The goal-achievement race is more like a marathon than a quick sprint; unless you continually focus on the finish line, you might get discouraged by the long journey and give up along the way. Our Money Mission columns are aimed at challenging you to accomplish a specific task each month that will help you persevere with your dreams.

Previously, we addressed two of the stumbling blocks that can prevent persons from making progress on their plans – procrastination and the inefficient use of time. Another major drawback that many people face in their quest to attain their goals is that they don’t earn enough money to save for important financial objectives such as buying a home or retirement.

Independent earning is important

The reality is that with the rising cost of living and the inability of most employers to pay increased salaries, you will have to change your outlook on earning if you want to have more money. You can no longer expect a job to supply you with all the income you need to create your desired lifestyle; you have to learn how to generate other sources of earning from your own efforts.

For this month, I would like you to get creative and bold in thinking of different ways to make an extra dollar. The amount of money that you make is not that important right now; you just need to find a means of creating income from an idea that you conceived. Just imagine that you are exercising unused entrepreneurial muscles in the process of getting financially fit.

Job security is a pipe dream

This money mission is particularly directed at employees who have never earned money outside of their regular jobs. In my interactions with various salaried workers, I have realised that their mindsets are generally stuck in the concept of the job income. Many of them find it extremely hard to think of ways to generate cash if it is not provided by their employer.

Even if you earn more than enough money to meet your bills, save for the future and enjoy an impressive lifestyle, once your source of income is a job that you didn’t create, you are at risk. Be aware that you do not own your job; your employer can decide at any time that your contribution to the organisation is no longer required.

Who will provide the jobs?

Our mission is also crucial for students in high school and tertiary institutions who may hold the mistaken belief that completing their education, even with top honours, will guarantee them some form of employment. The state of the global economy dictates that fewer persons will be hired by large organisations, as technology will continue to render many jobs obsolete.

Our education system is still training young people for a world that no longer exists. We encourage students to study hard, borrow to finance higher education and seek lucrative work. With a shrinking job market, where will these sources of employment be derived? We need to teach our youth a more realistic approach to earning that focuses on viable self-employment.

Discover your inner entrepreneur

For your challenge this month, you need to come up with one or two ideas to supply a product or service that has value to others, in exchange for cash. For example, if you are blessed with a talent such as baking or sewing, you could produce cupcakes or bed sheets for sale to your friends, family and colleagues.

You could also consider how to turn your hobby into an income source. If your garden is overflowing with the proceeds of your green thumb, can you look for outlets to market some of your plants? If you like to keep fit, can you coach others in weight-loss or strength-training techniques? Think about how others could benefit from what you love to do.

Build a customer base

If you don’t have a talent or hobby that you can cash in on, try to find products that may be in demand which you can supply cheaper or more conveniently. You could go to a wholesale and buy phone cards or snacks to sell at the office, or purchase bulk cleaning products and retail them in smaller containers within your community.

Remember, your objective is not to establish a dream business right now; you just need to learn how to get customers and earn extra income from your own efforts. Even if you are selling items that you are not really excited about, you will be encouraged by the profit you are making from your entrepreneurial endeavours.

This exercise is the first step in the process of discovering how to create a rewarding side income that can be used to finance your big dreams. Celebrate every dollar you make from your own efforts, as you are getting paid to learn how to achieve lasting financial security and freedom. Next week, we will continue to look at ways to increase your earning potential.

Copyright © 2013 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, March 7, 2013

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl