We all know that times are hard right now and many people are struggling with this. Some have lost their job or have had to see their income dwindle. But even those who are not affected by the current situation may be looking for ways to increase their income. The reasons can be many and varied: you want to put more aside, pay off a property more quickly, want greater financial security, or simply want to enjoy life a little more.
But how can you achieve that? In this article, we present five ways to earn extra money and make the dreamed financial future tangible. Ready? Let’s go!
1. Sell stuff
This is the first area that should be put to the test if you are looking for another source of income. Surely you have a lot of clothes, games, decorative objects, electrical appliances, books and other things that are actually just dust collectors. (We also think of the treadmill, which is now used as a coat rack…)
If you don’t use them, why should you keep them?? Anything you’re not really attached to should be added to the list of items for sale. You will be surprised how much your old books bring in if you sell them all at once, or how many people are happy about a used treadmill.
These unused items take up space, create clutter, and are actually a valuable asset that you’ve just overlooked until now. Go in search of these things, dust them off, photograph them – and sell them. Suddenly you may have a few 100 € more in your pocket and even more space at home. Advantages all along the line!
Useless junk? Not necessarily. What for one already goes in the direction of garbage, is for the other a treasure.
Extra tip: As you go through your belongings, you may come across items that you no longer need but also can’t sell because of their condition. Don’t just throw them away, give them away to someone who can still use them, or give them to charity.
2. Create content
The Internet. A crazy and magical place. And in 2020, moreover, a place where anyone can create content and maybe even earn money with it.
I’m sure you know a few bloggers, YouTubers, streamers and Instagrammers and have always told yourself that this isn’t for you or that you certainly won’t be successful with it. But ask yourself these questions: is there something you’re really burning for? Or something you are really good with? Then we have good news: you can create content (content) on this topic, build an audience and in this way monetize your passion and knowledge (generate an income from it).
We have some quick, useful tips for all budding content creators (aka content creators):
- Decide on a topic you would like to talk about (you should be very knowledgeable about it or at least have a strong interest in it).
- Find out which content creators are currently leading in this field.
- Watch as much of their content as possible to find out what works and what doesn’t work.
- Consider now which platform you would like to start on. Tip: Start with your favorite platform.
- Write down 50 ideas that occur to you spontaneously and choose the best 3 from them.
- Write about it, either in the form of a blog article or a video script.
- If you have chosen the video format, record the video. The first shot will be terrible. Make a new recording. Oh dear, again not really useful. Get a better microphone, provide better lighting. And then record the video again. And repeat that until..
- …the results are in order. They don’t have to be perfect, because you should already get to the end eventually& Create an account on the platform you want, upload the content, publish it – and that’s it!
- Don’t just sit tight now, though: Interact with other community members, leave valuable comments on their posts, share your content, and reply to every single person who comments on your content.
The best time to become a content creator was probably ten years ago. The second best time is right now.
Now it’s all about improving a little bit every day, learning from other successful content creators and continuing to publish content, and then more content and more content… We cannot guarantee success, but if you these simple tips follow, you have a good chance.
3. Invest money
It is said that you have to spend money to get more money. But this is not quite true, because investing is not the same as spending. So: Invest money to get more money!
When your saved money yields returns without you having to worry much about it, that’s called passive income. And who wouldn’t want to have passive income? If you have unused money sitting in your bank account, find out about investment platforms, choose one that particularly appeals to you, create an investment plan, and then make the money work for you.
Money can become more money
When you collect returns on your investment, you can either reinvest it and receive it from the compound interest benefit from them, or they can cash out, generating additional monthly income.
4. Build a second leg
We’ve already talked about content creation, but if you have even quite a bit of time left over every day that you usually spend watching movies or playing video games, you might also consider using that time for a second mainstay.
This can be anything. Some start their own business, for example, they open a small consulting firm or an online store for T-shirts. Building up a business like this takes time, is a lot of work and doesn’t necessarily lead to success, but if everything goes well, the results can be fantastic. The first thing to do is to think about what you would like to do and then look at content from others who are already successful in this area, or simply take an online course on this topic. Then you do not start from scratch, but already know what is possible and how everything works.
Another option for beginners is freelance work. Of course, this model doesn’t exactly lend itself to surgeons or salespeople, but if you have a job that doesn’t necessarily require a physical presence, freelancing is an option. For example, as a psychologist you could hold video sessions with your clients, as a consultant you could conduct personal counseling sessions over the phone, and as a graphic designer you could design flyers from home. There are many ways to find your customers online. You can either contact them directly, cold call or use platforms like Upwork (where we at Bondora also look for freelancers). There is certainly always something you can offer to win business and make some extra money.
5. Negotiating a salary increase
Well, this topic is certainly not that simple. Most people are too scared to ask for a raise. And if you work for a company that has strict salary categories based on job/position, then a salary increase will certainly not be possible. However, if your company doesn’t have a strict policy, consider approaching your boss or management on this topic.
Know your value, get paid appropriately for your knowledge?
Have you put extra effort into a project? Be one of the most reliable employees for a long time? Always deliver excellent results? If this is the case, your employer certainly does not want to lose you. Finding new employees who fit into the company is difficult and costs money, so it is usually better for companies to keep the employees who perform well.
Therefore, be aware of your performance and value, make your own assessment and, while not unrealistic, be talk seriously with your supervisor about your ideas. This is exactly what can make the difference in you earning a little more each month soon.
So… how are you going to increase your income? Choose the opportunity(s) that best fit you, plan your next steps, and implement them!