10 ways to increase your income without moonlighting
Most of us feel that a lack of money is holding us back. Avoid the ‘get rich quick’ schemes and use these practical tips instead.
1. Ask for a rise – Oh so obvious but ask yourself; when did you last negotiate a pay rise? Look across the page to find out how to do this.
2. Change jobs – Sometimes you have to move to a new employer to be really valued. This is because once you’ve been anywhere a while, you tend to get taken for granted.
3. Gain a qualification – It’s been proven that people who demonstrate their development by gaining a qualification end up better paid. Join a professional institute or consider a part-time university course.
4. Move towns – If your employer operates from many sites, consider transferring to a new location. Joining a new team can bring all the benefits of changing jobs with fewer of the risks.
5. Seek extra responsibility – Making your current job bigger will enable you to ask for more money. Remember you might need to prove you can handle the extra responsibility before looking for reward.
6. Link pay to performance – Share some of your bosses risk by linking your pay to your performance. Are you brave enough to do this?
7. Rent out the spare room – Clear out the junk and get yourself a lodger. It’s the only way many young people can afford to leave home. There are tax advantages too!
8. Make your home a film set – You don’t have to live in a castle or moated manor to make money from your home as a film set. Location agencies need ordinary settings as well as the unusual.
9. Generate electricity – This is going to become increasingly important. Solar, wind and geothermal are all ways you can generate your own power. You can sell what you don’t use to the power companies.
10. Spend less – If nothing else on this page appeals, you might have to turn back to discover how you can reduce your expenditure.
Multi-level marketing
You will inevitably be invited from time to time to join a multi-level marketing business (MLM). The opportunity to boost your income selling jewellery, household products, telecoms or food supplements may tempt you. Introducing your friends and family to your ‘business’ will, as the projections inevitably show, bring you a very healthy income.
There are very strict rules now that govern the way these schemes are constructed. Pyramid selling schemes are illegal. If you are approached, make sure first that the company is a member of the Direct Selling Association (www.dsa.org.uk) and abides by their code of conduct.
The appeal of MLM is that you are following a proven formula and can build your direct selling business without giving up the day job. Here are some questions to ask yourself before joining an MLM scheme.
1. Do I like following rules? – To succeed, indeed to get on at all, you have to follow the MLM company’s methodology. You won’t succeed if you decide to do it your own way. You must accept the rules.
2. Do I like motivational tapes? – For many of these firms, motivational tapes, books, seminars and conventions are virtually compulsory! They know that if they develop you, they’ll develop your sales.
3. Will my friends be impressed, or disappointed? – Your friends are worth more to you than money. Ask them if they’d buy these products from you or join your network themselves. It’s too easy to get over enthusiastic and become a social pariah.
Do not however, form the opinion that I am against multi-level marketing. For some people it is a great way to make new friends, earn a second income, develop self confidence and learn new skills. For many people it works incredibly well, for others it is a disappointment.
Bringing it to life
The only ways to get rich quick are to win it, marry it or steal it. If you’re offered an opportunity that looks too good to be true, it probably is!
Many of these tips and more can be found in my book The Life Plan.