It sucks, doesn’t it?
Being cash strapped and struggling to meet your family’s needs.
You sit there wishing you can double your money, keep the money you make, and achieve financial freedom, but it seems like everything has already been tried.
Before I became an online entrepreneur, this is one of the challenges that I grappled with and needed to figure out.
So, you know what I ended up doing?
I researched hundreds of income-producing opportunities, made a ton of mistakes, but eventually found moneymaker ideas on how to add additional streams of cash to my income.
But, you don’t have to do that. In this post, I’m sharing my top 5 practical ideas that I’ve picked up over the years to keep the money rolling in.
Let’s dive in!
Tap Your Current Job
The first and most overlooked way to increase your income is to make more money in your current job. If you’re working now, talk to your boss about ways that you can benefit the company and boost your income at the same time.
Ask him or her how you can improve your performance. Ask about other opportunities within your department or within the company and explore what steps you would need to take to qualify and advance to those higher-paying positions.
Be willing to work extra hours. If your job performance has been exceptional, don’t be afraid to ask for a raise outright. Make your boss aware of all of the ways you’ve been going above and beyond your position’s required qualifications and present a good case for why you deserve a raise.
Create A Side Hustle
Running a business of your own doesn’t have to be a full-time job. When you’re working for yourself to make extra cash, this is commonly referred to as a side hustle. You can make a side hustle out of your life experience, skills, training, and prior work experience.
Take an hour or two to jot down and figure out how you can do something better, cheaper, or more conveniently for someone else based on what you already know. You should easily be able to think of two, three, or four ways that you can earn some extra cash that will help increase your income.
Cut Expenses You Don’t Need
You probably could increase your income by hundreds to thousands of dollars each year just by cutting expenses that you don’t need. Where and how you cut will depend on your income, debt level, and standard of living.
Try these modest suggestions for cutting expenses and making your income go further:
- Cancel cable and or premium channels
- Go on free outings with family and friends. Take walks, use public parks.
- Shop for cheaper cell phone plans
- Carry your lunch to work; eat breakfast and dinner at home.
- Put off major purchases unless they’re absolutely necessary. If you must buy a vehicle, an appliance, or furniture, try to get it secondhand.
Explore Opportunities Elsewhere
If you’re no longer happy and there are no opportunities for increasing your income at your current job, you should seek employment with another company.
Networking is key to getting job offers. According to financial site Clark Howard, most jobs are filled by hirers who are likely to bring in someone they know or know of for an interview. A friend of a friend, a colleague of a colleague.
Nobody likes to be asked for a job, but everybody loves to give advice. So, identify some key people in your industry who you can have a face to face meeting with and interview them for their career advice.
Any method that gets you in front of people will work. What typically doesn’t work is trying to apply for a job electronically to somebody who doesn’t know you.
Tap Your Family For Help
Have every person in your family work who is capable of working, even students. Having a family to rely on to keep more money in your pocket is great solace in rough economic times. Don’t overlook this important asset in your life.
Get Serious About Your Income
I just shared with you 5 surefire ideas that will increase your income fast. I challenge you to look at each dollar you spend through a microscope —to nurture each penny carefully.
Over to you! Are you ready to take action? Tell me which idea you’re going to try first to gain control of your finances.