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Increasing Your Income: Which Moves Make Financial Sense?

Wednesday, May 13, 2020

/ by Nurdin Budi Mustofa
Many people would like to earn more. It’s not always possible to aim for a promotion or secure a raise, but that doesn’t mean that you can’t boost your earnings. There are multiple ways to increase your income. Here are some routes to explore.

Setting up on your own

If you’re employed, your salary is determined by your employer, and your opportunities to earn more may be limited. Setting up on your own might enable you to maximize your earning potential, as you will be able to set your rates. Depending on the job you do, you could specify an hourly charge or a day rate, which may be significantly higher than your equivalent earnings. If you are thinking of going freelance, it’s crucial to plan ahead, to think about how you’re going to promote the services you offer, and to pinpoint a target market. One of the most important boxes to cross is checking the level of demand. You don’t want to leave a job and invest time and money into launching a new venture to find that it’s impossible to source customers. It’s also critical to look at what competitors are doing and get an idea of how much they’re charging, how they’re reaching out to clients and what kinds of services and extras they are providing.

Increasing Your Income: Which Moves Make Financial Sense?

Stocks, trading and cryptocurrencies

There are several forms of financial investments you can make to try and increase your income. Whether you choose to buy stocks and shares, you invest in cryptocurrency, or you use a Forex broker to trade global currencies, there are risks involved. Once you make a decision and you part with your cash, there are no guarantees that you’ll make money, and there is always a chance that you could lose funds. The best way to lower the risks and maximize the chances of profiting is to undertake extensive research. Gather as much information as you can about the markets, the current trading conditions and the way processes work, and learn how to calculate the level of risk. It’s hugely beneficial to seek expert advice and to make use of trial versions and demo accounts if you are a beginner.

Increasing Your Income: Which Moves Make Financial Sense?

Buying bricks and mortar

If you have a substantial amount of money saved, and you’re looking for a relatively low-risk, long-term investment, real estate is an option worth considering. Buying property can be lucrative, especially if you look for houses or apartments in sought-after areas, you’re prepared to do a bit of renovation work, or you’re keen to hang on to your asset for a period of time. Buying to let can provide a short-term income, as well as a long-term investment. To benefit from purchasing property, you have to choose the right house at the right time. Monitor the market, look for areas where there is high demand for homes to let if you plan to buy and then rent the house out, and be prepared to negotiate. Learn about the local area, look at the statistics for buying, selling and leasing and always have an ideal buyer or tenant in mind when you’re viewing real estate.

Increasing Your Income: Which Moves Make Financial Sense?

Are you looking for a means of increasing your income? There are several options out there, but they won’t all be viable or attractive to you. Weigh up the pros and cons, think about your individual goals and don’t make decisions without conducting thorough research.

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