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Money Making Tips: How to Increase Your Income in 2020

Posted by : Premraj | Posted on : Thursday, July 9, 2020

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Almost everyone dreams of growing their bank balance to achieve their goals and enjoy a better quality of life. However, a low salary, a lack of job prospects, or a large amount of debt could prevent you from enjoying a comfortable lifestyle.

If you’re tired of watching every nickel and dime you spend and want to build up a significant nest egg that will allow you to retire at a young age, there are actions you can take to grow your finances. Read the below tips on how to increase your income in 2020.

Improve Your Employment Prospects

If you don’t like your job or industry, it might be time to make a change. Don’t settle for a poor salary or a job you hate. Aim to develop a new set of skills that could improve your employment prospects. For example, rather than switching on the TV after work, learn how to code, master a foreign language, or improve your computer skills. It could open the door to a new career with a more substantial annual salary.

Start a Business

If you feel stuck in your job, it might be time to take your career into your hands by starting a business. There are various industries you could enter, such as health and fitness, hospitality, e-commerce, recruitment, and more.

Pick a sector that plays to your strengths and attempt to fill a gap in the market. If, however, you don’t have the funds to launch your business idea, you could apply for SBA loans to get your venture off the ground. It is, however, wise to embark on market research before you invest both time and money into starting your first business.

Boost Your Cashflow by Micro-investing

Rather than adding your spare change into a jar, use it for micro-investing. Various apps allow people to invest small sums of money into stocks without the hassle of brokerage account minimums. So, even if you’re on a limited income, you could round up a purchase to the dollar using the app and invest the change into different opportunities.

There are many micro-investing platforms to choose from, such as:

— Stash

— Acorn

— Robinhood

— Betterment

While it’s unlikely to result in a significant return on your investment, it can be a clever way to save money, generate a handy return, and learn more about stocks, shares, and real estate.

Sell Items Online

One person’s junk is another’s person’s treasure. If you want to top up your finances while decluttering your home, it might be time to sell your unwanted items online. For example, you could sell unused gym equipment, furniture, textbooks, or clothing on the likes of eBay or Craigslist.

In addition to selling your possessions, you also could sell your creations online. For example, if you’re a gifted artist or crafter, you could sell your pieces on sites like Handmade and Etsy for a profit. It’s the perfect way to make a little extra money alongside your busy career.

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