Are you currently without a job, or are you physically unable to go outside your home and work? I recently received a few emails from readers in this situation. For whatever reason (they did not want me to list the details), they were left jobless and unable to work outside of their homes.
Imagine yourself in this situation. You have all of your current expenses (house, car, food, clothing, utilities, etc), but all of the sudden you’re left without an income. Sure, you might find some odd jobs that help, but ultimately your savings are going to get eaten up! So, what are your options when you’re not able to work outside of your home?
Step 1: Reduce Your Expenses
Now, let’s get one thing straight. When I say, “reduce your expenses”, I’m not talking about eating off brand groceries and saving $50 a month. If you aren’t able to work and have no prospect of earning your regular income in the near future, your entire lifestyle needs to change!
If I were in this situation, the first thing I would do is sell my house. It’s my largest asset and really, I can find other housing that’s cheaper. Many people are starting to rent out rooms for only $200 month. This is much better than paying $1,000 to your bank each month for that mortgage.
Next, I would most likely get rid of my vehicle. If I needed to get anywhere, I could always take the bus or ride my bike. This will reduce my expenses greatly because I no longer have to pay for gas, insurance, or the vehicle maintenance!
If there were other items that I really didn’t need (baseball cards, speakers, paintings, extra televisions….), I’d put those up for sale as well. Craigslist and eBay are great tools to make some money on stuff like that.
The last method of reducing expenses would be to watch what I’m eating. No more going out to eat, even to McDonalds or Burger King. It’s too expensive compared to how cheaply I could eat from the grocery store.
Step 2: You Need to Create an Income Somehow
No matter how low your expenses are, if you don’t have an income you will ultimately run out of money!
Given your situation though, a regular job at the office or manufacturing plant is simply not an option, so how can you possibly earn an income if you can’t work outside of the home?
I bet you knew this one was coming, but it’s true! Before I started my website, I had no idea how many options were available online! I’m not talking about taking online surveys or spamming social networks either. I’m talking about a legitimate, consistent income.
There is a huge rise in the need for web assistants. For most openings, you don’t need to know code or much about building a website. The owners of the site just want some relief from the tedious tasks day to day. Your duties might include: checking email, filtering spam comments, researching for ad income, promoting the site on other online forums, and putting up the daily posts. It’s all quite simple, and you can do it from the comfort of your own home.
Let’s say you’re not computer literate, I bet there are still plenty of off-line money-making opportunities. Just think about what you do with your spare time: Do you knit? Do enjoy drawing or painting? Maybe you love playing video games! All of these things could earn a consistent income! You could sell the items you knit, sell the sketches and paintings you crafted, and as for video games – you could be a video game tester to make sure there aren’t any bugs before the official release!
Perhaps you don’t believe that you could earn an income with your hobby. Well here’s a real-life story about a man at my work.
Bob used to work on the shop floor, putting together parts on a line. He seemed quite healthy, but then it happened; a stroke. He battled back as best he could, but his right arm lay limp. He would never be able to use it again.
Because Bob lost the use of his arm (this was his dominant arm by the way), he could no longer work. Rather than mope around at home, he decided to get back into the hobby he once loved; wood burning.
He started out incredibly shaky since he never used his left hand to craft his masterpiece. In time though, Bob learned to create beautiful works of art like never before!
Today, Bob has orders nearly a year in advance for his artwork! He is incredibly happy and no longer needs to work in the factory.
Low Expenses + Consistent Income = Survival
If you ever find yourself in this situation, get creative and think outside the box. With a little thought, your expenses could easily be lower than $1,000 a month, and your income could rise to nearly what you were making at your regular job – you might even make more!
What would you do if you found yourself in this situation? Do you think you would survive?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.