Whether you need to supplement your income, are facing forced early retirement, or just got fired there are some things that you can do to explore new sources of income. Naturally, if you’ve been a wage earner all your life you may not have thought of alternatives to the traditional “job”.

The very first thing to do is to think about your passion. As the years have rolled by, you may have lost touch with whatever it was that got you really excited about life so this may take some time. If it helps, think back to your youth, what have you always wanted to do, but set aside for the more “sensible” career path. Once you’ve determined your passion, think about what opportunities there are in that field. Can you work as a consultant or freelancer?

A second possibility is to take stock of your current skills. If you love the area of work you are in, then by all means include those skills. Don’t overlook the skills that you have developed from volunteer work or hobbies. Just about everyone has some skill that they can mold into a new career. It just takes some careful analysis and creative thought. Are any of these well-suited to work as a consultant or freelancer?

Once you’ve determined what you plan to do as a consultant or freelancer you’ll want to get your message out there. Vistaprint and other online companies make it very easy to print business cards cheaply. I really like Vistaprint because they offer all kinds of neat ideas that will help you promote yourself. They are currently offering a one month free trial of their website services, but even if you decide to purchase their website service it is only $4.99 per month for a simple 3 page website.

Both of these approaches will take time so don’t want to rush the process. Mull it over, sleep on it, and ask all your friends and family for their input. The reason to ask friends and family is that we often do not see our own strengths and may overlook skills that we take for granted. Friends and family have the ability to be more objective and therefore see things that you may not.

A third way to explore new sources of income is to go to your library or book store and find books that suit you. There are many books that are targeted to starting over, starting a new business or completely re-inventing yourself. It’s worth investigating because you want to find something that will actually work for you. If at all possible find something interests you and that will make you happy to leap out of bed every day.

A fourth thing to consider is making money online. It’s never been easier to set up a business of your own online. Yahoo business is just one company that makes it very, very easy to set up your own website. You could use the website to sell merchandise or your special skills and because Yahoo has the option to add a check out service you can even get paid online. (I’m not paid by either Yahoo, or Vistaprint for my recommendations. I have used both their services and been very happy with the final product and tech support, so I don’t mind recommending them to my readers.)

So there you have it – four tips to help you find new sources of income. You are really only limited by your imagination. Don’t let fear of unemployment, forced early retirement or feelings of inadequacy paralyze you into inaction. You have options, so get out there and find them.

Author's Bio: 

Kerry Hook has retired from 20 years of research to develop a great website for all those who are retiring or retooling their lives. The website contains many articles that will teach you how to live well for less. The Frugal Retiree, loaded with fun quotes, money saving tips, new hobbies and health articles that will help you live a quality life on a frugal budget. Please visit: http://www.thefrugalretiree.com/

If you want to save money on gasoline be sure to check out: http://www.thefrugalretiree.net/saveongas.html