Debt Free

Well, I hope everyone that celebrates Christmas had a great one. For the rest of you, I hope you enjoyed your days away from work, if you were fortunate enough to have any. It's almost time for those New Years Resolutions again. One of the most popular is to make money, or if you're doing that already, to make more. Making more money is one of the three legs of your financial triangle. You can do that, you can spend less, or you can do more with the money you make now. If you want to concentrate on the triangle leg that represents increasing your income you have a few choices. First you have to look at the possibilities available to you. How can you make money, or even better, how can you make more money?

Ways to make more money – 1
You can earn more money at your job. That sounds great, but how exactly can you do that? You can get a raise for doing the same work that you do now. That will require convincing your employer that you deserve more money for the same work. Your task will be much easier if you can demonstrate to them that you are indespensible and that you provide value to the company. So basically, you need not to be doing the same work, you need to be more work, better work or both, than others in your job classification. For more on how you can be successful in this course of action, see my previous post on how to get a raise.

The other way to earn more money at your existing job is not to be doing your existing job at all. Plan a path for advancement at your existing employer and follow it. Get a promotion, advancement, or change jobs within your firm to one that pays you more money. To do that you'll have to work for a company that has a suitable upgrade path available. You can move into a supervisory role, deviate form your existing scope of work entirely, or possibly both. Whatever you do, you need to formulate a plan for exactly how what job within the company you're seeking and how you aim to get it. Break down exactly what you'll need to do, step by step, write it down, then follow that plan.

Ways to make more money – 2
It's possible that you have no realistic opportunities to make more money at your existing job. In this case you may be wise to look for a new job entirely. Weather you remain in your current field, or change to something altogether different is up to you, but if you are going to change firms, and you have entertained the notion of also changing careers, no would be the time. You can find a higher paying career that you're qualified for that interests you, or you can increase your qualifications.

For example, if you are working in the field as an electrician, plumber or other skilled trade, you may have opportunities available to you as a sales rep, sales engineer, or factory trainer for one of your distributors or vendors. A career change like this may often bring with it a substantial increase in pay, flexibility, and advancement opportunities. In many cases there will also be a trade off in other areas. You may have to travel, work strange hours, or work some weekends with, gasp, no overtime pay. Such work can be rewarding if you like to work with people, are personable and have technical expertise. That is but one example of how you can leverage your existing work experience into a different, but related career path, and make more money while doing it.

Ways to make more money – 3
You can take the time honored path to making money by starting your own business. In this day and age, there are virtually unlimited possibilities when it comes to starting and operating your own business. You can begin it as a side business to supplement your existing income, or if you have the financial wherewithal, you can quit your existing job and jump in with both feet. Be advised that you better have a solid business plan and be poised for rapid success if you will be using a new business as your sole means of support. Still, having your own business brings with it rewards that are impossible to achieve as an employee. Some of these include tax advantages, almost unlimited earning potential (if you choose the right business and are skilled enough in running it), personal fulfillment, and challenge. As we plunge headlong into the information age there are even more opportunities for the small business person to succeed on a grand scale.

In out age, it is possible to profit from an idea as never before in human history. In the past, entrepreneurship was a capital intensive endeavor that relatively few were suited for, or would ever have the ability to pursue. Today that is no longer the case. If you want to make money as an entrepreneur, you can emulate the millions of successful entrepreneurs that have gone before you, or you can strike out on a new path altogether.

Ways to make more money – 4
You can make money through investing. If you aren't investing now, you should start, if for no other reason than to have a well funded retirement independent of whatever meager stipend you'll receive from the Federal Government. You can also use investing as an income stream. Be aware that, late night infomercials about the riches obtained from real estate investing, stock picking software, or secret investing plan 'X', notwithstanding, making a steady, supplemental income through investments is no easy task. It's one thing to contribute regularly to a 401(k), IRA, or other retirement investment vehicle and see nice, positive returns over the long term, but quite another to have an investment income stream that can contribute to your income in a meaningful and reliable fashion.

Well, since it's almost time for you to make those resolutions, you can use these 4 ways to make more money, if that happens to be one of them. Really, why shouldn't it? More money will help you get out of debt, or have a bit more fun if you're there already. Have a great, Debt Free, new year.