We are in an economy where it’s not so advisable to rely on just one source of income. So, even if you have enough to get by, it is imperative that you explore more ways to increase your income. In today’s post, I will be sharing with us five options that we can consider and explore to increase your earnings in this period.
Freelancing – In this age of digitisation, you can provide your knowledge/expertise on global platforms and get paid for them. Whether you’re good at graphic designing, writing, project management, bookkeeping/accounting, platforms like Upwork and Fiverr, etc., have provided a virtual marketplace where demand and supply can meet. This is something you can consider if you have these skills, and even if you don’t have them, you can take up courses/classes to learn and master them.
Side business – If you are good at selling and marketing products, you can also consider starting a business in this regard. However, you need to do proper market research to see that such products/services are in demand. You also need to be very knowledgeable about whatever business you’re dipping your hands into. I have heard of quite a number of started businesses that have failed and when I dive deeper, I discover that most of the reasons for failure were inadequate market research, inadequate skills and knowledge required for the business, failure to navigate the market, create a niche for your products or a competitive edge for your business. Ensure that all the mentioned factors are considered before starting a business.
Monetizing your skills/ knowledge – Similarly to the points mentioned above, you can also consider some of your skills. For sure, some of them can be monetized. They can be vocational skills, digital skills, etc. You may need to refine, sharpen, or relearn your skills to make them marketable. In the same light, you can consider monetizing knowledge you have expertise in. You can explore creating an e-book, online course, paid video contents. You can also explore using known academy platforms like Coursera, Udemy and the likes to push out your contents.
Now, there is a tendency for you to think that you are not good enough or you don’t have what it takes to put your knowledge out; however, you’d be surprised that people who don’t know up to what you know are already selling their knowledge out there. Your presentation and confidence matter a lot! Likewise, there are people out there who need the knowledge/skills you have. So, the world is waiting for the value you’d bring.
Salary upgrade – Another way of increasing your income is to bargain for a salary upgrade with your boss in the office. Of course, you need to have valid grounds to request this. That’s the reason why you need to keep investing in personal development, creating extra value for the company, and documenting every bit of it. These will help you sound convincing in requesting an upgrade. This has worked for several people, and you can also consider exploring it.
Investment – Finally, investment (passive income) is another way to earn extra income. This is you letting your money make money for you with little efforts on your end. However, because you need to get money to invest, you may want to explore other options first to generate extra money to invest.
Conclusively, like I always advise, before increasing your income, try to ensure that you can earn within your means. Your problem may not be that you don’t have enough income; it may be that you have poor money management. If this is the case, it’s advisable that you work on that first because no matter how much you earn, poor money management will still lead you to not having enough money to cover your needs.
So, here’s a challenge for you, rather than complaining on the rising costs of goods and services, challenge yourself to increase your income over the next three months. You already have five options above which you can explore!
To your financial independence and freedom!
