In yesterday’s challenge you worked out your yearly income for each of the 7 sources of income. Today you will take that one step further and investigate which of these you might be able to develop (further) to generate some extra income.
Below are some ideas to get you started for each of the sources:
- Earned income from a job – Can you increase the likelihood of a bonus my making yourself more indispensable? Can you up your earnings by doing another course or pursuing a promotion? Is it time for a new / better paid job?
- Profit – Can you start a side hustle selling things you have made or offering your services? Think about an Etsy shop, tutoring or a specialised IT service.
- Interest income – Can you increase your interest income by increasing your savings, your investment in bonds or your crowdfunding contributions?
- Capital gains – Can you invest more into the stock market, houses or antiques to build up a bigger portfolio and sell that later on when these assets have appreciated?
- Dividend income – Can you buy more shares to increase the amount of dividend at the end of the year?
- Royalties – Can you write a book, compose music, design stationary or wall paper or a new software to generate an income stream from royalties?
- Rental income – Is buying another property in order to rent it out an option for you?
As you can see there are many different ways to increase your monthly income, the challenge is to identify the one or two ideas that would work for you right now, depending on the amount of time you have available, likelihood of success and your short-term and long-term objectives financially as well as professionally.
Once you have identified how you will pursue some extra money, let us know in the Facebook group or on Twitter or Instagram with #31DayChallengeToFE. A helpful plan on how to increase your income is described in step 40: Plan your Income of the 100 steps to Financial Independence.