Nowadays when the prices of products and commodities are continuously increasing, if your income remains stagnant, it will become quite a concern.
As for those who don’t want to engage in another work or job, here are effective ways to boost or increase your income this 2024.
1. Classify What are the High Potential Opportunity
Start by researching on what are the growing industries. In short, look for opportunities that are booming right now. Meaning, those that are at the front of the trend, not at the back of the trend, especially in the fields of technology, digital marketing, freelancing, e-commerce, and essentially one of the most important innovations today, Artificial Intelligence (AI). Knowing these types of things will give you a lot of opportunities. Also, sticking to these industries will help you to earn 5-digit to 7-digit income. You may also consider the trends and demands. Stay updated on trends such as remote work, freelancing, digital communication, and project management, as these are some of the current fields that are on the high sides.
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2. Develop Your Skills
If you are working for a company, make sure that you don’t stay stagnant on doing the repetitive cycle of things and expect a different result. Invest in yourself which means allowing a spot to invest in education. Give yourself a chance to enroll in online courses that can produce high-demand skills in what you are doing including coding, graphic design, and digital marketing, among others. These courses will provide you with certifications which in turn will attract potential employers and clients.
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3. Make Use of your Network
Utilize professional connections. In layman’s terms, building strength and relationship with the industry. As the saying goes, “It’s not only what you know but also who you know.” Knowing people will open your doors and give a lot of opportunities for you. Be it collaborations or mentorships. If you don’t know many people in the field, try to join communities such as LinkedIn, webinars, professional associations, or platforms connected with like-minded people.
4. Enhance your Current Job
You may request a raise or promotion by stating your contributions to the company or highlighting your work that created a positive impact on the production, of the results of the organization where you will be justified. For instance, you have brought a 10% increase in the revenue of the company. If the latter option doesn’t work, then try to add responsibilities. Volunteer for projects, or tasks outside of your current job description. This action will prove that you have what it takes to be involved in extra work for you to receive extra compensation or income. Also, you may utilize your talent or current role. For example, your career aspiration, if you want to become a manager in the future, what you need of course is to take lead roles.
5. Invest Wisely
Create passive income such as paper assets. These include short-term bonds such as stock markets, and generating assets such as e-banks which give 3.5% to 6% interest per year. Just ensure that you look for banks that are covered by the Philippine Deposit Insurance Corporation (PDIC) so if ever things go haywire you will still be covered. If you have already saved enough amount of money, you can opt for real estate or real estate investment trust in the stock market that also gives you dividends and appreciation of the stock.
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Note that you don’t have to work harder to increase your income, it just means that you have to work smarter in order to increase your income. Truth be told, people are not only being compensated by working hard but working smarter.