I guess I am starting off my online coaching business with an unpopular opinion: earning more money in your “day job” is the path of least resistance to increasing your income and improving your financial stability. It’s the low hanging fruit that is tempting to overlook when presented with too many choices to make more money.
My Short List of Money-Making Ideas
Let me backup a step and provide a little context as to how I arrived at this conclusion…
In March of 2020, like many, I entered uncharted waters of my life. The world stopped. My school-age kids were at home 24/7. I found myself unemployed and going through a painful separation with my (now ex) husband. To say I was in a constant state of panic is an understatement.
My world collapsed. The ground beneath my feet became quicksand, where I began to sink into a world of sadness and depression. Maybe I will share more about this time of my life in this online space at some point. That story is not the point of this post.
It was during this time that I was faced with a laundry list of ways to make more money. Money, I will add, that I needed yesterday. My brain came up with a short list of options that included (but were not limited to) the following:
- Get a salaried job (where I would have to work from home, as the kids were with me primarily during the day)
- Rekindle my online blog (I had not posted content in almost a year and it did not generate enough revenue to cover my expenses)
- Go all-in on a business partnership with a friend (a business idea that hinged on in-person social events)
- Start a gig job (such as grocery delivery) until something else worked out
- Sell all of my belongings (which, let’s be honest, would have only helped for a short time and was not any type of long term solution)
My Not So Great Ideas
Let’s not forget the other two ideas to make more money presented to me at the time…
A few weeks into the stay at home orders, my well meaning neighbor suggested that I file for unemployment benefits. Here was the problem with that idea- I had not been let go of a job because of the pandemic. I had left my Corporate career in 2016 to be more available to my little kids. I had then spent the prior 3.5 years working with my (ex) husband at his family business, while blogging on the side. Legally, I did not qualify for unemployment and the idea of “working the system” did not sit well with me.
Not to be outdone by…
The first divorce attorney I met told me that I would be lucky to find a job earning more than $50,000 a year. He advised me to take the path of NOT finding a job, which would increase my awarded settlement of child support and alimony. I still get the taste of throwup in my mouth when I think about this advice. He was obviously not hired!
In my process of idea elimination, the above two mentioned ideas (those not on my short list) were immediately out. While I’m not above asking for help or asking for money when I am rightfully owed, both of these ideas offered a solution that relied on others. I knew that if I slipped into the mentality of my financial stability relying on others that I would likely not problem solve on my own. My gut told me the thought train of relying on others would not lead me to the financial independence that I so desired.
Choosing How to Make More Money
The “short list” of money making ideas sat written on a dry erase board hanging in my apartment bedroom. I stared at the list daily and frequently listed out the action items I needed to take to make each idea come to life. That activity left me feeling overwhelmed, more confused, and worst of all- not taking action.
Fortunately, I had a good support system in place in the form of my therapist and my immediate family. I experienced major anxiety and panic attacks at the thought of not providing for my kids and myself financially.
There were two impactful moments that shifted my mindset, ultimately leading to me choosing and acting on a solution to make more money:
#1: Focus on ONE thing at a time:
I read the book Essentialism by Greg Mckeown and asked myself the question- what is the ONE thing I can do that would have the biggest impact on my financial stability? The clear answer was to prioritize securing a work from home job. This job would meet most of the financial needs I had at the time.
#2: Face the reality of inaction:
In one of my (almost daily) calls to my closest sister, she virtually slapped me on the face. She said that I was not taking action and that is why I was not having results. I would like to note here that I did not want to hear this but I needed to.
Now of course there were many other events and plot twists during this time that had an impact on my journey. These two events were the biggest key ingredients to changing my trajectory.
Going All-in on ONE Idea
While everyone’s financial journey is different there are overarching themes that translate across experiences. When I argue that the easiest way to make more money is your “day job”, I am making the case for leveraging the part of your day that has most of your attention. This may be a 9-5 job for many of you or it may look a little different. The path of least resistance in earning more money is to focus on increasing your main source of income.
In a world of “shiny pennies” everywhere, it may be tempting to entertain the idea of spreading your attention across many different income generating ideas. I am not judging- clearly I did this too. I would like to offer the idea that if you focus on ONE place to significantly increase your income, you may have faster results that surpass what you originally desired.
How to Make More Money in your “Day Job”
Once you’ve made the decision to focus on earning more in your day job, you really have two options:
#1: Get noticed at work:
If you have the desire and opportunity to advance within your current role or company, this could be a good option for you. Leverage any of the following to get noticed at work:
- Midyear or annual review process
- Master an in demand skill
- Network within the company
- Start/maintain a “brag book” of accomplishments and feedback
#2: Switch roles and/or companies:
Sometimes the income and/or opportunities you desires are just not available at the company you’re with or on the career path you’re on. Instead of trying to make the impossible work, you have the option to just “step over” into a new reality. Stop making it harder on yourself; I say this from experience. In 2023, I was able to increase my Corporate salary by 30% simply by switching companies into a similar role.
Pep Talk for the Single Moms
If you’re not a single mom, this still applies to you! It may be tempting to try a bunch of things at the same time. The reality is if you are feeling insecure/overwhelmed about your finances, the “throwing spaghetti at the wall to see what sticks” is only going to contribute to those feelings over time, and you might not even end up with the result you desire.
Ask yourself- what is the ONE thing I can do that would have the biggest impact on my financial stability? And go do that ONE thing. I’m rooting for you!
