Thursday, 11 February 2016
Don't sell your house and move into a tent, get mad at your boss for not paying you more, or bemoan the ever-increasing cost of living. Instead, the best way to improve your bottom line is to find new ways to earn more money.
Here are solid ways to raise some extra cash:
If it's been at least a year since your last pay increase, you've recently discovered that you're relatively underpaid, or you scored a huge win for your organization, you should do your research, ask your boss for a meeting, and—calmly and professionally—explain why you believe your skills and performance contribute to the company's profits. Then tell them how much more you want.
Typically, you'll enjoy a bigger pay raise by jumping ship and boarding a new company, rather than waiting for a raise at your present one. If working somewhere new appeals to you, update your resume and LinkedIn profile, call a recruiter, and start hustling your network.
Consider renting an extra bedroom in your apartment through Airbnb, or renting out a car you rarely use through Getaround or RelayRides. You can also find tenants for things like a vacant parking space, an unused garage, or the spare desk in your office. If you have things like concert-quality musical instruments, or high-end photography or video equipment, you could think about charging a fee to let others use them.
Thanks to technology that makes it increasingly easier than ever to connect with clients, side gigs are a great way to make money on your off-hours. Whether you're a staff graphic designer who takes web projects on weekends, a carpenter who does fixer-upper work during evenings, or a full-time teacher who also tutors, there are many options for contract and freelance gigs in most industries—and the hourly rates can be higher than for similar, full-time salaried work. Depending on your industry, check out Elance-oDesk or Fiverr for gigs.
Aside from professional freelance work, there are ways to get paid for work done on your downtime. Rover and DogVacay are sites that connect pet sitters with pet owners, while TaskRabbit connects customers with people willing to help with cleaning, errands, simple household repairs, and other tasks. Care.com brokers housekeeping, childcare and senior care services, while Sittercity focuses on babysitting.
Whether you use Craigslist, a consignment or resale shop, garage sale, or an online marketplace like eBay, free your closets and basement from any stuff you're no longer using. You could get rid of the storage space you've been renting out, and your bank account will thank you.
The National Institutes of Health reports that on average, healthy medical study participants that are needed for control groups can earn fees starting at $600. You can find such studies at the institute, and earn extra income on the side—while helping scientists find life-saving medical advancements.
Some tips from Kimberly Palmer, author of, "Smart Mom, Rich Mom," a how-to book for moms on building wealth for their families.
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