Is there anyone that doesn’t want to make more moneyw this year? I didn’t think so. I made $9,000 more income in 2007 than I did in 2006. This was due to a job promotion and income from a side business with very little expenses. I will propose five ways to make more money this year without having to sell your body on the street.
Schedule a Meeting With Your Boss. This is a tough one, but you can do it. You’ll be very surprised at the results when you sit down with your manager and discuss where your career path is headed and how that fits into your salary/commission structure. You need to sell yourself. You can’t just beg for a raise or better commissions. You need to defend your case for why you should be getting more money. The best way to do this is by showing your boss how much value you’ve added to the company this year. What projects did you complete, what accomplishments do you have?
Meet With a Fee-Only Financial Planner. You should meet with a financial planner to get advice about your investments. Go to a fee-only financial planner so that you get an unbiased opinion about your investment products. I don’t want you to keep throwing away mutual funds and ETFs whenever they have a bad year, but there may be a fund out there that’s never been good, and a good planner can help you find it. Tweaking your investments could result in bigger returns, which helps your bottom line.
Turn Your Hobby Into a Business. I’ve written quite a bit about starting a side business to make extra income, and you can do it, but I don’t want you taking out business loans or borrowing money from family to do it. Brainstorm a business idea that costs less than $1,000 to start, and make sure it doesn’t run your life. Blogging for profit is a great way to make money, except it won’t make anything for a long time. You need to be patient with any side business that you start. Have the mentality that it’s probably not going to make you rich, but it will pay for your vacations, clothes you want, or maybe that plasma TV you’ve been looking at for the past year. Check out Five ways to start your own business while working another job, and five businesses to start with $200.
Invest In A Rental Properrty. Some of you might be worried about the stock market and what it’s going to do in the near future. I wouldn’t be worried, but luckily you can always invest in real estate. Now is a great time to buy a rental property or a fixer-upper to flip. Regardless of the way the media portrays the real estate market, it’s not bad everywhere in the country. Don’t drink the Kool-Aid from infomercials about buying a house with no money down. Do it the smart way by putting a huge down payment into the house, and do your research if you plan to rent it out. Check to see what the rent is going for in that area, and see if you can make a profit after paying the mortgage, taxes, and insurance. If you can, then you have potential for owning a sweet income property. Real estate can make you go bankrupt, so don’t get into it without a ton of research and someone helping you that knows the market such as a real estate agent or broker.
Do Consulting Work. If you’re an IT professional, accountant, business manager with years of experience, or involved in a career where information and knowledge is king, then you can do independent consulting work for extra cash at an hourly rate. Check to see what other consultants in your field are making and start marketing yourself to anyone and everyone you come in contact with throughout your day.
Stop throwing your money away at lottery tickets and poker. Stop putting your vacations and electronic toys on credit cards, and just start making more money! The only real way to make extra money this year is the hard way. It’s not what you want to hear, but it works.