Today, there are many opportunities to earn more. Earning and investing are two interconnected monetary dimensions. Here is how to use them wisely.
Strategies to Maximize Your Income
Not every full-time job provides income big enough to satisfy all of your needs. In many cases, investment or side gigs are necessary. In reality, there are even more earning opportunities. Here are seven basic recommendations that could ensure more money flows into your budget.
Generally, families in need of cash are advised to save up and cut expenses. Such tips, however, are one-sided. They only focus on the allocation of available resources, rather than earning.
Earning should be your primary focus for a simple reason. The higher your income, the more you can save or invest. And investment can be a source of profit on its own. From wages to Forex trades, here is our top seven.
1. Negotiate a Pay Rise
According to evaluations by CareerBuilder, over half of employees do not negotiate their pay. A similar proportion feels uncomfortable doing this. This is, however, a major blunder. Most employers begin with a figure lower than what they actually plan to pay.
And the difference may be substantial. Without negotiation, your income will rise annually, but only by a fraction. Rather than getting a mere 1-2% added per year, why not start with a decent base salary?
2. Hone Your Professional Skills
Asking for a pay rise is perfectly justified if your skillset is adequate. Thus, it is vital to improve your performance continuously. Make yourself indispensable.
This way, your request for more money will sound reasonable. In addition, if you change jobs, you can be offered a higher salary from the start. There is always room for improvement!
3. Do Some Moonlighting
Getting a second job makes sense if you have reached the financial ceiling in your position. A side gig can help monetize a hobby or even a lifelong passion. Even if it brings several hundred dollars per month, this amount may accumulate into a decent emergency fund.
4. Invest in Learning
Generally, graduate degrees give a sizeable boost in salary compared to college and high school. Moreover, post-graduate qualifications may add 30-80% to income, depending on the job. Although education may be costly, the long-term benefits are worth considering.
The better your credentials – the more employable you are. Of course, the choice of the field also matters. If you have no time for a degree, take advantage of certifications and training opportunities at work.
5. Diversify Your Income
Aside from salary, you could profit from finance instruments like currencies and stocks. Popular across the world, Forex trading offers a feasible way to earn more. Traders monetize their knowledge of global markets. This may sound daunting, but trading platforms are packed with visual aids that facilitate forecasting.
On average, day traders on currencies may achieve a steady 10-percent monthly return on capital. Given accumulation (compounding) of gains, this translates into over 200% per year. All it takes is patience, consistency, and 6-12 months of practice. Check fxtm trading strategies guide for the most popular strategies.
A licenced broker can also give access to stocks and derivatives, such as CFDs. These instruments allow you to profit from price dynamics for different assets. No purchase of physical barrels or shares is necessary. More complex than currency pairs, the tool may be linked to various commodities, cryptocurrencies, or market indices.
6. Apply for More Jobs
You may think it appropriate to apply for a position only if you are 100% qualified. However, even if your candidacy does not check every box, you could have a chance. The manner of presenting yourself can make a huge difference. Do not discard such opportunities from the start.
7. Do More Networking
A recent study by LinkedIn has revealed that networking fills an overwhelming majority of positions. Not only is it possible to snatch a vacancy before it is posted, but this also boosts your employability.
Even if socializing is not your strength, building a professional network is essential. This way, when job hunting becomes relevant, you will have a ready-made set of contacts to use.
To conclude, the are plenty of methods to boost personal income. From pay rise to investing, these strategies could help you earn much more. If you are willing to test your skills on the currency exchange or stock market, make sure the broker is officially licenced to operate in your geographical region.