I was thinking today about how I have added extra income to our stream in good and bad times and wanted to share with you what has worked for me.

The best way to source extra income is to use your influence. What does this mean? Use the contacts and relationships you have established to refer them to complimentary services that they can use. Here is a recent example that was proposed to me:

A Mortgage Brokerage Company asked me to refer anyone that I knew that was looking to refinance or for a new mortgage. They said they would pay me at least $250.00 just for sending someone to them and they write a mortgage. I think everyone knows someone who needs a mortgage or is refinancing, so why not contact a Mortgage Broker and see if they will sign a referral agreement with you. Yes, please have a written agreement not a verbal one!

A Realtor friend also knows I know allot of people and will give me a “gift” for a client that uses him. This can be cash or I suggest a gift card to your favorite store or restaurant. Gift cards are not taxable as income here in Canada (no gifts are usually) and this is a way that you can go for dinner or buy something without using your own money.

Here’s a big one for you. I have heard this past week, no kidding, two Companies I had dealings with that have merged and partnered with competitors to share costs and the market. Even a couple of years ago this would be unheard of. Why not contact Companies you know and see who their competitors are and see if you can broker a partnership between the two for a fee? How about just introducing them for referral fee and let them work something out? This will take some work but hey, nothing ventured nothing gained and could be quite a nice pay day for you.

I understand you are not all in business but I am confident that we all have imagination and contacts that can lead to a generation of income even in this economy.

To your future,

Larry J Clark

These are unusual times. Not only in the employment field but also in real estate here in the Vancouver Canada area. My wife and I are in the process of selling our own home “by owner” and although we have priced it very aggressively and have had allot of interest…no takers. (We are becoming ‘empty nester’s’ and I am looking to buy a Condo). I am not sure if people cannot qualify for mortgages or it is just a case that buyers won’t part with their money. I know that prices here have gone down @ 10-12% so there are some definite bargains to be have. We have priced our home twenty thousand below tax assessment. Well, another open house this weekend so maybe things will change.

I am also in the process of following up on the resumes I have sent out. Being the proactive guy that I am, I even sent resumes to Companies that have not posted positions to look at my experience and see if I could be a fit for their Marketing and Sales division. Nope…nada. No takers and not even the courtesy of a ‘thanks, but no thanks response’. I do have a couple of contract positions that I am exploring so there are some positives. My concern is that you really have to have allot of patience and fortitude to tough these times out. Oh, and in my previous posting, Companies really need to respond to inquiries. It’s not like they don’t have the time!

I have been in some tough times before in my past 15 years of business so I am in it for the long haul. For those of you who are finding hard to hang on, let me know and maybe I can give you some wisdom and encouragement. Remember, don’t beat yourself up for a market you cannot control. There is a light at the end of the tunnel!

Kind Regards,

Larry J Clark