Entrepreneurship & Small Business

I need to make 50K by next April

  • Last Updated:
  • May 25th, 2017 8:57 pm
[OP]
Newbie
Apr 11, 2011
50 posts
4 upvotes

I need to make 50K by next April

Hi RFDers,

my family is in a pickle and I need to make 50K by next April to get us out of it.
I currently have a full time and have to stay put as my wife just recently switch to be a car insurance broker and is on full commission...so the stability is important at this time.
As a result of this, I also have to watch after our kid which makes a part time job probably not very feasible (at least not enough to reach 50K).

Here are some ideas we have played around with:
-freelance from home (graphics design, etc)
-tutoring (hard to make that type of money in the given timeframe)
-Starting some small business (concerns include starting cost and time to profitability)

Any ideas are welcome!

Thanks!

Ron
51 replies
Sr. Member
User avatar
Mar 3, 2011
513 posts
224 upvotes
You could start selling crack on the street corner and calling yourself "Heisenberg" :)

In all seriousness, you could start looking at your expenses and see where you can cut back on.

Stop going out on evenings and weekends.

Stay in for breakfast, lunch, dinner and only eat what you make.

No more unnecessary spending, that means for the whole family including the kid(s).

If you are already doing the above, maybe you could have family take care of the kid(s) while you are out on a second job.

What kind of work are you in to?

Sometimes people have to make due with their situation and might have to downsize from a house to a condo.
[OP]
Newbie
Apr 11, 2011
50 posts
4 upvotes
markopas wrote:
Apr 18th, 2017 9:51 am
You could start selling crack on the street corner and calling yourself "Heisenberg" :)

In all seriousness, you could start looking at your expenses and see where you can cut back on.

Stop going out on evenings and weekends.

Stay in for breakfast, lunch, dinner and only eat what you make.

No more unnecessary spending, that means for the whole family including the kid(s).

If you are already doing the above, maybe you could have family take care of the kid(s) while you are out on a second job.

What kind of work are you in to?

Sometimes people have to make due with their situation and might have to downsize from a house to a condo.
You want to be Jesse?? Face With Tears Of Joy
But ya, I really want to focus on making more rather than spending less.
Although tbh, we are a pretty frugal family as is.
Deal Addict
Oct 7, 2007
2938 posts
634 upvotes
Start looking through your stuff and sell the highest value items you have. You can always purchase items again later when you have the money. This would be the quickest and easiest way to raise a significant amount of cash assuming you have stuff (electronics, furniture, books, appliances, jewellery, clothes, cars, bicycles, etc.) to sell.
Sr. Member
User avatar
Dec 16, 2015
619 posts
213 upvotes
Canada
Freelance if u have the skills
Member
Nov 22, 2008
281 posts
40 upvotes
Multilevel marketing? Sell Sentsy? lol

I was involved with Pre Paid Legal/Legal Shield back in the day - their commissions were the highest in the game, may be worth looking into.

Good luck!
[OP]
Newbie
Apr 11, 2011
50 posts
4 upvotes
coangr wrote:
Apr 18th, 2017 11:29 am
Multilevel marketing? Sell Sentsy? lol

I was involved with Pre Paid Legal/Legal Shield back in the day - their commissions were the highest in the game, may be worth looking into.

Good luck!
Thanks! I am not against the MLM type of business model but I think the 50K mark would be a stretch even for really good team builders.
Will look at that pre paid legal thing though =P
Deal Fanatic
User avatar
Nov 6, 2010
7932 posts
777 upvotes
Ottawa
I mean it depends on your skill set ultimately. Freelance can be lucrative if you're freelancing/contracting in a well-paid, in-demand field.

Selling stuff is also a possible avenue. Not just yours, but buy-resell is an option if you have knowledge of a particular group of products and can gauge value very well. I know many sneaker heads who buy/sell shoes on the side and make basically a 2nd salary out of it. It's very involved though.
Newbie
Sep 16, 2013
94 posts
42 upvotes
Medicine Hat, AB
Freelancing is a decent way to make some side money but $50k in a year is going to be tough. I have been doing freelance work for years and my best year has been $10k. Now, mind you, I only do this part time. Some months I might not put in a single hour. But freelancing is a grind especially if you're getting started with no freelancing background. If you go to a site like UpWork you can find some good jobs but you're bidding against people around the world with a much lower cost of living. Sometimes it can feel like a race to the bottom in terms of pricing.

Your best bet is probably a combination of freelance work, selling some stuff you don't need, cutting expenses, and maybe getting a second job or something. I don't think there's one path to making an extra $50k without finding a new, much better paying job.
Deal Addict
Aug 19, 2013
2394 posts
973 upvotes
Remember if you need 50k you have to add tax on top of that. So depending on your marginal tax rate you will have to earn a lot more then that.

Honestly it's easier to save a buck then earn a buck. I would cut back to the bare necessities and both you and your wife look for extra work.

You will be hard pressed to earn $50,000 net by just yourself in one year by doing something on the side. Look at what assets you have that you can sell.

If your not willing to cut expenses and sell assets then it's probably not as big of a necessity as you are making it sound.
Deal Guru
Aug 2, 2001
13990 posts
4501 upvotes
Honestly, if you are looking after a child part time and working full time, I fail to see how you will make $50K in a year (without even counting taxes) in freelancing when you are starting from nothing. Starting a business is a horrible idea because they are often not very profitable in the beginning - and with your time frame that would be unacceptable for meeting your goal.

I would highly recommend you look at your situation and set a realistic goal. $50,000 does not seem realistic and unrealistic goals can often cause more problems because they are unattainable so it is difficult to motivate.
Newbie
Jan 31, 2008
95 posts
13 upvotes
Mississauga
Scalp front-row concert and sports tickets. Buy and sell limited edition toys, or video game consoles on release day. You just need a credit card with enough head room to play with, and a good understanding of store return policies. Additionally, find out which tickets are not resellable and stay away from those. But that's just advice!
Patrick

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