Improving our chances for reaching financial goals takes a plan. Setting a budget with disciplined spending, getting rid of our debt, and saving/investing our money are the ways to personal financial success. Part of that should be finding ways to increase income so that we have more money to work for us. There are many ways to bring in more bacon. Here are few that I used over the years to make sure we always made ends meet and later increase our savings rate so that we could retire young.
3 Ways To Increase Income
Career Advancement
Climbing the career ladder is a sure way to increase income. It’s not always easy and takes hard work and a strategy. I found out that doing a good job, being on time, and hanging in there through thick and thin was never going to be enough to be recognized for advancement.
Increase Education –
I took night classes at the University and did home study courses to get certifications. I was able to take advantage of my company’s tuition aid programs which offset education costs. It’s not easy working full-time and going to school but it may make the difference between being passed over or being promoted to a position you have your eye on. If your money’s too tight to afford taking classes and your company doesn’t offer tuition aid, then consider making a lateral career move to another company that does offer tuition assistance.
Becoming the Expert –
My career was stagnant for many years. There were few opportunities for advancement. During that time I recognized certain important but non-glamorous aspects of the business that were being ignored by co-workers. I decided that I would quietly and slowly become an expert in these important tasks. Once I felt I reached a level of superior expertise I began showcasing it. This did get the attention of management and gave me a slight edge for advancement once things opened up.
Be Willing to Change Employers –
I had climbed my company’s career ladder as far as I wanted to go. From semi-technical technician to skilled tech, then to engineer and a jump to lead engineer. But I was being ignored for salary treatment as the company concentrated on increasing salaries to attract newly hired talent. At that point I decided I either accept it or be willing to also move on to another company that would offer better pay. I began interviewing and let the word get out which resulted in my being called in and offered a large retention package. I truly was ready to move on but I accepted and stayed with the company.
Part Time Job
The easiest way to increase income is taking on a part-time job. Finishing a shift at your full-time gig just to go directly to job number 2 isn’t exactly anyone’s idea of living. But it is a sure way to bring in extra cash. I did this over a 13 year period when my kids were young and we needed extra cash coming in. I at one time worked at a vacuum store, a pizza/beer joint, for a Bank as a proof-operator, a Semi-Truck paint shop sanding the big rigs, and went to H&R Block school to be a tax preparer for them.
The trick to part-time work is setting a financial goal, looking at part-time as a stepping stone to something else, or simply setting a time threshold so working 2 jobs won’t end up being a forever lifestyle. Growing up that is what happened to my father. It can become a lifestyle trap.
Side Hustle – Starting Your Own Business
With the internet, social media, and other low-cost ways to promote your business, it has never been so easy to start and get a small business up and running. Think of things you could do that people are willing to pay you to do. Also consider what you have passion for doing. Because even a small business will take up a lot of your time. You might as well have fun while doing it instead of doing something you dread. I had two side hustles through my career years. A small sporting goods and team supply retail business and later based on my part-time experience at H&R Block my Tax Preparation business. Both offered flexible work arrangements and a great boss to work for, ME!
Today with Uber, Lyft, Etsy, Taskrabbit, etc. there all kinds of ways to side hustle for extra income.
There are many ways to increase income. These are just the three that I used on my journey towards financial independence and early retirement. Find what will work for you.
