For a stay at home Mum, Extra Income can be any additional income earned on the side apart from the usual income generated from our spouse’s normal course of employment or work. This additional earning can be used to payoff outstanding debts, to be invested for retirement, or to be spent on the little luxuries that make life sweet. We all want the extra income but most of us SAHM are reluctant to return to the workforce because it goes against our decision to stay at home for our children.

Income levels compared across different countries revealed that the average income per person is less than $15,000 a year. In other words, there are many people who live near the breadline, and for these people, extra income can really make a difference to improve their lifestyle. However, in countries where the average income is above the normal subsistence level of approximately $15,000 a year, happiness appears to be income independent. For example, an average American ranks richer than an average Indian or an Austrian, but also less happy.
Why is this so? This is because we have a tendency to look at our income relative to a norm or some measure and the norm keeps rising all the time. The norm is what increases the spending, more or less in direct proportion to the income. Two things drive the norm up. One is the income that we have experienced before which habituates a higher standard of living. The other is the income that our colleagues or neighbors get, which we try to outdo (“Keeping up with the Joneses”).

There are a wide range of options available today to generate extra income. These are targeted specifically at people who can use their dormant skills to make more money for themselves. To achieve a moderate success in generating an extra income it pays to be aware of our personal strengths and weaknesses as this would greatly help in selection of the most suitable way to generate extra income.

Selecting a method for generating extra income involves identifying your strengths as honestly as you can - what do you excel at? What do people around you keep complimenting or criticizing you about? For example, are you good with computers, or are you naturally talented at making new friends?

With the advent of the internet, there are a whole host of options for generating an extra income, like affiliate marketing, writing, advertising and simple technical non-technical jobs – all of which can highly augment your regular income. The extra income that can be earned form these opportunities depends on how good your skills in the field of your selection.