Whether you’re saving for retirement, a new car, or you’re trying to create a 6 month safety net, putting cash away becomes much easier when you’re generating more monthly income. There are a few amazing ways that military families can generate more income to boost savings outside of government benefits.
Why Increase Your Income?
Whether you’re building a career in the military or you’re a veteran, increasing your income can provide you with more freedom. More money won’t guarantee happiness, but it can provide you with more freedom, which is key to building a happy and opportunity filled life.
If you’re on a salary or a set schedule with predictive monthly income, a boost in extra income can help in a variety of ways. For many veterans and military service members, these can be a few of the top reasons to increase your income:
- Paying down debt
- Making extra payments to your mortgage
- Purchasing a new car or paying it off
- Home improvement
- Building a safety net with your savings (6 months of salary)
- Pay for a wedding
- Life debt free
Do any of those needs ring a bell? If so, you’re not alone. Here are some of the best ways to generate extra income for yourself, increase your savings, and start living a life with more freedom.
How to Increase Your Monthly Income
One of the more popular terms of the last few years has been “side hustle”. Made popular by business influencers like Gary Vaynerchuk, side hustle describes the job you do after your primary 9-5 job. It’s pure extra income. Some of the most popular side hustles have become ride share drivers. Companies like Lyft and Uber have made the side hustle easier and more popular for many out there looking to increase their monthly income.
Side hustles aren’t limited to becoming a Lyft driver. You can contract out your skills in Internet marketing, drawing, photography, security, and much more.
Flip Your Extra Junk
If you’re like most of us, you or your family members have extra junk laying around. One man’s trash is another man’s treasure, right? Flipping isn’t just for real estate anymore. The Internet has made flipping a huge success story of 2017, and it’s only going to rise this year. Some of the most popular flippers focus on a certain niche, so once you clear the junk out of your house, you can focus on the stuff you know. For example, if you love basketball shoes, then that might be a vertical you focus on. Go to garage sales, shop the discount racks, and start earning through flipping.
Cut Your Expenses
One of the best ways to increase your monthly income is to cut your expenses. This method requires the least amount of effort, maintains your current lifestyle (no extra hours at work), and can set you up for greater success if you choose to chase after one of the other methods mentioned. Cutting your expenses can be as easy as packing a lunch to work, going out to dinner once a week, cutting back on Starbucks, or consolidating your cable TV package. Do you really need those 500 channels!? Simple changes add up, build healthy financial habits, and cut back on stress levels.
Invest in Real Estate
Want to know what some of the wealthiest people in the world have in common? According to Forbes, real estate ranks #3 as industries that produce the most Forbes billionaires worldwide. These billionaires created wealth by investing in real estate to rent to others. Popular personalities like Grant Cardone and HGTV’s Scott McGillivray have made investing in income properties more popular. You don’t need to buy a $1,000,000 property to get started. If you’re willing to be patient, find the right property, put in some sweat equity, and get to work, then investment properties can be a great way for you to build passive income and build your own personal real estate empire.
Start a Business
Want to take everything above to the next level? The data makes it pretty clear that building a business of your own is one of the best ways to build financial wealth. It’s not for everyone, but if you have the mindset and the drive, then you can build a business that helps you grow your monthly income. Depending on where you are in life, how much you’re willing to invest (money, sleep, time with friends), and your passion for creating something of your own, a business can be the next big step to achieving your financial freedom.