7 Good Ways To Make More Money That Work Fast

by Neal Frankle, CFP ®

There are good ways to make more money and there are alternatives that aren’t so good. Those that enhance your life and give you more freedom are good.  Those that rob you of joy and freedom…not so much. While you might think that the only way to make more money is to slave away harder and harder there are actually great alternatives that can actually provide more money and more life. Regardless of why you want to make more money, here are 7 good ways to do it:

1. Reduce Interest Costs

Reducing your interest costs is just as good as earning more money. That’s because you can do a few simple things to reduce your interest costs now and that savings will compound as long as you have debt. The best way to reduce any interest you currently pay is to look for credit card alternatives, roll over your high cost debt to lower cost debt or get your friends and family to refinance you. These are also great credit builders. By increasing your credit score, you’ll also have more options to borrow at lower rates.

2. Side Gig

An obvious alternative is to find a solid second job. But before you start moaning about the prospect of doing the midnight shift at Flippy Burger, think of this as an opportunity. There are plenty of ways you can enjoy yourself and make some quick cash too. Let’s say you love painting. Can you teach painting? Can you work as a teacher’s aid? How about working the weekend shift at the craft store? What do you have some expertise or special passion in? Are there people who want to learn to do what you already know how to do? I’m sure there are. Make yourself available just make sure you get paid for your efforts.

3. Better Jobmake more money

You may not want to get an additional job but it might be time to upgrade your career. You have to be brutally honest with yourself. If you’re in a career that really has limited income potential and you are willing to do what it takes to take it to the next level, look into a different career. This may not require a huge commitment. And even if you don’t have a college diploma don’t sweat it. You can land terrific careers without already having a degree. You could potentially get all the training you need in private career colleges.

If you go this route it won’t be easy. It will take hard work and time. But the potential payoff could be greater than any other step you could take. One of my favorite clients was a chef who just couldn’t stand cutting one more onion. He decided to chuck it all and become a nurse. He had to work hard and make an investment in himself. But now he works wherever and when ever he wants and earns about twice as much.

4. Open a Business

Opening a business is no guarantee of instant riches of course. I’ve written extensively about how to open a business and how to find profitable entrepreneurial options. The topic is much too broad for me to discuss in length here. But it is an option and if you plan it well, this could be another excellent way to make more money.

5. Cut Spending

Another “duh” idea…I know. But like cutting interest costs, cutting spending is a fantastic way to make more money. Again, simple one-time shifts in your spending habits will pay dividends for years to come. It’s easy to say, “I know I should cut my spending”. The more important question is why haven’t you done it and how do you start. The best first step to cutting spending is to first start tracking what you spend now. I use You Need A Budget software and it’s great. But it doesn’t matter what you use as long as you actually do this. There is something magical about knowing exactly what you spend every month that kick-starts spending cuts. Start tracking your spending religiously and see if it works for yourself.

6. Investments

Are you certain you have the best investments to create the most income? When is the last time you reviewed your investments to make sure? Have you educated yourself to make sure you know all the different ways to create income from your investments. Fixed income is only one way to create income from your investments and right now, it may not be the best way at all. Think about your long-term objectives, how long you need to generate that income and consider real estate and equity investments in your search for more money.

7. Family

This is my secret weapon. The #1 best way to make more money is to involve your entire family in the process. Have a group pow-wow and brainstorm. Make them part of the plan and get them to buy-in. This is critical because as you implement the 6 previous ideas, you won’t get far if your family doesn’t support you.

In summary, I want to point out two considerations.

First, as I mentioned, these ideas will make you more money but that money isn’t going to fall into your lap. You’re going to have to do the work and get out of your comfort zone.

Second, you don’t need a “silver bullet” to fix the problem. Be patient and chip away at this. You can mix and match from the above ideas (as long as you include the 7th step no matter what). Find a balance and what works for you. Don’t be afraid to implement and learn as you go. Life is an experiment just like making more money. You have to try on a number of ideas before you find the right fit. Don’t be afraid to give these ideas a try.

email

Subscribe & Get Your Free E-Book and E-Course as My Gift to You!

Investing Your Money Made SimpleOnce a week you'll get unique tips to make smarter money decisions about your investments, retirement, taxes, and career. You'll also get encouragement and ideas to help you get out of debt, earn more money, and generally stop worrying about your money.

Neal Frankle is a Certified Financial Planner™ with over 25 years experience. Subscribe today and tap into this wonderful, free resource!

Become a Fan! Follow @NealFrankle

{ 12 comments… read them below or add one }

anand December 16, 2012 at 9:20 PM

Neal
I am an Indian and live in Delhi.In recent years inflation has reached all time high.Middle class is always discussing these topics. Can you do a bit of research about all these in Indian context and find some solutions. I will really appreciate.

Reply

Neal Frankle December 18, 2012 at 5:17 AM

Anand, I know so little about India that it would make more sense for you to do some research. That’s because you are more familiar with the facts on the ground.

Reply

Jonathan July 26, 2012 at 3:22 AM

Simple strategies and cutting expenses remain the best way to save money

Reply

Tyler June 14, 2012 at 1:42 PM

Hey Neal, I wasn’t trying to insult you in any way with that comparison. If anything, I look up to you for what you’ve been through and achieved. I am 23 years old and struggling to find my way, but I have a great head on my shoulders and I know through hard work and determination I will get myself and my family out of this rut. I just have to figure out what career path to take. I’ve spent 5 years in and out of school, doing the basic courses and debating which other classes I want to take. Slowly but surely I am starting to make sense of things. Just spinning my wheels for so long and not going anywhere has me a bit depressed.. But what is better motivation than that?

Thanks for the link, I’ll check it out.

Reply

Neal Frankle June 14, 2012 at 1:46 PM

Tyler, It never occurred to me that you were insulting me at all. I have a lot of respect for what you are doing. I really do. I know you can do this! I mean it. Free up some time to get a little side thing going and keep at it. Give it everything you can. Keep your eyes open for opportunity. Read this one too.

http://wealthpilgrim.com/networking-with-people-shy-guy-mastered-it/

Reply

Tyler June 14, 2012 at 10:14 AM

I think there’s too much emphasis on the 7th step. Some people’s families are either dysfunctional or the family doesn’t have money to just “buy in” on an idea with. A lot of people struggle just to get by.

Just my two cents! I love this blog and it is helping me get my life on track, so thank you Neal.

Reply

Neal Frankle June 14, 2012 at 1:22 PM

Thanks for the kind words Tyler! I think you are right. Some families make step 7 impossible – and that’s a shame. The family that works on finances together stays together I say…..

Reply

Tyler June 14, 2012 at 1:31 PM

Yes, but what about the families who make lots and lots of good investments, then try to step it up on a land deal and they get screwed over, putting them back at square one? I think I remember your story being fairly similar to that. My family is full of love and support but it’s hard to make investments when you have to work for 10 dollars an hour and can barely pay your bills anymore. I’m just saying. Sometimes, bad things happen to good people, and you find yourself in a giant rut.

Reply

Neal Frankle June 14, 2012 at 1:37 PM

Tyler,

This is similar to what happened to my family – true. And I spent plenty of time working for minimum wage.

The thing is, there is a way out – but it will take time and hard work. Here’s a post you might find helpful.

http://wealthpilgrim.com/find-2nd-job/

Reply

Julie October 16, 2011 at 7:18 PM

Simple strategies… love it! Although getting a second job is not realistic for many people the idea to incorporate something you love doing that has a bit of flexibility in it is fantastic. A friend of mine teaches art on the weekends to kids. She is a single mom and able to bring her kids to her class. Not only is she making extra money she is bonding with her family as well as her kids are making new friends. WIN WIN WIN!

Reply

Brana and Harlan October 15, 2011 at 3:03 PM

Love the advice. Easy to read and to the point. Great ways to get toward the lifestyle of our dreams. Keep up the phenomenal blog!!

Reply

Cherleen @ My Personal Finance Journey October 14, 2011 at 3:46 AM

When we decided we needed to earn more so that we can start with our savings, my husband and I took second jobs. I started blogging and writing articles while my husband did balloon decorations, flower arrangements and face painting. All our income from the side gigs went to pay our debts and savings.

Reply

Leave a Comment


4 − = one

Previous post:

Next post: