Many people are unhappy with their jobs and wish they could do something else. Maybe you’re one of those people – you don’t like what you do, but you need the money to survive. And if that’s the case, there’s a good chance that your job is holding back any other aspirations or goals in your life. That doesn’t have to be the case though! If you put in some hard work, it might just be possible to find a new career path that will make you happier as well as bring in more income.
So what’s the best way to get ahead financially? Get rich quick schemes aside, there are some tried-and-true methods of making money that works if you’re willing to put in the time and effort. This article looks at 5 tips for increasing your income so that no matter what happens with anything else, you’ll never want for anything again.
Take on side gigs
There are plenty of ways you can make extra money from home these days without having any special skills. You could try driving with Uber or Lyft (or even delivering food with UberEats). Or maybe you could do some freelance writing – there are plenty of online resources to help you do that. You won’t make as much with these jobs as you would if you were working full time, but the money adds up over time. Some people even save enough to quit their full-time jobs!
Some people use the money they make from their side gigs to fund a dream project, fund their retirement, or even just get ahead when life throws them a curveball. However, before you take on any of these types of side jobs, there are some things to consider. Are you going to enjoy what you do? Will it be time-consuming? Will it interfere with your lifestyle – like limiting your ability to go out and socialize with friends?
Take Uber for example. While you might love driving people around all day and making lots of money – if you’re not into that type of thing, then it might not be worth the trouble.
Sell unused items
Do you have a closet full of clothes, shoes, and other stuff that you never use? Do you find yourself asking – do I really need this? If you can answer yes to these questions (or even if you don’t), chances are there’s something else out there that somebody else could be using. Instead of asking yourself if you need something, ask yourself does somebody else need this? Put those clothes on Craigslist instead of just donating them and pocket the cash. Maybe pick up a few things that are worth some money at a garage sale.
Selling unused items is a great way to make extra money for anything. If you’ve ever watched one of those reality shows where people try to make big bucks, you’ve probably seen somebody sell their used goods.
Start a business
If you don’t have any experience with running your own company, starting one can be very intimidating. It isn’t easy and it’s not for everybody – but many people find that it’s a good way to make more money than they ever thought possible. The key here is finding the right business to start. For instance, you might be great at making and selling crafts. But if you’re not good at social media, then your business might not get off the ground. So make sure that you know what you’re getting into before trying to start a new venture.
Knowing what the market wants is just as important as knowing what you want. What are people buying? How do you make it more desirable or convenient than the alternative? These are questions to ask yourself when thinking about starting your own business.
Make sure that you have the time and talent to dedicate to your new company before you dive in headfirst. It might be a good idea to even do some research on how competitors are doing before getting started so that you know what direction to take.
Start a business takes time, energy, and passion–but it’s well worth it in the end.
Diversify your income stream
One of the best ways to ensure that you’re always making money is by having multiple income streams going at once. If you have a job that brings in a steady income, use what money you can spare to build up an emergency fund. You may also want to consider investing some of your money in stocks or bonds if you feel comfortable with that. Diversifying your income will help ensure that no matter what happens to the job you have right now, you’ll have plenty of money coming in each month.
Having multiple income streams means you’re investing in yourself. You want to have money coming in from all angles so that if one stream dries up, you don’t get stuck in a rut. Your multiple income stream strategy should be carefully planned out – especially if your goal is to build wealth over time.
The only limit to the number of income streams that you can have is your imagination – or, in this case, what your wallet allows.
Build a nest egg
If you can afford it, put as much spare change away as possible to build up a nest egg. Start with an emergency fund of $1,000 minimum – that way you’ll have money available if anything unexpected happens (Car breaks down? Need emergency surgery?). If you can afford it, work your way up from there, building your nest egg as much as possible. Even putting aside small amounts like $50 a month can make a huge difference in the long term.
For instance, let’s say you’re an average Joe who earns about $50,000 a year in your current job – which isn’t bad for someone just getting started in their working life. If you were to take on side gigs or do freelance work, you could easily make an extra $300-500 a month. That’s nearly an extra $4,000 in the bank each year!
If you were willing to put up for sale everything that isn’t nailed down (or at least the bulk of it), you might be able to fetch as much as $10,000 on the open market. That can be a full quarter of your annual income, just from selling off unwanted stuff!
When you start doing things like investing or starting a side business, the money really starts flowing in. You could invest $1,000 and get back anywhere from 6-20% – that extra money can be used to pay down debt or get you started on a savings plan. You could start earning $300-500 a month in side income – enough to pay off 50% or more of your annual expenses.
Increasing your income can be as simple as starting a side gig or investing in the stock market. The tips you’ve learned here should help get you started on creating an actionable plan to increase your monthly earnings and build up some savings for rainy days. Keep these five principles of increasing your income in mind when making decisions about how to spend, save, or invest money this year – it’s never too late to make changes!
What are some of the ways that you have increased your income? Let us know!