Do you want an exponential increase in your income 2016?
Your bank, your boss, and portfolio aren’t doing much to boost your bottom line—reason enough to try these additional revenue-raisers.
Wish you had a little more money in your wallet these days? Who doesn’t?
But you don’t have to accept the status quo when it comes to bringing in the dough. Whether you’re still on the job or retired from the grind, the action plans that follow can help boost your income.

 

The strategies require human or financial capital (and sometime both). But those that involve work don’t demand extra training, and should leave you leisure time to spare.         Bonus: These moneymakers may satisfy your entrepreneurial spirit, get your creative juice flowing, even diversify your career along the way. Talk about a PAYOFF.

 

Alexis Jeffries and Donna Rosato wrote an article titled “5 ways to pump your income” in Money Magazine (December 2009 issue) where they shared 5 ideas for additional revenue-raisers.

They ideas is as follows:
1) Consult in your field
2) Seek out yield
3) Head a class
4) Be a landlord
5) Monetize your hobby

Consult in your field
The idea: Deploy current (or recent, if you’re retired) job skills into other work. A graphic designer might create brochures; a marketing manager might develop a company’s social-media strategy. Hemmed in by layoffs and hiring freezes, more employers are using contract workers. Bully for you.

 

Seek out yield
The Idea: Invest in a global dividend fund using Low-Risk option, Medium-Risk option, and High-Risk options.

 

Head a Class
The Idea: Leverage your expertise into a part-time college teaching gig. You can lead courses for undergraduates at two- and four year schools, or classes for adults via continuing education and extension programs. Afraid of public speaking? You can even teach online.

 

Be a Landlord
The Idea:Turn unused space in that empty nest of yours into rental income. The most lease-worthy areas are those with private entrance and bathrooms. Such as carriage houses and mother-in-laws apartments, says Dani Babb, author of The Accidental Landlord.
Don’t have that? Depending upon the demand, it may be worth creating such a space. Babb estimates it costing around $ 1500 to add walls and as much as 10 times that to add a bath.

 

Monetize a hobby
The Idea: generate profit from your leisure-time activity. Love sports? Referee high school game. Make jewelry? Sell it at craft shows.

 

Akeem Gbadamosi, M.Sc Industrial Relations and Human Resource Management.

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