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What Is Supplemental Income and How Can You Make a Lot of It?

The goal isn’t more money. The goal is living life on your terms.

—Chris Brogan

Whether you have a “day job”—or your partner is the full-time earner—creating an additional income stream has many benefits. Supplemental income can help you build increased financial security, boost your spending budget, or save for the future.

You can earn extra income from two sources: You/your partner’s current employer or a side-gig.  

Understanding how you can make money from these sources will help you decide which one is best for you to pursue.

 

What is supplemental income? Making extra money at work

Side hustle. Freelance project. Contract work. I’d guess this is what most people typically think of when they hear the phrase “supplemental income”—i.e., earning money outside of your primary income.

So does that mean you must get a second (or third) job or start your own business if you want to make extra cash?

Nope. 

While that works for some, others have the ability to increase their take-home pay from their primary employer. Here’s how: 

 

Commissions 

Your earning potential can be unlimited with sales-based commissions. Talk to your employer about training opportunities or invest in a sales course. You can also study some of the best sales books on the market to increase your skills and start earning more money. 

 

Overtime

If you love what you do, why not do even more of it? Talk to your employer about overtime opportunities. You’ll be able to earn supplemental income without having to start another job. Plus, the pay you earn from overtime is typically more (time-and-a-half) than you’d make working part-time for another company. 

 

Bonuses

Talk to your boss about bonus opportunities. Some employers reward employees who are the most productive or bring in the most money for the company. 

Other ways to add money to what you already earn: 

  • Cash in your unused paid vacation and sick day pay
  • Ask for retroactive pay increases or back pay

 

8 ways to make extra money with a side-gig

According to a 2019 study from BankRate.com, nearly 50% of Americans under the age of 35 have a side-hustle. 

While many seek part-time, work-from-home opportunities to pad their bank account, the Bankrate survey found that one-third of participants took on extra work just to cover their bills. 

Here are some ways your contemporaries are adding more money into their account each month. 

 

1. Teaching

Put your guitar, knitting, painting, or workout skills to good use. Teach others how to excel in these areas and you can earn extra income.

 

2. Consulting

If you’re successful in the corporate world, you can build a side-gig business as a consultant. Monetize your expertise by helping companies improve their business performance through better: 

  • Management
  • Structure
  • Operations
  • Strategy

 

3. Odd jobs

People are busy with their own jobs and side hustles. They often need help around the house because they lack the skill or time to tackle these tasks on their own. Some options include: 

  • Fix-it jobs
  • Running errands
  • Washing cars
  • Yardwork
  • Home organization
  • Setting up and running garage sales

 

4. Driving

If you love to drive and want some flexibility, driving for a ride-hailing app like Uber or Lyft can help you earn regular supplementary income. 

 

5. Renting your home (or a room in it)

Renting living space can provide you with a regular monthly side income that requires little work. 

 

6. Delivery services

Due to the pandemic, more people are turning to grocery and restaurant delivery services like DoorDash. As a delivery driver, you get to work when it’s convenient. 

 

7. Turn your hobby into a job

Do you love to write? You can work as a freelancer or start writing and self-publishing novels. 

Are you a musician? Create your masterpieces and sell them online.

Do you create the most beautiful, comfortable knitted scarves? Sell them on Etsy. 

If you have talent/skill, you can use it to your advantage to make money. 

 

8. Selling items for a company like Vector

Selling high-quality products like kitchenware, essential oils, or makeup can add more money to your bank account. The great thing about a company like Vector is that we take the time to train you. When you talk to others about the product you’re selling, you’ll feel confident and proud of what you have to offer. Plus, the schedule is flexible, and the pay is competitive. It’s an ideal social selling opportunity. 

 

Side-gig vs. your primary employer—Which is best? 

If you can earn supplemental income from your employer, why should you start a side business?

 

It beats relying on your boss or a job you don’t love

Even if you get to work remotely, doing extra work you hate will lead to burnout fast! Why not start a side-gig doing work you actually enjoy?

 

You get to set your own schedule

Relying on overtime or bonuses doesn’t allow for a lot of flexibility. Instead, you’re just working more and likely working hours you’re not crazy about. When you start a side-gig, you’re the boss. You get to set the schedule and work when it’s convenient for you. It’s a great option for people with families or who deal with chronic illnesses that don’t allow for a typical 9-5 schedule. It’s also ideal for proper work-life balance.

 

Extra income is always a good thing

If the worldwide Coronavirus pandemic has taught us anything, it’s that we all need an emergency fund. Over 22 million jobs were lost last year. Only 12 million were recovered by December. We had an unemployment rate (14.7%) that hasn’t been seen since the Great Depression. 

In addition to the millions of people without work, there are millions more who are barely making it each month. 

Having supplemental income can give you and your family some much-needed financial security. 

 

Vector: The ideal part-time, work-from-home opportunity 

Would you like to earn more money while working from the comfort and privacy of your own home? Then, you need to talk to our team. 

Vector’s side-gig opportunity allows you to make a good income, create your own schedule, and advance within the company. You’ll gain highly relevant business experience, whether you continue to work from home or pursue another career path. 

Supplemental income has never been more important. Start your side-hustle today so you can have peace of mind tomorrow.   

Are you ready to start earning extra income? Contact us today to schedule an informational interview.