How to grow your income
Extra income is hands-down the most powerful way of significantly improving your financial situation. Ways of generating extra cash can range from the quick and easy (eBay anyone?) to building a side hustle that will continually provide you with a sweet additional revenue stream for years to come. It could even be as simple as making more within your main paying job; be it career progression, switching companies or training for a more lucrative industry.
40% of UK workers have a ‘side-hustle’Independent, July 2018
We’re putting together a treasure trove of ideas on how to generate additional income streams, which you can find here, for free. If you have any experience with any of these and are crushing your side gigs, be sure to leave your input on the comment board for others to learn from.
Shift your financial goals up a gear
The extra coin can be put towards any of your financial goals, to really get them cookin’:
- Make extra debt repayments
- increase savings rate
- additional investments
- your Financial Independence / Retire Early plan
- or simply spoil yourself without eating into your main income and savings, such as holiday or travel
The sky is the limit
The reason why generating extra income streams is so powerful, is that there is no limit. The world is your oyster. Cutting your costs is great because it’s quick. But you can only bring your down your living expenses so far. With the extra income, the only limit is your ambition and drive.
Is one extra income stream enough? Well, it’s a great start and by having one more, you’ll already be ahead of most other people. Remember though, the average millionaire has seven….yes, that’s seven. So what are you waiting for?
When thinking about extra revenue streams, it’s a good idea to think about passive and active.
It’s a balancing act
Passive income streams may include simple things like investments where you are earning interest whilst you sleep. But, that’s a long term play. Something more active, that requires more of your time, may yield quicker results. In an ideal world, you’d be building multiple income streams that are a mix of the two. Then, you’ll be really flying.
7 extra reasons to have a second income
Beyond these financial goals, however, there can be other significant benefits to having a side hustle:
- greater financial security by not being reliant on a single income stream
- max out your emergency fund for real peace of mind
- reduced financial stress
- indulge your hobby
- become known for something you enjoy or are good at
- increased socialisation with like-
- learn new / develop existing skills
Grow your Income Challenges
At Eat Sleep Money, we love a challenge. Particularly when they move us one step closer to our financial goals. You can find the challenges below and they’re growing all the time. Be sure to comment on your experience and how you did. And if you have ideas for any challenges that should be up here, then be sure to let us know – this is your site.
- Sell One Thing a Week
See our latest articles on how to Crush your Costs or check out some of the other Personal Finance Pillars below:
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