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7 Ways to Increase Income


Increasing your Income

While you're building your career and dreaming about your future, there will probably come a time when a little extra money could go a long way. Maybe you're saving for a big purchase like a home or a new car, or maybe you just want to build up your savings for emergencies. Whatever your goal is, you can work toward achieving it by looking for creative ways to make more money.

Here are seven ways to increase your income.

1. Turn Your Hobby Into A Business

If you have a hidden talent or passion you'd gladly spend more time working on, you can probably find a way to use your skills to turn a profit. If you're creative, there are numerous ways to sell your work online. Virtual communities make it easy for you to connect with potential customers. You could also consider attending local fairs, farmers markets, or other events to help spread the word.

2. Ask for a Raise

Make sure you're getting paid what you're worth in today's job market. Research current salaries of people in your field using information from the Bureau of Labor Statistics or other reputable websites. If you feel it's the right time to ask for a raise, go for it.

3. Teach What You Know

If you feel that others might be interested in learning about your unique skills, blogging, freelance writing, and public speaking are ways to share what you know and get paid for it. You could also look into local options for teaching at a night school or community college.

4. Rent Out a Room

It has never been easier to earn extra income by renting out a room in your home or apartment, either for a long or short period. This can quickly turn in to a reliable source of secondary income. If you are a renter, be sure to read your lease or check with you landlord before renting out a room in your home.

5. Go Back to School

If you want to focus on your career, and have the time to invest, you may want to consider going back to school. Degrees and/or credentials often translate into better jobs and increased pay, particularly for in-demand jobs.

6. Look for a New Job

You may need to start looking for new opportunities if you feel like your current job leaves little room for advancement or if there doesn't seem to be a raise coming your way anytime soon. Research your options and be certain these new opportunities will actually help you increase your income before you get too involved in the process.

7. Get a Second Job

There are lots of part-time jobs that offer flexible hours and can be scheduled around your regular job. For example, you could work as a waiter or in retail on the weekends or drive part-time for a transportation company at night.

If you're looking for ways to increase income, it's a good idea to sit down and write out a list of possibilities before you settle on the best avenue to pursue. Just remember to keep an open mind and be ready to act when opportunity knocks.

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What You Can Do Right Now

Information is great. But taking small steps now can lead to big changes.
  • Do you have a hobby or a talent that you could turn into an income stream? Research e-commerce sites or other platforms to advertise your product/service.
  • Consider whether or not a raise at your current job is a possibility. Research current salaries in your field to see if your earnings match up.
  • If you think you may be eligible for a raise, schedule time to talk with your boss.
  • Search for part-time work that fits with your current schedule.
  • Would going back to school increase your earning potential?
  • Research education programs in your potential field of study to better understand the cost and time commitment.