A very important step in financial freedom, right after effective
budgeting, is finding ways to earn more money. Earning more money will
afford you the leverage to grow your wealth, if you manage things
properly.
Here are some guaranteed ways to help you earn more money and boost your income
1. Get a side hustle
Side hustles are a great way to boost your income and make more
money. The key to making the best out of a side hustle – especially if
you already have a job – is to try something you’re naturally very good
at, and is not as time-consuming as your regular job. For example,
taking up translating for a fee if you already speak and write a
language fluently.
Other things you can do as a side-hustle that are stress-free include:
– Renting out a room in your house to tourists (if you stay in an exciting part of your city)
– Writing and blogging as a service (if you’re naturally a good writer)
– Driving with Uber (if you have a car and can drive people on holidays and weekends)
– Tutoring (online) (if you’re good at teaching)
– Business/Financial consulting (if you’re good with money and know how to break financial knowledge down to people)
2. Save more
Another sure-fire way to boost your income is to save more. If you
earn enough to take care of your needs and have some excess, you could
re-evaluate your budget to see if there are expenses you can cut down
some more on. For example, cutting down the number of times you eat at
your favourite restaurant and making the same dishes with their recipe,
if you like to cook. Spending less is a major key to saving more.
3. Get a better bank account
If your income is kept at a bank, you need a bank that actually gives
you reasonable returns on the money held in the account. Most banks
give you interest rates between 4 – 6% (which you forfeit after a few
withdrawals).
With the rise of Fintech in Nigeria and the rest of Africa, there are
digital banks and digital deposit accounts that offer a high yield on
your income. Using these platforms can help you boost your income and
help you earn more without stress.
4. Invest
Investments are nearly unmatched as a means to boost your income.
They return interest rates multiple times the value of a regular savings
account. Contrary to popular opinion, you don’t have to be filthy rich
to invest; you only need to figure out which investment type is best for
you at the time.
5. Ask for a raise
One way to boost your income, if you are not self-employed, is to
speak with your employer about giving you a raise. In many
organisations, salaries are reviewed periodically, but in others, they
are not.
If you need a raise, a good way to go about it is to take stock of all
your recent milestones and contributions to the growth of
the organisation.
This will prove your value and make it very difficult and unlikely for
your employer to deny you the raise. Alternatively, you could scale up
your skills and find a higher-paying job.
i constantly urge everyone to be wise and take bold
steps to better their finances. Feel free to follow the steps and tailor
them to suit your plans to boost your income.
Here’s to taking charge of your finances!
