Everybody needs money and love to make more money. We all have different needs and wants. Sometimes we fail to see other ways to make money.
The economists have a language they know how to speak when you talk about “money”. You can speak same language to Make More Money.
They define it as something that serves as a medium of exchange, a unit of accounting, and a store of value.Make More Money Now
Money is a medium of exchange in the society. It must be acceptable to make transactions.
The 3 best ways for beginners to make extra money
There are plenty of ways to make more money — but my three favorite ways are:
Tap into hidden income
Negotiate a raise
Start a side hustle
1. Tap into hidden income
This isn’t income that your grandma hid under her mattresses or in the chimney for safekeeping. I’m talking about money that you can save right now if you just made a few negotiations with your billing companies.
In fact, you can save hundreds per month with just a few one-time, 5-minute phone calls, including:
- Car insurance
- Cell phone plan
- Gym membership
- Credit card
There are only three things you need to do to negotiate with these companies on fees and rates:
- Call them up.
- Tell them, “I’m a great customer, and I’d hate to have to leave because of a simple money issue.”
- Ask, “What can you do for me to lower my rates?”
Of course, you’re going to want to adjust this formula for whatever company you’re calling. Check out my video on negotiating your bills for more on this topic.
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2. Negotiate a raise
Salary negotiations are magic.
Seriously. That’s because with a single conversation, you can make thousands more than you did before.
The best part? Your gains only add up year after year.
Check out how much you can earn over the course of 40 years with a single salary increase:
Negotiations can be terrifying,though — especially if you’ve never done it before.
Luckily, I have a system that’ll help make it a little less terrifying while increasing your chances of nailing them and getting the salary you deserve.
Three months before negotiations
Before you even think about getting into your boss’s office and hashing out what type of company car you want them to give you, you need to start tracking everything you do at work and the results you get.
If you were on a team that sold 50,000 widgets, figure out what you did to help make that happen and quantify it.
By tracking all of your accomplishments and giving a hard number to them, you can adequately make your case as to 1) Why you’re an indispensable employee and 2) Why you deserve to earn more.
During this time, ask your boss if you can schedule a time to sit down and discuss ways you can excel at work. Make it clear you want to exceed expectations and ask what that would entail.
Two months before negotiations
Now it’s time to meet with your boss again and show him your tracking from the previous month … and ask him what you can do better.
You want to make sure you’re on the right track with your work. More importantly, you’re communicating your results. This shows your boss you’re willing to take the initiative to make your work and therefore the company better.
During this time, you’re also going to want to prep The Briefcase Technique. This is a tried-and-true system my students have used to earn thousands in immediate salary gains.
Here’s how it works: You’re going to create a one- to five-page proposal document showcasing specific areas in the company wherein you can add more value.
Then you’re going to bring that proposal with you when you negotiate your salary. When compensation discussions come up, you’re going to pull out this document and outline how you’re going to solve the company’s issues.
One month before negotiations
If you haven’t already, now’s the time to mention to your boss that you’d like to discuss compensation at a meeting next month.
Ask what you’ll need to bring to make it a fruitful discussion and listen carefully to what your boss has to say.
During this time, it’s time to do some research and practice.
If you don’t have a hard number when you walk into salary negotiations with your boss or hiring manager, you’re going to be at the mercy of someone who does this for a living and will control the conversation.
3. Start a side hustle
Salary negotiations are great, but my all-time favorite way of making extra money is by starting a side hustle.
What’s a side hustle, you ask?
Simply put, side hustles are freelance businesses that can generate you cash outside of your normal work hours, like…
- Graphic design
- Copywriting and editing
- Web development and programming
The best part is freelance businesses are easily scalable, so you can make a lot of money if you’re willing to devote just a little bit of time to it. Or if you get busy in other areas of your life, you can scale back.