By Haley Tolitsky, CFP
When we think about reducing money and achieving our financial goals, we ask ourselves to review every aspect of our budget and reduce expenses. However, it may be difficult to do, especially when it comes to housing, transportation, and food, so that we may have a place to live and nourish ourselves. However, depriving ourselves of all fun activities because they arent gratuitous.
It is quite a pleasure to spend time and energy on increasing your income. There is a certain amount you can reduce out of your expenses, but your earning potential is limited. What you can do to increase your income and gain financial freedom.
First, go through several online search websites, such as Glassdoor or PayScale, to see what you are doing. These salary ranges are often self-reported and may be wide, therefore consider your overall responsibilities and abilities. By connecting with those in your industry, you may also get a better understanding of what to demand.
Next, list your greatest work accomplishments, specific abilities you might bring, and future projects you would like to handle. Spell out your total compensation package, including bonuses, retirement plan contributions, insurance, etc. After doing your research, be prepared for the dollar range you are seeking, and consider any other benefits you may negotiate, such as working from home, vacation time, or a professional development budget.
Reach out to your manager to schedule a meeting, either in person or via video call. Bring the research youve prepared, and a trustworthy but rational attitude to the meeting.
If you are unhappy with your current job or there are no opportunities for advancement within your organization, it is probably time to begin interviewing elsewhere. According to Zippia, the average salary increases when it comes to changing jobs by 14.8%, compared to 5.8% when staying with a company. Before you start your job search, make sure you include your core values and nonnegotiables. Always identify your accomplishments, strengths, and salary, which should always be beyond your minimum expectation.
If you find that your current role isn''t providing the satisfaction, growth, or pay you need, consider moving to another sector or career. When it comes to creating your future, take the time to reflect on your assets, goals, and previous positions. If you consider taking educational courses or job shadowing, you should be transparent and follow your progress. Keep an eye on your progress so that you can keep an eye on your progress.
Apart from getting a second job, there are a variety of ways to make additional income. Do you have a hobby that you''ve been wanting to learn? What you can teach others? The key is to find something that you like to avoid burnout, and who knows, it may be a full-time gig!
Below are a few opportunities to get extra income to evaluate:
- Uber or Lyft driver
- Dog walker or pet sitter
- Personal trainer
- Online tutor
- Graphic designer or social media manager
- Sell old clothes and items on Facebook Marketplace or Poshmark
- Sell craft projects on Etsy
While developing a passive income stream can be one of the hardest and most time-consuming approaches on this list, it also has the most potential payoff. Passive income is revenue earned without a lot of work. How nice would it be to get paid while on a long vacation? Generally, creating a passive income stream requires a lot of upfront work, therefore take this option very seriously.
Generally, income is generated from advertising revenue, partnerships, selling of a product, etc., through creative methods such as:
- Creating a blog
- Teaching tutorials on YouTube
- Developing an online course
- Writing an e-book
- Building an app
- Becoming a brand influencer
If something does not interest you, then you may consider renting a room, investing in real estate, or buying stocks as alternative incomes.
The goal of increasing your income is to offer you greater freedom and flexibility in your life. Explore your passions and work to discover a balance that allows you to spend time away from work while still completing your financial goals. There is always one option to do something, so find something that works best for you!
About the Author: Haley Tolitsky, CFP
Securities offered by The Strategic Financial Alliance, Inc. (SFA), Member FINRA, and SIPC. Advisory services offered by Allegiance Financial Group Advisory Services, LLC (AFGAS) The Securities and Exchange Commission (SFA, AFGAS, and Cooke Capital, Inc. are not affiliated. Supervising office: 678-954-4000