Everybody likes having more money. No matter how much you have, it never hurts to have more, right? Well for some of us it’s more important than others. I’m always looking for ways to create new income streams in my life. If you are trying to manage your finances, it’s easy to always look for ways to cut your expenses. But sometimes you need to try looking for ways to boost your income as well. In a job that you don’t like? Don’t feel like your work and/or skills are being recognized where you are at? Don’t stand around and wait for more money to fall into your lap. It’s your life, so take control of it. Here are 10 ways you can make more money.
1. Educate yourself
2. Get Certified
3. Cross train
4. Be a leader
5. Talk to your manager
6. Find a new company
7. Get a second job
8. Sell your stuff
9. Start a business
10. Start and monetize a blog
Educate yourself
The first thing I did when I started feeling trapped at my job was decide to go back to school. Not only can deciding to go back to school energize you and your career, but it looks great on a resume. Whether you are looking to get your undergraduate, graduate, doctorate, or vocational degree…having those extra credentials helps to separate you from all the other employees or potential employees. It shows that you had a goal, worked at it, and followed through to the end. And that’s not even mentioning any actual skills and knowledge that you gain along the way. An added benefit of going to school is that it can help to give you clarity on what you actual want to do with your career. Being exposed to so many different things can only help to guide and strengthen your ambition. If you happen to work for a company that will offer some sort of tuition reimbursement, it’s a win-win situation. To increase your marketability and skills for free is a slam-dunk.
Get certified
Alternatively, if you don’t have the time, money, or interest to go back to school, you can look at getting a certification in your job industry. Certifications are great as they make for attractive tidbits on your resume, and offer a quicker way to expand your skill set. While some dispute the relevance of certifications, they do show that you have a certain base of knowledge and have attained proof to that end. Make sure to do your research beforehand, and try to obtain certifications that are in demand in your industry. There are usually many books available for helping you pass any number of certification exams. By doing your homework, and spending a little money upfront, you can give yourself a great chance to add a nice credential to your belt.
Cross train
Now more than ever, employers want people who can do it all. Gone are the days of being able to have one skill and work it for 40 years. Flexibility is key in today’s workforce and offering to cross-train shows you are open to doing what your company needs from you. Additionally, having experience in multiple areas makes it easier for you to possibly move up in the future. Exposure to new environments not only builds character, but allows you to have a more well rounded perspective on what your company does, and ultimately what works best for your company. Anyone can do a job, but a person that can come up with ideas to do the job better is invaluable to an organization. The more you know, the more you can change for the better, and that will translate into monetary gains from your employer. If it doesn’t, at least you have increased your marketability to other companies.
Be a leader
In order to make more money at your job you have to perform. In most organizations they look for people who are natural leaders. The thought is that one leader can make many less skilled workers perform better. Companies are trying to cut labor costs and that trend will only continue. The idea is to get the cheapest labor available with enough skills to do the job, and pay a handful of truly skilled leaders to guide them. Being a leader can mean many things, but a common characteristic is that you are able to make those around you better, and consistently deliver high quality work. Things are never perfect, part of being a leader is realizing that and taking responsibility for those working for you. A true sign of a leader is a person that is respected both by those who manage him (or her) and equally by those he (or she) manages. If you are able to establish yourself as a leader, the money will come.
Talk to your boss
If you are already in a position where you have been performing at a high level maybe it is time to have a one on one talk with your boss about the possibility of a raise. Most people feel uncomfortable asking their boss for a raise, but as long as you are professional about it it shouldn’t be a big deal. If you have truly been performing at a high level your boss will recognize that and do what he or she can. If you are in a situation where you have an unreasonable boss, then it is probably time to think of moving on for the long term good. Don’t be afraid to ask for something you want. Be confident, state your case, and deal with whatever the outcome is in a professional manner. At the end of the day, it is just business and you should treat it as such.
Find a new company
Sometimes the only way to get paid what you are worth is to move to another company. It is kind of funny that people will normally see the biggest percentage increases in their salary when they move between companies and not while they are within a company. This paradox shows how important your salary negotiations can be when taking a job offer. Companies rarely will want to give you a substantial increase once you are already in. There are a few exceptions of course, but as a general rule you will stuck with steady increases and not see a huge step up in a given year. This can be frustrating, but use it to your advantage. If you have the skills and experience, take a look at what someone else might offer you. Chances are, they might be more willing to pay for your services. In the end, your current company might even want to match their offer if you are that valuable to them. Sometimes all they need is a little competition to see how much they really need you. If that doesn’t happen, you still are able to move on to new pastures with a substantial increase.
Get a second job
When your income just isn’t enough, sometimes you look for another income stream. Getting a second job can be an effective way to make more money, but realize that you’ll be spending more time working. Finding a second job can be difficult depending on your work schedule at your primary job, family situation, or skills that you have. Make sure that you take into account any tax implications that might come out of taking a second job. For instance, you could possibly be put into a higher tax bracket by your second income stream, and actually take home less money with each paycheck. So just make sure you calculate exactly how much extra your second job is bringing in and weigh the benefit accordingly. If possible, make your second job something you love to do. Otherwise, the stress of having to work two jobs consistently can wear you down very quickly.
Sell your stuff
If you happen to have a lot of old things lying around that you don’t need anymore, maybe you should try selling them! Talk about win-win situation, you can get rid of a bunch of old clutter and actually make some money out of it. From having a simple garage sale to creating a home-based business selling your stuff on Ebay, you can make a decent amount of money for little effort. Ebay businesses have been an internet craze for a while, but it will mostly come down to how much stuff you have, and how easy it is to sell. However, there are still ways you can make sure to do it better. Over at getrichslowly.org they have a great article on how to improve your Ebay listings, so if you plan to go that route, make sure you do your homework. Lastly, don’t forget that any money you make from selling your stuff is officially income. So make sure you account for that when it’s time to prepare your taxes.
Start a business
Some people will tell you that working a second job is a complete waste of your time. What they say you should do is instead of working two jobs, work one job and start your own business. The thought process is that instead of putting all your part-time effort into something that probably won’t pay you very well, you can put that part-time effort into your own business and build something for your future. If it takes off, you may be able to eventually quit your primary job. The idea is that as long as you work two jobs, you’ll always have to work to make your money. By building a business you offer yourself the opportunity to create passive income by having ownership in whatever business you create. Understand that starting a business is not easy, and most of the time you will lose money way before you ever make more. But with a strong idea and passion for what you are doing, you can steadily build yourself a business that can be a small income stream at first, and possibly your meal ticket over time. There are many tax implications to starting a business, and many different business structures and possibilities to choose from. Make sure you do adequate research and analysis to make starting your business a smart decision and not just an impulsive one that drains your time and money.
Start and monetize a blog
Blogs are all over the place (ahem, you’re reading one right now) and with the boom of online ad networks, it’s easier than ever to monetize your blog and make some money. The biggest key to monetizing your blog is to have something people will want to read. A good piece of advice is just to write what you know. A lot of people make the mistake of trying to create blogs that relate to the most popular search engine keywords, but in the end the quality of your content will determine the fate of your blog. Make sure you make smart decisions in designing your blog. One of the best blog monetization articles to read when you are just starting out is from one of the most popular bloggers out there, Steve Pavlina. Steve’s How to Make Money From Your Blog is both informational and inspirational in getting you started. A definite must read if you decide to start a blog.
There are countless other articles all over the internet to help you optimize your blog, like Jennifer Slegg’s 25 Tips to optimize your blog for readers and search engines. The point is, do your research to get your site set up, then just continue to provide quality content. It’s a pretty simple formula. Once you have a decent amount of content, look to monetize your blog by adding ads from Google Adsense or one of the many other ad networks like Kontera, Text Link Ads, or Yahoo Publisher Network. Don’t expect fast cash from you blog though. Usually it is a slow steady process that has the potential to grow very rapidly, just concentrate on the value you are providing your readers, and the rest will fall into place.
Most people think about making more money on a regular basis. The biggest key to any money making endeavor is just to put the effort forth. Most people have great ideas but never put in the time or effort to see them through. Success is 10% idea and 90% execution. Don’t necessarily wait to find the amazing new idea, use other people’s ideas to your advantage. If you see a successful business model that someone else has, borrow what works and make it into something that works for you. When it comes to making more money, the best options are those that work with your family situation and help align your income with those things you are passionate about. If you are passionate about the work you do in your current job, more power to you. Look at those options that allow you to expand on that passion and achieve monetary gains at the same time. If you are in a situation where your primary job is not your passion, use your free time to build something for yourself and hopefully make money at the same time. Either way you go, finding income streams that align with your personal ambitions is a key component to living your dream life.
