Day#18: Pick a hobby you can monetize.

Posted by FrugalPinoy on Dec 7, 2009 in 25 Days to Healthier Finances, Earning and Income | 0 comments

This is Day #18 of “25 Days to Healthier Finances”, a series of blog posts where Frugal Pinoy readers and myself work on 1 task a day to make our financial lives better. Please stay tuned for the next installment of this series, which will be up tomorrow. Here’s today’s installment:

Let me start today’s task with some background information about my main source of income – writing. I started working as a writer when I was still in college. I needed money to support myself and pay for tuition, but also needed a flexible schedule so I could attend my classes. Writing was my favorite hobby, something I did non-stop since I learned how to do it. Ever since I was twelve I’ve been keeping journals and writing notebooks as a habit. This made me think that maybe I should start doing that for a living. Something I truly enjoy. Something I’m obsessed about. Something I was doing anyway.

So I started working as a freelance writer. This has been my major source of income and I’ve never had the need to apply for a regular office job because of it. It feeds and houses a family of four, keeps me debt free, and allows me to have a stable emergency fund. Plus, it’s personally fulfilling.

Not bad for something that was “just a hobby”.

Today’s Task: Pick a hobby you can monetize.

Hobbies. We all have them. They can provide relaxation and escape, or they can become a lifelong passion. If you plan it well enough, it can be a source of income too.

List your hobbies, every single one of them, no matter how trivial or insignificant some may seem. Cooking counts, even if most people can cook. Yes, riding a motorcycle counts too, so does drawing. If you’re obsessed with a certain genre of books/film/music, there might be opportunities there too. If you like to collect things such as stamps, dolls, etc., that counts as well.

Then, looking at your list of hobbies, pick two or three that you spend the most time on. Explore and jot down ideas on how you can possibly monetize them. Here are some examples:

• Sell products and services related to your hobby. If you like making jewelry, why not try to sell some of your work via eBay or Sulit? Alternatively you can supply materials related to your hobby if they are hard to buy locally. I have a friend who made thousands of pesos from just selling special  Magic: The Gathering cards.
• Write a blog about it. Many people are now monetizing their blogs. If done well, your blog can become a great source of additional income (see The Personal Blogging Degree for more information on making money from a blog.)
• Teach others how to do it. This can be in a form of a class, a book/ebook that people can pay for, or even just a lecture or speaking engagement.When I was young my mother made extra income by teaching a baking class from our home, and I once got paid to teach a summer art workshop for kids.

Your hobby doesn’t need to develop into a complete business, buy you need to entertain (and act on) any urge you may have of monetizing it. Even a few hundred pesos each month won’t hurt, especially if you’re doing something you love anyway. Not everything you start will be successful, but you can always do enough research/planning/practice/testing to minimize that risk.

Have you ever made money from a hobby? How did it turn out for you?

Image by lusi from sxc.hu

"You Don't Really Want Money" by Ron Davis

Posted by FrugalPinoy on Nov 22, 2008 in Financial Tips | 0 comments

Today I found this great video by Ron Davis, whose personal development blog, Distinctions For Life, contains great advice on living better.

I thought I’d share this video entitled “You Don’t Really Want Money”, mostly because it points out several things I believe in:

•  That when people want money, they don’t really want the money per se, rather, they want what they think the money will bring.
• You don’t necessarily need more money to get what you want.

You can play the video below:

At the end of the video, Ron tells us to ask ourselves the following questions:

• Why do you want money?
• How will you know when you have enough money?
• What picture appears in your head when you think about having enough money?
• Can you have that moment or feeling without money?

Think about them.