How to boost your income?

Are you thinking of ways to increase income due to the increasing cost of inflation? Here are some of the strategies that you may consider.

Pursue additional freelance work: Leverage your skills and interests to take on freelance projects or side gigs. Platforms like Upwork or other job hunting sites can help you do some freelance work that is in line with your skillset.

Develop a passive income stream: Explore opportunities to generate passive income, such as investing in dividend-paying stocks, creating and selling digital products, or renting out a spare room on platforms like Airbnb.

Start a small business: If you have an entrepreneurial spirit, consider starting a small business based on your expertise or passion. It could be an online store, consulting service, or a unique product that fills a gap in the market.

Upskill or pursue higher education: Enhancing your qualifications can lead to better career prospects and increased earning potential. Consider acquiring certifications, attending workshops, or pursuing advanced degrees that align with your career goals.

Negotiate a raise or promotion: Once you've gained experience in your current job, schedule a meeting with your supervisor to discuss a possible raise or promotion. Highlight your accomplishments, responsibilities, and the value you bring to the organization.

Explore part-time or weekend jobs: If your schedule allows, consider taking on a part-time job or weekend work to supplement your income. Retail, hospitality, or delivery services often have flexible hours and can provide an additional income stream.

Monetize your hobbies or talents: Do you have a hobby or skill that others might be interested in? Explore ways to monetize it. For example, if you're skilled at photography, offer your services for events or stock photo websites.

Invest wisely: Learn about investing in stocks, bonds, or real estate to grow your wealth over time. However, always conduct thorough research or consult with a financial advisor before making any investment decisions.

Remember, increasing your income requires effort and dedication. Choose strategies that align with your skills, interests, and availability, and be willing to invest time and energy into making them successful.

Karlo Biglang-awa is a Registered Financial Planner in the Philippines. Reach out to him via [email protected] for one on one consulting services or seminars for private organizations.