Most people only dream about making more money, but in reality it’s easier than you think. You can make more money by getting a raise or a promotion at work, or by changing careers to a more lucrative field. You can also get a second job, or start your own business on the side.
The point is you don’t need to create a real estate empire or inherit a million dollars to start living more comfortably. You just need to get creative and start hustling. You’ll be surprised how quickly you can achieve your financial goals when you start earning more money.
Three years ago, I made a career change that boosted my income by about $10,000. Then we decided my wife would stay home full time with our kids.
We could have cut our budget to the bone and made things work. But instead of spending my free time on the couch watching Seinfeld reruns while our kids were in bed, I decided to start a blog and do some freelance writing on the side to make more money.
Related: 35 Ways To Save Money
It took some time, but after a few months I started earning a few hundred bucks from advertising and writing. Boomer & Echo is only two years old now, but it’s one of the biggest personal finance blogs in Canada. I’ve also been writing twice a week for Moneyville, an off-shoot of the Toronto Star.
How To Make More Money
A friend of mine has his own landscaping and snow removal business in addition to his full time job. It’s grown so big that he’s had to hire two employees to keep up with demand.
A local entrepreneur started his own DJ business and has been booked solid for weddings and Christmas parties for years. His taste for entrepreneurship didn’t stop there, as he started a Booster Juice franchise a few years ago and just opened up his second location in the mall this past summer.
Related: The Cost Of Starting A Franchise
I found out that quite a few people I work with have their own gigs on the side. Here’s what some of them are doing:
- Promotional items (sourcing pens, t-shirts and other promotional items for your business)
- Mortgage broker
- Freelance writing for local magazines and newspapers
- Content creation for local websites
I’ve also met some people who are doing some amazing things online. Steve from My Wife Quit Her Job started an online store selling linens and now teaches people how to open an online store, starting with a free 6 day mini-course.
Peter from Bible Money Matters was designing logos for websites on the side, and so he created a site called Logos for Websites (clever!) and does logos, headers, e-book covers, and Facebook and Twitter backgrounds.
Young & Thrifty bought a house in Vancouver and rented out her basement to help pay the mortgage off faster.
There are a million examples of how to make more money. Cutting your expenses can only go so far. The path to financial freedom becomes much easier when you make more money.
Related: Our Fast Track To Financial Freedom
Having multiple streams of income also helps protect you from financial disaster, in case you lose your main job or become disabled.
So there’s my best financial tip – go out and make more money.
This post was inspired by Glenn Cooke at Life Insurance Canada, who encouraged blogs across the country to write about their best financial tip today in the blog for financial literacy campaign.