5 ways to make more income

Fundamentally, it’s difficult to ever achieve the lifestyle, relationships, and overall goals you aspire to unless you first earn sufficient income. What is exactly defined as sufficient varies greatly from person to person.

• Want to retire early? You’ll need a nest egg to live from.
• Want a great family? You’ll need to put food on the table.
• Aspire to travel the world for a few years? You’ll need to pay your way.
• Dream of starting a charity, or giving back to the community? You’ll need to pay the bills, plus you’ll be able to achieve a lot more if you have sound finances behind you!  

Whatever you’re aiming for, here at Become Wealth, we’re not magical wizards who can effortlessly make money appear for you where there was none previously! Fundamentally, most people already know exactly how to make more money: it takes time, concentrated focus, sometimes a little risk, and certainly hard work. (Especially on social media channels, there’s now no shortage of modern “get rich quick” schemes selling courses or sure-fire ways to make millions by various means such as drop-shipping, FOREX trading, or some other method).

But, if you want to make more money, aren’t interested in the modern snake oil salesmen selling get rich quick schemes, and are willing to put in some work, the following tips are for you.

1. Start a Side Hustle

If you have spare time, there are plenty of options for you to create some extra cash flow.

One thing we see a lot is the generic advice of driving for Uber as a side hustle. Aside from being unimaginative, this advice is not a one-size-fits-all solution. Ridesharing can be a lucrative choice for some people, it won’t make financial sense for everyone. Once you factor in petrol, time spent, wear-and-tear on your vehicle, compliance with relevant laws, tax, and the depreciation brought on by adding extra mileage to your vehicle, many Uber drivers are barely breaking even.

Also, for many professionals and those already earning good wages, they might be better off doubling down and doing their best at their primary role. This might be by developing their primary skillsets first, rather than working a second job or side hustle at night. This may include up-skilling or working longer hours in their primary role – resulting in overtime, a pay-rise and/or promotion. Over the long haul, this can pay off many times over.  

Here’s a few separate resources to expand on this topic:

• What to consider before entering the gig economy
• 13 side hustle ideas

2. Learn New Skills

One of the absolute best ways to make more money is to learn skills that are in high demand. Whether you’re looking to make yourself more valuable to your current employer, find a better paying job, or get started with a side hustle, learning new skills can be highly profitable.

Luckily, it’s literally never been easier to acquire new skills from the comfort of your own home. Platforms like Coursera, Udemy, Skillshare, EdX, MasterClass, Pluralsight and so on offer an endless array of training packages. Most are competitively priced too!

Alternatively, there’s a range of more conventional New Zealand based training institutes and universities which offer extramural (distance learning) packages.

3. Get Promoted, or Ask for a Raise

This one might seem obvious, mostly because it is.

Most people either wait for an annual review, or just hope that an unsolicited raise will appear out of left field. In a perfect world our bosses would recognise us for a job well done and give us pay raises without us having to ask. The reality is that it doesn’t happen like that for everyone.

In most cases, if you want a raise you’re going to have to ask for it. Asking for money is uncomfortable, but in this case it should not be. This is a business transaction where you are exchanging your time and skills for compensation. If you don’t feel like you’re being compensated appropriately, it’s your responsibility to advocate for yourself and speak up.

However, do not simply kick your boss’s door open and demand more cash, a promotion, or both!

Instead, think about these approaches:

• Is overtime available? Additional shifts?
• If possible, carefully calculate the current value you bring to your company or organisation. Asking for a reasonable proportion of this is a good start.
• If you work for a government agency or other bureaucratic organisation with clearly defined promotion and pay-scale pathways, a different approach is probably needed. Instead of simply asking for a raise or promotion, research, and work on the exact steps (courses, qualifications, accreditations, on-the-job-competencies, etc.) that are required for promotion – then work on those.
• Ask your supervisor or HR precisely what it would take for you to get promoted or get a raise. Usually, you’ll get a straight answer, as most bosses want their people to add more value – and don’t at all mind rewarding those who step up their game and add more value. The answer you’re looking for isn’t necessarily just “work more hours” – perhaps it’s servicing customers even better than at present, perhaps it’s being more productive, perhaps it’s learning the role of someone who’s about to depart on maternity leave. Whatever the case, once you’ve clarified what it takes, preferably in writing, then get to work!

This is a finesse game and if you want your best shot at getting a raise or promotion, you’ll need to make sure that all your ducks are in a row. Before you get paid more, be prepared to add more value to your company or organisation!

Learn more: how to get promoted

4. Get a New Job

If you’re not happy with your current job, this is a great time to jump ship. The country is currently going through a very serious talent shortage that has left employers scrambling to fill open positions – borders have only just really re-opened, and the normal immigration inflow has not yet happened. However, plenty of Kiwis have left New Zealand.

Employers are doing everything they can to sweeten the pot for new talent by raising salaries, improving benefit packages, and offering remote work when applicable.

A logical first step might be asking to chat with a couple of recruiters in your field and see what might be out there for you.

But, before you jump ship, carefully consider the pros and cons. There are plenty of reports of people leaving jobs for what seemed like a better deal only to return to their previous employer like a boomerang! This is for various reasons, chief among them being ‘the grass isn’t always greener’ even if the salary or perks seem better.

Learn more:

• ‍‍The Great Resignation May Be Followed by the Great Regret
• Give great answers to these common interview questions

5. Establish Passive Income Streams

This is somewhat of an advanced strategy. It’s not for the faint of heart, and just like anything else in life that is meaningful, there are some risks associated.

Almost all passive income streams require some start-up capital (investment cash) to get rolling. If you’re in debt, don’t have an emergency fund yet, or don’t have the stomach to handle potential losses, you should consider one of the other options on this list.

Learn more:

• Top New Zealand sources of passive income
• The proven way to become wealthy
• Is property investment still worth it?
• Investing in a downturn
• Don’t save money
• How to start investing in shares

The Bottom Line: Make More Money

The secret to making more money is that there is no secret!

If you want to make more, you’re going to have to add more value to the world to earn it, but the strategies outlined above should give you the path of least resistance.

Our trained professionals are standing by to help you work through any of the investing topics mentioned above. To book a complimentary initial consultation, get in touch.