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5 Ideas to Boost Your Income

Are you looking for ways to boost your income? Sometimes, the hard truth is—you just don’t make enough money to cover expenses and save for the future. You have reviewed your expenses, eliminated what you can, examined your budget a million times, and you just can’t make it work. You aren’t alone. According to a recent Transamerica survey, more than half of Americans (51%) say they do not have enough money to save for retirement. In this article, I am going to review these five ideas to boost your income, in detail.


Idea 1: Freelancing for Success

Sites like Upwork, Freelancer, and Fiverr provide ample opportunities for freelancing in various fields. You don’t have to just be a writer. But, let’s say you are a writer. There are a ton of sites, like Medium, that pay you based on views, comment, etc. You just need to be able to provide captivating, original content people are looking for.

The benefits of starting a freelance career:

  • Flexibility

  • High profit potential

  • Set your own rates

  • Be your own boss

  • Work on projects you are passionate about

Examples of some of the highest paid freelance jobs: UX designer, Applications Developer, Remote Web Developer, Public Relations Manager


Idea 2: Passion into Profit

You can also turn your hobbies and passions into profitable ventures. Imagine making money by doing things you already love! Have you ever heard the quote, “Do what you love and you never work a day in your life?” Here are some examples below to get you brainstorming.

Examples:

  • Selling homemade crafts on Etsy

  • Offering music lessons

  • Selling stock photos

Best selling items on Etsy include: handmade jewelry, vintage clothing, art prints, handmade home decor, personalized gifts

Examples of stock photo platforms to sell your photography are Foto, Alamy, Shutterstock, and more.


Idea 3: Rent or Share Assets

Do you have an extra room? Do you have equipment that is hard to get ahold of? You can make money by renting or sharing you underutilized assets.


Examples:

  • Rent out a spare room on Airbnb

  • Share a car through a car-sharing service

  • Lend equipment for others for a fee

  • Rent out a parking space

Idea 4: Online Entrepreneurship

Online entrepreneurship is an appealing goal for many individuals who want to experience more flexibility. With advances in technology, the opportunities have skyrocketed. There are various avenues available for online entrepreneurship. I have listed a few below:

Examples:

  • Dropshipping

  • Affiliate Marketing

  • Create and sell digital products

  • Online consulting

Idea 5: Gig Economy Gains

A “gig” is a temporary or part-time position filled by independent contractors and freelancers. rather than full-time employees. “Estimates show as much as a third of the working population is already in some gig capacity as of 2021.” If you need to make a little extra money, there are ample opportunities.


Popular gig economy options:

  • Food delivery

  • Ride-sharing

  • Pet sitting

Idea 6: Investment Insights

Investing provides long-term wealth creation. Because of the power of compound interest, the earlier you begin, the greater your return. Diversify in different sectors or asset classes.

This topic deserves its own series, but wanted to make a mention because of its impact on wealth building.

Just a Few Options:

  • Stocks

  • Bonds

  • Mutual Funds

  • Real Estate

 

Today we reviewed six ideas for boosting your income. The opportunities are there! Making additional income depends on you—taking the step, discipline, and determination. Are there any other ideas you would add to this list?


Follow me on Instagram @onmoneywithlaurabaize for more personal finance and wealth building tips.


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