You've been working from 08.00 to 17.00 but your income hasn't changed significantly. The new year is quickly approaching, and you're undoubtedly making plans to boost your earnings. According to a report conducted by the American Psychological Association (APA), money stress influences Americans' health. And, it turns out, not only people in lower-income homes are concerned about money.
Perhaps you want to get married/have children, move to a new house, improve your talents, or buy land, among other things, but your wage won't allow it. As the new year approaches, you can prepare for income growth to help you achieve some of your goals.
Whether you need money to establish a business, make new investments, or get out of debt, a few million Rupiah per month can make everything. Here's what you need to know to get started.
1. Start a service business
It is possible to start a service firm without a vast network, an online presence, or overhead. Telling individuals in your existing network about what you're giving and asking them to spread the word is the most straightforward approach to get started.
AppSumo's Noah Kagan nailed this notion. He set out to see whether he could make $1,000 in 24 hours from nothing. He eventually discovered a profitable beef jerky subscription business, which he handed over to one of his students to handle.
You can borrow his concept with a business-like dinner catering, freelance writing, or online marketing. To get yourself up and running in a matter of days, start with writing a dynamite outreach email.
2. Start a side hustle
Consider and investigate the perfect side hustle to augment your monthly earnings from your 8-5 work; This should not take up too much of your time and should be something you love doing. A solid side hustle should be able to pay off in a short amount of time.
A side hustle can be a small business you start, such as selling fruits and veggies, or online part-time occupations like writing, marketing, launching a podcast, or participating in an online survey.
Depending on the activity you're doing, and how much time you spend on it, your side hustle should be able to pay you enough.
3. Become a freelancer
In 2022, having a particular qualification or talent will be critical to increasing your salary. You merely need to master what you're good at, add one or two additional or soft skills, and hunt for opportunities in the market.
Working as a freelancer outside of your regular 8-5 or 9-5 employment will undoubtedly enhance your pay. You might be able to find a part-time job doing anything like wiring, plumbing, marketing, web design, or graphic design.
Due to their income, freelance or part-time work could make you earn more than full-time jobs. You might be compensated by the task or by the project. This way, you'll be able to supplement your income by working in your spare time or on your days off.
Consider becoming a freelance writer if you have a talent for the English language or simply like writing. Try to be a freelance writer in various websites, magazines, newspapers, and blogs, and there are even freelance writing companies that can match you with jobs that best suit your writing skills. You can conduct this side job both online and in your leisure time, and you can choose the frequency of writing tasks to meet your schedule.
4. Invest to earn dividends
Make it a goal to put your money in dividend-paying stocks. You can do this by purchasing stock from a Sacco, the stock market, or a corporation. Make sure you research the market and determine which institution pays the highest dividend. Keep in mind that your goal is to make money and supplement your income.
Depending on the type of investment and the organization, you could get dividends quarterly or annually. Your shares yield dividends each year, and you can opt to reinvest and grow your shares to get a higher payout the following year.
5. Make something and sell it
Individuals with a knack for creating things can sell their wares online or in a physical store. Knitters, for example, can sell their knitted products, and gardeners can sell their surplus vegetables. You could sell baked items if you are someone who excels at baking or decorating. Examine your pastime to see whether you may turn it into a source of income. Make contact with local businesses to see if they will sell your product.
6. Sell things you no longer use
You could sell products including technology, books, clothing, or furniture. You can gain money and boost your income by auctioning these products to second-hand stores or dealers. If you have books that you have previously read, don't let them accumulate dust in your house; instead, sell them in an online store or on the street. Turn your devices, such as gaming consoles, obsolete phones, desktops, or laptops, into cash by selling them online or to others.
Setting defined financial goals is the key to boosting your income as a full-time employee. Suppose you want to learn more advice for any self-development topics and consult with us! Also, follow us at Instagram @baikgp and @ayureadypodcast for more information and extra insights!