CAREERBUDGETINGLIFESTYLE & TRAVEL

Methods to Increase Your Income

According to a survey from the website I Will Teach You To Be Rich, 70% of Americans feel they don’t earn enough. In addition, 72% feel like they don’t have enough saved or invested. If you feel this way too, read on to learn more about how to increase your income.

To start, consider exploring opportunities with your current employer. The first step is doing research. If you want to ask your boss for a raise or promotion, prepare evidence based on your performance and any data related to your work output to support your case for a bigger paycheck. If you think there is a need for a new position within your team or within the company that you could fill, brainstorm a potential job description and salary based on what other companies in your area or field pay people in that role. In addition, collect information regarding why this position is necessary at your workplace. Another option is to inquire about shift premiums or overtime opportunities if that’s applicable to your role. Lastly, collaborate with your employer to see if there are professional development opportunities you could pursue to help you work toward a raise or promotion. Professional development can help you become more knowledgeable in your current field, and your employer may even pay for you to earn new certifications or a degree.

If you aren’t ready for a promotion in your current role or it isn’t within your company’s budget to increase your income, another option is searching for a new employer. Start by updating your resume. Consider the roles you plan to apply for as you make changes. Are the experiences listed on your resume relevant to the new position? Are there items you can add or delete to make your resume more reflective of the job you want? Next, revise your cover letter. Then, review your social media. Are there photos or posts you want to delete? Does your profile bio need to be updated? Do you want your account to be private or public? Lastly, start expanding your network. Consider attending networking events or reaching out to new people to grow your network further. Taking these steps will help you get ready for the job search before you complete your first application.

A third path is thinking about whether entrepreneurship is the right fit for you. Anyone can be an entrepreneur, but not everyone wants to be a business owner. If you have a passion for something or see a need that you could meet, entrepreneurship may be right for you. If you decide to start a business, determine your timeline for getting it off the ground. Consider the time and financial demands that opening a business could entail. Next, conduct market research and consider effective marketing strategies for your product or service. Lastly, remember why you’re pursuing this avenue to remain motivated. As a business owner, you may be able to pursue your passion, manage your own time, and have more control over your resources and money.

One more option to consider with a little more flexibility is taking on a side hustle. For example, if you have a vehicle, you could become a rideshare driver or a grocery or food delivery driver to earn more money on a regular basis. You also could take on a part-time retail job, become a freelancer, or use care services to nanny, babysit or watch someone’s pets to earn additional income. Research-based side gigs like content creation or data gathering are another way to earn more money. Labor-intensive side hustles like landscaping, home repairs, moving services and fitness training may help grow your income if you have the skills, ability and necessary tools to pursue them. Always consider how a side hustle can impact your taxes, insurance needs and overall budget.

While there are a lot of ways to increase your income, it’s up to you to decide the best avenue! After considering your options, make a choice and get started. What will you do with your increased income? Will you shift your relationship with budgeting, stop living paycheck to paycheck, build your emergency savings, invest more, have more money for vacation, or buy a home? Remember the reason you’re trying to increase your income to help you stay motivated in pursuing higher pay. Happy earning!

Sources:

https://www.iwillteachyoutoberich.com/how-much-money-is-enough/

https://www.unitedway.org/our-impact/financial-security/my-smart-money/7-ways-to-increase-income