Finding a new job is a great commitment. If you already have a job and plan to look for something that pays better, the process of getting hired won’t be easy. You may have to move for work, which is a major life change, and even if you’re finding a remote job or some work in the vicinity, you’ll have to undergo an onboarding and adjustment period. It’s always difficult, and not a lot of people are looking forward to it.
There are many other problems with this. First, it requires a sacrifice. Chances are that busy as you are, you already don’t have too much time for friends and relatives or even a partner. Second, there’s only so much free time that you can sacrifice. Even if you get an extra job, or two (or three), that’s it. You have no more free time to spare. In other words, it’s not a band-aid solution that will fix everything and that you can reapply indefinitely.
In order to help you treat the root of the problem (the fact that you’re not making enough), we’ll try to give you some ideas of how you can get the money without looking for another job.
1. Invest
Now, before we start on this point, it’s important to get a few things out of the way. First, people assume that you only invest when you have excess capital. Since the very title of this post suggests that this might not be the case, it would defeat the purpose. However, this is not true.
Investing is not just a way to deal with the excess cash that’s burning a hole in your pocket. It’s a way for you to become more affluent and even resolve some of your financial issues.
Second, investing, although more passive than finding another job, is not an effort-free activity. There’s so much planning, strategizing, and even learning involved in the process.
For instance, if you plan to invest in crypto, you need to learn how the asset works, pick the right exchange, and engage in so much research. Even for experienced crypto traders, finding a coin to invest in can be a challenge. Finding your way around this topic will take more active effort than you expect.
Third, it doesn’t always take years for an investment to pay off. Sure, position investing is what more people have in mind when this topic is brought up, but what about day trading? You have so many options.
2. Negotiate a higher salary
One of the ways to increase your income without actually having to work more is to just negotiate a higher salary. This means that you’ll get paid more for the same type (probably even the same amount of work).
The logic behind this is following: your employer has an interest in paying you more because:
- You’ve been there for so long that you’ve already proven your loyalty, and now it’s time for them to reward it for it.
- You’ve been working in this position for so long that you’ve become much more proficient than before. Your hourly output and quality of work have grown, and your salary needs to reflect it.
- You’ve become harder to replace, which means that the employer has to invest a bit into retaining you.
Each of these factors is more than solid; however, this doesn’t mean that your employer will see it that way. They might need a bit of help in seeing things the right way, which is why you need to master the art of asking for a raise.
Another thing you need to acknowledge is the fact that there’s nothing wrong with just asking. They’re not going to fire you even if they say no. You’re not greedy or entitled, either. You’re just asking for something that, by the logic of things, you’re due.
3. Create a passive stream of income
The best thing about a passive stream of income is the fact that it makes money even while you’re sleeping. Sure, researching how to make it, making an initial investment, and even creating it (like IP, which we will promptly discuss) is a big deal. Still, it won’t diminish your free time or otherwise occupy you.
When it comes to creating multiple streams of passive income, the majority of people immediately assume that we’re talking about property investments. The problem is that this is a pretty big investment, even if you find a way to make it more affordable. Fortunately, this is not your only way out.
Another thing you can try out (with a smaller capital commitment) is to buy some stocks that pay dividends. The thing is that these individual stocks are less expensive than real estate, even though the return won’t be as big. With enough stocks, the dividend yield will rise, and you can always buy them piecemeal.
Intellectual property like songs, photos, e-books, short stories, video games, etc, can all become passive streams of income. You just create them once and collect royalty money for years to come. Sure, this requires a lot of effort, so it’s not exactly deprived of work of any kind, but the income you’ll get from it can definitely be classified as passive.
4. Consider selling things
There are so many valuable things you can sell, ranging from your jewelry to home appliances. However, there are many other things that you just see lying around and have no idea that, on the right e-commerce site, they could reach a pretty decent price.
Selling old books, clothes, toys, video games, and even boxes and old cables can be relatively lucrative. The best part is that these items just lie around collecting dust, which means that it will feel like you’re making money out of thin air.
Also, since these are usually trivial items that you no longer use, you can think of it as decluttering. To some people, selling luxury items feels a bit embarrassing, especially if it’s a heirloom and they’re sentimental about it. This will never be the case with these items.
You might even get so addicted to the thrill of sales that you start full-time trading. You might start frequenting garage sales and visiting flea markets on a relatively regular basis. The thing you need to understand is that this is not just lucrative; it’s also quite fun.
This could kick-start another great idea – starting your own drop-shipping business. All you have to do is explore online marketplaces (like Amazon, eBay, and their smaller counterparts) and find items that you can buy cheaply and sell on the same or another platform.
The thing is that, with modern redirection and drop-shipping, you don’t even have to own a warehouse. You can have the item delivered directly from your supplier to your buyer without ever touching the product. You can start with a small initial capital and work your way up. Sure, the income flow will be slow in the beginning, but the potential is unlimited.
You have more options to consider than you have time
We’ve listed just four potential options, but there are many, many more. In other words, while time may be a finite resource, the number of options to make money is seemingly infinite. There are also so many extra gigs, projects, and even tasks you can complete for a bit of extra cash. You can sublet your garage as a storage space, register on Airbnb, or even complete surveys for some extra cash. All in all, where there’s a will, there’s always a way.
