After the last year that we have all had, there is no doubt that you have wondered to yourself how you can possibly increase your income. In the worst cases of this, you may have even wondered how you can think about increasing your income when there are people who no longer have jobs because of the pandemic. The reality is hard times are hard for everyone and there is no reason to not increase your income if you have the resources and ability. In fact, by increasing your income you can spend more, helping to boost the economy and community projects as a byproduct. These are the six best ways to boost your income, and these tips work even during a dark period.
Utilize a Reverse Mortgage
When you think of home loans, you most likely think of second mortgages from your home equity. However, the third option is the best of the bunch. A reverse mortgage let you take the equity you have paid on your home and pay up to 60% of it out to you in a lump sum. After this, you can spend the money on whatever you like or need—and you do not need to worry about immediately paying it back, unlike home equity loans. In fact, you can get a reverse mortgage and not pay it back until you move or pass away. To look at how much you could get, look at this reverse mortgage calculator.
Invest in What You Believe
Ideally you would be able to do this regardless of if you believe in the product. However, if you were happy just investing in the most lucrative options, you could hire a stock investor to do the work for you while you sit back and let the money grow. But the other way to do it, is to find a product or a company in which you believe and invest that way. Doing this gives you an added relationship and another reason why you would want the business to survive. In all honesty, you would also help the business and the community when done in this way.
Return to School for Skills
We all know that going to school is a necessity for young adults because it opens the doors to various ways of making money. The same is actually true for even career adults and seniors. Learning skills is the best way to remain in a job and still accrue more value for yourself. This also means that if you are unhappy in your job, or you think you might become unhappy—starting the schooling process early will give you a way out of that environment while also getting you an avenue to a new (better paying) job.
Find a Niche and Make an Etsy
What is your favorite hobby? Is it something that you can produce a product in? Or do you notice when options are missing? Are you an inventor? Most likely, if you have answered yes to any of these questions, you can find a niche on Etsy. Etsy is a massive website made for creators, so that they can sell handmade or new business products. From 3D printing to needlepoint patterns, they have everything under the sun. Finding a niche may be hard at first, but once you find it, the Etsy community is known for its stable growth. Have a look at it and see if you can add anything to the conversation.
Utilize the Internet
This is a part of the suggestion above, but in a different manner. There are actually hundreds of jobs on the internet that can help to boost your income during the month. From online survey sites like Survey Junkie, to mundane tasks that need to be completed like on Amazon’s mTurk website, there are options out there which will give you money basically for jut spending a few minutes of time.
Learn More About Your Hobbies
What makes your hobby interesting? I bet the first thing that came to your head was a hobby that you started when you were a young kid. The knowledge that you have gained over the years about your hobby is one of the best resources that the internet can ask for. Have you ever Googled a question, only to find that the results make no sense because no one knows what they are talking about? This is your chance to shine and make some money. Knowing about particular subjects can make you a great choice for a hobbies blog or a help forum, you just need to reach out.