Are you sick of making the same income that you did five years ago? Or, maybe you’re actually making less since the downturn of the economy. Well I say it’s time to change that! Let’s figure out how to increase your income!
Increase Your Income at Your Current Job
Sometimes when you work for an employer for a few years you start to get into a rut, which typically means that you’re no longer striving to learn and do more. This inevitably means that your wages stay the same as well. Here’s a few things you can do at your job to get noticed and inevitably increase your income!
1) Enroll in Those Development Classes – many organizations have classes that you can sign up for to develop yourself in some way. It might be a class about leadership or maybe its purpose is to teach you more about the company and their operations. No matter what they’re teaching, you’d better believe that they’re taking note of the sharp students in the class. Participate and take it seriously – you’ll most likely be noticed.
2) Enroll Class Outside of Work – If your employer reimburses you for college classes, this is a no brainer! And, don’t look at it as a way for you to add some letters behind your professional name, take classes that will help you succeed in your current or desired role. When you understand more about your work, your employer will notice.
3) Seek Out a Mentor – If your work has a mentorship program, I would strongly suggest that you sign up. Not only does this allow you to learn from a person that’s already been through the corporate “mine field”, but this allows you to share your interests with a person that can make it happen! Find that mentor and you’ll never regret that you did.
Increase Your Income with a New Job
Sometimes it’s tough to increase your income at your current job. If you feel as though that option is impossible, then maybe it’s time that you explore your other options outside of the company.
4) Find Your Dream Job – If you have not been able to climb the ladder at work (even though you’ve done all of the things mentioned above), it’s time to reach out beyond the walls of your current employer. In order to get a hike in pay, sometimes it’s even necessary to travel out of state. When I was a recent graduate, I was unable to find a decent job in my hometown, so I traveled 1,400 miles to land my first job. It gave me a great chance to develop my skills, and it allowed me to travel back to my hometown and find a job with great pay and benefits only 3 years later!
Increase Your Income with Side Jobs
Have you ever heard the phrase, “Diversify your investments”? I think we all have. Simply put, it means that you shouldn’t just invest in one single company stock, because at any moment that company might go bankrupt, which would make your life’s investment completely worthless! You know, the same thing could happen with your job! I have heard so many people tell me that they are too important to their company to get fired, or that their job is 100% stable, and they have since been let go. None of us can predict the future, and I say the best safety net is to increase your income by diversifying your income! Here are some great ways to do it.
5) Write an eBook – If you enjoy writing, why not make a little side income by writing an eBook? Being an author isn’t nearly as difficult as it used to be. Type out your book in Word, save it as a PDF, and publish it through Amazon. The cost to you is absolutely nothing, and who knows, maybe your book will be a big hit!
6) Start a Blog – Did you know that some bloggers earn an extra $2,000-$3,000 a month? If you have a passion for something, don’t be afraid to start a blog through a cheap webhost. The cost could be as little as $40 for the entire first year!
7) Sell Online – Much like a blog, selling a product online is easier than ever today. If you see demand rising for a particular product that hasn’t quite gone mainstream yet, do your best to make some connections with a supplier and start a site today! The income might only last for a couple of years, but many times it can equate to thousands, or maybe even millions of dollars.
8.) Sell a Service – There must be something that you’re great at outside of work. Maybe you’re amazing teacher – so become a tutor! Maybe you know all there is to know about playing the piano. Give some lessons! Whatever your talent may be, have some fun and make some money at the same time.
9) Flip Houses – This is certainly not an easy task, nor do you get paid a weekly salary to do so. But, if you’re handy and have an eye for real estate deals, this skill could earn you an extra $30,000 a year.
10) Flip Cars – I have dabbled in this area myself, and it is entirely possible to make a thousand bucks here and there through car flipping. If you peruse Craigslist for vehicles in your area for a few weeks, you’ll quickly understand what different vehicles are worth. Then, when you see one that’s priced low and has no mechanical issues, jump on it, clean it up, and turn it for a tidy profit. To do this, you’ll need skills in three areas. You’ll need to know the general prices of cars, the mechanics of the car, and a strong understanding in sales.
Well there you have it. 10 ways to increase your income. What if you were successful in just a couple of these? You would certainly increase your income, and better yet, you’d gain the knowledge of how to increase your income in the future as well. Best of luck to you!
Are you currently making an effort to increase your income? How do you think you’ll do it?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.