The pandemic brought on a lot of economic strife not only to the country as a whole, but also to personal finances. The Pew Research Center reports that during Covid-19, almost 44% of the non-retiree individuals surveyed had felt that it would take them at least three years to recuperate from the monetary losses they experienced during this time. Almost half of the respondents also believe that the pandemic has made it harder for them to reach their long-term financial goals.
One way to address this problem is to be able to maximize your earning potential. Increasing your income may mean looking for innovative ways like starting a side business. If you consider this entrepreneurial route, creating an LLC can offer great benefits. To ease the process, check out this legalzoom llc service review to see if their services could be the right fit for your new venture. And there are many different ways to get the most out of your income; here are just a few that you can consider doing in 2022:
Ask for a raise
One of the most obvious ways to increase your earnings is by asking for a raise at your current job. A piece published by The Cut enumerates different ways you can approach the situation. It is important that you time your question right, not when your boss is overwhelmed or feeling negatively, to get the best response. Also, make sure to stand your ground and know your worth. If you present a good work ethic and are confident in your capabilities, there will be a higher chance that you will be taken seriously. Remember that it is normal to ask for a raise and that as a valuable team member, you deserve to be treated right.
Take advantage of employee incentives
Many employers have programs in place that rewards workers for meeting different goals with monetary compensation. Maximizing these will help you expand your overall earnings and even give you some spare money you can use however you like. A write-up on employee incentive programs by LHH iterates a few common initiatives many companies have adopted. This includes performance bonuses for employees who exceed different quotas, incentives for company-wide innovations, and education and training reimbursement. Making use of these programs means that you are not presenting yourself as a good worker, but that you are also getting proper compensation in the process.
Start a side business
If you want a different method of earning outside of your current job, you can opt to start a side business. This doesn’t mean you have to start something from the ground up as you can also opt to expand a current company through franchising. Our ‘3 Tips for Starting a Franchise Business’ post explains that exploring a venture that already has some brand recognition and following means you will have something already successful on your hands. But before doing so, make sure that you have the budget to set it up and that you can manage it together with your current job. With thoughtful planning and strategizing, you will be able to receive a return on investment (ROI) in no time.
If you want to earn a passive income and have the budget to spare, you can try your hand at investing. Investopedia cites a few of the common ones that are not only proven to give earnings but can be added to diversify your portfolio. These are bonds, mutual funds, and even precious metals. If you are interested in business and are willing to take risks, you can try investing in popular stocks– just be sure to buy in during a bearish market and sell during a bullish period. Cryptocurrencies are also a viable option. Though the market is extremely volatile, many traders find that they are able to get an ROI easily and even earn more than they bought in with. Just remember to only invest money you are not afraid of losing.
There are many different avenues you can take to maximize your earning potential this year. Make sure that whichever option you choose aligns with your long-term monetary goals and contributes to your overall financial wellness.