by | Jan 6, 2022 | Wealth Management, Growing Your Money, Investment

Life gets more expensive and people always want new things. The holidays just passed, and with bigger expenses it is very common that people start looking for extra sources of money, extra ways to grow your income.

Related: Wealth management: Seven reasons to invest in a real estate investment trust (REIT)

Gone are the days that most families are supported by one income. The normality now seems to be both parents work and even have something extra on the side to boost the income for the household. Here are a few different strategies to boost your income in 2022.

Grow your income: Start a property portfolio

One of the best ways to help boost your income and in a long term way is to get into real estate.

Investing in different properties like flats and houses and then renting them out is a great way to boost your monthly income. It is also a great way to make sure you have extra income when you are retired and will need a boost.

A way to get started on the property ladder is by having a deposit to put down on a new property. If you don’t have it in savings you can look to borrow it from the equity in your current home on your mortgage. So it is best to seek advice from a specialist on how to do this and work out how much you can borrow.

Make money from your hobby

Believe it or not, our hobbies can sometimes make us money. Depending on what you love doing you can most likely monetize it in some way. Do you love baking? You can open an online cake business. If you love making things like candles or jewellery you can set up your online shop to sell them. There are also sites you can use to sell your items on, like Etsy and eBay.

If you don’t have a hobby like that but you are social media savvy, and know the right way to post and all the expertise behind it, you could look at becoming a social media manager in your spare time. Find a small business that needs help running their social media accounts, try to grow their account and get them noticed, all for a monthly fee.

Look at investment options

Investing your money is a great way to boost your income, something that has been streamlined and has become popular amongst the public lately. By investing in different stocks and shares or even crypto you can increase your money.

This is a more long term option but some investments can grow quickly where you see a huge return. There are many apps available so you can do it on your phone. Also there is advice and books out there on how best to invest your income.

These are just some of the ways you can boost your income this year. But the possibilities are endless, the world is your oyster.

Top image: Photo by Tima Miroshnichenko from Pexels

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