As part of our money recipes series, this time we aren’t focused on what to do with your paycheck. Instead, we are tackling earning more money.
What is the best recipe for earning more money?
Some of my favorite traditional food recipes are the recipes that have a base recipe with multiple options for different flavors or mix-ins.
Think of your favorite cookie recipe base, but then consider the different choices of what to add to make them chocolate chip, or nut, or oatmeal, or monster goods, etc. Or muffins. Maybe pizza. Or even quiche.
All of these start with a base recipe that allows you to add different ingredients depending on what you have in your kitchen or the outcome you are looking for.
Recipe for Earning More Money
Today’s recipe is set up with a base. Then, depending on what you have in your kitchen (aka your own skillset, abilities, and interests) and your desired outcome, you can choose different flavors of how to earn more money.
You can try the recipe several different times to determine what you like best.
- Strong work ethic
- Willingness to try new things
- Ability to learn new skills
Creating the Base
The first step is to blend persistence, a strong work ethic, and a willingness to try new things. Sprinkle with some curiosity. Mix well and let sit overnight.
When you are ready to add some flavor, look at the options below and determine which is best for you.
This is where it gets fun. Choose your flavors to increase your income!
Obtain a college and/or advanced degree (without taking on significant debt) in a field that pays well and has job scarcity. Graduate and start said high-income job.
Once you have been at the same company for a few years, shop your skills around and move to a different company/organization that will pay you more.
Refresh your life with a hobby that you can turn into a business. Even if you don’t turn it into a business, there are other benefits of having a hobby that will increase your wealth and happiness.
In the gig economy of today, you can turn almost any skill you have into a way to earn more money.
You can earn more money by consulting after hours using the same skills you use at your day job. Just ensure you aren’t breaking any non-competes or work policies.
Or you can do something entirely different, such as driving for Uber, cleaning houses, doing graphic design, or providing child care.
Start a Business
If you’ve read the Millionaire Next Door, you know that one of the most common success stories for millionaires is that they start their own business.
Check out this Entrepreneurship, making money roundup for more ideas about how to start a business.
Negotiate A Raise
Set up a meeting with your boss and negotiate a higher salary.
The Bottom Line
Whatever you do, use this recipe to increase your income. Doing so will help improve your overall financial health by allowing you to pay off debt, save for a goal like a vacation, or work towards financial freedom.
What is the recipe you use for earning more money?