We previously wrote about cutting down your expenses to save more money.
Of course, the alternative way is to simply increase your income. If you are really serious about being wealthy, you should focus on both increasing your income and decreasing your expenses.
We recently ran a series of financial literacy workshops for young mothers. The most common ways for these young single mothers to increase their income include:
- Picking up another shift or working overtime.
- Considering if there are other higher paying jobs available
- Considering the possibility of a second job
- Renting out the spare room or granny flat
- Teaching or tutoring others
- Baby sitting other children
- Starting a business
If you have any more ideas, why not share them?
{ 2 comments… read them below or add one }
Great article! I like the concept of starting a business on the side to increase your income.
Everyday, I think of methods, strategies and ideas that I can use to create passive. Your TIPS here really really motivates me on learning to be rich…
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