With so much talk about a possible recession, it’s only natural to worry about what your financial future holds. That’s why now is the best time to find ways to boost your income and find ways to strengthen your financial security.
Ask for Raise or Promotion
One of the easiest ways to boost your earnings is asking for a raise or a promotion. If you’ve been at your current job for some time and still haven’t been offered either, you need to speak with your boss. Make a list of the positive contributions you’ve made to the company and present him or her in your own personalized pitch deck. Start out by reiterating how much you enjoy your job and that you want to continue to grow with the company.
The second step is to point out how long you’ve been working there and whether you’ve ever received any type of raise. Explain why you feel you should receive one and what additional responsibilities you’re willing to take on if you’re given it. In terms of a promotion, explain that you’ve been with the company for X number of years and haven’t been considered for one. You should again reiterate all the hard work you put into your role and the fact that you feel like it’s time to move forward within the organization. If all goes well, you’ll walk away with more money or a more lucrative role.
Go Back to School
Another way you can boost your income is by going back to school. In fact, even earning additional certifications in your chosen field can help you earn more money. If you’re looking to earn a new degree and know that you might not qualify for a loan, the next question that comes to mind is do you need a cosigner for student loans? Having a cosigner can help you get approved for a loan when your credit score is too low, you have too much debt or if you’re in between jobs. If you’d like to learn more about how having a cosigner can help you get a student loan, you can review a guide breaks the process down step by step.
Start a Side Hustle
Side hustles are now all the rage, regardless of what you choose to do. Some choose to create digital products they sell online while others might start delivering groceries or driving Uber. The key is being successful with your side hustle is by doing something you enjoy. Just like your regular job, you shouldn’t dread having to do it.
After all, you’re trying to increase your earnings, so if you start something that you really don’t like, you’ll end up quitting. Make a short list of side hustles that interest you. Then, write down all the positives and negatives of each. These can include start-up costs, time commitments, and whether it’s something you’ll eventually want to make a full-time job.
Investing is known to be one of the fastest money-making gimmicks anyone can have. However, it’s also notorious for its fair share of risks as well. Investing is more accessible than it was in the past, but that doesn’t make it any less of a responsibility. With a recession looming over the horizon, you need to be smart about how you invest in the future. One of the smartest ways to invest during a recession is to go into real estate. Real estate has been proven to be safer than the stock market. In fact, a lot of established investors recommend newcomers to start off with real estate as it can help them build up their portfolio quickly.
Granted, investing smarter isn’t only about finding safer investments; it’s also about making decisions that’ll help you out in the long run. Knowing when to sell the stocks you’ve been holding on to is a great way to avoid the aftermath of a stock market crash. Recessions can make market crashes a lot common as the value of almost every stock to decrease in value. Selling the stocks you have before it hits is a great way to maximize your profits and avoid loss.
Rent Out Spare Spaces
If you have any spare space in your house or an empty vacation apartment, you can capitalize on the opportunity. Housing is, unfortunately, becoming more difficult to afford these days, especially when it comes to rent. Renting the extra space is an easy way to make passive income. However, you can provide a helping hand by offering up any spare spaces you have. You can charge them a far lower price than what the real estate market currently offers. One thing to note, though, is that you’ll need to be very thorough when going through potential roommates or subletter. You want to make sure you can absolutely trust this person to take care of your property.