If you want a financial makeover in the New Year, you’re going to need to put in a little work. Unless you have a genie nearby who pops out of a lamp and grants your wish for unlimited money, you can’t sit around and expect piles of cash to fall into your lap. In the list below, we’ll show you how you can make money by leveraging different kinds of investments and income strategies.
Let’s investigate some of the most effective ways you can make your wallet and bank account flush with green below:
- Invest in real estate
Investing in real estate is a great venture if you have the money to make it happen. Compared to other types of investments, real estate is relatively low risk. It also has a lower tax rate, so you can keep more of your profits.
The real estate industry can be complex, so if you decide to go this route, make sure you know what you’re doing. If you’re looking into investing in commercial real estate for example, choose the right commercial real estate platform before jumping in. It’s also a good idea to chat with people in the real estate industry to get an idea of what to expect.
- Open a high-yield savings account
One of the easiest ways to earn money in a passive way is by opening a high-yield savings account. A high yield interest account has a higher APR or annual percentage yield. For you, this means that your money grows at a faster rate. For example, if you put $10,000 in a high yield account that had an APY of 2%, you’d be making $200 just for keeping that money in your account.
Shop around and check out your bank options. Your local credit union might offer better terms compared to big banks.
- Join the gig economy
The gig economy has enabled millions of people to make money in their spare time. And for some, the gig economy makes up the entirety of their income. Just a few examples include: joining Lyft or Uber, signing up on a freelance site, or tutoring.
If you are a talented knitter, it might be time to finally open an Etsy shop to sell your wares. Or perhaps you love editing and have helped numerous people in your life craft the perfect resume or cover letter. If that’s the case, consider looking into how you can turn that love into money. Perhaps you might want to copyedit on the side! The interest has revolutionized how people find work opportunities, whether it’s a short-term in-house gig or a long-term remote position.
- Ask for a raise
If you already have a job but want to make more money, one of the easiest ways to get some more cash is by asking for it. Set up a meeting with you boss or wait for your quarterly or yearly review.
Of course, you don’t want to go into a meeting asking for $100k more than you already make (or maybe you do). It’s important to go into the meeting with your boss with a solid reason why you deserve more money. In this case, numbers speak louder than words. If you have metrics you can use to show measurable profit growth due to your influence – that puts you in a great position.
Come into the meeting with a plan but be open to negotiation. Even if you don’t necessarily get a raise at the meeting, your boss may lay out a path to get that raise.
And at the end of the day, if you feel like you’re way underpaid, it might be time to look elsewhere for a job that pays better.
As much as we all wish a long-lost sibling would contact us with a generous share of lottery winnings and retire early, that’s not going to be the reality for most Americans. With that said, there are plenty of ways you can make money. Whether it’s asking for a raise at your job or even looking for a new one, there are plenty of money-making opportunities out there. Investments, high yield savings accounts, monetizing your hobbies – the world is your oyster!