How to Increase Your Income with These 5 Steps
Many people struggle with insufficient income. With the many recurrent expenses in our lives, it’s hard to keep up as our needs are ever-increasing. House bills, gas, electricity bills, heating, home renovations, and a dozen others are expenses we continue to acquire as we progress in our lives.
These expenses can make it extremely hard to live a comfortable life, or even reach financial goals. However, it is not all gloomy, there are short-term solutions such as taking more hours or taking a second job. But if you are certain that increasing your income is your ticket out of your current financial situation, then you should consider a long-term solution.
As you make plans to increase your income, do not forget to factor in the tax implications. This is to ensure that you do not end up owing taxes, an even messier situation. Try out these five solutions and you could be on your way to total financial freedom.
Start a Side Hustle
It is not uncommon these days to work in a 9-5 job and have other business engagements that earn you some extra income. This is where side hustles come in. A side hustle starts as a business venture you do on the side (of course) while working at your regular full-time job. But if you can transform your side hustle into a thriving and profitable business, then maybe it can become a full-time thing.
Think of something that you love to do or a product that you love and you know that you can sell easily. You can easily convince people to buy a product that you believe in. Ensure that you write a business plan before opening your new side hustle. To prevent your side business from being a burden on your finances, ensure that you are not investing more than you are getting from it.
You have a variety of options when it comes to choosing a side business that is a good match with your interests and skills. It is important to note that opening a business that is similar to your full-time job can be tricky due to competition agreements. Ensure that you are in the clear when it comes to the rules, especially those concerning transferring clients from your current or past job to your new business to prevent legal troubles later on.
Take a New Course or Learn a New Skill
Learning a new skill or getting a new qualification is another option. Most companies allow their employees to climb the organisational ladder if they obtain a new qualification. For instance, upgrading your bachelor’s degree to a master degree will give you a better chance at increasing your income within your organisation or even at a new job. You can consider it a bargaining chip of some sort. However, not all career fields operate in this manner, so you might want to consider obtaining a degree in a field of study that is in high demand. A great example is IT-related courses.
If going back to school to get a master’s degree seems like an impossible task. However, there are a variety of courses that you can take that may have a similar impact on your career.
Turn Your Hobbies Into a Business
Do find yourself engrossed in doing makeup for yourself and your friends? Or you enjoy making videos of yourself talking about your favourite topics? There are many ways that you can make money from your hobbies these days. If you are creative, for instance, if you love to paint, you can make money from your craft in your free time.
Social is media has made it possible to share your craft and skills with people from across the globe. And with the way content is being monetised, you stand a chance of making some cool extra income from doing what you love. YouTube content creators are making a lot of money from posting everything from dog and cat videos to explainer videos, to make up tutorials and so on.
Passive Income Streams Are Great
You do not necessarily have to focus on a single side business to increase your income; multiple income streams are also a great way to achieve that. These could be anything from a website, blog, or a YouTube channel. You should also bear in mind that these online side hustles take time and effort before they start putting some extra cash in your pocket. First, you need to choose a niche that you have in-depth knowledge about, then you can start building your audience around it.
The most important thing is to engage with your audience by posting new content as often as possible. If you chose to go this route, then you must be ready to use all types of social networks available to you including Twitter, Instagram, and Facebook. But, more importantly, you need to identify which social media platform best suits the content you intend to put out.
When you have successfully built your audience, then you can start hosting adverts on your page by subscribing to Google’s AdSense which allows you to make money from the content you post on your website or YouTube page.
This is a long-term project that promises great rewards if you stick to it and give it the required commitment. But, since you enjoy doing it, you may not realise how much time you have put into it.
Ask for a Promotion or Salary Increase
As your experience at your job grows over the years, you may be in a good position to ask for a promotion or salary increase. Also, a better option might be to look for another job at a company that will pay more for your experience. Many employers offer training programs that allow their employees to increase their skills in their respective departments. Therefore, if you are passionate about your current line of work, this presents a great opportunity to increase your income.
If you feel that you deserve better pay than what you are receiving at your current job, do not be afraid to look for a new job.