The fundamental law of money is: To gain wealth, you must spend less than you earn. If you want to increase your wealth, you must spend less or you must earn more. (Doing both is even better.)
Often personal finance writers focus on the “spend less” half of the equation. Frugality is quick and easy to implement, and it’s something that anyone can practice. For good or ill, self-denial is easier for people than self-promotion. Yet often it’s this self-promotion — increasing what you earn — that can yield the greatest results.
Last week, Free Money Finance shared eleven great ways to earn more money. FMF writes:
I spent last year trying to earn an extra $10,000 above my salary. I’m doing the same this year, and I thought many of you would like to join me. As a starting place, I’m identifying all the major ways I’ve compiled on how to make more money.
His suggestions include:
- Ask for a raise.
- Earn a promotion.
- Change jobs.
- Earn income from your hobbies.
- Start a side business.
- Maximize your investments.
- Trade or barter your skills.
- Make the most of your current job skills.
- Sell stuff you own but do not need.
- Use credit cards strategically.
- Get money owed to you.
Though I’m wary of recommending credit card tricks to anyone struggling with debt, the rest of the list is solid. I’ve used several of these strategies to boost my income during my own financial journey. With a little creativity, you can probably boost your earning power, helping you to reach your financial goals more quickly!
[Free Money Finance: Eleven great ways to earn more money]