From the course: Recovering from a Financial Setback
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Exploring your income options
From the course: Recovering from a Financial Setback
Exploring your income options
- For the past few decades, work has been moving away from 9:00 to 5:00 salary jobs into many different forms of earning a living. Contractors, freelancers, part-time and gig workers. The benefit of these more flexible options is that there are many more ways to bring in extra money should you find that you can't make ends meet. First, a few definitions to know. Let's look at the money value of your time. Your time can be used to earn money. At the most basic, this is the federal minimum wage, but as you earn skills, the value of your time increases. Assets, which is anything of value that you can turn into cash, and liquidity, the ease at which you can turn an asset into cash. Now, here's what I want you to do. Look at all the things in your life that have value from bank accounts, savings accounts, your house, your collectibles to your time. Weigh your options by looking at the short and long-term benefits of cashing in…
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