How to Boost Your Income in a Tough Economy
Surveys show that almost 40 percent of Americans work side jobs and earn an average of about $8,000 extra per year. And they all have their own reasons for doing so. A lot of people use the the extra cash as disposable income, but others must have the extra jobs just to get by. But according to these same surveys, millennials are the most likely to work extra jobs. And the reason is possibly because they’ve graduated from college with a mountain of debt and learn that there’s no such thing as job security anymore. But whatever generation you’re a part of, finding ways to boost your income in an economy with no real job security is important. Here are a few of the best ways to do just that.
Attend a trade school
A lot of people find themselves with degrees in fields that are not as lucrative for them as they had hoped. Maybe they went to college to become teachers, but can’t quite make it on a teacher’s salary. Or maybe they got degrees in business, but haven’t found a niche where they fit in. Or they possibly didn’t attend college at all because they can’t afford it. Whatever the case, trade schools are a great way to learn a skill and start making money a lot sooner than the traditional route. One such trade is court reporting. Court reporters can make great money and work almost anywhere in the world. As a court reporter, you can work in courtrooms and other legal businesses. For example, you might find an opening in a Miami court reporting firm where you can enjoy steady and interesting work. And the best part is that court reporting school can be done online at your own pace.
Start a side hustle
Starting your own business is not the only way to boost your income, but it certainly might be the most lucrative. Of course, it does all depend on the type of business you choose and the amount of work you put in. But a lot of entrepreneurs are making a great living and eventually quitting their day jobs. You can start many types of online businesses, such as freelancing or reselling. Read some of these Udemy Review to look into teaching as a side hustle as well.
But you don’t have to work online to make money. One venture that many people find fun and rewarding is party-planning. You can specialize in kids’ parties, wedding receptions, or offer services for all types of parties. And you don’t have to start out with a lot of supplies, which makes it a great business to bootstrap. You can find places that offer rentals, such as a dunking booth rental for school fundraisers, or table and chair rentals for wedding receptions. And you can ask for deposits upfront to cover the cost of decorations.
Invest
With as little as $1,000 or less, you can start making money by investing. There are many things you can invest your money in, but what you choose will probably depend a lot on how quickly you need it to pay out and how much you have to start with. Day trading, for example, can have fast payouts, but it can be pretty risky. Peer-to-peer lending, on the other hand, is less risky, but it can take a while before you get your money back. Other vehicles for investing include real estate, options, contracts, and bonds, to name a few. Just use your best judgment when investing your money into anything. Take courses, talk to mentors, and start slowly. Risky investments might mean bigger profits, but if you’re not careful, they could also mean large losses.