If you’ve already developed a good savings habit, you’re on the right track to financial success. People who succeed at building wealth and achieving their money goals know how to live beneath their means and are excellent at saving money.
But savers also know there are only so many expenses that can be cut. At some point, if you want to continue saving and investing more money, you’ll have to earn more.
That can be easier said than done. It requires more time, dedication, and work to earn more money. If you’re interested in boosting your income so you can make more progress growing your wealth, however, you’ll need to take this action.
So how do you get started? Try one of these 4 ways to earn more money:
Make Use of Spare Space
Plenty of people like to invest in real estate in order to earn more money. But this requires a substantial upfront investment, carries heavy risk if you don’t find a positive cash flow property, and demands a lot of responsibility from anyone looking to be a full-time landlord.
The good news is that you don’t have to invest in a separate or second property to boost your income. You can use spare spaces available in your main residence.
Sites like Airbnb allow homeowners to list rooms for rent to people who are on vacation or traveling. This is a great way to earn extra money from something you already have — your home. It also comes with the benefit of not having a full-time roommate. You control the availability for people looking to rent a space.
Want to go a more traditional route? You might want to consider finding that full-time roommate instead. A friend, family member, or someone in your circles can provide the same benefits as listing a spare bedroom on a site like Airbnb without requiring you to constantly open your home to people you don’t know.
Monetize a Hobby
Do you have a skill or a talent you already exercise through hobbies? Maybe you’re an artist or crafter. Or maybe you love to restore antiques. Perhaps you spend your spare time engaging in an activity that requires specialized knowledge, like gardening or photography.
Any of these hobbies can be monetized. You can create new income streams off the things you already love to do.
If you create handmade items, list them on Etsy or search for arts and crafts shows and fairs to sell what you make. List things you’ve restored or fixed on Craigslist or invest in a stall at places like antique malls.
If your hobby does require specialized knowledge, think about how you can be compensated for sharing that know-how with others. You can teach a class or even self-publish ebooks. Or you can try your hand at consulting or freelancing and turn your hobby into your side gig for extra cash.
Speaking of freelancing or consulting, anyone can do either if they have skills or knowledge that other people need. If you’re currently employed, chances are you do have abilities you can translate into paid work if you want to pick up something on the side.
The options here are limitless, especially if you’re offering consulting services. Plenty of businesses need help figuring out what to do and have no idea where to start. They also don’t have the budget to bring on someone full-time to help. Hiring a consultant or independent contractor is the perfect solution for them — and, of course, for you if you’re looking to translate what you know into extra money.
Negotiate for More
For those that would rather focus on the jobs they already have, a great way to boost your income is to ask for more of it at work.
No, this doesn’t mean barge into your boss’ office with your hand stretched out. You need to plan ahead and negotiate for a raise in a way that’s professional and also demonstrates how valuable you are to your company:
- Schedule a time to speak with your boss.
- Avoid scheduling your meeting during times you know everyone in the office is under a lot of pressure; if you have busy or slow times, try to avoid both.
- Have a specific number in mind when you ask.
- Be prepared to back up your request with examples of why you’re worth that number to the business.
- If your boss can’t provide you with a pay raise, be open to other options; you may be able to pick up other benefits like more paid vacation days.
Remember, you may not receive the financial compensation you deserve if you never speak up and ask. Be willing to negotiate on your own behalf.