The best way to grow your net worth is by saving aggressively and investing it wisely. But you need money to begin investing and saving money can only take you so far if you are making less money to begin with. One way to accelerate your savings rate is to make more money. If you looking to increase your income, there are plenty of opportunities to do so. Contrary to what most people think, making extra money is actually much easier than one can imagine. This extra money can go straight to your savings fund and can boost your net worth.
Get a Salary Raise
Based on a recent survey done by Payscale, almost 60% of workers don’t ask for a raise, yet only 8% of workers were satisfied with their salary. On the other hand, more than half of employers expect their workers to negotiate for more salary. Before you ask for a raise, determine how much you are getting paid and what the market rate is for your role in your area. Websites like Salary.com and Glassdoor.com are good resources to research salary data. Make a strong case on why you deserve a raise and back it up with concrete examples of how your work demonstrates what you have accomplished.
Find a Higher Paying Job
In today’s competitive world driven by profits and bottom line, there is no corporate loyalty. If you think that you deserve higher salary and your employer would not give you, go find another job. Don’t let yourself get exploited when you have so many options. Again, before jumps ship, be sure that you have really given your best performance at your work and you in fact deserve more salary and never change jobs in a whim. Also, money should never be the sole criteria for changing jobs. Always always think about your next job strategically and how it aligns with your long-term goals.
Remember that magic show that you did at your son’s birthday party (actually, I have done that…), that party you rocked with your DJ skills (I have done that too) or the cakes you bake for your family events (my wife’s done that)? You can put these skills to use to make some dough. No matter what your special skills is. From dog sitting to gardening to coding, there are freelance jobs that are available in every field today and using internet, it’s easier than ever to get started. Besides friends, family and coworkers, who should be your obvious customers, here are some of the sites that you can use to find freelance opportunities.
UpWork, RentACoder, ScriptLance, 99Designs, SimplyHired for tech, marketing, design, SEO and variety of other jobs.
Drive with Uber or Lyft
Companies like Uber and Lyft are changing the way we get around and creating new job opportunities and you can make extra money in this sharing economy. Whether you have 2 hours a day or 10, Uber and Left are great ways to earn extra cash by driving people around or delivering packages. The only think you need is a decent car, and these companies will even help you get that, if you don’t have one. Although Uber and Lyft are not available in all regions, if it is available in yours, give it a try and you can earn as much as ~$19 per hour (according to Uber website).
Start a Side Hustle
Out of this list, this one is my personal favorite. We have all read stories of people making millions selling stuff on eBay or creating commerce niche sites. It always seems too good to be true and we never seem to think that we can do this. Most people get discouraged by setting up big goals that are hard to achieve. The idea is to do things in small steps and grow from there. Its less discouraging and little successes along the way increase confidence and motivation. Remember, you are not trying to create next Facebook or Google. The idea is not to create some side income that can boost your savings.
Start a Blog
This is something I have been thinking for a while and hence I started this blog. With all the technology at your fingertips, starting a blog takes no more than a few hours. If you think you are passionate about a topic and have some writing skills, you can start a blog. Don’t worry about the money in the beginning, but once you have enough content and regular visitors, you will see your revenue go up.
To start a blog, you need to find a niche that you are knowledgeable about and start thinking about topics that would be interesting to readers. I will write some more details about how to start a blog in subsequent posts but for now here are some quick tools to look into.
WordPress is the preferred choice of platform to start a blog and that is what you should choose to begin with. You will need to buy domain name and hosting service. I recommend 1&1 Domains to register the domain and BlueHost to host your website. I bought my domains at 1&1Domains and they are the cheapest service around. BlueHost will let you get started with a shared hosting service at as low as $3.99 per month. Using other free tools and online services, you can have a blog started in under $10 per month.
Online Surveys & Online Tasks
This is a really slow way to make money but if you have a lot of time on your hands, there are plenty of websites that will pay you to give them your opinion. Some of the examples include:
MindFieldOnline.com, Global Test Market, TaskRabbit.com and UserTesting.com are a few of these sites that will allow you to get paid by filling out surveys or doing tasks online.
Peer to Peer car sharing
I have used this one personally and as scary as it sounds, it’s a great way to make some extra money. Companies like GetAround.com, JustShareIt and Relay Rides have been around for a while now and are a great way to put your unused car to work. You can share your car while you drive to work or run errands, or you can just rent it out for a few hours, days or months at a time. You dictate the terms and decide the price you want to charge.
Write an eBook
The old book publishing industry is dying and creating opportunities for DIY publishers. It is easier than ever to self-publish books online. Grab your laptop, cup of coffee and write a book on a topic to share your expertise. The publish it on platforms like Kindle, Lulu, Nook Press.
If you have enough expertise in an industry, you can consult with companies in the similar field. It’s easy to get started with professional looking website but you will need to find your first clients through networking and past connections.You might have to do a few gigs pro bono to build your portfolio and get references but once you have some work samples to show, you can start charging for your services.
Whatever your inclination may be, 2017 is a great year to use your skills and expertise to start making extra money. More money means more savings that can grow over time to give you the freedom you need. What do you do to make extra money? Is there a particular way that has worked for you? Please share your opinion.