For today’s guest post on how to increase your income despite COVID-19, please welcome Forrest McCall from Don’t Work Another Day.
As we surpass 9 months battling the worldwide pandemic COVID-19, for many people their finances have been under pressure at some point along the journey.
Whether you’ve faced a layoff or have increased healthcare costs, keeping your budget intact has certainly been a challenge for many.
In this post, I’m going to help you find alternative methods to make money and increase your income despite the worldwide pandemic.
Start a Side Hustle to Earn More
Side hustles are an excellent way to increase your income in addition to your primary income source. You can use any free time you may have to build a side hustle and make some additional cash. Some of my favorite side hustles include:
Whenever starting a side hustle, you’ll want to be realistic with your goals and expectations. As the saying goes, “Rome wasn’t built in a day”. By taming your expectations, you’ll be more likely to continue your side hustle and stay committed.
Become a Freelancer
In the digital age, companies are constantly looking for freelancers to complete short term gigs instead of the costs of hiring a full-time employee. These gigs can range from writing to web development work and the pay will vary depending on the type and length of work.
Some of the most common freelance jobs include:
- Web Development
- Graphic Design
Freelance gigs are a great way to monetize your skills and give your income a boost. You can find freelance work online through several websites including Upwork and Fiverr.
Boost Your Earnings as a Delivery Driver
COVID-19 has drastically increased demand for delivery drivers of all types. Restaurants, groceries, and third-party apps are always searching for drivers willing to deliver food, groceries, and more directly to their customers’ homes.
This can be a great way to earn an extra $100 per week or more during any free time. Some have reported making more than $20 per hour after tips, making it a perfect gig to increase your income.
Despite the uncertainty of COVID-19, your investment strategy shouldn’t change. It’s wise to continue investing to increase your passive income.
What investments should you consider?
While there are many investments that make money daily, long-term investments tend to perform better and are safer. These investments include mutual funds, ETFs, real estate investing, and several others.
Ask For a Raise
Depending on your job and the industry you work in, asking for a raise is one of the best ways to increase your income. However, before you go asking for more money, you’ll want to ensure you have a few things in order.
Give a Good Reason
You’ll need to have a good reason for receiving a raise. Have you increased your productivity or sales? Have you decreased the cost per acquisition of new clients? Whatever your job consists of, you’ll want to have numbers to back up your performance.
In addition to numbers, you’ll also want to explain any achievements you’ve accomplished or goals that you’ve exceeded.
Ensure Your Company is Doing Well Financially
There’s no doubt many companies are struggling currently, but there are some that are thriving. If your company isn’t doing well, you might want to delay your ask for a few months and reevaluate. With that said, the worst thing they can say is “no”, so it might be worth asking anyway.
Build Passive Income Streams
Passive income is one of the best ways to build wealth for those who work a traditional day job. Because your time is not needed to make money, it is a perfect way to make money without significant ongoing work.
But there’s a catch!
To build passive income streams you’ll need one of two things: a significant amount of cash or a large upfront investment of your time. For example, dividend stocks can be great passive income streams, but you’ll need to have the cash to get started. On the other hand, writing a book can be a great way to make money in perpetuity but it will take a significant amount of time to write and have your book published.
My Favorite Passive Income Streams
There are many types of passive (and semi-passive) income streams, but some of my favorites include:
- Dividend investing
- Renting out a room of your home
- Stock photography
- Selling eBooks
Increasing your income throughout this time of uncertainty is not going to be easy. It’s important to keep in mind that building your income will take time and effort. You can’t expect it to happen overnight.
It’s best to combine multiple methods to better your chances of giving your income a boost.
Even if it’s just a few hundred dollars each month, increasing your income can unleash long term financial success, helping you to achieve your goals.
What are your favorite ways to increase your income? Comment below!