Ways to Make More Money
This is the third article in my series about American’s going broke, and what to do about it. In my last two articles I wrote about different ways you could cut spending and paying down your debt. Now it’s time for me to give you suggestions on how to put more money in your pocket (i.e. increase your productivity).
If you haven’t read my last two articles, I suggest going back and reading them here:
Increasing Your Productivity
At the end of Ray Dalio’s famous video, “How the Economic Machine Works in 30 Minutes“, he has three rules of thumb for people to take away. One of them is “do all that you can to raise your productivity.” In other words, figure out ways to make more money.
Because of inflation and raising debts, most people are looking for ways to make more money. Most people don’t know how to increase their productivity because they are waiting for someone to save them. Don’t be one of those people. Now is not the time to dilly dally, now is the time to take action.
Here are different things you can do.
Ways to Make More Money
#1 Ask for a Raise
Asking for a raise – If you’ve got a job you love, but it’s not paying you what you’re worth, consider asking for a raise. A lot of people are afraid to ask, but keep in mind, asking for a raise is normal. Understand that timing is important (if you just got a raise a few months ago, right now may not be the best time). But if you’ve been making important contributions to your company, and it’s been over a year since your last pay increase, now is the time to speak up.
Make sure to let them know what you’re worth and the accomplishments you’ve brought to the table during the last year. Remember, they can always say no and you’ll be in the same boat you’re in. But now management will keep, in the back-of-their-mind, that you will start fishing elsewhere.
#2 Look for New Job Opportunities
You may not get a raise at your current job because of budgetary issues (i.e. they legitimately can’t afford to pay you more.) If you’re good at what you do, consider moving to a new company. The national unemployment rate is hovering around 3.9%, which means companies are desperate for good people. Every place I know is looking for good people, and they aren’t enough of them to go around.
In other words, if you’re good at what you do, and not making enough, now is the time to move – and get paid more!
I know plenty of accountants that recently left Big 4 accounting firms to go work in the private sector and received $20-30K increases in their salaries.
And if you’re not good at job prospecting, no worries. Talk to a job recruiter. Recruiters get paid by companies to find good talent.
#3 Get a Second Job
If you work from home, and your job is based on results, not time worked, you may be in a situation where you can pick up a 2nd part-time job (to be honest, I know some people that have two full time jobs, since both jobs are based what you produce, not “butt in seats”).
Some people may think that’s unethical, but as long as you’re upfront with your boss about how your pay is based results measured, it shouldn’t be a problem. The fact is, American society is getting more and more comfortable with people having side-gigs, away from their main job. The 90s are over, so employers are having to deal with it.
#4 Gig Economy: Turn Your Hobby into a Business
If you enjoy making stuff, think about selling it on Etsy. If you love Yoga, think about becoming a Yoga Teacher. If you enjoy writing, think about starting a blog. If you’re an artist or designer, think about selling your services on Dribbble or Bēhance. There are countless hobbies that you can turn into a business. Justin Welsh talks about this on his blog, the Saturday Solopreneur. If there is something you have a passion for, don’t be afraid to make money from that passion.
#5 Create an Online Course: Teach What You Know
If you’re really good at something, teach it to others (and charge them for it!) You’d be surprised at the number of people that would pay you for the stuff that comes to you naturally. There are tons of people that have moved into the online teaching space. And websites like Teachable and Kajabi have made it easier to create.
Other Things you can do to Make Money
There are countless other things you can do to increase your productivity and make more money. Here’s a list of things I didn’t mention above.
- Rent a room in your home,
- Sell stuff in your garage that you’re not using,
- Deliver packages or groceries on the weekends,
- Become an online tutor,
- Become a dog walker or pet sitter.
In this three-article series I’ve covered how to cut expenses, how to pay off debt, and how to make more money. It’s the beginning of a new year, so, ask Patrick Bet-David says, “now’s is the time to reinvent yourself.”