How I Make Extra $25,000 More Per Year | Use this method to Make Money Online
How would your life change if you could earn an extra $500 a month? What about an extra $1000 a month? For most people earning more money would dramatically improve the quality of their lives. For instance, making more money would allow them to further from their retirement or take a much-needed vacation.
Now, what if you could establish a side hustle that would offer you more than enough money to improve your current lifestyle? Would you want to know how? Keep reading to learn how you can unlock a $25,000 side hustle.
My Friend’s Story
Let me share with you the story of my good friend Greg.
Greg is a typical 27-year-old guy living in Toronto. By day, Greg works as an accountant at a midsize real estate company, and by night he’s a TV aficionado. Greg absolutely loves TV and makes a point of being up-to-date on all of his favorite shows. Like many people besides watching TV, his favorite pastime is to complain about how little money he makes.
Growing up, Greg was sold this standard life path of going to college, getting a job, and then settling into a nice secure job. Well, over time, Greg has come to realize that while this path did allow him to become gainfully employed, it was never going to make him rich.
Making roughly $60,000 a year in Toronto, Greg is left with a little money to put towards the savings. One night, Greg was watching a re-run of his favorite TV show “The Office” when he got an email from his landlord. The email said, “Hi, Greg. As of June, your rent is increasing by $200 a month.”.
Furious, Greg began stomping around in his apartment, when his girlfriend Jenny asked what was wrong. Greg explained that he has made every effort to reduce his monthly bills, and it’s still barely getting by, and now his landlord wanted to raise his rent by $200.
Trying to support her boyfriend, Jenny said, “Well, how about you try to make more money to cover the costs?”. Greg went on to explain that there were no ways his boss would give him a big enough raise to cover this expense and that his life was way too busy after work, so there was no way he could take on part-time work. The two sides wishing for a miracle that would solve their ongoing money woes.
3 Reasons Why People Aren’t Earning Enough Income
Does this situation sound familiar? In the United States, 78% of Americans are living paycheck to paycheck, and much of this problem stems from simply not earning enough money. When you look into why people aren’t earning enough income, you will see that it can be attributed to three primary reasons.
1. Stagnant Wages
Every year, the things we buy on a regular basis increase in costs due to inflation. For example, that $2 head of broccoli will now cost you $2.10, and unfortunately, if your salary doesn’t increase by the same factor, then you will begin to fall behind, and in fact, that’s exactly what is happening.
If you look at US wages over the long term, wages after inflation have barely budged over the last 44 years. Many common lifestyle purchases have become significantly more expensive over time, making it even harder to cope financially.
For example, the average cost of buying a new car in 1999 was $20,686. Adjusted for inflation that price today will be $31,874. However, according to Kelley Blue Book, the average cost of buying a new car in April 2019 was $37,158, 14 % higher than the price when accounting for inflation.
The same predicament takes place with homes. In the 1990s, it was normal to be able to acquire a home that costs three times the American median pay. However, as of 2019, that is now skyrocketed to 4.5 times, which means bigger mortgages, more interest payments, and ultimately, more financial stress. Look at the rise in housing.
2. Greed in Business
The second reason people are struggling financially is that companies are becoming increasingly greedy. Apple, for example, recently announced its quarterly revenue grew to $61 billion, making it a $250 billion company, and that it generated $13.8 billion in profit, almost a 22% profit. This means that for every dollar you spend on an Apple product or service, $0.23 goes right into their bank.
What is Apple doing with this money? They’re returning it to the shareholders. The company announced it will distribute $210 billion to shareholders to stock buybacks and will increase its dividend as well. If you own Apple stock, you see a good return, but if you’re not an Apple employee, you may or may not see a thing.
Apple, by the way, has about 80,000 employees. So if the average employee makes $100,000 per year, which is pretty high, Apple could give them all a 5% raise, and it would only cost the company $400 million per year, which is less than o.2% of the cash the company is using for stock buybacks.
3. Misuse of Time
The third reason people are living paycheck to paycheck is because they’re misusing their time, and this boss is the key to unlocking more income. Unlike the other two reasons people are struggling financially, using your time in more worthwhile ways is the only factor you can control.
Most people feel that their lives are so busy that there would be no way they could fit in any more work into their days. However, this is simply not true.
Take Greg is an example. After working his standard eight-hour workday, he comes home and places himself in front of his TV until he goes to bed. Sadly, this is commonplace for most people.
Recent reports indicate that the average American watches almost 8 hours of television a day. Now, these 8 hours could consist of watching Netflix on your laptop or spending hours upon hours scrolling through Instagram, but the premise is the same.
Most people are wasting away hours of time they could be using to make more money, and this is exactly how you can capitalize on earning an extra $25,000 a year.
5 Extra Hours to Make More Money
Let’s use the 8 hours of TV time the average American watches as their starting point. Well, technically, the full 8 hours could be used to make money. I think it’s unrealistic for people to literally have zero downtime. So let’s use 5 extra working hours as our figure for this explanation.
If you were to free up 5 hours every day, this would grant you 35 more working hours every week that you could use to increase your income. If you were able to earn just $15 an hour, this would amount to earning an extra $2100 a month or $27,300 a year.
Some people who doubt this idea by saying that they have no opportunity to work more paid hours at their 9-to-5 jobs and knowing that overtime pay doesn’t even exist there, I would never suggest this as a primary means of boosting your income.
In fact, I think it’s healthy to vary your work experience, which is why you should take on a side hustle that differs from your 9-to-5 role. However, the caveat is that the gig has to pay you at least $15 an hour in order for you to earn that extra $25,000 you desire.
3 Jobs to Increase Your Income
I know that people’s skillsets vary. However, I think $15 an hour is a very achievable wage rate for the majority of people. Here are three low barrier jobs you can take on to start increasing your income today.
There are money and knowledge, and one way to tap into that money is to tutor. When I suggest tutoring as a means of making more money, I often hear people complain that they don’t have a subject matter that they’re proficient enough to teach others. However, I’d argue that this isn’t the case.
For instance, if you’ve graduated high school, then I am sure you can handle teaching multiplication tables or geometry to elementary school students. There are tons of parents who would gladly fork over $20 or more an hour to ensure their child is keeping up with their school curriculum, and by lending your knowledge, you can not only make more money but help cultivate young minds at the same time.
You may be interested in reading 16 High Paying Jobs With No DEGREE.
You can trade some easy driving for extra cash. Assuming you have access to a vehicle, all you have to do is turn on the app and wait for a passenger. As of 2019, the average Lyft driver earns $17.50 an hour, which means that it meets our wage threshold of earning an extra $25,000 a year.
One of the benefits of working for a rideshare business is that your hours are totally flexible. If the weather is bad one day, you can skip driving and make up the hours on the weekends, or if you pick up a couple of surge fares that cover the extra $75 a day you want to earn, then you can call it quits and go home early.
The third way you can earn that $15 an hour you are aiming for is to take on freelance work. Now, when I bring up the idea of freelancing, people often respond with “What if I have no skills to offer clients?”. Chances are that you have numerous skills to offer, but you just haven’t taken inventory of what they are.
For instance, if you’re a good writer, you can offer to write freelance articles or proofread other people’s writing. Moreover, if writing isn’t your strong suit, you can offer to work as administrative support for someone who wants to offload simple tasks. The reality is that there are thousands of people who need assistance in their day to day lives, and by identifying what skills you have to offer, you can supplement your income and lend someone a helping hand.
If after going through the exercise of listing out all your skills, you still find yourself without service you could offer others, then what I would recommend is to begin crafting a new skill.
There are many platforms that offer online tutorials such as Skillshare, Udemy, and others. Even Skillshare offers a 2-month free premium subscription, and after you can continue with $10 a month. On Udemy, you need to pay for each course separately.
In fact, I think freelancing is the best option for increasing your income because as your skill levels increase, so will your hourly wage. For instance, if you sign on to work as a freelancer on Fiverr, you can start as a beginner or intermediate-level writer charging anywhere from $15 to $20 an hour, but as you gain experience, there is no reason why you can’t be charging upwards of $40 or $50 an hour for your services.
At $50 an hour, working the same 35 extra hours a week, you could earn yourself more than $90,000 of extra income a year, which is well above an average worker’s salary. Therefore, if you want to make more money and change your life for the better, begin to harness the full potential of your free time, and soon you will be making more money than you’ll know what to do with.