Author:
Laura McKinney
Date Of Creation:
9 August 2021
Update Date:
22 June 2024
Content
Looking for ways to raise your salary and spend the most money possible? With a little adjustment in lifestyle and finances, you can increase your monthly income and maintain a steady stream of income.
Steps
Method 1 of 3: Generate additional income
Offer to raise salary. One of the most direct ways to raise wages is to talk to your manager about a raise. While this can be difficult, if you feel you have worked well and have to work overtime, then it's time to ask for a raise. Consider the value of your position in the company or business, your relationship to a leader, and the set of skills you create for the company. If you've worked for the same company for a long time, have great qualifications, and been appreciated, that might be a good reason to suggest a raise.
- Before proposing a raise, you need to spend some time researching the company's salary policy and make sure you are motivated enough to justify the raise. You should make a list of the achievements, competencies and main features of the work history at the company. This will give you information to use in your conversation about salary increases with your boss.
Work freelance or part-time. If your salary is not much, consider raising your salary by working freelance overtime. Do housework for family or friends to get extra income in your bank account. Remember that every penny you earn is a bit of your total extra income.- For example, you have good driving skills and a clean driving record. Consider a part-time driver position to increase your income, work on weekend jobs such as driving new cars to dealerships or transporting passengers for trucking companies.
Sales of side jobs. Think about the skills or competencies you use in your sub-business. It could be gardening or landscape design, or freelance literary work. Try to maximize your skills and turn them into different businesses. Remember that running your own business requires an investment of time and money in addition to your current job.- Starting a business can be stressful and difficult to maintain, as you may want to continue in your existing job while developing a sub-business.
Method 2 of 3: Investment
Create a source of passive income. Passive incomes are income-generating investments that require little time and participation. It could be royalties from publishing books, songs or works of art, profits from a business partnership in which you are an indirect investor, or income from rental property.- Consider investing in rental properties, building rooms for multiple families rather than single-family homes. Although rental property is a large upfront investment, the expected return on it can be substantial. Ask a friend or business partner to invest with you and create passive income to increase your existing income stream.
Buy stocks and bonds. Each security represents one share in the company. When you own a share, you are a co-owner of the company and have rights over all of the company's assets and income. A bond is a paper of debt from a company or government. These institutions issue bonds to pay for their day-to-day operations or finance specific projects.
- When you buy a bond, you lend it to the issuer, whether it's a company or a government, for a specified period of time. In return, you receive interest, and pay back the entire loan on a specific date (bond term) or a future date determined by the issuer. For example, if the bond is worth $ 1,000, the interest rate is 7% / year, the interest will be $ 70.
- You can invest in stocks and bonds by buying yourself or by buying through mutual funds. A mutual fund is a collection of securities, bonds, cash equivalents or a mixture of these three categories.
- Talk to a financial advisor about the right proportion of stocks and bonds in your financial portfolio. When you are young and new to investing, you should invest in stocks. As you get older, you should make downward adjustments in your investments in stocks. The bond is more stable and a suitable long-term investment. In the long run, increase your investment in bonds.
- Be cautious when investing in tangible assets like real estate or gold. They are volatile, unpredictable, and difficult to manage.
Consider investing in cheap securities. These are publicly traded securities with very low par value, typically under $ 5 and sometimes less than $ 1. They are usually released by small, start-up companies and sold at very low prices. However, cheap securities can be a risky investment because they are not traded on well-known stock exchanges (like NASDAQ or NYSE) and you can hardly sell them.
- Low-priced securities provide short-term returns, not long-term investments. Before investing in a company, it's a good idea to do some research online to decide whether its securities are worth buying. Then, you can open an account using an online brokerage service, buy and trade cheap securities.
- To get income from cheap stocks, you need to keep an eye on it to trade quickly at the highest price. Be careful with the kind of securities that "block the market". These are fraudulent securities that are pumped into the market at a high, attractive price to make you invest, but the purpose is to take your money and leave you with securities of no real value.
Method 3 of 3: Reduce spending
Rent reduction. If you are renting an apartment or comfortable living space, focus on reducing other expenses such as internet fees, cell phone charges and food. Reducing spending by 10-20 dollars / month can help you retain more income.
- Focus on reducing your spending to make big savings. This means living in a minimalist way and not spending if you don't need it.
Bike or walk to work instead of car or motorbike. One of the biggest expenses is your car. From car purchases to auto maintenance and insurance, these costs take up a lot of money. If possible, cycle to work or run instead of paying for gas and driving.
- Investing in buying a good bicycle only costs 2-3 million VND, but you will not lose money to travel for a long time, maybe a lifetime. The money you save for the gas mileage that you save will increase your income.
Avoid eating out. Reduce food spending by cooking at home and eating only once or twice a year. There are a number of inexpensive blogs and cookbooks with menus that don't waste much processing time and cost.
- Create a habit of buying food by week. Make a list of groceries to buy at the grocery store to avoid buying super expensive or unnecessary items.
Participate in free entertainment activities. Minimize entertainment spending by participating in free regional or city activities. Walk, attend street fairs or local events for free and take advantage of the free games.
Do everything yourself in life. Self-repair, self-maintenance of vehicles to avoid high costs when renting services at vehicle repair shops. Find online videos that show how to repair bicycles, motorbikes, cars and do it yourself. Self-employment in the family means that you create skills to get work done on your own and avoid paying for services. advertisement
