KEY POINTS
- You could make an additional $100 every month by picking up a side job.
- Instead of dealing with the difficulties of balancing multiple tasks, focus on improving your skills and expanding your professional connections to secure a more desirable job.
The rise of side hustle culture in recent years is not a figment of your imagination. Widespread inflation has compelled individuals to seek additional sources of income to cover expenses and prevent dependence on others. credit cards to remain buoyant.
If you think having an additional $100 each month would greatly benefit you, then you might feel inclined to seek out a side job. Even if you only make $10 to $12 per hour, it is achievable to earn $100 a month if you are ready to dedicate the time.
Managing a side business in addition to a full-time job can be difficult, especially if you also have pets or children to take care of alongside work and household responsibilities. While you may be eager to take on the extra workload, it may not be the most beneficial choice for your overall well-being.
Fortunately, there is a potential method to increase your monthly earnings by $100. While it may demand some initial work from you, the rewards could be enjoyed for an extended period.
Do not settle for only working on side projects.
Some individuals may suggest that rather than pursuing a side hustle for a monthly income of $100, you should consider establishing sources of passive income. While this concept sounds promising, executing it successfully can be more challenging in reality.
Generating an additional $100 in monthly income requires a substantial initial investment. For instance, you could earn a 5% interest rate on a certificate of deposit (CD). current certificate of deposit interest rates However, in order for the CD to generate $100 monthly, you would have to invest $24,000 in a 5% CD for 12 months. It is likely that if you have $24,000 in savings, you are not in dire need of making an additional $100 every month.
Therefore, an alternative approach could be to seek out opportunities for securing a higher-paying job. This could involve seeking a promotion within your current organization or transitioning to a different company. It is possible that a new position could result in an additional $1,200 in annual income. By doing so, you can focus on managing just one job rather than juggling multiple roles.
Tips for landing a more desirable job position
There are several actions you can take to advance your career and secure a higher-paying position. To begin with, evaluate the potential for advancement within your current company. If there are limited growth opportunities, it may be time to explore other options.
But if there is If you see potential for growth within your current company, consider approaching individuals in higher positions and requesting to shadow them occasionally to observe and learn from their work. Alternatively, seek out a mentor who can guide you. Even without a formal mentorship program in place at your workplace, taking these steps can be beneficial. If your company does offer a mentorship program, it’s highly recommended to enroll in it.
Utilizing platforms such as LinkedIn can help you expand your network and establish relationships. Connecting with individuals in your industry may lead to various potential prospects.
LinkedIn and other job websites offer free online courses that can help you enhance your skills. You may consider investing in a paid course focusing on specific skills that can increase your chances of securing a better job. For example, if you work in IT and aim to advance in your career, it might be beneficial to enroll in a course that teaches you a new programming language.
Having a side job is not the sole way to increase your earnings. If you have the availability and can discover a side job that brings you satisfaction, then definitely pursue it. However, if that is not the case, focusing on advancing your career and securing a higher-paying job may be a more beneficial use of your time in the long run.
