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Spend less than you earn doesn’t just mean cut back on your spending.

It also means striving to earn more income when you can, because the real goal is to maximize the gap between your income and your spending and then use that for a greater purpose (saving for your goals).

In a down economy, I believe the best way to set yourself up for more income over the long haul is to start a strong side business.

A side business started today will be ready to really thrive as the economy begins to rebound and people begin to spend their money more freely.

At first, it’s useful to think of a side business as a hobby with benefits. Don’t worry too much about choosing the activity that will earn you a lot of money.

start a list and keep it over a period of time. Write your ideas down now, then leave the list out somewhere where you’ll routinely bump into it.

After a week or so, take a look at all of the things you’ve written down. Somewhere on that list is the perfect side business for you. The trick is finding it.

Try brainstorming a few different ways to earn money for each of the items on the list. Let’s say, for example, that you wrote down “prep sports” as an interest. Perhaps you could become a referee. Perhaps you could start a blog discussing prep sports in your state. Make a list of all of these ideas – two or three or four for each thing you enjoy.

Continue Reading: “Starting A Side Biz In A Down Economy”

Photo by urbaneye.

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