The current recession has wiped out a lot of our savings, reduced property and investment values, removed jobs (that may never return), and reconfirmed our suspicions that the big corporations can’t be trusted and that there is really no job security (if there ever was). With these problems, comes a desire to take back control and make some extra cash to help us get back on track.

As bad as it is today, I prefer to see it as a blessing in disguise. I’ve been ‘out of work’ for over a year for the most part, and this has allowed me to finally focus on my passion, which is helping people by teaching them what I’ve learned whether that be how to play guitar, or how to start a website business online. I’ve made many mistakes and learned a lot over the last year.

To me, it’s never been a better time to start a business. This is because you can start one for almost nothing these days, especially if you do it using online tools. Instead of building the usual ‘brick and mortar’ business, which requires a large capital investment (for office space, equipment, employees, etc) you can start one with low overhead. Work from home, do everything yourself at first, or my preference – build an online business.

This can sound scarier than it is. All you really need is a website and something to sell. It doesn’t even have to be your own products. You don’t even need to incorporate, just start as a sole proprietor. A solo proprietor is basically the same as being an employee but you get to deduct your business expenses. Websites are incredibly easy to set up these days as things have progressed substantially on the Internet with many free software tools.

If you have a job and hate working there and commuting, or aren’t following your true passion, you can start this on the side after work and on weekends. This can bring in some extra cash to build back up your savings, pay off debts or for fun money. I know it’s hard to do this after a long day of work and commuting but it has to be done. But this is not a get rich quick scheme, you will have to put in some work!

If this sounds exciting to you, then stay tuned for future posts. If you have questions and can’t wait feel fee to contact me.

The action plan is that you:

• order your credit cards from highest interest rate to lowest interest rate
• make sure you are paying the minimum on each card, then
• pay off your highest interest credit cards first (see: finding money section)
• take the payments you were making on the first card, add those payments to next highest interest rate card
• once all cards are paid off, save 8 months worth of monthly expenses

There are a tons of specific problem scenarios and what you can do about it.

If you’re a regular reader of my blog, you’ve hopefully been doing this already, because you know that debt will reduce the sense of power you emanate when you negotiate for higher rates. It’s hard to turn down an offer or ask for more money when you can’t afford to lose the job/opportunity. Also, you don’t start to save ON the rainy day, you start BEFORE it rains! But if you haven’t started, it’s good time to do so now.

The HUGE missing piece in this book is the part about making more money. Suze’s great at explaining credit card debt, Roth IRAs, saving for college, mortgages, how to spend less, etc but nothing on making more money!

That’s where this website comes in, whether it be by starting to contract, or building an online business to supplement your income. As a contractor, I have no worries about the current economic situation, haven’t been working on a contract since November. My mortgage is paid off and I bought another house on the east coast. I get calls about work and turn down certain opportunities (that currently would involve travel). I don’t budget or restrict my spending. But I don’t go to shopping malls, spent nothing at Xmas, and don’t have anything on my credit cards. I pay off the card each month if I have a balance (for purchasing online, donating to charity, etc).

There is another reality out there, but you have to consciously work to make it happen.