Earn More Money in 2018 with These Tips

All we hear about money management is – cut expenses and save more. It’s a great advice. But we must understand it’s only half-effective. How much more can we save when our income is constant and expenses rise every month? There is definitely a limit to it. In the long run, we can be in a better financial position if we bolster our revenue sources. We know it’s easier said than done. It’s not easy to make money. And it’s certainly difficult to add a new revenue stream. So we have compiled a list which can help boost your income.

Ask for a raise

This is the first and the simplest way to increase your income. Ask for a raise if you are in a job. Increase your service charges if you are self-employed. This doesn’t require learning a new skill set. You only have to ask for your worth in light of increased inflation and your contribution to your organization. Present your case well. Show your worth and contributions while asking for a raise.

Change job for a better paycheck

By changing your job you can significantly increase your income. The average salary hike because of job change is 25-30% in India. It’s far more than what we get as a salary hike. So change your job to get a bigger paycheck. But don’t change job only for the salary increase, pay attention to professional growth as well. Remember, it impacts your salary negotiation abilities in the long run. Don’t compromise the long-run benefits for short-term salary hike. Think hard before making a decision.

Follow your passion and make it your alternate career

Add a new revenue stream by sharing your passion with the world. Cooking, photography, travel, writing, fashion, home decor, gardening – pick the one you like and start building your portfolio. You can do it in the following ways –

• Blog – on the blog you can run ads, add affiliate links, write sponsored posts for brands.
• Share your work on social media – create a niche for yourself and run promotions for brands.
• Freelance for websites. There are tons of websites that need fresh content. Surf the web and register with them.

Upskill or become an expert

I know many people who started cooking or photography as a hobby and now they are successful Consultants. This is a lifelong profession. Every day you are adding to your value. If you have a hobby that you are actively pursuing, give it a face-lift. Learn the finer nuances of the trade and sell your skills in the market. This can also be your post-retirement career. One that brings money and creative satisfaction.

Invest smartly and let your money work for you

Money begets money. This is possible when you don’t keep your money idling in the bank account and invest it smartly. Choose mutual funds over fixed deposits or recurring deposits. In case you know the working of the stock market, invest in shares yourself. Depending on your risk appetite and age, invest. Let your money work for you. Harness the power of compounding – invest, earn, and invest again. Make your money work for you.

Network Better

To rise in your profession, networking is the key. Be it in your company, business, or as an artist. Networking puts you in the right place. You make new contacts and your work gets more visibility. In job, your work comes in the eye of the top management. You can get better projects and faster promotions. As a businessman, it helps to get more business contacts. Hence more work and increased revenue. For artists, this is the best way to market your work. Network to promote your work and get better rewards.

These tips can supplement your income and will surely help you get closer to your financial goals. Try these and share your experience with us.

Do you have any more ideas to increase revenue sources? Please share in comments below.