Like it or not, there comes a time when you have to reconsider your annual income. Whether you are already struggling with your monthly financial obligations or you need to save more for an important investment, you need to start thinking about how to achieve financial freedom.
Cutting your expenses and saving more are the most two common pieces of advice you hear when it comes to better management of your finances. But is your salary big enough to help you put some money aside each month? Plus, how can you cut down on your spending when you are already struggling to pay all your financial duties? So, here it is! The solution to your poor financial status is to increase your income.
Just like any other of us, you may have no idea what are the most efficient methods to boost your income. So, here are the 6 best ways to increase your income that will help you get started on achieving financial freedom:
Talk to your employer
It is wrong to think that in order to get more money you must change your job. This isn’t the first step you should make. You may be liking your job a lot, but you simply don’t get paid as much as you would need or deserve. So, why not renegotiating your salary with your current employer.
According to a 2017 survey from Career Builder, most employers are willing to negotiate salaries for entry-level employees in case they want to leave their company. However, the same survey shows that 56% of employees actually don’t feel comfortable to ask for more money and negotiate their salaries. So, considering these data, isn’t it a pity to now even give your employer the chance to give you a raise?
The first step you should make into boosting your income is to ask your current employer for more money. Depending on the result of your negotiation, you can decide what you should do next.
Improve your skills and knowledge
The taught of negotiating your salary may be scary because you may think that you might lose your job because you have asked for more money. However, as mentioned before, you can see that employers are willing to pay you more.
Yet, there is always a catch that you must be aware of. Employers who are willing to give their workers a raise, they are willing to do so if the employee is very important for their company. However, if they will find another employee who has the same skills and knowledge and is willing to accept more money, then it is very unlikely to give you a raise.
However, if you get better at what you do and excel in the skills and knowledge of your coworkers, your chances to get a raise are a thousand times higher as you will become indispensable for your employer.
Think of all your strengths and about how you can improve yourself to get a positive response from your employer. For example, according to a survey named Employability and Study Abroad, 41% of employers are willing to offer a higher salary to candidates who have studied abroad. If you had an international study experience, don’t hesitate to use this as a strength in your negotiation.
Apply for a new job
So, you have tried to get a raise, but your employer wasn’t willing to pay you more. The next thing you should do is to find a new job that will offer you the salary you deserve. The number one reason why people decide to change their jobs is for higher pay. So, when it comes to improving your financial status by boosting your income, you need to step out of your comfort zone and get back to seeking a new job.
You can at least try to find a job that will offer you a higher pay instead of not even trying and cutting off all opportunities that could have brought you a big income boost.
Consider a second job
According to the 2018 data from the Bureau of Labor Statistics on the employment situation, 4.8% of the jobholders had multiple jobs to get the monthly income they need to pay for their financial obligations.
So, there is one more available option for you when it comes to boosting your income. You can get a second job that will help you find your financial stability. You may be hesitating to get a second job because it can interfere with your work-life balance. However, it can be a temporary solution when you are struggling with money until you find a better-paid job.
Maximize your income
Being smart about your finances doesn’t only come to proper budgeting and increasing your income, it is also important to put your money to work and maximize their value. Thanks to technology and the Internet, nowadays, you have a multitude of investment opportunities that can help you gain high returns. One of the most popular investment methods is trading forex.
Trading forex gives you flexibility and you are in full control of your investment decisions. Many people who work 9-to-5 jobs or stay-at-home moms invest in forex trading as a second income thanks to the flexibility and convenience this investment method offers.
Trading forex isn’t rocket science as long as you learn a few basic tips from professionals. Simply put, trading forex means buying, selling or exchanging currencies. However, success in trading forex also lays in choosing a reliable broker. For example, if you search online for FPMarkets review, you will see that experienced traders claim that the broker played a huge role in making good investment decisions that brought them high returns.
If you have ever heard about the gig economy, then, you know that times have changed, and so did the job marketplace. Thinking about a job where you are your own boss and you choose when and how you work? Become a freelancer and use your skills and knowledge to earn an extra income or to change your career. No matter what your skills are, there is certainly a freelancing job for them.
Extra cash in your pocket can certainly matter a lot in improving your financial status. So, use these 6 tips on how to boost your income and achieve financial freedom.