Best Ways to Increase Your Income – Keys to Financial Freedom

This will be the first in a series of articles I will be publishing on the Keys to Financial Freedom. According to Wikipedia: “Financial independence is the status of having enough income to pay for one’s reasonable living expenses for the rest of one’s life without having to rely on formal employment. The core path to achieve financial independence focuses on maximizing one’s savings rate through lower spending and/or higher income”. Source: Wikipedia

Financial experts don’t always agree on the order of importance but when it comes down to it there is general agreement over the essential items that should be addressed and if you can address these essentials simultaneously all the better.

In my opinion, the best place to start is by increasing your income. This will go hand in hand with reducing or eliminating your debt. However, by increasing your income you will immediately be giving yourself some breathing room and can tackle the other areas with more precision and without panicking. Keep in mind that financial freedom doesn’t just happen on its own. You have to create a plan, take action, and stick to that plan. This article will attempt to show you the best ways I’ve found to increase your income.

 

Best Ways to Increase Your Income – The Traditional Approach

One of the best ways to increase your income, especially if you are fortunate enough to have a decent job, is to simply ask your employer for a raise. Simple right? I know what you’re thinking, “My boss is too cheap and won’t consider giving out a raise, especially now with [name the latest economic downturn here] happening”. Or, “I don’t deserve a raise, I’m not an exceptional worker”. Well, as you will see below, that can be fixed. We’ll address these issues below.

• Asking for a raise: I want to assure you I’m not just saying this with a flippant attitude. I truly believe this is an extremely valuable step in how to increase your income. But, be forewarned, this is not a slam dunk. You’ll need to be prepared to put in some sweat equity if you want this to work. But, in the long run, if you are successful at this, it will be well worth it. By using this method you will be setting yourself up for future successes as well.
• Back it up: In my professional “Corporate” career I have always gotten better reviews, raises, and promotions than my co-workers by doing the things that no one else was willing to do. When my friends were complaining about the 1 & 2% raises they received (because of cut-backs, etc.), I kept my mouth shut while I was pocketing a 4.5% increase.
• How did I do that? By delivering more than what was expected of me. There is a philosophy in the working world that says, the majority of employees will do only what is necessary to stay employed, I’ve heard some say “I do only what I have to do to get by each day and that’s it”. So knowing that, if you decide to go the extra mile it will get you recognized as a valuable employee. Consider, that even if you just go an extra half-mile you’d be surprised at how much that will pay off.
  
• Exceed expectations: When you break things down most employers don’t expect the world from each of their employees. Most of the time it’s fairly easy to exceed expectations. In most cases, during your yearly review, your requirements are laid out in front of you in black and white. That’s a road map of what is expected of you. All you have to do is post your review on your wall, in view next to you and each day make it a point to accomplish at least one requirement on that list. Record those accomplishments and when your next review comes around pull it out for reference. Most employees will ignore their list of requirements until a week before their review and then, they are left scurrying around trying to remember what they did all year. Don’t be that employee.
• Remind your boss of your accomplishments: You will be in a much stronger position when asking for a raise if you can articulate your accomplishments over the previous year or years. It will be difficult for your boss to dispute your claims, especially if you can document your results. At this point, if you get rejected with a lackluster review, DO NOT throw in the towel or throw away all the hard work you have done to get to this point. What should you do now? Simply express to your boss that you are very committed to improving your position or role in the company. Ask what is it that you can do to move up to the next level. Post that list on your wall and refer to it daily. By your next review, you will be able to renegotiate from a much stronger position. Respectfully remind them of the value you continue to bring to the table and then, ask where you stand.
• Don’t currently have a job? Currently, if you don’t have a job then, getting any job would absolutely increase your income immediately. Currently, if you don’t have a job, you need to do some work here. Even in the worst economy, if you look around, people are working. Employers are advertising jobs for hire. Don’t listen to the naysayers. The available jobs may not be ideal but, it’s so much easier to get a better job once you are employed. There is a different dynamic going on when you have a job. Currently, if you currently don’t have a job, Stay Tuned, I am planning to write another post on how to get a job in any economic environment. So look for that very soon.

 

Start a Side Hustle – The Not-So Traditional Approach

Okay, this is where things get interesting. Implementing a side-hustle can be very rewarding and a lot of fun. But you will need to pay attention so you don’t lose your focus. In this arena, that can be very easy to do and you can easily forget why you are doing this. Psst… it’s to get you and your family closer to that goal of financial freedom, remember?

Focus, focus, focus! We need to treat side hustles as a business venture. In my younger days, I was a Kitchen designer and had an opportunity to start my own kitchen business with a friend who was also a kitchen designer. When we worked for a local home center we were killing it with top sales and we figured, what the heck, we can do this on our own and keep all the commissions.

So we ventured out on our own, created a company, got suppliers (the ones we were selling for while working at the home center, they loved us because we were top salesmen). We started out with a bang. But after about a year and a half, we started expanding the operation. The work increased but the sales started to flatten. Looking back I realize we started to lose focus. We had too many product lines trying to be everything to everyone. We lost our original focus. I forgot that I went into this venture to make more money and now I was making much less.

Everyone’s story is unique, but I brought up one of my experiences just to make you aware that if you lose focus things can turn ugly. I don’t regret my time as a brick and mortar business owner. I learned way more about business than I would have if I took a class. I have used my experiences to advance in many aspects of my professional career.

Side Hustles to consider:

• Teach a subject on-line: Do you have a special talent or expertise in any area? You can turn your knowledge into cash as a Udemy instructor. Earn money every time a student purchases one of your courses.
• Become a tutor: Are you proficient in English or other languages? Are you a Mathematics wiz? You can create income tutoring students online. After applying and fulfilling some requirements, sites like Tutor.com, TutorMe, and Wyzant will process your application to tutor students online. Requirements and subjects may vary so check out each site for more details.
• Sell your unique skills: Do you have a special skill or talent you can turn around and sell for extra income? Sites like Fiverr will allow you to market your talents or skill on their website. You can offer any service you wish as long as it’s legal and complies with their terms. There are over 200 categories you can browse to get ideas. Create logo designs, help people with their websites, make social media posts, do translation work, and so much more.
• Deliver other’s wants and needs: Got a car? Make deliveries. Companies like Door Dash, Grub Hub, UberEats, and Postmates need delivery drivers to deliver food locally. Tips can add up with food delivery.
• Professional shopping: Like to shop? Companies like Instacart and Shipt will pay you to go grocery shopping for their clients. Companies will also pay you to be a Mystery Shopper to purchase groceries for your own purposes. (Keep in mind that reputable companies will not ask you to pay them for this service. Stay away from them).

Well, you get the idea, there are plenty of opportunities out there if you put in some time and effort. There are more side hustles out there but these were the main ones I feel are the in the best position to help you increase your income in the shortest time. You can successfully start implementing some of these ideas and strategies while working a job to supplement your income.

 

Increase Your Income by Starting a Business or a Service

This would be similar to starting a side hustle but the difference is you would be starting and working on your own. With a side hustle, you are plugging into an existing system. Starting your own business or service requires you to get the word out about your venture. Talking with customers to negotiate payment, etc. This could be just as rewarding as a side hustle or more depending on your marketing skills.

Businesses to consider:

• Sales: Sell items on eBay or Craigslist. We all have “stuff” and one person’s junk is another person’s treasure. I’m amazed to know that there is a market for just about anything. But if you get stuck for items to sell there are several ways to overcome that issue. There are plenty of companies out there that are ready to supply you with merchandise at wholesale prices so you can turn around and sell them at retail or discounted retail.
• Dropshipper: Currently, if you’re new to this concept it’s buying at wholesale and selling at retail but without needing to keep an inventory. There are companies out there that will take individual orders for merchandise, fill the orders, and ship them out to your customers, with your private label on the package.
• Voice over work: Has anyone ever told you that you have the voice of an angel? Or a radio personality? You can do professional voice-over work from the comfort of your own home. The first thing you will need to do is to take a voice-over class. This will get your foot in the door and introduce you to other voice actors for further advice. You don’t need a professional studio but you will need a quiet place (actually a closet is a prime spot because of the echo absorption of the clothes in there). The next item to work on is creating a demo tape that you can send to prospective clients. Of course, they will want to hear your work before hiring you. There are quite a few audiobook narrator auditions across the web. This is a professional business and must be treated that way to make inroads and be successful.
• Become a background actor: Currently, if you can work your way into the SAG-AFTRA union, this can be quite lucrative as extra income. That can take some time to develop so it might not be a quick source of income, but it’s always a good option for an additional stream of income. I became a union actor in 2010 and have been able to do a lot of things I wouldn’t have been financially able to do otherwise. In 2013, from one job I made enough to fly my family to Iceland for a week to visit my oldest son who was living there while going to the University of Reykjavík.
• Rent space in your home: Do you have an extra bedroom, living area, finished basement, etc? Especially if you have a room with private access you could continue to live in your home and collect an income as an Airbnb host. Airbnb allows you to create an income stream by renting out an extra room or your entire home to travelers.
• Love Animals? You could advertise in local neighborhood pages that you walk dogs. Or you could house sit while people are away and you could feed their pets and take care of their plants. Set up a fee list and advertise your services locally. People are always looking for pet services due to our busy lifestyles.

Okay, the idea here is to take an inventory of your talents, spell them out in detail, and then go out there looking for people who can benefit from the services you can offer.

 

Start a Business Online – One of the Fastest and Best Ways to Increase Your Income

According to Chron-Small Business, in a March 6th, 2019 article “Internet marketing is important because it aligns with the way consumers make purchasing decisions. … Internet marketing enables you to build relations with customers and prospects through regular, low-cost personalized communication, reflecting the move away from mass marketing”.

It’s filled with choices on how to grab your share of the marketing real estate out there. You can find virtually instant pop-up shops that can have you up and selling products in minutes or even more elaborate solutions that might take a week or more to perfect. But no matter what you eventually decide to do chances are, with a little consistent work you will be sure to be collecting paydays along the way.

The following examples are some of the best ways to increase your income, in my opinion.

• Sell handcrafted items on Etsy: if you are artsy or crafty you can turn that talent into extra income by selling your wares online. Etsy allows you to open an online shop and sell homemade items as well as some digital products.
  
• Sell products on Shopify: if you’re not that crafty you can still open up an online store with Shopify, where you can find a variety of wholesale items in various categories like clothing, electronics, jewelry, and handbags. You don’t have to make or manufacture your products to be a successful retailer.
  
• Engage in Email Marketing: Email marketing is still one of the best ways to make money online. It is one of the most profitable methods of marketing that exists in the online space. Successful email marketers work hard at attracting and connecting with new subscribers, the lifeblood of this business. There are many reputable companies out there, such as GetResponse, who specialize in managing your list of subscribers, your email ad campaigns, and they manage to keep you organized in the process.
  
• Use Affiliate Marketing to build a scalable, long-lasting, work from anywhere business model online. According to BigCommerce.com, Affiliate Marketing spending in the United States will reach $6.8 billion in 2020. That’s a lot of money that smart affiliate marketers can tap into. Most reputable companies will allow you to join for free with limited resources. But to get full-blown access to essential tools there should be some moderate cost involved. Be aware that there are plenty of unscrupulous companies out there that would be very happy to take your money and not give you the value you need to be successful. After doing my due diligence for over a year, the company that I finally decided to partner with allows for free memberships, and to get into their premium membership it is very inexpensive considering all the high-quality professional tools they make available to you, including keyword research, training (free live training events as well), domain services, a great community to bounce ideas off of and much, much more. You can check it out and decide for yourself HERE.
  
• Create YouTube Videos: As of 2019 YouTube had over 2 billion users worldwide. That is a ton of exposure! Currently, if you have something to say you can build up a following by opening up a channel on a topic you are passionate about on the platform. Believe me, there is a niche for just about anything you can think of. Some obscure examples include; “Ask A Mortician”, “Cooking with Dog” (really???), “Poodle Exercise with Humans”, The King of Random”, and the list goes on. Believe me, if there are followers for these then you’ve got to have something to say that will attract followers to your channel. Then YouTube will allow you to monetize your videos if you fulfill their criteria.

 

Increasing Your Income is Just One Step of the Roadmap to Reaching for Financial Freedom