5 Smart And Creative Ways to Increase Your Income

It’s no news this day that the cost of living is on the rise and a lot of people are struggling to make ends meet. It is however becoming vital to find ways to increase your income in order to reach your financial goals more swiftly.

How To Increase Your Income!

There are short-term income solutions like taking a second job, if all you need is a quick cash fix up. The downside of this is that you might find yourself in need to boost your income sooner than expected.

Nevertheless, if you know that you need to have a higher income to get by, you need to look at long-term solutions to your problem.

Here are 5 simple solutions that can help you increase your income.

1.  Open a Side Business

One way to increase your income is to open a side business that you enjoy. Although this will likely start out as something that you do part-time while you are still working at your original job, if you are smart about it, you may be able to grow it into something that you do full-time.  Find something that you really enjoy doing or that you believe in and try to start working at it. It helps to have a business plan. You will also want to make sure that you are not putting more money into the business than you are taking out.

There are a variety of business options that you can do that really match your skills and interests. If you open a business similar to what you do for your job, you will need to make sure you are not violating any competition agreements and see if there are rules about taking clients with you so that you do not run into problems later on.

2. Learn More

If you are serious about boosting your income, you should be serious about knowledge acquisition. The more knowledgeable you are in a feed the better off you are, and the more your chances of been hired.

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If you work for corporate organizations, this might means going back to school to get higher degrees. With most degrees, you can increase your earning power within your profession as you move up from bachelor’s to master’s to a doctorate.

You need to do a little research because not all fields are this way, and you want to make sure you are studying a field that will give you a return on the money and time that you are putting into your education.

Some organizations (both public and private) provide financial support to their workers training. It is important to check if you qualify for a tuition reimbursement or any other financial assistance program through your work, which can make going back to school easier.

On the other hand, if going back to school for an additional degree is not a good fit, consider going back to get additional certifications for your current field of work. Or, get certifications for other skills you can monetize; this may be less time consuming and less expensive and help you earn more money.

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3. Make Money with Your Hobbies

Do you have something you love doing? If yes, you might just be on your way to increase your income by turning your hobbies into a successful business.

Many people would rather complain about their finance than to put the things they love doing in their free time to good use. There are a lot of ways to cash in on your hobbies, and if you are creative, you can make quite a bit of money in your free time.

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You can start by opening an Etsy store or other classifieds site to sell your crafts or artwork. Be sure that you charge enough to cover both your materials and time. If you can come up with patterns or designs on your own, you can as well sell them to people and other designer as well.

Another way to profit from your hobbies is to create a YouTube channel or show based on the hobby. You can show how to make the items or review items that you use on a regular basis. If your hobby is gaming, you can even do videos of walk-through and commentary with your friends. It can take time to build a following.  However, if you stick with it and are consistent this may turn into a great way to make extra money.

4.  Find a Way to Build a Passive Income Stream

Another great way to increase your income is to build multiple passive income streams. Passive income source includes; Blogging or having a website, book writing, YouTube videos, real estate etc.

Building passive income streams takes time and a lot of effort to begin earning real money. The key to passive income is to build up a solid base that will generate revenue for you over and over again.

5.  Ask for a Raise or Promotion

As an employee, you can increase your income by simply asking for a raise or a promotion within your company.

You need to apply the best practices when seeking for a raise and avoid these common mistakes when asking for salary increase.

Should in case you are unable to get a raise, you may also want to look for a better job at a different company once you have additional work experience. Your employer may offer a training program for future managers or give you the opportunity complete training that will increase your job skills. If you enjoy the line of work that you are in, this is a very good way to increase your income.

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It’s not enough to love your job, you have to love the pay as well; if you don’t I believe your family will. So, do not be afraid to look for a new job if you are not making enough money to cover your expenses.

It can be frustrating to be in a job where you feel stuck or underappreciated. Take the time to look for a new job regularly.

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Wrap it up!

Whatever your financial dreams or aspirations are, what comes to you in terms of income will have great impact on how quickly you will get to your dream.

Many people will tell you to live below your means which I a good advice anyway but increasing your means to live better is a better advice. At least it will be for me.

So, go out there and make some extra buck.

Over To You

So, what are the other advises, tips, strategies, techniques or methods that have worked for you? Please share with us in the comment below. Believe me; I sincerely value your opinion more than mine.

And don’t forget there is love in sharing!

See You At The Top!!!

The MoneyPedals Editorial Team is a group of Business and Financial experts led by Simon Abolaji. Page maintained by Simon Abolaji you can connect with him on his social media handles below.

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