We all need to work to pay our bills and continue to live. In this day and age prices are constantly increasing at a far greater rate then our income is growing. With inflation soaring and cost of services and goods continuing to increase we may have a difficult time to pay off debt or save money each month. The only solution to this is to make more money and increase our income. Now this is not an easy task and requires time, energy and a lot of dedication to pursue. “Side hustles” are becoming more and more the normal among the majority of people. We will go over a few ideas on ways you could earn more money to help you to pay down debt and allow you to save each month!
1. Increase Salary
Negotiating a higher salary at the work you already are doing is the quickest way to make more money. Employers find it difficult to find reliable, punctual and hard working employees. If you exhibit good work ethic habits the odds are in your favor if you ask for a raise. Another way to leverage your employer would be to look at the current job market and see what other companies are paying for the same work you currently do. You will need to confront your employer and tell them your reasons why you would like a raise and negotiate with them to find an agreement that is fair to all parties involved.
2. Increase Day Job Hours
If our employer allows us to work more hours or to work on the weekend this may be an option for many. Instead of working five 8 hour shifts, if we are able too work 10 hour shifts five days a week this provides a substantial boost of income each month. Now this is highly dependent on your line of work and employer.
If you work in a skilled trade industry you have the option to work more in your day job and even more if you can pickup side jobs in the evenings and weekends! With the extra income you can pay debt down faster or invest the money in assets. Doing so will fast track your financial freedom and retirement savings.
3. Buying and Selling Goods
Nowadays we have online marketplaces where you can browse for items very easily. Re-selling is a great way to additional income each month. Pick a niche that you are interested in and able to find bargain prices and then resell for a higher price. Many who are selling there items are often just trying to declutter and get rid of them so haggling the price may be an option which will in turn increase your profit margin when you re sell it!
4. Learn More Skills
Constantly looking to learn more makes you more valuable to employers as well as gives you the potential to sell your skills in the future. The more you know is the more you are worth!
5. Build An Audience!
Social media has provided full time jobs for so many in the world. Not only for a supplemental component of income but many times a full time job making six figures per annum. If you can build an audience you will be able to sell products, promote other brands and make additional income!
6. Create a Business
Working for yourself will allow you to pay yourself more. Our day jobs are limited by the number of hours in a day we can work to make money. A business the income is unlimited based on how well conversions are and the type of industry you are in. Creating a business also has many risks involved where you may not earn any money for some time. Money and time has to be invested into the business in order for it to be successful. Patience and dedication are required but it will pay off for the individuals who are committed!
7. Buying Stocks
Stock market investing has become one of the ways many are making additional money. Individual equities do have risk involved with them which is why you should spend time researching and learning how to invest properly before putting money into it. Dividend stocks can provide passive income while holding the stocks in your portfolio. I recommend any who are investing in the stock market to never invest more then they can lose as you never want to sell equities at a loss. Long term investing is a good approach when it comes to stocks.