To make more money can be easier than you think! In the simple exchange of money for services AKA your job or business there are some important variables and you can control many of them. Employers and customers pay for value receive. When an employer receives low value or perceives work to be low value, then the money you receive will be lower than it could be. So, in your job, perception, your attitude, your work and in some case your industry control your income. You can change a lot of this.
Outside of your job you can also make more money. Never before has it been easier to earn some extra money on the side. To get you started some suggestions to get are listed below.
How to make more money, here are some things you can change:
- Some employers are in low margin businesses or don’t care about their employees and just don’t pay well. Solution look for a better job or employer in a business sector that is more profitable. Example you are a great accountant working for a dying newspaper. You can be an accountant for any company so pick a growing, dynamic company with a good culture, more competitive compensation, a 401K with a match and even an annual bonus.
- Many employees just don’t have a great attitude. Never a smile, never anything extra, often it is them against the boss. Attitude is said to be the greatest contributor to success, ranked higher sometimes even then skills or education. Think about it, you can learn almost anything, but attitude pulls it all together. Sadly, people go to their job for 8 hours and can’t wait to leave, putting almost nothing extra in. Many are getting much less out of their job then they might. What is true is if you are going to be there for 8 hours make it better, it’s the same amount of time. Engage, improve, do more and rise within the company. Go get some new skills or gain new skills on the job. If you have to go and get a new job. Attitude is altitude in earning or running a business.
Add new skills
- Skills, right now has never been a better time to easily add some new skills to what you offer or even start a side hustle for yourself. Online classes that range from free to inexpensive are available right on your laptop. We highly recommend websites like Udemy.com and LinkedIn Learning to start a regular habit of learning new skills. What can you learn online? Almost anything you can learn can be learned online, digital marketing, plumbing, guitar and teaching methods, elements of accounting, basic to advanced computer skills, construction management. The list is almost endless. Cost is by the course or $10-30.00 a month. Add to your skills and the money will follow.
- For business owners, having worked with so many for so long here are some special tips for you. You may be a great plumber or Doctor, but by being self-employed you have decided to run a business and need skills to do that. Start by reading the book “The eMyth”. This should be an almost required read for anyone who is going to run a small business. Then take some courses on basic accounting, management, and marketing either online or at your local community college.
Want More, Deliver and Get That Raise or Promotion
- Ask your supervisor for more responsibility, after their shock subsides do what they ask and do it well. Ask most managers how many people have ever asked them for more responsibility, and it is almost always -0-. After you have taken on more and more and done a careful and good job watch how your pay increases. You may even have to ask but if it would be hard to lose you as an employee, the money will come.
Investments can work for you.
- Invest in Real Estate, owning more than your own home is a great way to create potentially life long income for yourself. Owning just one extra property for 40-60 years of your adult life can put you in control of significant revenue. As rents increase and loans paid off, much of this can be actual cash flow to you. See our articles on Real Estate Investment. Consider that many people have become wealthy through long term real estate investment.
Spending Less to Make More Money
- They say if you want a large house just get rid of 10% of your stuff! Same is true of your income, make it larger by spending less, maybe a lot less. See our article on starting a budget which we prefer to call making a financial plan. By setting some monthly goals to reduce unnecessary expenses, plan out savings, and getting high interest debt payed off you may free up hundreds or even thousands of dollars per month. Do this so you can enjoy life a little more and reduce your month to month financial stress. You simply must reduce expensive high interest rate debt, keep your credit rating high, and have free cash flow for savings.
Create Passive Income
- Create passive investment income by investing in Stocks, bonds, peer-to-peer loans, and other investments. One of the easiest ways to reduce the need for a larger income is to build some investment assets as early in life as possible. See our article Save early, Save often to see how a little money saved in your 20’s or 30’s almost eliminates your need to do all that much saving later on. Try to avoid being the 50 or 60 year old scrambling to save for retirement. Living more frugally, going for one or two investment properties, or stashing away as much as possible sooner will raise your income later in life. This works because you will have saved, built a growing portfolio early and then later you won’t have to.
Get your hustle on!
- Get a side hustle going. Everyone has an extra talent or two, has access to some products to sell, can provide a service or can put in some extra hours doing something extra. Making an extra $50.00 a week may not sound like much but $200 extra invested can grow to become a substantial sum. Consider that if you are in your 20’s or 30’s started saving $200 per month, pushed yourself to bump this up just $20.00 a month each year. Stick with it, you can level off when you reach $400 a month. Just stay with that, you would have well over $1 million dollars after 30 years. Simple, could you do that, sure you could and add in contributing to a 401K with a decent matching program and your wealth building plan could be 80-90% complete. It can be that simple if you have a 30-40 year time line. Compare this to the 50 year old who wakes up one day with minimal savings and has to save $2 Million for a comfortable retirement. Of Course, this happens just at the same time his kids need to go to college.
Need to Make More Money – Get Creative
- Look all around you for under utilized resources you may be able to turn into income. Do you have a room or garage you could rent out? Could you drive for a ride share company a few nights per month. One friend we know cuts and sells a couple thousand dollars of firewood per year and doesn’t own a large piece of property. Another put a snow plow on his truck and in a good year makes an extra $5,000.
If you can’t save by reducing some expenses you can make some extra money with the main goal being to save it and invest it. Saving an extra $200-300. per month can make all the difference over time. Now up the trail to making more money and wealth building.