how to make more money: 4 proven ways to boost your income
Written by Glen James
Host of the money money money (formerly my millennial money) & Retire Right podcasts & author of The Quick-Start Guide to Investing.
Knowing how to make money is one thing, but what if you want to make more? But, how can you do that? Especially when it feels like you’re already working your butt off just to keep up with the bills? From picking up a side hustle to investing in yourself and your career, there are a number of ways to give your income a boost. How do we know? Because the money money money community proved it to be true! We asked them how they increased their income and here, dear friends, are the findings of that information quest! In this article, we’re going to explore 4 simple ways you can make more money, proven by listeners of the money money money podcast. So, if you’re ready to start bringing in some extra cash, read on!
why is making more money important?
Candidly, wanting to earn more money doesn’t make you grubby, nor greedy. It matters because times have changed.
Younger generations are faced with an especially challenging job market that is fast-changing and often unstable. Like Shelley Johnson and Glen James talked about in their book, Sort Your Career Out & Make More Money, the 30-year career is dead. Now workers need to be constantly upskilled, agile and ready to move in any direction in their career. Most of us will change careers several times throughout our lives. The ability to be this agile means cash buffers are required – giving you the flexibility to jump career to career without the stress of unpaid bills.
Likewise the financial incentives for staying in one role, career or business won’t be attainable for many younger workers. Traditional career paths are fewer and far between, and many of us are finding ourselves juggling multiple careers and job titles in order to make ends meet. As the cost of living rises, it is becoming increasingly difficult to make ends meet on current income levels — you need to find a way to increase your income to keep up with rising costs.
Secondly, financial goals have become fairly unique, quite different from that of previous generations. Aspirations may include paying off student loans and credit card debt, saving for retirement, or saving for a large purchase like a home. More and more the traditional roles of getting married or having kids are not top of the list (many feel the cost of these choices is too high). These new goals require a higher financial cushion than what is possible when living on a single income. Younger generations are also more informed and educated than ever before – having determined what their short and long term goals are, and how they’re going to achieve them. Money is just the means to these goals being fulfilled.
Finally, actually enjoying your life right now is a big priority. This takes the form of products and services that support ongoing mental health, experiences like travel and having fun in general! Whether that’s holidaying in Portugal or rock climbing on weekends, younger generations prioritise being content and enjoying experiences that bring joy, instead of waiting for retirement to do so. An enjoyable lifestyle has become the key to feeling content with life. Extra money can be used to fund experiences and trips, or to purchase nice material or digital goods.
are side hustles the best option for increasing income?
We love side hustles and yes, adding one into your life can totally increase your income. But be warned – many times side hustles can become overwhelming when combined with a main income producing job or career. With the juggle between main gig and side gig, too often we see people trying to increase their income but at the mercy of mental and physical health, time spent with family and friends, or generally just resting enough. Another thing we warn against is relying on your side hustle to pay your core living expenses and bills – as much as possible try to cover these with your main income. By relying on a side hustle to pay for your basics, you end up tied to the side hustle, unable to pull back on the amount of work you’re doing. Side hustles, in our opinion, need to have a specific goal, and once that goal is reached are either ended, or ramped up into a business. Don’t burn out in the name of more money.
4 proven ways to boost your income
#1 level up with training or skill acquisition
Whether you’re moving into a more specialised corner of your industry, a management role or upskilling to reach the next level, finding a way to maximise your current training and experience to level up your pay is an amazing way to increase your income. Glen James talks about this in his advanced income quadrant. Something as simple as studying a diploma in management or a specific industry skill can set you up beautifully for a pay rise without having to ask your manager for one. New roles open up when you’ve got more training or experience behind you!
But it doesn’t always take a cash investment in study or training to achieve this result – even simply getting skilled up by reading industry-related books, blogs, publications, listening to podcasts, joining online communities, and watching YouTube videos can help you skill up and get some runs on the board that enable you to move upwards or sideways to a higher paying role.
Finding a mentor to learn from can also be an amazing way to skill up. Reach out to top performers in your industry and ask to catch up for a regular or one-off coffee – learn from the best, and improve your own focus and performance.
#2 outsource!
This one is about boundaries and working to your strengths. This is a super effective tip, and one that probably flies under the radar a bit. Let’s run some examples to show you how it works.
Full time worker
By outsourcing parts of your full time work role you can carve out space to focus on your strengths, only doing the tasks in your role that you know you perform well in. This enables you to work more efficiently, and potentially strengthen your performance for your manager. Consider what your own strengths are, and see how you can utilise outsourcing to focus on what you perform best in. Get some solid runs on the board and shoot for that pay rise or promotion afterwards!
'If you want a successful career, invest a disproportionate amount of time and energy working on your strengths.' - Shelley Johnson, Sort Your Career Out & Make More Money
Business owner
A member of the money money money community shared how they outsourced the daily management of their business to a business manager, giving them a chance to recover from burnout, AND enabling them to study and find full time work. So now they’re in the position of having a healthy distance from a strong business, while they also earn a salary. How effective is that?!
#3 become a freelancer
Sometimes shifting to freelancer brings a big boost in income. Many money money money community members shared how becoming a contractor in their current role or skill set brought quite a sudden jump in income, in the tens of thousands of dollars! Of course becoming a freelancer takes a business owner mindset, and you’ll be handling more admin, time management and project management than you would in a salary-based position. But if you’re serious about making the freelancer opportunity work for you, you’ll be skilling up, utilising the services of people like your accountant and ensuring that you really are the best service provider in your space. Get networked, utilise smart systems and demonstrate top performance to your clients. They’ll love you for it.
#4 become an investor
Aside from work there are a number of other options for you to invest into, and create wealth out of. This is when it’s important to know how to invest! Whether its shares, property or something a little more off the beaten investing track, investing provides an opportunity to build wealth, not just cash in the bank. What’s the difference? Wealth has a stronger, more long-lasting impact, whereas cash in the bank now, can be gone tomorrow (hello new shoes). Investors often talk about their mindset when it comes to money – this mindset enables them to skip over the temporary and impulse purchases that bring about instant gratification, for the investments that bring about bigger and better results in the long run. Consider what investments interest you and ensure you understand it all before you get going.
want to take your life to the next level?
discover a new relationship with money with the money money money podcast, hosted by Glen James.
build a career you love with the this is work podcast, hosted by Shelley Johnson.
level up your investing with the this is investing podcast, hosted by Nick Bradley.
