10 Ways to Increase Your Income

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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!

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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?

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Money

Derek

AUTHOR Derek

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.

30 Comments

  1. These are some good tips. I make a decent income from my full-time job, but diversify my income through some of the options you list above. I think it is a great thing to find a mentor or even a coach so help get you over those hurdles you are bound to come in contact with.
    Jon @ MoneySmartGuides recently posted..Financial Lessons Learned From The Bachelor

    • Diversification is huge! It’s a much better safety net than a small emergency fund.

    • For sure! A side income can not only help you stay out of poverty, but it can build wealth! Just think, one of those side jobs could turn into a lucrative career!

  2. Great post. Some of these I have tried and some I haven’t. My brother-in-law has been very successful flipping cars.

    • Flipping cars is not easy, especially since everyone can find a fairly accurate price estimate within 2 minutes by looking online. But, if you can find a deal, flipping can be quite lucrative.

  3. Although I started a blog, increasing my income was secondary. In other words, the money was a bonus.
    krantcents recently posted..I Am Broke!

    • Yep. It was kind of the same for me Krantcents. I knew that there was money to be made, but I never really believed that I’d make what I do now.

    • The earning potential is definitely there for blogs! Yes, it takes time, but once you develop a solid foundation with consistent readers, it suddenly becomes much easier. 😉

    • Ha, thanks Chris! Always good to hear from you!

  4. Great Tips Derek! I am agree extra income point, today it’s very necessary part of life. Currently I am doing forex trading as a part time for improving own skill in this field. Freelance site is another source of extra income.

    • Sounds good James. Explore what you’re good at and who knows, it could be a great source of incoem for you in the near future!

    • No problem Tony! Thanks for reading!

    • Thanks Julie! I plan to accomplish all of the things on this list in the next few years.

  5. My brother flips cars on the regular. He is a mechanic and really knows his stuff. He can tell that he is getting a great deal and can then turn around and sell a car for 3X the amount he paid for it or more. I have thought about doing it, but I need more information on how much I should pay for a car.

    • Sounds like he’s got quite a talent for flipping! I bet you could figure it out too though. Best of luck to you!

  6. Starting a blog is one of the best decisions I’ve ever made! Additionally, in my opinion it’s the best business venture option as the startup cost are next to nothing. You won’t find that true in any other business venture!
    Brick By Brick Investing | Marvin recently posted..How To Screen 52 Week Lows

    • Same here! Not only was it a great investment, but it’s been great to help so many people with their finances over the years!

    • Sure, you can sell an eBook through Amazon! All you have to do is meet the specs that Amazon sets for eBook. Then you can set any price on the book that you want!

  7. I will add, asking for salary increase is one way to increase our income. If you are doing great with your present full time job, so there is no reason not to get increment.

    Approach your boss and discuss with him or her your case and then learn how bargain your salary package.
    My Wealth Desire recently posted..Three Important Entrepreneur Lessons from Academy Awards

    • Yep, even if you perform above all the rest, sometimes you have to step up and ask for the money that you are truly worth. Be sure to back up your raise though!


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