6 Proven Strategies To Increase Your Monthly Income

Making money can be fun. When you begin making more and more money doing random gigs and side hustles, you start to realize that the opportunities to make more money are everywhere.

Below is an excellent list of the 6 best ways to increase your monthly income. I recommend trying them out one at a time, building up to a point where you can do all of them.

1. Get a side hustle

A side hustle can generate anywhere from an extra $50 a month to potentially thousands every month, all depending on how much effort and time you put into the side hustle.

Side hustles can be anything. You can walk dogs on Rover.com for $20 an hour, get freelancing work as a writer or proofreader, or become a digital assistant.

I very much recommend getting a side hustle since 1) having multiple streams of revenue is excellent if you lose a task or lose hours at the workplace, 2) most side hustles can come to be a full-time job or replace your day job.

Here are several of the most popular side hustles:

• Selling Printables on Etsy.
• Become a Pinterest Virtual Assistant.
• Get a part-time remote job through FlexJobs.
• Become a Facebook Ads Manager.
• Become a Freelance Writer.
• A remote proofreader.
• Teach English online to youngsters in China.

For more information on side-hustles go here.

2. Get a New Skill

Among the fastest methods to increase your revenue is developing an in-demand set of skills. Learning new abilities can help you get brand-new work, start your very own organization, or use your new skills as leverage at your current job in order to negotiate a raise.

Skills currently in-demand are mostly tech-based, such as data science. Here’s a quick list of some in-demand skills and work opportunities that can earn you money:

• Coding/Web development
• Web design or graphic design
• Online marketing/social media
• Financial administration
• Teaching a language

If you’re looking to develop new skills, the best place to start is with a thorough course designed to teach you everything you need to know.

Some courses to consider:

• My Online Startup (making money with a blog site)
• E-Printables (earning money offering printables on Etsy)
• Facebook Advertisement Manager (making money with Facebook advertisements for small businesses)
• Online Assistant (earning money as a virtual assistant)
• Proofread Anywhere (generating income as a proofreader)
• Affiliate Marketing (How to do affiliate marketing)
• Translator (earning money as a translator)
• Online Side Hustle (exactly how to make money with a side hustle)

Great resources for developing new skills:

• Skillshare
• YouTube
• Udemy

3. Invest In Yourself

Among one of the most shocking ways to boost your earnings is by investing in yourself. This means spending your cash or your time on self-improvement. This is different from ‘Get a New Skill.’ While that is about developing a specific knowledge or skill-set that you can then use to make money, investing in yourself is more about improving your own physical, mental, and emotional well-being.

Spending time on your own personal development aids you to carry out better in all aspects of your life. When I began working on my own personal development, I observed that I grew much-needed confidence and began earning even more money. I discovered just how to get rid of problems, create options, and have more control in my life.

• A few of my preferred ways to invest in myself are:
• Have a life coach who assists you in finding solutions to your problems.
• Read recommended self-help books.
• Find an exercise you enjoy, like biking, jogging, hiking, or swimming.
• Listen to personal development podcasts.
• Learn Meditation

4. Networking

I’ve landed jobs and developed meaningful business relationships just through networking.

Enhance your networking skills by:

Attending Seminars in Your Field.

Signing up with MeetUp teams.

Joining Facebook groups related to your business niche or profession.

If, like me, you have a quiet personality, networking, and developing new relationships might sound scary. To deal with this, I recommend;

1) Being yourself and releasing all the pressure you put on yourself to ‘be’ a certain way from any type of scenario

2) Focus on small wins; you might not meet a number of people at your initial conference or meetup. These things can take time, and just going to a conference or meetup is a success in itself.

3) Bring a good friend with you to your very first seminar or meetup. However, go solo for the following seminar as this will improve your chance of talking with other people besides your buddy.

5. Don’t Be Afraid To Discuss And Negotiate Your Salary

A vital factor in making a lot of money is negotiating your wage, specifically right out of university at your initial entry-level job. People that bargain their income obtain an estimated 7% rise in annual revenue.

Prior to applying for work, I checked what the average wage for someone in that position was. Several free resources do this, including Indeed, Glassdoor, and PayScale. It’s an excellent idea to get a suggestion of just how much you would likely be worth to the company in that position.

Even if you’re entering into an entry-level job, it’s normal to discuss your income. Many employers are surprised when people come in with no arrangement at all.

Did you know you can discuss many various other things besides your salary? You can ask about things like;

1) medical insurance benefits
2) paid vacations
3) signing bonus
4) relocation expenditures
5) education and learning stipend for continuous learning
6) stock choices
8) the opportunity to work remote

Don’t make the mistake of being too afraid to bring stuff like that up. While it may not be relevant for every job position, if it is something you are concerned about – bring it up in the interview.

6. Try To Find a New Job

Among the best means to boost your regular monthly income is to get a new job. The truth is, your current work can only offer you so many increases until they hit their max. There is potentially a different job which can offer you a higher salary.

I have not been on the job hunt for a while since I’ve been running my online company, Great Plan Ray, for several years, yet I recently helped a friend of mine find work in their field. We had the very best good luck on Indeed. We created an amazing cover letter and resume and also had numerous pals in the field review both. I suggest investing a great deal of time on your cover letter and resume then getting someone already working in the job you want to look it over.

Best job search tools:

Indeed

FlexJobs (mainly remote)

ZipRecruiter

Looking for quick ways to make some extra cash today, check out this blog post on making fast cash.

Final Thoughts

I love making money, and I’m always looking for new means to earn even more money. There are many ways to raise your regular monthly earnings as well as the best methods include:

• Get a side hustle.
• Develop new skills.
• Purchase on your own.
• Networking.
• Negotiate your salary.
• Get a new job.

How would you boost your monthly income?

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Morgan Hewitt

Business Analyst at GreatPlanRay

With over 20 years of experience in the field, I've had the privilege of working with diverse industries, from finance to 10x-ing tech startups. My expertise lies in analyzing complex data sets, identifying trends, and translating them into actionable recommendations that drive business growth.

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