Yes, my dear reader. You read that right. It’s possible to double your income within a year! Your first thought to reading that was probably “There’s no way!” Well, I’m here to tell you that not only is it possible, but I’m going to teach you how. If I can do it, so can you!
This article assumes that you have a full time 8-5 job and are wanting to supplement that with a side gig. If you attack these two things head-on, you can definitely double your income in no time!
1. Change Jobs
The fastest and proven way to drastically increase your income is to leave your current employer and go work elsewhere. Job hopping is one of, if not the best ways to increase your income.
The reason why is because when you are with the same employer, you typically see an average increase of 3% a year. So for example if you earn $40,000 a year, you can expect a $1,200 raise at the end of the year! That’s tiny!
Buuuut, if you switched jobs instead, you can definitely double your income much much easier! I know, it doesn’t seem like it, but I can tell you first hand, I more than doubled my income when I switched jobs! Just start looking around, no harm in it! You might be surprised at the outcome.
2. Negotiate your salary
Now I know it’s easier said than done and takes a bit of courage to approach your boss or potential employer for more money. But hear me out. You can’t get fired for asking for a raise or asking to review your salary. I negotiated my salary several times, and I’m still employed! The catch though is, you shouldn’t negotiate your salary based on your current salary! Let me explain.
The moment you look back at your current salary and mention that, it creates almost an anchor, and it’s hard to move far from that. It never hurts to ask for fair compensation, and especially if you do your research beforehand. You can use Glassdoor or Payscale to see what your salary should be at!
This negotiation works even better if you are switching jobs and your new employer asks where you want to be at (salary). The trick then is to not disclose your current salary! As a matter of fact, it might even be illegal to get asked that, depending on where you are from!
3. Start a side hustle
Now, for the icing on the cake! After you switch jobs you can look at supplementing that income with a side hustle! Take blogging for example. It might take a good year or two to start earning significant income, but the sooner you start the better!
Supplement your income with a side hustle!Tweet
I wrote a good article talking about How to Earn a Passive Income. You should definitely take a look at it and see ways I did it, and how you yourself can supplement your income significantly.
4. Invest all that additional income
Last but certainly not least, you should invest that additional income you make from doing all the above items! When you hear the word Invest, you probably start thinking about stocks, bonds, etc. Things that you likely don’t understand. But its 2020, and there are super easy ways to invest your money without having to worry about how it all works!
You can use services like Betterment, that allow you to invest in the stock market, without lifting a finger! They do it all for you! So guess what, now your money is earning money while you sleep! It doesn’t get better than that!