Increase Savings by Increasing Income -- Methods

For me my hobby of soccer turned into a paying assignment worth around

If you are each saving 10% into 401k, plus fully funding a Roth for both spouses, I think you are doing quite well. Be patient and give it time.

jIM wrote: . . .

Sorry, correction to my last reply to jIM. Hubby was 31 when he left teaching to go back to school. He entered industry at 35.

jIM wrote: . . .

I guess I should add that I am 33 and hubbie is 42. He was a teacher until he was 36, so we have some catching up to do. He had no savings upon returning to school and switching careers. I didn't start saving regularly until I was 27. Shame on us. Our daughter will not make the same mistake.

I am 34 myself... been saving since 25. The earlier you start, the better. Age 35 is an OK place to be. Do not dwell on "what could have been". Everyone, myself included, has made financial mistakes. The fact you learned from yours at age 35 will make the next 40-60 years of your life more enjoyable.

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Do either you or your husband play a musical instrument of any kind? About 15 years ago I was able to increase my income by (average) about $350-$500 a week with my guitar playing. $10.00 for a half hour lesson (that's $20 bucks an hour) for the local high-school kiddies for about 10 hours a week (roughly $200 bucks a week) and the remainder was made playing guitar on stage at the local college pubs in the area.

It ain't a lot of extra money, and it takes a while to build up a large pool of students -- but at that time it was making me more than my "day job" was -- and was far more fun too.

jIM wrote: . . .

Are you coaching? I'm thinking maybe I could tutor in the local community college learning center, but again, I'm just not into spending precious time on top of my full-time job. I want to spend time with hubbie and baby, which is equally important as saving. I'm hoping some folks on here have advice on something like rental properties or something else I'm not considering.

I am a coach and a team trainer for various youth organizations in Cincinnati.

Tutoring is a good equivalent it sound like (for you). Sgt's suggestion was an equally good one. The primary issue is you need to ask yourself what is best investment of your time? family or money?

My wife participates in surveys and baby sits, does a few other things to bring in around $1000 cash per year. My soccer brings in around $3000. One of our keys to a successful marriage is we don't see each other "that often".

Your post hints that you may want a passive income. Real estate is not passive (from what I've read). The $$ might be more than the $4000 I mention, but the time spent is much higher (and the liability is A LOT higher).

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Long or short answer? Short: No. Long: I used to play the flute (4 yrs), then I switched to choir (4 yrs), then I left choir so I had time to work while putting myself through college (5 yrs), then I took up violin and got bored with it (1 yr), then I bought an acoustic guitar and tried to teach myself (1 yr). The guitar is upstairs in a closet. I was thinking of saving it for my baby girl, but maybe I should sell it!

I can sing, however, I don't think I could get paid doing it and don't have credentials/knowledge to teach others how to sing.

Shoot. Good idea though.

Keep 'em coming, guys!

I was thinking about this and about to recommend some side jobs that would turn time into money at a fair rate, tutoring (in whatever subject your husband taught in school), and consulting by you in your chosen field.

I caution you that rental property is not a low-time-sink endeavor. If you can find a property where the rent pays for the mortgage, taxes, upkeep, etc, you are likely to find it needs a bit of work, some sweat equity. The risk that comes with bad tenants is always there, (see the Michael Keaton "Pacific Heights" (1990)) and in the end the successful real estate investors started by putting in a lot of time, if only to avoid paying plumbers $200 to change a washer.

Just my two cents. JOE

Do you have hobbies that can be turned into profit on Ebay or similar websites. There's tons of baby clothes, dolls, doll clothing, musical instruments, sports cards, coins etc. being sold daily. It seems everyone has a niche and some sellers are over 10,000 feedback entries.

I noticed one is selling spreadsheet applications; after you pay he/she will email the spreadsheet. Some of you spreadsheet gurus may want to look into this venture.

Hope all have a great evening..

CIL wrote: . . .

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Actually, my hubbie is great with creating custom spreadsheets. That's not a bad idea. He likes playing with Excel so it could be enjoyable for him and not too much "work." I'll have to search the sites, find this person and see what they're charging. Hmmm.

jIM wrote: . . .

Yes, I think that is where I'm leaning: passive income. So what about it? Would it make sense to start investing for income and not max out the Roth IRAs? Could I possibly make enough by buying assets to make it worth not maxing out the Roths?