It is a known fact that there is so much money out there. You can no doubt become a millionaire, if you are smart enough. It doesn’t matter how young or old you are, you can conveniently make your first million at whatever age – is it in your late teens or 20s?
Given that the recession is biting hard in the country and the average monthly income of a household is less than 2 dollars, most people are thinking hard on how they can make that extra cash to be able to make ends meet.
With the high rate of unemployment, statistics say is 33 per cent and inflation rate at 22 per cent, it is clear that there is hardly any family that could not do with an extra cash. Even school children, University students, everyone is looking for some side hustle for survival. Most salary workers have had their take-home pay decline heavily in the face of rising inflation.
So, what are those side jobs that students and teenagers alike can do and make small income for themselves?
First is, for those who have some knowledge of Maths or English, you can take up a part time tutorials. Teach young children or even your school or class mates on some subjects that they are deficient in, but which you are proficient in and earn some money. Ensure that the time of the tutorials fit in at the time you are most likely to be less busy.
Another readily available job is ‘babysitting.’ There are of course parents- double or single- who might occasionally require some outside help in caring for their young children while they are out on an important mission. You can offer yourself up for the job and earn some extra buck doing that, for a couple of hours though.
Care for the elderly; this is another way you can make some fast money. Most senior citizens require help in different ways; either they need company or need someone to help clean their apartment for them, cook their meals or ensure they take their medications at the right time. These jobs can fetch really fast money and are very easy to get, at whatever time of the year. Most importantly, they do not require any professional skills.
If you are a little older, with a piece of undeveloped land, instead of leaving such lands fallow, you can become a landlord by either renting it out to those who have an immediate use of the land. That way you will make money on the land while you figure out what to do with it. In the meantime, that piece of land could either be used as a mechanic workshop, car wash, block industry or be temporarily be used as a grocery shop, or a parking lot.
These are all very different ways you can boost your income. We all know that in this economic climate, every bit counts, to help keep ones head above water.
Switch jobs
Are you in a job that you are no longer happy with, due to stagnant or declining wages? Then, you need to try out something new. But, be aware that switching jobs may seem daunting given the massive layoffs we see in the headlines these days.
However, analysis from the Pew Research Center reveals that switching jobs could be a clever way to boost your income. The data suggests that half of workers who changed jobs from April 2021 to March 2022 saw a real increase of 9.7% or more in their pay compared to a year earlier. A real increase is an increase after taking into account inflation’s erosion effect on money.
Meanwhile, the median worker who stayed in the same job over this period saw their real earnings decline by 1.7%.
This means if you’re looking to put more bread on the table, leaving your current role or employer for better opportunities may be your best bet at getting the salary increase you’re hoping for.
A side hustle
If you don’t want to change jobs, consider getting a side hustle — something you get paid for doing in addition to your full-time job. It allows you to earn extra income — and could even be a way of testing the entrepreneurial waters.
In fact, side gigs have already become popular. Data from the Bureau of Labor Statistics revealed that as of December 2022, 4.59 million people were working a primary job full-time and a secondary job part-time. Moreover, 388,000 people were working two full-time jobs simultaneously.
Usually top on the minds of most people is earning more money. More people plan to earn more money this year, and are open to more options of freelance jobs. You don’t need to start big. You can start small and gradually grow.