Have you ever felt like your current job isn’t paying you enough money? You may have a degree or some type of advanced education. As a result, you thought getting that higher education would help you make more money at your job. To your disbelief, it didn’t help you get the pay raise you were hoping for. Then you realize that you spent more money out of pocket to get that advanced education. The reality is, you aren’t reaping the financial benefits you thought it would help you get. For example, you may have paid $15,000-$30,000 for your degree and are barely making more than that at your job. Add to that, you are probably still in student loan debt as a result of that degree. In today’s post, I’m sharing 4 proven reasons you should always have a plan b, beyond your 9-5.
Reason #1 – You Can Never Rely on Your Plan A 100% of the Time
If you were to lose your plan A today, would you be prepared or would you panic? Most people would panic because 80% of them probably never saw it coming. I’m writing these 4 proven reasons you should always have a plan b because I don’t want that to be you. It’s important for you to be proactive and understand how to put yourself in a position so you will be okay should the unthinkable happen to you, if it hasn’t already.
This may be something you’re already familiar with due to a previous layoff or being let go from a past job in some kind of way. To keep history from repeating itself, what have you done differently this time around? Having your current job as your only source of income, puts you in a vulnerable position. Instead of only relying on your plan a, below are some ways you can create a second source of income for yourself:
- market your existing skills to earn more income
- invest in a home based business
- drive for Uber or Lyft
- sell unwanted items in your home that you no longer need
- invest in real estate
The opportunities for how you can create a plan b source of income for yourself are endless. Decide what you’re good at and start thinking of ways you can turn those skills into income.
Reason #2 – You’re Expanding Your Network and Meeting New People
Sometimes, working around the same people day after day may become too routine for you. It’s important for you to expand not only your mindset but also your skill sets. Meeting new people can help you do this. When you create your Plan B, this can potentially put you in rooms and environments with new people and new ideas. Being around new people also creates new opportunities for you.
You can expand your network at your current job, which will open new doors for you within your Plan B. Your skills and talents can help others, even those beyond your current workplace. If you aren’t familiar with ways to expand your network outside of your workplace, check out Meetup or Eventbrite for networking opportunities in your city.
Reason #3 – You’re Positioning Yourself to Earn More Money
Creating another source of income beyond your Plan A is a plus in many ways. Of course this depends on the type of Plan B you set up. If you elect to get a second job, word of caution here. You will be getting taxed from both your Plan A and your Plan B. Instead, you may want to consider a different route, such as a Home Based Business which I broke down further in How to Start A Home Based Business in 8 Steps. If not a home based business, then some other type of business structure that will help you save on your taxes instead of paying out more money.
Reason #4 – It Will Help You Cut Debt
When you have extra income, you’re able to use some of the extra income to pay down (or even off) your existing debt. These 4 reasons you should always have a plan b, beyond your 9-5 will put you and your family in a better position. Remember that student loan debt I talked about earlier, this extra income could help you pay it off.
Paying down your debt can help you,
- get a better credit score
- have more favorable outcomes if you choose to invest in real estate
- reduce stress
- free up your money to spend it on what you want
- get better job options, and so much more
No matter how you decide to earn your extra income, make sure that it will benefit you and your family in a positive way. Look at what makes the most sense for you and your lifestyle. If you’re married, brainstorm ideas and options with your spouse. Whatever you decide, these 4 reasons you should always have a plan b, beyond your 9-5 should give you some ideas.
Are you ready to start your own journey as an Entrepreneur with a Home Based Business but not sure if it’s right for you? I’ve put together a free guide for you. You can grab my Home Based Business Decision Guide here. I guarantee you’ll walk away with an answer after reading through the guide!
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