It’s a new year, and we’re all thinking about how to be our best selves.
If you are one of the many looking to create a better ‘you’ this year then it may be worth considering new ventures which can help to maximize your income and all the opportunities that come along with increased financial means.
Sure, there are plenty of quick fixes available that offer short term solutions, like acquiring a second job. Let’s face it – having two forms income can help increase your financial security, however if you need to dramatically increase your income, then considering more long-term solutions is the way you’re going to want to be thinking about it.
Consider the following 3 ways you can expand your bank account – and your lifestyle.
Strategy #1: Embark on a new business venture
One of the best, and most popular, ways to increase your income is to open a side business that you really enjoy, this way it will seem less like a chore, especially if you are doing this alongside your main job. Initially, this may start off as a part time role to help add more pennies to your savings.
However, if you are clever and business savvy and it is something you get great satisfaction from, then often part time jobs that leave you feeling fulfilled can grow into a full-time job that has the potential to guarantee a strong income.
Choose something you are really passionate about, and something that leaves you feeling challenged but excited and positive. Consider putting a business plan into place, this allows you to plan your business goals before you put them into practice, as well as gaining a rough estimate of how much extra income you can potentially achieve.
Strategy #2: Get Into The Property Investment Game
Investing in property throughout the UK is one of the most lucrative and rewarding ways to earn an extra income. This form of investment can be used to significantly increase your income through high rental returns that can be obtained as well as the strong opportunity for capital growth.
A popular trend currently amongst investors is houses of multiple occupancy (HMO’s). This refers to a rental property that can be occupied by three or more unrelated people within the same household.
Often, these dwellings have a shared kitchen and living space, but each bedroom is paid for separately in each individual tenant’s rental payments.
If you want to get into the world of property investment, you can find some of the latest properties available at RW Invest who also have some useful guides available that will help educate you on how to navigate the market.
Strategy #3: Learn a new (Monetizable) Skill
Ever considered going back to education? The thought terrifies most, but when you contemplate how much extra money you could gain by further progressing your skills, it may actually be worth it. Learning a new skill by going back to university or college can either take you on an entirely different career path, or allow you to build on your existing skills to get more qualified in a role you are already working in. Either way, they are both strong pathways in which you can boost your income.
Certain jobs allow for progressions within the role dependant on what degree you have obtained, whether that be a bachelors, masters or a doctorate. Often this is a major influence on earning power, as there is a direct correlation between the level of degree and the level of salary.
Not all jobs work in this respect, but it is important to ensure that if you choose to place your money in improving your existing role through education, that you are placing money into something whereby you will receive more returns on the money and time you spent getting yourself there in order for it to be worthwhile.