#IncreaseIncome #SideHustles #BudgetingTips
Hey there! If you’re like me and are really aiming to increase your annual income by $5000 a year realistically, then you’ve come to the right place. Let’s talk about some practical ways to make that extra cash without breaking the bank or sacrificing your current lifestyle. 💸
## Assess Your Skills and Interests
1. **Evaluate Your Strengths**: Take stock of your skills and interests. Are you a good writer, photographer, or videographer? Do you have a knack for reviewing products or creating content?
2. **Explore Opportunities**: Consider platforms like Fiverr, where you can offer your services to a global audience. Check out other freelancing websites for gigs that match your skillset.
## Explore Freelancing Opportunities
1. **Fiverr**: While Fiverr can be a great starting point, it may not always provide a steady stream of income. Make sure to promote your services and build a strong portfolio to attract clients.
2. **Upwork**: Upwork is another popular platform for freelancers. Create a profile highlighting your skills and experience, and pitch for jobs that match your expertise.
## Monetize Your Passions
1. **Writing Articles**: If you’re good at writing, consider pitching articles to online publications or starting a blog. You can earn money through sponsored content, affiliate marketing, and ad revenue.
2. **Reviewing Tech Products**: Tech product reviews are in high demand. Reach out to companies for review opportunities or create your own review channel on YouTube.
## Maximizing Your Investments
1. **ETFs and Stocks**: While dividends from ETFs and stocks may not be substantial at the moment, consider reinvesting your profits to grow your portfolio.
2. **Diversify Your Investments**: Explore other investment opportunities like real estate, peer-to-peer lending, or cryptocurrency to increase your passive income streams.
## Budgeting Tips for Extra Savings
1. **Cutting Expenses**: Look for areas where you can trim your spending to save more each month. Cancel unnecessary subscriptions, cook at home more often, and opt for affordable leisure activities.
2. **Increasing Income**: Apart from side hustles, consider negotiating a raise at your current job, taking on extra shifts, or exploring part-time job opportunities in your field.
## Conclusion
By leveraging your skills, exploring freelancing opportunities, and maximizing your investments, you can realistically increase your annual income by $5000 or more. Remember to stay persistent, be open to trying out different side hustles, and always be on the lookout for new income-generating opportunities. Good luck on your journey to financial freedom! 🚀
Feel free to share your experiences and what has worked for you in the comments below. Let’s help each other reach our income goals! #FinancialFreedom #SideHustleSuccess
Getting a better job is the easiest way to increase income
$50k in JEPQ would give you $5k a year in dividends paid out monthly
You just need more income. $5,000 a year is very easily achievable with a side gig like DoorDash.
Nothing will have a better ROI than finding a better job. It could be 40-80 hours of work to get 10k+ a year.
We had a friend that waitressed at a local cafe, Sat. and Sunday mornings only which is when this restaurant was slammed.
She had a full time job on the side, but the waitressing cash went directly into her travel fund. She’d fill it up, then take time off for her trip.
I bartend. I do it twice a week usually Monday and Saturday. I’m kinda a nerdy guy so I usually don’t have plans on Saturdays anyways so it works well for me. It’s not the best bartending gig and I work on average 8 shifts a month and get over 2k a month not including cash tips.
Getting a new job is the easiest way to increase your income. Even a lateral move to another company can get you a minimum 5k increase in salary.
Keep in mind than if you take a freelance job, you’re going to have a higher tax liability on that income. I’m not fantastic at math, but if you want to net 5k extra in income a year doing contract/freelance work, you’ll likely need to gross close to an additional 7.5k in order to net the additional 5k.
In most roles 5k a year is not all that significant and can be achieved by moving to a different company. Similarly the effort and time spent on donating blood and side hustling could be put towards upskilling or grinding for a promotion if you believe the company will provide it.
I often think about becoming a LYFT driver. Because here they take home hospital patients at all hours of the day and night, but then remember that I can, if I wanted to, make a lot more earning per diem with my main gig at another company. Depending on your main gig this may be possible too. I have heard of people having two of the same full time jobs, one being remote.
Wow,! Donating plasma gets your $600/month?!
I haven’t done it in a year or so, but it was pretty easy to turn Door Dash on and make $200 bucks on a Saturday.
Do it once a month and get your travel money.
If you can work overtime, finding a job that offers it can pay off nicely. I know some employers in my area have lots of OT if you want it.
For me, finding a better job was the way to go. I applied to close to 100 places for a year straight but finally landed something and doubled my income. It felt surreal. I did do fiverr for about a year and made probably $2k for the whole year editing/formatting ebooks for Amazon kindle.
To continually improve your income you should not be stagnant, most especially in a job that offers no raises and occasional bonus. See if you can hold up a second job too.
Get bank account bonuses. In the next few months I will have collected well over $5K
DoctorOfCredit.com is your friend
Ok so that’s $5000 annually? 5000÷365=$13.69. can you spend enough time on any gig apps like doordash or instacart, uber, each day to make $14?
$26 a day, M-F doing instacart shopping. That’s approximately 3-4 orders and 2-2.5 hours. I do this when a shop only deal comes up and knock it out real quick..often I get lucky and there is another when I am done or a shop and delivery.
$26 x 5 days a week x 52 weeks – 22% tax bracket = $5,272.80.
I referee youth and adult sports at my local rec center after work/on weekends. Made around $6K last year doing that, and I get to exercise and to spend time around the sports I love.
Sperm donation assuming you fit the profile. I make anywhere from 70-210 per week and then 30 bucks for each time they give it out. Bunch of hoops but definitely easy money.