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Battling Your Income Related Fears

I’m doing a 3 part series on money fears. I’ll be tackling income fears, debt fears, and savings fears. Today we are talking about income related fears and how to battle them.

People have a lot of fears when it comes to their income. That’s totally understandable. Your income is your primary source of survival. When it comes to income most are afraid of losing their current income. Some are also afraid they won’t make enough. Or just plain afraid of being able to find a job. If you are unemployed this is a pretty significant fear. I heard on the radio the other day that this is the worst job market for our young people in 60 years! That’s a long time. So I can see why so many people are worrying about their income.

Battling Income Fears

You tend to have less fear surrounding things you can control. That’s why people are more afraid of flying than driving, even though driving is significantly more dangerous. At least in the car they feel they have some control. So if you are dealing with some income related fears then it’s time to take some control. Diversify your income by starting a side job. Turn your hobby into a money-making venture, or adventure. Love to shop the thrift stores? Look for bargains while you are there to sell on craigslist. Love to work on cars? Buy a fixer for cheap and fix it up to sell for a profit. Or start a little mobile mechanic shop and charge your neighbors for work. Love kids? Babysit on nights and weekends for friends and family. Love pets? Start charging for pet sitting or dog walking. There are a million ways to save money and make money. Drive people to the airport. Charge for fashion advice. Teach people how to garden or cook. Do the shopping for the elderly lady down the street. Wash cars. Teach a couponing class. Sell baked goods. Clean houses. Give the kids on your son’s sports team a ride to the games. Clean pools. Plan parties. Organize closets. Meal plan for others. I could write this list all day long so I’ll stop. You get the idea.

If your income is diversified your income fears will be reduced. Not only will you be earning more and creating your own job, you will be in a better position if you were to lose your primary income. I knew a guy who liked to do pig roasts. Whenever he had a party at his house he would roast a pig. It was so tasty that his friends started having him cater their parties. And then his friend’s friends started asking him to cater their parties. And so on. Eventually he had to quit his full time job so that he could do pig roasts full-time.

But even if you never do your side job full-time, your part-time hobby / job will be there to help you through rough times. You might even be learning new skills that will help you in your full-time job therefore making you more valuable and less likely to be laid off. If you are laid off you will still have some income that will help get you through until you can find a new job.

Diversifying your income will go a long way to helping relieve some of those income related fears. Stop by tomorrow for tricks on how to deal with those debt related fears.

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