How can you grow your income and be financially healthy? This article will provide you with meaningful tips, show you the easiest and fastest way to grow your income, and set you on the path to financial freedom.
Photo credit: Benzoix
With 2022 lurking in the corner, this is the best time for you to research the easiest ways to boost your income. In so doing, you will be increasing the chances of building your financial muscle and taking steps towards financial freedom.
So let us get straight into it and see what options we have as the easiest and fastest way to grow your income in 2022.
1. Request for a salary reinstatement
The Covid-19 pandemic saw many employees’ salaries reduced and raises put on hold so businesses could stay afloat. However, with the advent of the vaccination, more economies have since opened and business is getting back to normal. With this in mind, this is the perfect time to request a salary raise or ask your employer to revert to paying you what you were earning before the global pandemic.
2. Refer clients to get a bonus or commission
For those of you working in a company as a sales executive, this is one way you can grow your salary. Referring potential clients and employees to do business with your company can earn you a bonus or commission which will add more money into your bank account. This will require you to network more in search of potential clients in need of your company's services.
3. Opting for an online bank account
Stashing part of your salary in a savings account will you give you a nominal return. However, opting for an online bank account that offers a high interest-savings rate will help you earn more on money that you are saving for later use. For example, you can opt for Saccos that maximize your return once you decide to save with such an institution.
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4. Start a side hustle
You can never go wrong with a well-researched side hustle as a way to grow your income. This will supplement your monthly salary. A good way to decide on a side hustle is by looking for something you enjoy doing. This way, you will be passionate about it hence be more devoted to its success. However, you might want to consider a side hustle that will not eat into your office hours as it will end up messing your 9-5 job thus missing the initial goal of growing your salary. Among the side hustles, you can engage in are online writing, taking part in paying online surveys and, freelance consulting for small businesses or an online store.
5. Renting your car
You can use your car to make extra money during weekends. Find an established car hire service whom you can contract to hire out your car to their trusted customers over the weekends. Use the “car-free” weekend to engage in a healthier lifestyle like going for a nature trail, hike, or biking.
6. Invest in dividend-paying shares
The stock market is one of the least exploited yet most guaranteed ways to make your salary work for you. Investing part of your salary in a stock that pays dividends every year is an easy strategy to increase your annual income and set you on the path to long-term financial freedom. Before investing in shares, find a good brokerage firm to advise you, or research on which stocks pay dividends consistently to their shareholders.
All said and done, the ball is now in your court. Take time to have an introspection and decide which avenue fits you best. Once decided, proceed to research how to start. After this, commit a percentage of your salary towards meeting this financial goal. A bank standing order is a good way to automate your investments as the money will be automatically deducted. Finally, stay disciplined. Growing your income requires consistency to follow through each month. Now that you are well informed, go into 2022 and grow your income!
