How to earn more money?
Sooner or later, we are faced with the fact that we perform many tasks, but do not increase our income. The desire to earn more money arises in everyone – both an office employee and a businessman. Someone has a small passive income, someone gets an additional job, but this is not enough. Our expenses are rising, and with them our need for additional money is growing.
Ways to make more money
There are several types of income and different ways to dispose of them. Active income is the money that you receive for your activities. It could be bookkeeping, cake making, or housekeeping. Either way, you are wasting your time and participating in the process. Passive income is income that does not depend on your participation. This could be a business you own or a property you rent out.
Next – about how to dispose of them. Imagine that you have earned 500,000 🪙. What will you spend them on? You can buy a new car or furniture – this is a liability, that is, things that you will spend money on. If you buy a coffee shop in a good location or, for example, shares of growing companies, this will be an asset. An asset is an investment in something that brings you profit. Consider these concepts – we are sure that you want not only to earn a lot, but also to improve the standard of living. To do this, you need to be able to manage the profits received, more on this below.
Create working assets
This is a great way to quickly earn more money, thanks to which you will not waste time, but will make a profit. Pay attention to the following types of capital:
- The property
- Shares and bonds
- Cryptocurrencies: ICO, NFT
- Share in someone else’s business
Set aside comfortable amounts, especially for venture capital investments. Over time, your capital will begin to grow and you will significantly increase your family income.
Start a mining farm
Mining is the process of creating a cryptocurrency by using the computing power of miners’ equipment. For this, people who have collected farms are rewarded. You can mine on anything, even on a refrigerator (although this is unprofitable). Usually they use video cards, ASICs, hard drives. This type of passive income is recommended for those who are at least a little versed in the operation of technology. You can increase your mining income at any time by purchasing more powerful video cards.
Learn to manage your time
Decide on your goals and write down the steps you need to take to reach them. Think about how you can speed up what you are doing, install applications that will help you get more done. Here are some of them:
- Focus To-do – helps you keep track of tasks for days, months, years
- Time Doctor – helps you keep track of the time spent on a task
- RescueTime – captures the time you spent on social networks
- Loop – captures progress towards the goal.
Learn different time management methods: there are about 15 of them.
Calculate your income per hour
Maybe you have long outgrown the position you hold. Calculate how much your hour is worth. Consider how much time you spend on the road and doing the work that you took home, how many work hours you have.
If the final figure doesn’t suit you, increase your active income: ask for a pay raise, ask if you can take on additional tasks, or change jobs.
Learn a new in-demand specialty: there are now many courses in programming, marketing, design, etc. The salary of a good Data Scientist specialist is on average 200,000 🪙, SMM – a manager in a large project – from 100,000 🪙. Training can be found both paid and free. In addition, you can earn extra money online without leaving your home.
Optimize your costs
Keep track of finances: how much money you earned, how much you invested, and how much you spent. Often we do not notice that we buy a huge amount of things that do not give us anything. Shopping for emotions is important, but we need to be aware that they will not make us richer.