A Second Income Stream

I'm a firm believer in secondary income streams.  Relying solely on your employer and the income generated from one job is risky.  Especially if you consider what might happen if you no longer had your job.  Several years ago I wrote about Cottage Industries and the value they have.  I still feel very strongly about that.  Right now I have a good job that I can work extra hours at and earn overtime.  I very much appreciate the extra income, but in no way do I expect that to last forever.  Right now I am utilizing that extra income with intention and purpose.  I don't want to squander my hard work and efforts.  However, I also know that at anytime I could be without a job.  Things happen.

The likelihood of me losing my job right now is pretty slim, but I'd be remiss if I didn't consider the possibility it could happen.  Not one to leave all of my eggs in one basket I have always felt better knowing I had a source of backup income.  Something part time that I enjoy doing and can do as I have the time and inclination.

Since 2004 I have sold items on eBay as a second income stream and I've done really well with it.  It started out as a way for me to earn extra income to pay for both daughter's adoption fees.  I used the money for our everyday expenses such as utilities, groceries, toiletries, pet food and other expenses.  This freed me up to be able to put money earned at my regular job toward their adoptions.  It amounted to a fair bit of money.  I did this for years after and when I burned out I took a break.

I specialized in selling Pyrex and Corelle having decided to work with a medium that I know and love.  I sold replacement pieces as well as hard to find pieces which garnered the best return on my investment.  I would hunt thrift stores and yard sales for my inventory.

Recently I decided to begin again.  Instead of the occasional sale here and there I wanted to be a more active and consistent seller.  I began selling some old eyewear inventory I have been storing in our garage and that is enough to keep me busy for a while.  We are going through the girl's things in their bedroom closet in the upstairs bedroom and selling some items from there as well.

A couple weeks ago I began selling Corelle and Corning Ware items as well as Pyrex again.  I have a good sized collection of my own and I may downsize some of it, but for now I am back in the mode of gathering inventory like I used to.  This time I'm focusing on smaller items that are easy to ship and don't take up a lot of space.  I'm not ready to give up a substantial portion of my home to inventory like I did last time.  I'm working on a much smaller scale at the moment.

I want to be careful of the time I spend on my business to make sure the money earned matches the time and money invested.  I'm keeping my expenses low and making sure I don't overspend time on this endeavor.  I do find this fun so I consider a large part of what I'm doing as entertainment.  If it isn't fun, what's the point?

In the past month I've earned enough on eBay after expenses to pay all of our utility bills from February as well as a tank of gas for my car.  Not a bad return in my opinion.  I estimated my time spent each week was right around eight to ten hours.  I don't want to go over that right now as I have a lot of other things going on and there is no need to burn myself out.

My plans right now are to put the money into my savings account to build up my emergency fund.  It took a hit last year and I need to replace the money used, but I also want to build it up higher.  Using the proceeds from my eBay sales will help me attain this goal much faster.

If you could benefit from a secondary income stream, and really who couldn't, then I strongly recommend building yourself a little cottage industry in your home.  Something you are good at and enjoy doing that could generate some extra cash.  Devote a parcel of time to work on your side business and see what happens.  You might be surprised at what you can do.