Let’s face it, times are tough and many people are struggling. Some have seen their jobs disappear or their incomes take a hit. But even if you were not financially affected by the current state of the world, chances are you’d still like to earn more money. Whether it’s to grow your savings, pay off your home quicker, get more financial security or enjoy life a bit more, most people would like a bigger income.
But how can you achieve that? In this article, we’ll discuss 5 options that you can explore to make extra cash and build the financial future of your dreams. Ready? Let’s go!
1. Sell your stuff
This is probably the first thing people should think about when they want to increase their income. Chances are you have a bunch of clothes, games, decor items, electronic devices, books or random things that aren’t being used for anything besides gathering dust. (We’re looking at you, fancy-exercising-machine-that’s-being-used-as-a-clothes rack.)
If you’re not using it, why keep it? Unless something has sentimental value to you, consider selling it. You would be surprised to know how much your old books could yield if you sell them altogether, or how many people are actually looking for a second hand treadmill.
These unused items take up space, clutter your home and are basically assets that you forgot existed. Remember them, dust them off, take photos of them, and sell them. All of a sudden you could find yourself with a few extra hundred bucks in your pocket—and you’ll have more space afterwards too. Double win!
Extra tip: While going through your stuff, you may find things you don’t want anymore, but that’s not in a state to be sold for money. Instead of throwing it away, consider giving it to someone who might need it, or donating it to a shelter or organization that could use it.
2. Create content
Ah, the internet. It’s crazy and magical. And in 2020, it’s a place where anyone can create content and possibly even make money from it.
You might have seen bloggers, YouTubers, streamers, and Instagrammers, and thought you weren’t made for that life or that it’s impossible for you to make a success out of it. But, ask yourself: Do you have something you love? Or maybe something that you know a lot about? Then guess what: You can create content about it, grow an audience and start monetizing your passion and knowledge.
Here are some quick, useful tips towards becoming a content creator:
- Decide which subject you want to talk about (make sure you know a lot about it or are interested in it)
- Research who the top content creators are in that field
- Watch and read a ton of their content to understand what works, and what doesn’t
- Now decide which platform you want to start on. Tip: Choose the platform you like the most
- Write down a list of 50 content ideas that pop into your head, then pick the best 3
- Write about it, be it in blog format or as a video script
- If you choose a video format, shoot it. It will be horrible. Shoot it again. Ouch, terrible. Get a better mic, do it in a room with better lighting. Shoot it again. Repeat until…
- …the results are OK. Listen, done is better than perfect 😉 Create your account, put the content there, hit publish and that’s it!
- Don’t lay around waiting. Go interact with other members of your community, leave valuable comments on their posts, share your content and reply to every single person who says something about what you published
Now you just need to keep improving every day, learn from others who are succeeding, and continue to publish content, and more content, and more content. Success is not guaranteed, but if you follow these simple tips, it’ll certainly help.
3. Invest your money
They say you need to spend money to make money. But that’s not completely true, as investing is not spending. So invest money to make money!
When your savings are generating returns without much management from your side, it’s called passive income. And who doesn’t love passive income? In case you have money sitting in a bank account, research investment platforms, choose the one that best suits you, create your investment plan and then make your money work for you.
When returns are added to your portfolio, you may choose to reinvest them and harness the power of compound interest, or simply cash them out to add to your monthly income.
4. Side hustle
We talked about content, but if you have spare time every day when you simply watch movies or play video games, you might want to switch up those fun hours for a side hustle.
A side hustle comes in many different forms. Some people start their own business, ranging from a small consulting firm to an online t-shirt store. Building a business takes time, is hard work and no success is guaranteed, but if everything works well for you then the results could be fantastic. A good first step is choosing what you want to do and watching content about it from people who’ve already succeeded, or simply doing an online course made by a specialist. This way, you won’t start from ground zero, but rather with some knowledge of what to do and how things work.
Another option that could be easier for beginners is freelancing. It’s hard to think of a freelancing surgeon or work-from-home sales clerk, but if you work in a profession that doesn’t require a physical presence, then you can easily become a freelancer. Whether you’re a psychologist doing video sessions with patients, a business person doing 1:1 consulting calls, or a polyglot willing to translate from home, there are tons of places for you to find clients online. Be it via direct approach, cold emails or using platforms like Upwork (which we use to find freelancers here at Bondora). There’s always something you can do to land gigs and generate some extra cash.
5. Get a raise
OK, this topic is sensitive, for sure. Most people are too scared to ask for a raise. And if you work for a company with rigid job position plans, then a raise is simply out of the question. But if you don’t work for a stringent company, chances are your boss or higher management would be willing to bump your salary, if you ask for it.
Have you been going the extra mile? Have you been a valuable employee for quite some time? Have you proved to bring excellent results? If so, they definitely don’t want to lose you. Finding new employees that fit the company is hard and costly, so keeping the ones who are already performing is way better.
Thus, know your value, make your own assessment and don’t be unrealistic, but a serious talk with your manager could be the only thing separating you from earning just a little more every month.
So…. how will you increase your income? Choose what’s best for you, plan your next steps and make it happen!