8 ways to increase your income
Increasing your income & having more cash is always an exciting possibility.
The first time I really noticed anyone talking about this was when I read Focal Point by Brian Tracy about 15 years ago. Brian Tracy, or BT as I call him, is all about GOALS. His entire philosophy is to set goals, increase productivity and therefore increase your income. Knowing your direction and doing everything in your power to make it happen is a surefire way to earn more.
If you have a burning desire to achieve a big goal and know how much you are currently bringing in we can work towards increasing your income. It's important to use your energy wisely. Spend time on activities that move you toward your goals, as opposed to moving someone else toward theirs.
Let's take a minute to brainstorm all of the ways you can increase your income, both passively and actively. Go through each suggestion and entertain the possibility of this happening in your life.
Low hanging fruit
Current work - can you ask for a raise, take on more responsibility or look for a position outside of your current company that would pay you more?
What can you rent to someone else to create recurring cash flow- Do you have a room to rent to exchange students? A space you can Airbnb? A garage that can be used for storage space to rent to a local company or neighbours?
What are you good at that you can offer to the world? Everyone has a marketable skill.
Consulting - depending on your expertise and work experience, contract work or consulting could be a great opportunity to bring in more money. Start by researching who else in your industry is doing contract work (google is your friend!). You could set up a small, free wordpress website and position yourself as a contractor. Add your new position to your LinkedIn profile, tell a few industry colleagues that you're looking for contract work and will the universe to set you up! You'll be amazed at how much work there is to do out there. If you're consistent, professional and do the job well, there will always be more work for you.
Tutoring / editing - If you don't want to go as far as consulting, you can do smaller side jobs around your own skill set. If you were good at any subject in school, someone will hire you to tutor their kid. Again, google is your friend. Check out the local market. Who is tutoring? How much are they charging? Is a tutoring company hiring? Is that something you could do?
Babysitting - Good old babysitting. I kept babysitting until I was 28! Side cash is side cash my friends.
Dog walking - This is the animal equivalent of babysitting!
Serving (or an easy-ish weekend job)- Picking up some shifts at your local bar is a great way to supplement your income & save money. If you already have experience serving or working retail, and you need more money to get to your big goal, why not pick up 2 shifts/week and bank the cash! :)
Get creative based on your skill set - Jessica sells her art, I often sell things for people online and take a percentage, Charmaine works for her previous company as a contractor, Julie is going to be a server to save for her upcoming 6 month trip around the world.
How could this be an article about earning more without mentioning investing?! No, this is probably not going to let you access short term cash flow. But long term, you will win the game with money in the bank.
Learning about investing is my current hobby. I've been reading as many investing books as I can get my hands on and so far, my favourite is Danielle Town's Invested. Danielle and her dad Phil (a famous & successful hedge fund manager) have a podcast, InvestED, which I love as well. I keep it on in the background at work and learn as much as a can from their banter. Phil's website has phenomenal resources and he teaches free investing seminars.
If you want to learn more about investing and you're in Victoria or Montreal, you could attend a LadyInvestors meetup. I run the Victoria group and there are a great bunch of ladies who run the Montreal group together. Email me or comment below for more info.
Your extra income
What do you do (or what could you do) to earn more? I want to hear your ideas! Things that have worked and things that haven't. What was worth it and what wasn't? Comment below!