Finance Frontier

The average person in the United States earns about $60,000 a year.

Although this might be enough to get by for most people, it’ll effectively keep you in an unending cycle of living paycheck to paycheck.

That’s not what you want. You want to achieve financial freedom and live your best life without worrying about bills and whatnot. One of the best ways to move towards this freedom is to increase your income.

Doing that, though, is easier said than done. Thankfully, we’re here to help. Read on to learn how to increase your income without breaking too much sweat.

1. Ask for a Salary Raise

If you’re anything like most people, the first thing that comes to mind when you’re looking for ways to grow your income is to find a second job. That’s understandable, but before you get there, explore the possibility of getting a raise in your current job.

Of course, this may or may not work, but a lot depends on your specific circumstances. If you’ve been hired only recently, for example, asking your boss might not come off nicely. But if you’ve been in your current position for more than a year and haven’t had a raise in that period, you’re justified to pop the question.

Some companies also have policies for salary raises. If there’s a criteria that needs to be met and you meet it, don’t hesitate to put in your request. If you don’t satisfy the requirements but the company allows employees to ask for raises based on personal circumstances, you’re also free to go for a raise.

How much of a raise should you ask for? Given a blank check, we would all double or triple our salaries. But there are no blank checks when you’re asking for a raise. You have to get your numbers right or risk ruining the boss’s mood.

As a general rule of thumb, ask for a 10-20% salary increase. If you’re lucky enough to get it, the extra money could increase your disposable income.

You can use the increase to build a rainy-day fund or pay off debts.

2. Find a Job That Pays a Better Salary

As a professional, you’re always on the lookout for jobs that have a higher salary. Salary is the #1 reason people change jobs or careers.

How actively are you looking for a job with a better salary, though?

Some people wait until an ideal opportunity comes their way. Before they know it, a couple of years have gone by and they haven’t gotten a better job or even a raise.

You have to be proactive. Sign up on job boards in your industry and get alerts every time a job you might be interested in is posted. Send in applications and don’t get tired if you’re not getting any positive responses.

As you hunt for a better job, take steps to make yourself a more compelling candidate. For example, you can pursue professional certification or even go in for a graduate degree.

Investing in your professional competence might increase your short-term expenditure, but in the long term, it’ll pay off. You’ll put yourself in a better position to secure better jobs, and you’ll also command higher salaries.

If you’re up for it, you can even switch careers. Research and find careers that are in demand and have better salaries than your current career.

3. Get a Second Job

Roughly 400,000 Americans have two full-time jobs. So, if you’re thinking of getting another full-time job, you won’t be the only one. An alternative is to get a part-time gig in addition to your full-time job.

Working multiple jobs isn’t a walk in the park. Putting in more than 8 hours of work every day requires effort, dedication, and an eye on the ultimate goal, which is to increase your income and march toward financial freedom.

Keep in mind that the digital gig economy is thriving. If you have a skill like writing, editing, graphic design, or web design, you can get online gigs that pay per task or by the hour. There are several freelance platforms where you can find these gigs.

4. Start a Side Hustle

Starting a side hustle is akin to getting a second part-time job. The only difference with starting your own business is you’re your own boss and there’s greater potential to earn more money. There’s also a risk that you could lose your initial capital and become worse off financially!

To minimize the risk of making losses, start a side hustle that doesn’t require too much startup capital. For example, if there’s demand for pet-sitting services in your community, starting a home-based pet daycare can turn out to be a profitable business.

There are several ideas for side hustles. The key is picking one that has the best chance of succeeding in your locality.

Many have started successful side hustles while employed full-time. These success stories should inspire you to follow the same path.

5. Day Trading

Day trading has the potential to make you an overnight millionaire. No, seriously. Some day traders have made quick millions trading stocks, cryptocurrency, and forex.

It’s one of the most high-risk, high-reward investment opportunities, but it’s not about luck. You have to learn the science of day trading. Online resources like My Investing Club will help you get ready to start day trading with confidence.

The best part about day trading is you don’t need a lot of money to get started. With 100 bucks, you’re good to fund your trading account and start buying or selling the financial securities of your choice.

It takes time and lots of learning to become a successful day trader. Keep at it, and soon enough, you’ll be raking in big money.

How to Increase Your Income the Easy Way

If your personal finances are in the pits, it’s easy to feel hopeless about it. Your income shouldn’t just be for paying bills. It should also be a source of security and freedom.

The good news is you now know how to increase your income. Find methods that work for you and stick to them.

Dive into the finance section of our blog for more financial tips!