By: Ryan Ayers
With the cost of living surging and wages staying flat, it can be tough to save up enough cash for all your needs and wants. But you don’t have to spend 2020 worrying about your bank account, you just need to get a little bit creative and to figure out how to put more money in your pocket.
Even if you don’t think a raise is in the cards for this year, there are innovative ways to make more money in 2020. Here are some great ways to get your financial year off on the right foot.
Be the Boss! Consider Starting Your Own Side-Company
It’s never been easier to make money on the side while holding down a full-time job. But if you really want to be the boss and start your own side company, then it’s important to go into entrepreneurship with the right mindset. You’re the owner of a business, not just an employee of the gig economy.
Don’t think of your new business as just a “side gig.” Even though you’re starting small and you won’t be able to replace your full-time income right away, your own company can provide some additional income and could eventually turn into a self-sustaining business one day.
If you’re not up for starting and running an entire side company, consider turning your skills into freelancing opportunities. Freelancers have the flexibility to take on projects when they want to and complete them at their own time.
According to Dr. Erika Rasure, assistant professor in the online MBA in financial services program at Maryville University, “freelance opportunities can be found on sites like Fiverr. If you’re the crafty type, consider opening an online storefront on Etsy or getting involved in local craft shows in your area.”
Make More By Spending Less!
Making more money in 2020 doesn’t have to mean working harder. It can also mean cutting out non-essential expenses and spending less overall. Your paycheck will go a lot further if you’re not eating out as often or buying the latest gadget on the regular.
When you think about cutting your spending, start by recording your expenses and evaluating what’s really important to you and what you’re really using. For instance, if you’re subscribing to a ton of different services that you’re not using fully (such as streaming services, magazine subscriptions, etc.), this is an easy way to put more money in your pocket each month.
Looking at your budget is also a great way to reevaluate your priorities. Are you spending a lot of money on a mastermind group or a gym membership that’s gathering dust? Use the motivation to get healthier or make progress on your goals, rather than just canceling the memberships.
If you’re having trouble sticking to a budget, there are lots of tools online that can help. Everyone’s priorities and lifestyle are different, so it’s important to design a budget that will be sustainable for your needs and will help you focus on what’s most important to you.
Find a Mentor (or Two!) & Follow Their Financial Advice
Having trouble growing your wealth and making more money? Find someone (or a couple of someones!) who are in a financial situation you would like to create for yourself and ask them to mentor you. There are people out there who will be more than happy to help you improve your financial literacy and achieve more control over your money.
While you shouldn’t just do everything someone tells you to just because they are on top of their finances, it’s important to find people you can trust to give you good advice. We can learn a lot from people who have figured out the secrets of building and maintaining wealth. Ask questions and follow the advice of those you admire and trust.
Identify Your Expertise & Market with an eBook
Self-publishing today is super easy. If you’re passionate and knowledgeable about a subject and you have your own unique angle and expertise, you can share that with an eBook.
eBooks are often a great tool for entrepreneurs who want to build their authority and attract their target audience, but they can also be a great way for anyone to showcase their knowledge and earn some extra money on the side. Even if you’re traditionally employed, an eBook could one day help to show your initiative, enthusiasm, and knowledge. Plus, you’ll learn a lot more about who you can help with your knowledge!
Scared of writing a book? Don’t be! There are countless tutorials and templates from reputable sources to help you get started.
If writing your ideas and research down in a book doesn’t sound appealing, you can put your expertise in a certain subject to use as a teaching professional.
“If you’ve got a master’s degree, consider adjuncting online or on-ground if you’ve got colleges or universities nearby. Many universities struggle with finding talented professionals to teach online and especially on-campus for 8 AM classes and evening classes,” says Dr. Rasure.
Innovative Thinking to Boost Your Income
You can apply innovation to all areas of your life, even your personal income. By looking beyond your salary, you can make more money in 2020 and set yourself up for a brighter financial future. There’s always something you can do to keep your bank account growing!
About the author
Ryan Ayers has consulted a number of companies within multiple industries including information technology and big data. After earning his MBA in 2010, Ayers also began working with start-up companies and aspiring entrepreneurs, with a keen focus on data collection and analysis.