Debt Management – Second Incomes

In your quest to be debt free – you might find a second income useful.

Here are six, practical and doable second-income ideas for the Greater Toronto Area:

1. Get a part-time job.


• Department stores, hardware stores, retail stores and restaurants are the traditional places to look for part-time work.


• Be creative in your search. What is it you like to do?


• If you are a hobbyist, then maybe a part-time job in a hobby store might suit you.


• If you are good with computers – perhaps you could look into a part-time job in a computer store.
2. If it is available, get overtime at your current job.


3. Provide services in your spare time. There are lots of services that people are willing to pay others to do including:


• shovelling snow,
• yard work,
• babysitting,
• house cleaning,
• office cleaning,
• handy man services,
• grocery shopping, and
• other around-the-house chores.
4. Start a small, part-time, in-home business that makes use of your skill set. Keep start-up costs to an absolute minimum. Be certain you already have all the skills and equipment you will need. Some business ideas include:


• Bookkeeping Services
• Piano/Music Lessons
• Seamstress/Tailor Services
• Computer Consulting/Training
• Tutoring Services
5. Take in a foreign student as a border through an authorized agency. While definitely not for everyone, this has the benefit of being a time-limited arrangement and a fairly steady source of income.


6. For the artistic, as long as the initial outlay for supplies is minimal – this might be a good time to start selling your crafts and art. Use the power of ebay, etsy and similar online marketing services as well as local galleries and stores to find your audience. Note – while this can be successful for the very talented (and the very lucky), you might need to generate a second income in one of the more traditional ways, until your art catches on.

There are many ideas you can pursue for a second income. However, keep in mind that you are looking to make money, not spend it – so avoid plans/franchises where you have to buy products or services.

Take advantage of free classified ads and advertise your services/home business in places like kijiji, craigslist, community bulletin boards and the like.

Your second job Will take away from your family and recreation time. However, if you keep it in balance and it helps you and your family to become debt free – it might be worth considering.

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Reminder: If you are currently in Bankruptcy, you are required to report all income to your Trustee. It is recommended that you discuss your plans for a second income with your Trustee before you start.

Note: If your second income is not from employment – make sure you:

• get all the required licences, permits and insurance,
• comply with all government regulations, and
• report your income to the Canada Revenue Agency.

To help you identify the licences and permits you may require, the Greater Toronto Municipalities, Province of Ontario, and Government of Canada have set up a useful webpage at http://www.bizpal.serviceontario.ca/BizPal/BzInit.do.