Most everyone wants to know how they can make more money. Most people think the answer is to find a higher paying job, learn a trade, earn a certificate, get a degree, and network, the answer is really all of these things. In combination with these there are other things you can do to work your way up the financial ladder.
I think the real question here is “How do you make more money in less time?” Here are the suggestions that I will cover in this article.
- Work Overtime
- Get a second job
- Start a side hustle
- Ask for a raise
- Ask or apply for a promotion
- Apply to a higher paying company
- Sell things and your skills
- Create passive income
Work Overtime
Depending on your current pay and your employers overtime rate, you could earn two times your hourly pay by working overtime. If your pay rate is $20 an hour and you work 1 hour of overtime a day, that is five hours of overtime and an extra $100 (minus tax). Two hours of overtime a day would be $200 a week (minus tax). Of course, this depends on your availability for overtime, your willingness to work overtime and your employer’s willingness to offer overtime. Be careful when working overtime. You don't want to over work and burn out. If you are considering it, go slow at first, and then work your way up. At first, start with a couple of hours a pay period, and then if it isn't too stressful, keep adding an hour until you are at a comfortable number of hours, and pay.
Get a second job
Ideally working extra hours at one place is the best option but sometimes we need to mix it up. If you have extra time outside of work, consider a part time job. Local companies are often looking for part time help and around the end of the year, seasonal jobs open. Retail, chain restaurants and coffee shops are another great place to start and many chain restaurants offer some great benefits to part-time employees.
Start a side hustle
Are you wondering how a side hustle and a second job are different? They are, but just a little. A side hustle is something you do on your own time. You do not have set hours. Side hustles are things like ride sharing, food delivery, starting a dropship or affiliate site, pet sitting, house cleaning, lawn maintenance, tutoring, and so on. There are typically apps or websites that connect you with this work and you can log into the app to start working. If your side hustle is local, like lawn maintenance or pet sitting, once you get a few clients, offer them discounts for referrals.
The three suggestions above all involve extra time. What if you don’t have extra time but still need more money? Here are a few suggestions.
Ask for a raise
If you have been doing your job well for over a year and you haven’t received a raise, it’s time to ask for one. First, make sure you are prepared. Gather a list of things you have done to bring value to the company or your co-workers. This can be something like implementing a time saving process that allows higher productivity, reducing costs, or increasing sales. If you go to your manager to ask for a raise just because you do what you are told and come to work on time, you may not get that raise. You need to be a top performer to be considered for a raise. Check out my article on how to be a top performer.
Ask for or apply for a promotion
If asking for a raise isn’t an option, try asking for a promotion. Again, you need to be working outside of your standard job responsibilities and you need to be considered a top performer by your manager. Sometimes your manager can justify a promotion if you are hourly and working overtime, by moving you to a higher paying salary role. If a promotion is out of the question, consider applying to a higher paying role. If you are currently an entry level employee, look at the next role up and see what you need to do to qualify for that role. If the job you are looking at require two years of experience and you have three, you qualify. Promotions may be the most overlooked way to make more money. So go to your employer career page, look at their open positions and get your resume ready!
Apply at a higher paying company
Companies try to stay competitive but it is very hard for them to keep the pace with each other and the economy. Even in retail the starting salary can be in a range of up to $15 an hour. If you are working at one of the lower paying companies, check in to which companies are paying higher hourly rates, and if you have enough experience, go apply for that manager role. Another thing to consider is benefits. In the corporate world, they call this total compensation. It’s basically the sum of all your benefits meaning base salary, bonuses, paid time off, health care costs paid by the company, and other benefits they may offer. This is important to know because if you are working at Company A for $15 an hour and they pay 100% of your healthcare, but Company B starts out at $17 an hour but only pays 50% of your healthcare you really need to look at your healthcare costs for the year. If you are using your healthcare benefits and they cost more than the total of $2 per hour for a year of work, it may not be the best to move companies. If you are considering moving companies, be mindful and make a good decision before leaving your current job.
Sell things, including your skills
Have you ever heard someone say, “They are probably sitting on a gold mine!” This phrase is often used to describe someone with a lot of things and if they sold some (or all) of those things, they would make a lot of money. Are you sitting on a gold mine? If so, gather some of those things that you aren’t using, list them on an online marketplace locally or one that allows you to ship, and make some money while you declutter!
You can also sell your skills. Most people don’t think of this as extra income, but many people are successfully using their hobby to generate extra income. Selling artwork, handsewn dolls, handmade blankets and décor, and providing music lessons is selling your skills. You are even creating fulfillment for yourself in two ways; one by doing your hobby, and the other by making money selling the things you made. If art and handy work are not your thing, you can still sell what you know. Write an e-book about something you know or write a fiction e-book for fun. You can also register on a site where you can bid to do work for others in a variety of categories like web design, logo creation, marketing materials, data analysis, PowerPoint creation, video editing and the list goes on. I suppose this could also be considered a side hustle if you are doing it often.
Create Passive Income
Passive income is income that you make with little effort. Semi-Passive income is income you make with some effort at first, but then as time goes on you continue to make money from that work. Let’s discuss examples of each. Passive income would be owning a rental property and hiring a property management company to manage it. You are hands off. Real estate prices are on the rise though so unless you already own extra property or are in a financial situation where you can buy property now, this option is likely off the table. However, one thing you can do is rent out your space. If you have a finished basement, extra bedroom, or guest house, consider renting those out for extra cash.
Some people use their cars to advertise. If you have noticed vehicles with ads on top of or on the side, they are making passive income by using their car to advertise for other companies. This is easy money. You are paid for displaying an ad on your car and driving to places you are going anyway.
Content creation
Semi-passive income is income you make by investing a little time in the beginning and you continue to make money afterward. An example of this is an e-book, a blog, or a recorded course. Once you create the material, you can continue to earn from it until you decide to make it unavailable.
With the cost of living rising, many people are looking for ways to make extra money. I hope these suggestions helped you and that you can use them to make extra cash. Best of luck!
Check out my other blog posts.
Career Selection: What to do when you don't know what you want to do
Becoming a Top Performer at Work
Interviewing: Being Yout Authentic Self
Burnout: My Story and Suggestions for Prevention
What is a Lateral Move?
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