Increase Your Income and Improve Your Financial Picture!
Having a well rounded and healthy financial life involves a number of areas. When you increase your income you can go a long way toward making all the other financial pieces of the puzzle fall into place. Here is one look at ways to increase your income.
Of course, the first place to turn when you’re looking to increase your income is to your current job. You may be due for a review and it could be that you can position yourself to receive a raise. Also, there may be positions that open up inside your company for which you could qualify that will give you a nice raise.
Besides looking for additional income within your current job, now more than ever there are many ways to take initiative and earn additional income on your own. Here is a look at two ways to start earning extra income in your free time using the skills and talents you already have!
Advertise your talents
You can use your existing talents and skills to make money from home. Websites like People Per Hour and Fiverr are connecting those in search of one-off jobs in media and web disciplines. Provide remote office assistance by doing some typing or expand your role to virtual assistant. Other services range from providing voiceovers to product reviews.
Promote your talents and rates, and choose whatever jobs you can fit around your schedule.
Etsy has millions of visitors buying and selling all types of handmade items if crafts are more your thing. It’s a great place to sell on the product of your hobbies.
Sell your unwanted items
Sell off those unwanted items you have lying around the home. eBay has become a multinational corporation on the back of people buying second hand goods and there are other alternatives too.
Cash4books will give you money for your old books and you can sell the empty bookshelf on Gumtree. Music Magpie started out buying unwanted CDs and has moved on to DVDs, mobile phones and electronics. Ziffit is another alternative offering a convenient way to sell off your clutter.
– via News Independent
Three More Ways To Increase Your Income
When it comes to passive or semi-passive income there really are many choices available today. Take a look at three more ways to create passive income that you may not have considered.
Invest in Lending Club.
There is probably no passive income that is more perfect than earning interest on safe investments, such as U.S. Treasury securities and bank certificates of deposit. The problem of course is that those instruments pay paltry returns – generally less than 1%. It may be passive income at its finest, but you’ll never be able to relax or retire on returns that are that low.
That makes now the perfect time to talk about Lending Club. It is a web-based peer-to-peer lending platform where people come to get loans, and investors – looking for high interest opportunities – provide the funds for those loans.
Lending Club provides an opportunity to earn interest rates in excess of 10% per year – which is about 10 times what you will earn on more conventional interest-bearing investments.
Now let’s be clear on one point: those high rates do come at a cost. Unlike bank investments, Lending Club loans can go bad, in which case you will lose principal. However, there are ways to minimize those potential losses. I talked to a LendingClub adviser and they recommend starting out with an initial deposit of $2500. Since you can invest as little as $25 in a single loan, you can actually buy into 100 different loans with a deposit of that level. So you don’t have to worry about a single loan going bad and ruining your investment.
Despite the risk of default, it’s very likely that you will earn far more on your investments at Lending Club than you will at a bank and I have averages just under 9% during the eight years I have been investing with them. Investing larger sums of money in different ways can be beneficial, whether it be where to invest 10K or where to invest 100K, we can help you get a better understanding of how to invest your money.
Get cash-back rewards on credit cards.
If you’re already using credit for some of your purchases, pursuing credit card rewards is an absolute no-brainer. Most top rewards cards let you earn anywhere from 1-5% back on your money, and that’s with almost no effort on your part!
If you’re already using credit for convenience, you can also earn a huge sum of cash in the form of a signup bonus. The Chase Sapphire Preferred® card offers one of the best opportunities out there. After spending just $4,000 on the card in 90 days, you’ll earn 50,000 points worth $500. On top of that, if you add your spouse as an approved user, you score an extra 5,000 points. That works out to 59,000 points for just $4,000 of spending you were going to do anyway.
Even people who don’t spend a lot can normally put that much on credit if they charge regular bills, groceries, gas, insurance, and all of their other expenses on a regular basis.
Our post on the top six cash back credit cards for 2016 offers an array of additional options to consider as well. With the right card, you could earn anywhere from 1-5% back on your money with almost no effort on your part. Read more about the top offers here:
If travel is your thing, we have seen people who are using bonus offers on travel rewards credit cards to save thousands of dollars on travel each year. You can really score big with these deals.
Buy a blog.
Thousands of blogs are created every year, and thousands are either completely abandoned by their owners sometime afterward. If you can buy blogs with a reasonable amount of web traffic – as well as a demonstrated cash flow – it could be a perfect passive income source.
Most blogs employ Google AdSense, which provides a monthly revenue stream based on ads that Google places on the site. There may also be affiliate programs generating additional revenue. Both income sources will be yours once you purchase the blog.
From a financial perspective, blogs usually sell for 24 times their monthly income. So if the site generates $250 a month in income, you can likely buy it for no more than $3,000. Translation: a $3,000 investment will buy you $1,500 per year in cash flow.
You may even be able to purchase the site for less than 24 months earnings, if the site owner is particularly anxious to get out. Some sites have good “evergreen” content that will continue generating revenue even years after the site has gone silent.
Bonus tip: If you were to buy such a site, and then to reinvigorate it with fresh content, you may be able raise the monthly revenue enabling yourself to sell the site at a later date for substantially more than what you paid for it.
Finally, instead of buying a blog, you might want to create your own blog. You can make some money either way!
– via www.goodfinancialcents.com
How have you worked to increase your income?