying their bills on time.

Do not let this happen to you!

Instead, think about how you can supplement your income and savings with a side income. The savings that you put away now from your side income can help to bolster your finances both now and in the future.

No matter what might happen to your current investments or your job.

Another option is to use your extra income to invest elsewhere to diversify your multiple income streams.

Save for More of the Things You Love

Is it getting close to needing a new car?

Maybe you and your spouse want to take a great family vacation in the coming years?

Planning a big event in the coming future (anniversary trip, college, wedding)?

Hoping for a romantic weekend getaway?

Not sure how any of these things could possible happen with your current income?

If this describes your current financial situation, then a side income could be the perfect solution. With your extra income, you can finally start saving.

With your savings after just a few months, or even a year or so, you could be quite a bit closer to making your dreams come true.

Plan Your Future

Planning for your future, now, can go a long way in making your future a much better place.

A side income can allow for you to plan for your future, or for the future of your estate.

Starting a side income could help you and your family finally get your emergency fund fully funded.

It may be a way for you to save for your child’s future education.

Or, think about investing the money from your side income in a personal retirement plan.

You may even want to use these savings to put a down payment or to payoff home in the future.

No matter what plans you have for your future, having a side income to save for the future can seriously help you to achieve those dreams.

Take action today and start your side income.

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4 thoughts on “3 REASHONS WHY YOUR FAMILY NEEDS A SIDE INCOME

  1. Being fiscally responsible is wise, and in and of itself is good for your marriage. But a word of caution… take care that money does not become a priority in your life over God and each other. I realize that this advice is certainly not advocating that kind of obsessive behavior, but I feel compelled to call out the trap. Especially since one of the bullet points is “Save for More of the Things You Love”… this was almost assuredly a careless choice of words rather then the intended meaning, but it illustrates the potential pitfall here very well — you should love God, your wife, and your family. It is fine to enjoy “things”, but you don’t want to “love” them:

    “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” (1 Timothy 6:10)

    “No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.” (Luke 16:13)

    That said, please take the intended advice here and be fiscally responsible. Just take care to keep the proper perspective. Money is a means to an end. It’s not itself an end.

    God Bless!

    • Hey Josh,

      Totally tracking with you and yet if we want to save for something…

      Say a car. We are going to save for the things that we love/need instead of having to borrow money.

      As it says in Proverbs 22:7, “The rich rule over the poor, and the borrower is slave to the lender.”

      A side income is just the way to make sure that you are not a slave to the lender. In our opinion save and then spend on those items you want.

      Yes, God, your wife and family come before and yet when families are in debt up to their ears it is one of the main reasons they file for divorce.

      So yes have perspective, but don’t be scared to make money to benefit your family.

      Believe us that when times are good not only do we benefit but many other organizations do as well.

      • For the record, I agree with your followup — in fact, I’ll even call out that the verses I quoted are commonly misquoted: money itself is not the “root of all kinds of evil”, the *love* of money is. I totally advocate managing your finances. Save up for bad times. Pay down debts. Don’t spend beyond your means. Save up for major purchases instead of borrowing. Have gainful employment to support your family. It’s all great advice. I never meant to come off as if I were suggesting taking a vow of poverty… In fact, I actually have a side income myself (I maintain the website for a local ice hockey referee organization).

        All I was saying was to be careful not to fall in love with the material wealth… especially when talking in the context of side incomes, or even work/life balance. If you have to neglect the things that really matter to make a few extra dollars, it is not worth it. “What good will it be for someone to gain the whole world, yet forfeit their soul?” (Matthew 16:26)

        I’m quite sure you aren’t advocating this sort of obsessive behavior either, but especially given the primary aim of your overall message, it’s an important piece of caution. Having a side income is fine — but if your spouse is going to bed alone every night while you work on your three side income sources trying to save up for a BMW, you’re doing it wrong. 😉

        • We see eye to eye on this Josh.

          You bring up great points for sure. Each of us in our marriage has to be able to communicate with our spouse about why this is important.

          If after some time you recognize that you are off kilter it’s time to step back and reevaluate.

          We’ve been there before ourselves.

          Thanks for adding to the conversation.

          Love you guys.