Have you been dreaming of a higher income in 2019? Well, this is your year. If you want to increase your income in 2019, here are several ways to make more money in the new year.
Stop Doing What You’re Doing
The definition of insanity is doing the same thing over and over again and expecting different results. If you continue to make the same amount of money every year, it’s time for a change.
One of the amazing things about life is your ability to write your own story. Even if you have made poor financial decisions in the past, you can instantly change your patterns. If you find yourself yearning for extra cash, it’s time to seek other income opportunities.
To start, surround yourself with other high-earners. Spending time with people who are expanding their opportunities and increasing their income will encourage you to do the same.
Review Your Expenses
Take a moment to think about the number of subscriptions or member services you currently participate in. Do you use them all? If not, you’re wasting your income every month on services you don’t use.
Canceling services you aren’t utilizing is a great way to minimize your expenses and increase your income. If you find you want to keep some of your memberships or services, call your providers to negotiate a lower rate. For example, you may be on an outdated plan with your cable provider. Calling them gives you the opportunity to negotiate a lower monthly subscription.
You may be surprised by the amount of money you’re able to save just by calling your service providers. Services and memberships aren’t the only expenses you should review. Examine all of your expenditures and decide on areas where you can cut back. Reviewing your expenses is a great way to increase your income in 2019.
Negotiate a Higher Salary
Negotiating your salary is an intimidating task. Negotiating is a skill that you probably don’t utilize often. However, if you do it well and consistently, you may be able to substantially increase your salary over time.
Regularly negotiating your salary throughout your career is a great way to increase your income incrementally on a yearly basis. With a little research and practice, you can become a master negotiator in no time. After all, it never hurts to ask and the worst that can happen is to be turned down for a raise.
Work on a New Skill
Your worth is determined by the value you bring to any industry. If you remain stagnant in your professional skill offerings, it may be challenging to ask for a raise or transition to a new career. If you are constantly learning new skills, you will be more competitive in the market place.
Make learning one of your top priorities for career advancement. Companies want to see employees who are driven and willing to adapt to any work environment. If you provide more value to their company, they will likely increase your pay.
Networking is a beneficial byproduct of learning new skills. Taking courses or classes is a great way to meet other people. By meeting others with similar interests, you may increase the opportunities you’re exposed to. You never know when an opportunity will knock on your door and help you increase your income for 2019.
Start a Side Hustle
According to a recent Bankrate study, four out of 10 Americans have a part-time job outside of their full-time profession, commonly referred to as a side gig. Whether you work part-time for another organization or start an independent side hustle, there are numerous opportunities for you to make extra income. From driving for Uber to teaching music lessons, you can make money doing just about anything.
Do some research to find a way you can use your talents and passion to increase your income this year. You never know, your side gig could become your full-time gig after a while.
Hire a Financial Professional
Partnering with a financial professional, such as a financial planner or advisor, will help you make a plan of action for your finances. They can help you examine the financial choices you’ll have over the course of your lifetime and assist you in determining the most lucrative decisions.
Financial advisors help you avoid financial mistakes that may end up costing you heavily. They’re your financial advocate who’ll help you navigate your journey to financial success.
You may also want to consider hiring a tax professional. Tax experts have the knowledge and expertise to help you save money on your taxes. There may be deductions or other ways you can save on your taxes that you’re unaware of. For example, you may not be contributing to your company’s 401(k) program. By contributing to this program, you can lower your adjusted gross income and modified adjusted gross income and save money on taxes.
If you forgo seeking tax advice from an expert, you may miss this opportunity to lower your taxes.
Rent out Your Home
Do you travel often or have an extra room in your home? If you have extra space that goes unused, you may want to consider offering it as a short-term rental. Companies like Airbnb and VRBO provide a platform to connect you with travelers seeking accommodations.
Renting your home is a great way to increase your income. Why not make a little extra money on an unused space? Keep in mind, you may need to increase your liability insurance and become familiar with rental laws in your local area.
Get Paid to Shop
Sites like Ibotta and Ebates let you earn cash back for shopping through their site. You can search for deals and find coupons for your favorite retailers using these sites. Why not earn extra cash for completing your shopping list?
Download each app and start increasing your income for 2019.
The Bottom Line
There are numerous ways you can increase your income in the new year. From reviewing your expenses to negotiating lower prices and a higher salary, you can boost your income with little effort or time. Get creative and take action this year to achieve the income you’ve always dreamed of.
How will you increase your income in 2019? Please respond in the comments below. We would love to hear from you.
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