There are 3 main categories of ways to increase your discretionary income. Increase your household income, reduce your fixed expenses, and decrease your variable expenses. You probably don’t need any explanation on the benefits of achieving them. one of the most important ways to do that is to raise your own personal income. Many people cannot think of any other method to generate an income except from the jobs that they currently hold. Here are 10 ideas for your to brain storm.
1) Ask your boss for a raise
The simplest way is to ask for an increment. Sometimes we can be so locked up in our own heads that we think that this is akin to career suicide. There are many reasons why this can work. Firstly, it can cost more for your employer to train a new guy to be at the same level as you. Secondly, a new staff might command a salary higher than what you are requesting. Thirdly, it gives your employer a chance to put things right if they already know that they are underpaying you for a period of time.
2) Work overtime or extra shifts
Rather than laze around at home watching reruns of drama series on cable, why not use that time to put in extra hours at the work place. Over time can give you up to 2 times your normal pay. You will be making extra cash while your supervisor will think that you are indeed a very hard worker. Putting you closer to a promotion.
3) Get a second job
There are many types of jobs that will hire people on weekends or week nights. For example, private tutors, personal trainers, ushers, etc. To avoid getting burnt out, you might want to choose somewhere located close to home. If you are really committed, consider being a part time real estate agent or insurance agent. They pay really well if you can deliver results.
4) Sell your stuff
Everyone keeps a huge amount of junk at home. These are the things that we do not need but don’t dispose of them. We might want to keep them for sentimental value or just feel that a day will come where these items are useful. Maybe it is time to dispose them and embrace the new you. The good thing is that with the internet, you can easily list them for sale on places like eBay.
5) Rent out a room
Renting out a room is a quick and easy way to get funds in. For the average person a rented out room can generate enough cash flow for the month’s basic expenses. The only drawback is that you have to find a tenant who will not cause you more problems than you can already handle.
6) Freelance
When you have a certain skill that is in demand and does not require you physical presence, freelancing is an easy way to generate a second income. The rewards can be substantial as well if you are committed to it. Common things to freelance include deign work, writing services, programming, transcriptions, etc. You might think that getting customers is a tall order. But remember that the internet is your best place to market your services. You could be serving a client halfway around the globe. That’s how big the market is for such soft skills.
7) Start a blog
There are many people all around the world who are making a full time living on their blogs. And many of them started their blogs in their free time while they were holding a job as well. Does that sound familiar. If you are able to provide good information that people are looking for and somehow build a relationship with your audience, you could be another blogging superstar sooner than you think.