Advertising
Advertising

7 Income Streams That Anyone Can Create Easily

7 Income Streams That Anyone Can Create Easily

The days of having one job for 20 or 30 years, retiring and then receiving a pension are long gone. For many years, our parents or grandparents, devoted their lives to one company and were rewarded for their work at a regular retirement age. Unfortunately, that type of devotion no longer pays off. Instead, it’s important to consider you and your family your own personal “company” and to make sure you are being compensated adequately. This might mean taking on extra work, moonlighting or finding other ways to add to your income.

Creating multiple income streams is essential and can be a real boon during a hard time, particularly if you lose your job or have an unexpected expense.

Advertising

1. Bank your raise

Do you get a raise each year? If you do, and you are currently able to meet your expenses on what you earn, put the extra away in an emergency fund or savings plan. You’ll be amazed at how much you can save by ignoring the extra.

2. Match your 401k

Most employers offer some sort of match for your 401k plan. If you are not fully vested in your company’s 401k, you should be. Most companies will match your contribution up to a certain percentage or amount. Find out just how much your company is willing to contribute. This is about as close to “free” money as you are ever likely to get and even though it can be difficult, if you need to access that money or borrow from it at some point, you usually can without suffering too much of a penalty.

Advertising

3. Credit card points

A lot of credit cards will give you cash back for purchases or points for purchases in various departments — like gas or travel. Find out what your credit card offers. If you have a credit card that offers a good percentage, points or other bonuses, then use your card to pay for all of your purchases in a month and then pay off the balance at the end of the month with your paycheck. This will keep you from incurring interest and still get the benefits of the card.

4. Consulting

Are you an expert in a certain field? No matter what it is from writing to social media to restaurant management, you might be surprised at how much extra money you can make by offering your expertise. Make a list of your skills — things that you do on a regular basis either on your own or in your job. Are you the queen of organization? Do you create social media campaigns that get a lot of followers? Promote those skills and offer them to small businesses, large businesses and individuals. If you’re really good at what you do, start a blog, write a book and create even more income streams from this one area of your life.

Advertising

5. Sell it

Whether you have a garage filled with antiques or have a flair for turning someone else’s trash into a treasure, you can make a lot of money by selling things and it doesn’t take a lot of extra time or money to do so. Go through your household items and the stuff in your garage. You might be surprised by how many old toys, small appliances, tools and other items you have and don’t use anymore. Take a little time to take some pics of the stuff and place it for sale. Make sure you post good pictures and are accurate in your description. People are usually fine with something being used, dented or whatever as long as you’re honest about it and you give them a good deal.

6. Fitness benefit reimbursement

Have you recently lost weight or started a fitness program? Your health insurance company might give you some money back for taking care of yourself. Harvard Pilgrim Health, for example, gives up to $150 per family member for belonging to a qualified health and fitness club.

Advertising

7. Explore a hobby

Do you love dogs? Do you like to knit? Are you a great baker? Explore these hobbies and see if there are ways you can generate income from them. Even a few hundred dollars a month can contribute a lot to the household. Maybe you could teach knitting at the local fabric store and sell some of your creations at the local farmers market. Or maybe a roadside stand with your vegetables and baked goods could generate some extra income. Whatever your hobby, there is a likely a way to bring home at least enough extra cash to support the habit!

More by this author

8 Things to Remember When You Don’t Know What to Do with Your Life 30 Fun Things To Do With Your Friends Without Spending Much 10 Benefits of Deadlifts You Probably Never Knew 9 Benefits of Jumping Rope You Probably Don’t Know 9 Signs It’s Time to Quit Your Job

Trending in Money

1 How to Answer the Tough Question: What are Your Salary Requirements? 2 How Personal Finance Software Helps You Get More Out of Your Money 3 The Definitive Guide to Get Out of Debt Fast (And Forever) 4 35 Real Ways to Actually Make Money Online 5 30 Fun Things To Do With Your Friends Without Spending Much

Read Next

Advertising
Advertising

Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

Advertising

Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

Advertising

3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

Advertising

Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

Advertising

Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

Read Next