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You can only cut expenses so much. If you want to get out of debt faster, save more money, &ultimately build wealth - you need to increase your income! There are both short and long term components to this. Let's take a look at ways to do both.
If you're trying to achieve an intermediate term goal, like pay off debt or hit a specific savings goal, increasing your income on a short term basis helps dramatically. I did this while paying off my student loans, and it is the only way I was able to pay off $161,000 in 16 months. There are a million ways to do this. Here are a few ideas....
1. Pick up overtime at work
- This is probably the simplest approach. If there is an opportunity for you to work overtime at your current place of employment, take it.
2. Get a part time job
- Drive for uber, work at your favorite store during the holiday season, etc. The options are limitless. If you're a PA like me, PRN positions are an incredibly easy way to increase your income quickly. If you're more entrepreneurial, you could consider starting a side business. Don't forget about becoming a virtual assistant if you would rather work from home.
3. Use online cash back opportunities or online surveys
- There are lots of ways to make money online. I personally use Rakuten, which gives me cash back for things I'm already buying online. It's the easiest thing in the world. There are also plenty of ways to take surveys and be compensated for that, or virtual assistant work as I mentioned before.
Your long term strategy for increasing your income is a fundamental part of your overall wealth building strategy. You should have a 5, 10, and even 20 year plan to progress your career and increase your income. This doesn't always require going back to school or additional certifications. Make sure you're growing your skill set, asking for raises when appropriate, and considering a long term plan for growth.
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