For most people, a normal 9-5 job is what comes to mind when they hear the word income. It's the typical go to work and get paid by the end of the week or month. Income is and can be more than that. A developed definition would be money you're able to bring in directly or indirectly based on the value you've put out.
In this economic times, cutting expenses is just a temporary solution. A better solution would be to increase your income.
In this post, I'll share with you five ways to explode and boost your income.
1. Learn New Skills
Education doesn't end with graduating from traditional schools. Skills are like tools that you have in your portfolio. This tools if utilized properly- through refining and developing them - can bring in more income for you.
Graphic designing is a visual profession, you have to design catchy images that attract people but how would it be if you compliment it with copywriting? You wouldn't not only able to create catchy images but also write catchy words with it. Now, the value of your service has increase which will automatically reflect on your price. Stacking skills on top of each other is one of the best ways to increase your value in the marketplace. The more valuable you become, the more you'll get paid.
2. Start a Side Hustle.
Side hustles has been trending for awhile now. There are many people who can't survive with just their 9 - 5 income and they start side hustles in order to bring in more money. So if you're struggling to make ends meet with only your day job, then it will be a good idea to look into starting a side hustle.With the internet and technology, starting an online side hustle is way easier than starting an offline one. Online side hustles range from offering services on your expertise level aka freelancing, selling products on online marketplaces or starting an ecommerce store, starting a blog website on things you're passionate about etc. Examples of offline side hustles includes tutoring, offering tech support, selling on food trucks etc.
Side hustles can bring in a decent flow of income from around $100 to $1,000+ per month, some can evolved into a full fledge business. In the beginning, you'll be spending more time than you expect. But as you progress and make name for yourself, you can spend an average of 3 to 4 hours on it per day.
3. Invest In Crypto
Crypto isn't going anywhere, it's here to stay. Investing in crypto could be a game changer for you especially in the long term. Been able to participate in seed round investing is traditionally out of reach for retail investors. Crypto changes that. Through Decentralized Autonomous Organizations (DAOs), you can participate in the investing round. Not only can you invest your crypto but you can stake it too and participate in the governance of the DAO. Through your stake crypto, you can cast your vote on what you think should be done, you have a say on the direction of the project.
In the short term, this might not explode your income but in the long term. If properly done, it could be your gateway to become wealthy. Think of it like a retirement fund.
(Not investment advice, for information purposes only. Please do your own research)
4. Add New Revenue Streams
Having only one source of revenue is becoming old fashioned. With the changes in economic growth it has also become unsafe. Imagine if you lost your job and it was the only source of revenue you had? What would become of you financially? Just thinking about it seem scary. But kudos to technology again, you don't have to overwork yourself to have multiple streams of income.Let's see how it goes; If you've successfully started your side hustle then you have two sources of revenue, from your job and from the side hustle. Add the crypto investment and it's now 3. In time wise, you spend 9am to 5pm on your day job, then maybe 8pm to 11pm on your side hustle, the crypto investment is a weekly activity. So you have 3 sources of income and you only spend an average of 11 hours per day, that's 66 hours per week(excluding sundays). That doesn't seem overworking to me because there are people who work 80 hours per week without having anything to show for it at the end of the day.
Adding revenue streams doesn't only help create a safety net- in case you lost your day job - but it also puts more money in your pocket.
5. Strategic Efforts
It's never about the quantity, it's about the quality. Strategic efforts means using your time wisely and spending it on things that have a potential exponential return. What's the most important thing to focus on to that will bring in a higher pay day? Focus on that and forget the rest.
In business, it's building the product/service and generating sales. That's the most important thing, it's better to outsource the rest and focus on that only.
Why would you go to three different supermarkets just to compare the price of some items when you can. use that time to learn a new skill? Why would you spend more than an hour on the phone trying to close a sale when you can do it in 20 minutes or less? You have to learn to plug this 'time leaks' and focus on things that don't just get the ball rolling but make it faster. Efficency is what we're aiming for.
Strategic efforts help you in employing leverage, substituting volume of work to quality and precision of work. It could be the difference between plateau-ing an average of 40K per year in income to making 100K+ per year in income.
In Conclusion
Given the unsteady nature of the economy, it's wise to find ways to explode your income and reach new heights on your financial journey. That way, if things go south, you'll have something to fall back on rather than hitting rock bottom. Money might not be the most important thing in life but it's one of the most important thing.Which one do you think has the most Return On Investment (ROI)? Let me know in the comments....
Thank You For Taking The Time To Read It, I Appreciate Your Support!
Profile: @youngkedar98
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