How To Double Your Income in 6 Months (or less)
A lot of people dream about making more money. However, only a few people actually know what it takes to turn this dream into a reality!
I was once one of those dreamers, making £6.15 per hour as a waitress and wishing that my monthly income would go up!
I spent years learning the ins and outs of making money and have managed to successfuly quadruple my income from that measly waitress pay.
In this post, I wanted to share what I’ve learned and teach you how to double your income in 6 months (or less!).
I will share my top tips for making more money including the ways that I used to increase my salary.
6 Easy Ways To Double Your Money
Let’s get straight to it and take a look at 6 ways that I have used to double my monthly income.
The most effective strategy is to use multiple different methods at the same time. However, I recommend starting with just one of the following options and then slowly building up.
Also read: How to Become Rich
1. Start a side hustle
One of the quickest ways to increase your income is to start a sde hustle.
A side hustle is a second job that fits around your 9-5. These jobs allow you to make extra income on-top of your salary.
There are tons of side hustles out there for every type of hustler.
Take a look at our list of 100 side hustles for inspo!
Some of my favourites include:
Freelancing
Paid online surveys
Reselling
Flipping
Becoming a UGC creator
Choose a side hustle that is low-cost and reltivevly easy t speed up the process of making extra money.
2. Start a small business
Although side hustles are a great way to start making more money, starting a small business is the best way to secure your financial future.
Once you have made a bit of extra cash from your side hustle, consider investing in your own business that could eventually replace your 9-5.
Read: How to start an online business
Businesses can take a while to make any profit, so you won’t see results instantly! However, starting a business is one of the best ways to boost our income in the long-run and build your very own source of wealth.
3. Build up passive income streams
Earning money without working all the time is key to achieving financial freedom. This includes renting out a home or selling digital goods.
Passive income streams allow you to make money around the clock without directly working. This removes any limit from your earning potential.
Passive income was key to doubling my income. Again, these income streams can take a while tobuild up. However, they are defitnely worth the wait!
Some of the easiest passive income streams to start include:
Selling digital products
Renting out your stuff
Starting a blog or YouTube chanell
Drop shipping
4. Ask for a raise
Now that you’ve started building alternative income streams, it is time to work on increasing your 9-5 salary!
One of the easiest ways to do this is to ask for a raise.
More often than not, it costs a compnay a LOT more money to hire someone new than it does to give a salary increase to an existing employee. Therefore, it is certainly possible to get a raise if you deserve one!
Here is the process that I follow to get a raise (that works every time!):
Make a list of extra work that you do such as over time or filling in for other members of your team.
Write down everything that you bring to the table as an employee.
Research similar job roles in other companies to see what kind of pay other places are offering.
Decide a range (for example, £35k - £40k) that you would like to ask for.
Put everything into a letter that explains why you deserve a raise.
Suggest ways in which you could help the company even more when the raise is given (for example, offering to take on extra responsibilities).
Send the letter to your boss!
5. Gain an extra qualification
Gaining an extra qualification makes you a more ‘valuable’ employee.
Think of it like levelling yourself up. The more qualifications you get, the more levels you will unlock and with that comes more pay!
You could consider getting a new qualificaiton before asking for a raise, as we discussed above.
Gaining an extra qualification will also make it possible for you to apply for higher-paid positions in the job market.
Some high-value qualifications to get include:
Coding
Using excel to manage data
Public speaking
6. Invest in dividend stocks
Investing in dividend stocks is an old-school way to increase wealth AND generate passive income.
Dividend stocks are a type of stock that pays regular interest (called ‘dividends’) to investors. Dividends are usually paid every quarter and make it possible to earn money without doing anything.
Most dividend payouts are relatively small. However, they can quickly build up over time as you invest in more stocks.
You probably won’t start seeing results from dividends for a while But, the earleir your start, the sooner the payouts will start to become significant.
By following the different steps that I have mentioned above, it is VERY possible to double your income in 6 months or sooner!
I recommend starting with a side hustle before investing in any passive income streams. This will allow you to earn some extra cash to work with.