You’ll need more income no matter where you are on your financial journey or what your financial goals may be.
It is a fact.
The personal finance community should also discuss this more. Although there are many great articles on the subject, I don’t think it gets as much attention (or support) as it deserves.
Why is it important to me that I generate more income?
Budgeting only takes you so far.
You can earn as much money as you want (even though it may be difficult at times to grow).
A higher income can help you achieve financial independence.
Although I do not believe that a high-income will guarantee success in personal finance for everyone, it can be a big factor if you have the right mindset and are well prepared.
Here are some of the best ways to increase your income.
Table of Contents
You can increase your career worth
Invest in assets that generate income
Create your income-generating assets
Side Hustle Part Time
How to generate higher income
You can increase your career worth
You need to improve your work value if you’re working full-time, or if you want to develop your career.
Even if you do a good job, you may not always get a raise. It’s not always fair, but that’s how it works a lot of the time.
The most obvious thing to do is improve your career value. Start applying to other companies if your current employer does not value your skills. I’ve also been down this road before.
What can you do to improve the value of your career? There are many ways to improve your career worth, depending on where you are in your professional life. However, there is some overlap.
You can use Glassdoor to monitor your profession, your salary, your next level, etc. Glassdoor can provide you with this type of information.
Do extra work. You may already be doing a lot of things at your current job, but you can always do more. Ask to go along with something that interests you or learn more about it. Find out how to reach your next income goal.
Learn outside your job. Find ways to show you value and prepare yourself by reading books, taking an online course or doing research.
You’ll be surprised at how many times you might get a raise if you have a good reason for it. If you ask, most managers will respond positively. If they say no, then you may want to consider looking for another job.
For me, I realized I enjoyed digital marketing in 2014. My path shifted to this. I obtained free marketing certificates from Google and HubSpot. I created a blog for practice. Then, I applied for contract and freelance marketing work. Finally, to learn more, i worked at a marketing firm.
In just 3 years I have almost doubled my salary. Next pay rise will take me to the mid six-figure range. Crazy!
Invest in assets that generate income
A great way to increase your income is to invest in assets that pay you a recurring amount. You should invest a certain percentage of the income you earn from your job.
Stocks, bonds, property, or any other asset that can generate extra income is a good idea.
You can do a variety of things with your money. It is important to continue adding to this over time. Your returns will increase as your investments grow.
These assets can start to add together as they pay dividends either monthly or quarterly. As you start out, don’t expect riches overnight.
Once you invest some serious cash, your payments can even start to cover many of your expenses each month! Just by owning the assets, my investments now generate $3,000 to $4,000. These numbers continue to grow as each year passes and I add more funds.
Increased Income
Create your income-generating assets
Create your own financial assets to generate higher income. It is not a quick way to make more money. However, most of the items on this list will take some time.
You can generate income by creating an app, a website, a dropshipping business, Amazon FBA or other methods. There are many possibilities.
For me, I started Invested Wallet. Blogs have low upfront fees and low maintenance costs. It can take a long time to get into a rhythm and earn some money.
Related: Want to create your own WordPress blog? Get started here with Bluehost.
I enjoy building and growing websites. The income potential is huge if you are patient and wait a while before making money. I’ve been in this for 8 months and am just now starting to see some money.
This will pay for all of my monthly expenses, and possibly even more. I can also sell the business in the future for a lump sum.
Side Hustle Part Time
The side hustle craze is real. Funny thing is, I’ve done this since 2010, and never called it a side hustle until the term became popular a few year ago.
It can take several months, or even a full year, to begin earning extra income. It’s also not guaranteed that you will make a lot of money at first.
It may not sound very promising, but I’m being honest with you. You can also side hustle to generate an income.
What do you excel at? Even if you are not doing what you do professionally.
You can be a freelancer writer, offer digital marketing services, instruct online, rent out your home on AirBnB or eBay, sell items, detail cars etc.
Even if your weekly time is limited, there are many ways to earn side income.
To improve my career and earn extra money, I started doing freelance marketing. The work began with social media and emails, then expanded to paid advertising and content marketing.
Some side hustles can also turn into lucrative full-time jobs. Here are 7 side hustle ideas that can lead to full-time income.
How to generate higher income
You might have noticed a theme after reading the four methods above to increase your income. It takes time for these to work.
If you are patient and persistent, you will see your income increase and your pocketbook rewarded.
You could inherit a shitload of money. You shouldn’t really think about it or rely on it.
The four areas above are my top suggestions for increasing your income.
