Money, money, money – everyone wants more of it, but not everyone knows how to make it. With a new year comes new opportunities. Or, perhaps it’s less about new opportunities and more about using the perfect opportunity to try something new.
Whether you were laid off, are looking to start a side hustle, or wish to invest or save better in the future, we’ve got a list of tips that are geared towards making 2022 your most profitable year yet.
Open up your Notes app and start jotting down the ideas that stand out most to you.
Ways to Make More Money in 2022
Set a Realistic Income Goal (and Budget)
Sure, it would be nice to wake up one morning and plan to be a millionaire the following year. But, it’s not totally realistic if you’re not already making in the mid-to-high six figures. To set a realistic income goal, you’ll want to look at your income over the past year. While there’s not a single way to do this right, a recommended process includes adding up your income from the previous year and adding on a percentage increase.
The percentage increase you add will depend on what you’ve been doing already. For example, if you’re already running a business and realize that the demand for your product or service is on the rise, then a 20% income increase could be a realistic goal. However, if you’re just starting to include different revenue streams to your plans, then try setting a more conservative goal like a 5% increase over 2021.
Along with setting an income goal, it’s useful to have a budget to maintain control of your finances. Here’s a look at how you can use a budgeting tool to make this happen.
Ask for a Raise
It seems obvious, but one of the best ways to increase your income is to ask! If you’re an employee, set up a meeting with your direct manager to recap how you’ve contributed positively over the past year and what you hope to be compensated with come 2022. Naturally, this meeting will hinge on how long you’ve been with the company already. That’s to say, if you joined as a new hire two months prior, then it’s too soon to ask for a raise. It’s recommended to have worked for at least 6 months before requesting more pay.
As a freelancer, you can increase your rates when you see fit, although many freelancers will agree that an annual increase is the most fair to clients. Be sure to give your clients adequate notice of your rate increase so that should they need to look for alternatives or negotiate terms, there’s enough time to do so before the next invoicing period.
Start a Podcast
Are there any topics that you’re particularly well-versed about or would enjoy talking about with experts in the field? Research has revealed that as of April 2021, there are over 48 million podcast episodes from over 2 million shows. The growth of the podcasting market is stellar, with over 78% of Americans ages 12 and up being aware of the medium.
So, how exactly does this translate into more money for you? If you start a podcast and gain a following, you can sell air time to advertisers to make extra income. In 2021, researchers expect that ad spending on podcasts will increase by 38.7% YoY, which provides upside going into 2022, as the ad spending has nearly doubled between 2019 to 2021.
Begin Dropshipping
You may have heard of the term before, but what exactly is “dropshipping?” Dropshipping refers to the method of order fulfillment that doesn’t require the seller to hold onto inventory. A store (or in this example, you) would sell a product (online). Once a customer purchases said product, you get in touch with a third-party supplier who ships the order directly to the customer. Hence, you serve as the connection between the two. Rather than focusing on managing inventory or overseeing shipping logistics, you can focus all your time on maintaining an online shop, relationships with suppliers, and marketing/advertising to make sales. With dropshipping, you get to make a profit on each sale without holding onto the risk or cost of inventory.
Sell Stuff Online
While we are talking about selling, take a moment to think about all the used electronics, items, clothing, or supplies that are being stored in your house but not being used. Chances are you can think of at least a handful of items. And, you know what they say: “One man’s trash is another man’s treasure.” You can list your products for sale on marketplaces such as Facebook (now called Meta), Craigslist, TheRealReal and more to both clean up your home and make some cash.
Rent Stuff Out
Perhaps you have higher priced items that you’ve invested in and still use, but not on a daily basis. For example, you may have a toddler that outgrew his or her stroller, but you aren’t yet ready to sell it because you may have plans for another child in the future. Or, you have power washers and recreation equipment that are sitting in storage waiting to see the light of day. There are apps for this kind of thing! For example, you can rent out your outdoor gear on Spinlister, your baby gear on BabyQuip, or various items across categories on Fat Llama, to name a few.
Become a Mystery Shopper
Becoming a mystery shopper isn’t as mysterious as it sounds. If you have some extra time on your hands and enjoy retail experiences, then you may be able to get paid for it. Sounds like a dream job, doesn’t it?
Mystery shoppers are hired by market research companies to measure sales and performance quality. A mystery shopper completes a task, compiles a report about their experience, and either receives gift cards, payment, or services/goods in exchange for their time and effort. A mystery shopper may be asked to buy a product online and return it to provide feedback about the experience, or visit retail stores in-person to report back on the customer service. You can apply for mystery shopping jobs through research companies like Market Force.
Cash Flow Up: Cash In and Cash Out
At Cash Factory USA, we are big believers in taking control of your own cash flow. Everyone is in a different financial situation, but if you have a goal in mind, you can take the necessary steps, no matter how big or small, to achieve better financial standing.
Along with taking advantage of apps for money management, pick some of the aforementioned ways to earn extra income and try them on for size. In the event you are still falling short of reaching your monthly income goals and need to take out a loan to cover expenses, Cash Factory’s product offerings (payday loans or installment loans) could be of service.
We’re ready to see you make 2022 your most profitable year yet. Are you ready to put in the work?