Would you like to have more money?
You’d be crazy to say no to this, as we’d all like to have more cash in hand. However, increasing your income beyond your traditional 9-5 gig can can often seem like a mystery.
The need for generating more money is rising in what is forecast to be an increasingly unstable economy. For those that have cracked this code, it has proven to be essential. Today, 1 in 3 Americans with a side hustle say that they need it to help make ends meet.
Tips and Tactics to Increase Your Income
Ready to dive into the nitty, gritty strategy? Let’s get started…
1. Increase Your Paycheck
It is easy to look outwards when your goal is increasing your income. However, there can be potential much closer to home.
The idea of asking for a raise with your current employer can strike fear into the heart of anyone who hasn’t done it before. However, if you are contributing to the revenue growth, client expansion, or operational efficiency of your company, then you are unusually well positioned to ask for a raise.
Knowing that you can and should ask won’t do you much good if you don’t know how. So what are surefire ways to increase your chances?
First, it goes without saying that you need to be performing at a level that merits a larger reward.
Here’s the tough truth. Being at your company for a certain length of time is not a reason that your employer should pay you more. That is called “doing your job.” If you’re lucky, this will earn you a cost of living adjustment (COLA).
However, if you’re driving new revenue highs for your company, acquiring new clients accounts, or completing projects more rapidly than anyone else (particularly at a lower cost), then you’d be crazy not to be asked to be rewarded. This is because you are contributing production and skill-based accomplishments.
Secondly, timing is everything. Asking at a highly stressful time shows a lack of understanding towards your employer and your request may prove to be an unwelcome distraction.
In contrast, asking after a massive personal (or team) achievement or after acquiring valuable new skills shows that you are aware of your worth and you want the company to reinvest in you.
Also, always try to ask for a raise in person. And, of course, lean into skill-stacking to increase your value day-over-day. If you’re looking to command more in the marketplace, then it’s never good enough to show up as the same person you were yesterday.
Make constant improvement your focus and your paycheck will increase.
2. Monetize Your Valuables
It’s easy to underestimate the value of the things that we already own. Having a quick scan of your possessions for ones that you no longer use but which could be of use to others, can pay off big time if you make it a regular habit.
By now, we all know of the avenues that we can go down.
Those used textbooks collecting dust can be sold on Amazon. For technology, eBay with its 180 million users is good option. Their listing process is simpler and the charge they collect is easier to calculate than Amazon.
There has also been a boom in the second-hand clothes market, which is set to triple in value over the next 10 years. The market undoubtedly is there, so clear out your closet, upload that dress or shirt that you haven’t worn for years, and you will be well on your way to increasing your income.
Of course, while this often gets overlooked, donating your goods to charities like Goodwill can get you a surprisingly large tax deduction come tax time—often as much as several hundred to several thousand dollars a year.
This is because the IRS will let you deduct the “fair market value” of your items based on their condition at the time you donate them. Whether or not you have a taste for fine clothes, this can add up fast.
Go download the app ItsDeductible immediately to see what I mean. You’ll never be prone to leaving clothes to collect dust in your closet again.
3. Get a Side Hustle Rolling
One of the more lucrative ways of generating cash is to get a side hustle.
Not sure where to start? Get back to basics with a pen and pad and write up all of your hobbies, skills, and interests. Is it possible that one of these could help you in increasing your income?
Whether it be photography, gardening, or writing online, one aspect to keep in mind is that it should be something that you are passionate about. Making a start is relatively easy as social media has made it possible to get the word out in a flash.
Doing extra jobs in the evening and on the weekend is so much easier if you are truly interested in the area you decide to make your own.
Great ways to get started include…
- Offering your expertise on sites like Clarity.fm
- Renting out a room on AirBnB.com
- Renting out a parking spot or garage on Neighbor.com
- Doing freelance work on Upwork.com
- Selling affiliate products from sites like Clickbank.com or CJ.com
- Getting paid to write blog articles on Problogger.com
- Helping companies with their social media content
- Helping companies manage digital ad campaigns (you can learn this skill quickly with a $15 Udemy course or for free via YouTube tutorials)
Of course, there are lots of other options too. If you’re committed to increasing your income, then choose an option from the list above and take action today.
4. Start a Blog (Seriously, It’s Lucrative)
Another way to generate a passive income is by starting a blog. But you may ask, can people really make money this way?
The answer is a resounding yes.
Blogs are great because if you learn the required skills, such as how to drive organic traffic to it through SEO (Search Engine Optimization), there is no limit to how much money you can generate.
Once you get a following, inserting affiliate marketing links will mean that you get a slice of things you recommend that people buy, and if you sell an informative e-book, once it’s online you will be getting paid whenever people download it.
You could also rent out pages on the site, sell a digital course, offer ad placements, and so much more.
The most important way to make one work is to find a niche that you find interesting and that people are invested in. Generate great content that answers people’s questions, stick to a schedule, and over a period of time you may find yourself among those that are able to make at least an extra $200 to $2,500 a month in your first year.
Personally, I’ve made a lot of hard cold cash through blogging and know many people who operate seven-figure blogs, so don’t under-estimate the potential of this money-making approach.
5. Invest in Cash-Flowing Producing Investments
And finally, never forget that your money can be powerful way to create more money. Meaning, once you earn it, you need to put it to work.
Your money can and should multiply itself, if you give it a little help. There are so many incredible options out there, so start saving at least 10% of your income to invest (and the more, the better).
Potential options for cash-flowing producing investments include…
- Rental real estate
- Real estate funds (like Fundrise.com)
- Trust deed investing (like BarnardEnterprises.com)
- Hard money lending (like FundthatFlip.com)
- peer-to-peer lending
- Alternative investments (like Yieldstreet.com)
- Investing in dividend-yielding stocks
- And so many more
If you decide to pursue your first rental property, then look locally for an area with a good reputation, great amenities, and where the property market has been on the upward turn. You’ll also want the monthly rent that you could command to exceed the amount of your monthly mortgage will be by several hundred dollars.
For stocks, you’ll want to choose stable companies that are known to be consistent and reliable in their payouts. A smart place to start is by looking into “Dividend Aristocrats.”
To be considered a Dividend Aristocrat a company must have raised its dividends consistently for the past 25 years.
While past performance will never predict future performance, these companies have a track record of paying out consistently large dividends.
Examples of such stalwart stocks include:
Battle-Tested Tips for Increasing Your Income
Often the hardest step to increasing your income is just that, beginning. Once you are on the journey, nothing is more rewarding than facilitating your path to financial freedom.
If you need help getting started or would like to share how you’ve been able to increase your income, reach out here.