There’s no shortage of choices of what someone can learn, get good at, and then apply to earn money.
This has given rise to what we now call the “gig economy,” an economic model where independent contractors (freelancers) fulfil part-time duties and perform quick jobs.
If none of that is appealing, there are other passive income methods for earning money, investing, and sitting back while your business turns in daily profits.
The point of this article is to discuss 6 ways to increase your income and how to go about doing it.
1. Freelancing:
Freelancing has never been more appealing. Due to the COVID pandemic, workplaces around the world embraced the work-from-home model, which is one of the most popular selling points behind freelancing.
It’s also incredibly empowering when you are in charge of your own business. Freelancing gives you the power to set your own hours, decide your wages, and work with the clients you want.
It’s still a lot of hard work and a good bit of luck, but if you’re interested in going down this route, it’s advisable to have a part-time job to keep you afloat plus a skill you’re very good at or exceptional at before starting.
With freelancing, many of the on-site jobs that we do can be done digitally. This includes programming, translation, writing, graphic design, video editing, motion graphics, consulting, and much more.
The ROI of freelancing can be pretty high if done right, and it’s one of the best ways to increase your income if you’re doing something else besides it.
2. Investing:
It’s always said that the quickest way to get rich is to have your own business. This is true of investing as well.
Choosing the right avenue for investment can yield a huge profit margin for anyone with enough business acumen and strength of will.
Some popular areas of investment are:
- Real Estate.
- Cryptocurrencies.
- Forex.
- Buying shares in a company.
- High-yield savings accounts.
It’s hard to see immediate profit gains because investing requires long-term thinking. Therefore, it’s a good idea to consult with others who did it and succeeded, especially in your target avenue.
3. Social Media:
The classic method of earning a few extra bucks or a couple of millions. This one refers to either starting a YouTube channel or becoming a media personality on Instagram, Facebook/Meta, Twitter, or TikTok.
The earning potential here is limitless if you have an original idea and a flair for marketing. At the same time, since starting a YouTube channel is easy on the pocket, you’re going to face stiff competition everywhere.
That’s why it’s important to emphasise originality and deliver value through your content, whether visual or otherwise, all the time.
Some topics that tend to get people’s attention these days are short entertainment reels, anything to do with anime, the lives of teenagers, influencers, comedy, sports and fitness, and technology.
Really, though, the possibilities are endless here, and the more you come up with something creative, the more profit you will make.
Again, starting out slowly and gradually expanding is advisable. You need to have a clear plan of where you’ll start and where you’ll go with time. Having a job while going into this area is better than simply diving into it blindly.
4. Getting a Second Job:
This one might feel a bit lacklustre considering what came before it, but it’s actually very doable and can net you big money if you’re in the right industry.
Working two jobs requires that you have two skill sets, something that definitely takes time and is not accessible to anyone. It’s also likely that you’ll need to wait until you’re in your mid-20s or early 30s before you start reaping the fruits of your labour.
If you’re a data scientist, you have a ton of transferable skills in fields like business development, statistics, programming, etc.
You can get a second job doing programming with Python for big tech companies while keeping your main job as a data scientist totally intact. The upside? You’re doubling your income if you work these two jobs to a high level of proficiency.
The same is true for something like writing. If you happen to be bilingual, you can pursue writing as a job and go into translation as well. The skillsets transfer really well, and you might become better at both when you do them in tandem.
Obviously, you’re free to work any other kind of second job, even if it’s not related to the first one in any shape or form.
The caveat here is to be wary of burnout. You’ll be working long hours if you do two things, and you’ll have to make sacrifices for a while before finding your best rhythm.
5. Hobbies:
If you have a hobby you’re passionate about and are an expert at, consider monetizing it. Hobbies here include basically anything.
If you’re a poet, find publications that like your poetry enough to pay you. If you’re a fitness enthusiast, consider becoming a coach/trainer and passing on your knowledge to others in courses and videos too.
Artists and musicians also fit into the equation. Guitar players can make videos of their best performances and upload them to YouTube or start their own band with fellow music experts.
Turning your hobby into a money-making business takes time and will take a big chunk out of your life. When deciding on this, keep a backup plan in place. The starving artist meme didn’t become a thing for no reason.
6. Start A Business:
Starting a business and investing are two different things. Becoming your own boss by owning a company or organisation demands that you actively participate in the management and day-to-day affairs of your business.
This last option is the best one for those who have done everything they wanted to do as employees and finally want to hit the big leagues.
CEOs and business owners make millions a year if their business methodology, niche, and leadership skills are on point. At the same time, there’s a big risk of your business going under if unforeseen circumstances happen (i.e., COVID, economic recession, etc.).
You’ll need to have enough capital to start your own project and watch it grow slowly. Remember, startups are everywhere, and to succeed, you need to be ruthless with how you operate your business.
This is NOT something you dream of and suddenly wake up and start doing. It requires commitment and some luck, but the end result can be pretty amazing.
In Conclusion:
Earning an extra source of income in 2022 and beyond has never been easier. Despite the abundance of choices, people still feel lost on where to begin.
We’ve gone through a pretty extensive list of options you can pick when deciding to grow your income and build your wealth.
You can choose from active income options, passive income, freelancing, investing, and many others.
Always have a backup plan and prepare for the worst when pursuing a second means of income. Finally, give it your all, and you will succeed if you stay consistent long enough in whatever area you choose to pursue.
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