Feeling like you’re never getting ahead financially? You’re not alone. According to a report by CareerBuilder, 36% of workers report that they usually live paycheck to paycheck. But even the relatively wealthy are struggling. A survey by LendingTree found that 44% of Millennials earning between $100,000- $149,000 are also living paycheck to paycheck.
Overspending may be part of the problem, as well as a higher cost of living. But it could also be an issue of income growth. If you’re stagnating at work or in your business, it’s time to re-strategize.
Because while the reports may look grim, it’s still possible to take control of your financial future by growing your income this year. The key is diversifying and never keeping all your financial eggs in one basket. But it doesn’t have to require landing a new job or vying for a promotion at work. Instead, rely on these unorthodox ways to grow your income in 2017.
Invest in Crowdfunding
Crowdfunding can be a lucrative way to invest in new products and services. There’s a Kickstarter campaign for just about everything you could ever imagine, from smartwatches to travel jackets. Even real estate has crowdfunding platforms. Get your feet wet as a commercial real estate investor with Realty Mogul with as little as $5,000. Projects include multi-family, retail, office, and industrial properties, among other options.
Become a Silent Partner
Launching a startup isn’t for the faint of heart. But there’s another way to stay connected to your entrepreneurial passions without taking on the risk and workload of starting a new company. Offer your own expertise to new and emerging companies as a silent partner. I’ve worn this hat as a growth hacking advisor and find it a rewarding way to help fellow business owners and earn a consistent side income at the same time.
Co-create a Digital Product
There is very little overhead or risk in creating a digital product. The hard part is finding the right audience for it. Team up with someone well known in your field who already has an online presence. Offer your specialized knowledge to contribute to a digital product and split the profits. Collaborating on something as simple as an ebook or as robust as an online video course can yield thousands in monthly profit.
Store
Fulfillment By Amazon (FBA) stores are an increasingly-popular option for budding entrepreneurs looking to create a retail empire without the risk. Some store owners find deals at area retailers and flip for a profit on Amazon. Others source products from overseas manufacturers and white label their products to include their own original branding.
But instead of just opening a store for side income, choose a niche that you already specialize in. For example, an IT business consultant could sell gadgets, routers, tools, and resources that cater to an IT market. You’ll be earning money while building a side business and reputation in your industry.
Leverage the Sharing Economy
Tapping into the sharing economy can yield instant profits without much work. You’re probably already familiar with Airbnb and Uber, but there are plenty of other ways to rent and share your assets.
For example, Desks Near Me connects business owners with extra desks, offices, or conference spaces with entrepreneurs looking for temporary space. Rent out your extra space by the hour, day, or month, and turn a profit just for opening your doors and welcoming a fellow entrepreneur.
Pick Unconventional Investments
There is more out there to invest in besides stocks and bonds. The hog market has its ups and downs, but has proven a booming market for ambitious investors. You won't find lean hogs on the New York Stock Exchange. Instead, this commodity is traded on the Chicago Mercantile Exchange (CME). Lean hog futures have even outperformed coffee in the Standard & Poor's GSCI Spot Index.
Launch a Speaking Career
It can be difficult to launch a six-figure speaking career without much experience. However, it’s entirely possible to land gigs quickly and build a consistent side income. Look for opportunities in your zone of genius, from SEO to corporate accounting, at industry conferences.
Remember to branch out and target conferences and workshops that cater to your ideal customer. For example, an SEO expert can look at conferences on building a side hustle to help new bloggers get their online identity up and running.
Start One-on-One Consulting
Business consulting doesn’t have to take years to get off the ground to turn a profit. You can start advising people tomorrow on areas you’ve mastered, from sharing your Ivy League college admissions strategy, to executive resume and portfolio help. Tap into the network you already have to figure out if there’s a need for your services. From there, ask for testimonials and referrals to help grow your business and scale it accordingly.
Become a Nomad
Ditching your house and belongings that weigh you down can be quite liberating and actually grow your disposable income at the same time. A Google employee made headlines when he moved into his car, started sleeping in the Googleplex parking lot, and ultimately saved 90% of his income.
You may not be able to live off your employer’s free food and showers. But why not live remotely for a while and enjoy the freedom? Couch surf, float from Airbnb to Airbnb rental to save on fixed costs and upkeep, and travel the world while growing your business.
Fire Your Worst Clients
Bad clients who waste your time and are late payers aren’t worth your time. Move on and focus on doing amazing work with a select group of high-paying clients. It’s worth the extra time to reconfigure your marketing and networking to land the long-term client base you deserve.
Why struggle through the year when there are plenty of ways to earn more income on a regular basis? Pick three or four areas where you can realistically earn a side income quickly, and start replenishing your emergency fund, investments, and paying down debt. You could end the year feeling financially stress-free.
What are your favorite unorthodox ways to grow income? Let me know by leaving a comment below:
I am the co-founder of Web Profits, a growth marketing agency helping companies leverage the latest and greatest marketing strategy to fuel their businesses.