Working from home isn’t a temporary thing that would go away once the pandemic ends. The shift – away from office centricity – is here to stay. Twitter and Square have already announced that their employees can work-from-home permanently. Shopify, too, has joined the line now, declaring that most of its employees can work remotely forever.
If you’re one of those who are working from home due to the lockdown/quarantine, get cozy. You might have to stay this way for a while – if not permanently.
This also means the amount of time you’re saving by working from home (and the convenience you’re enjoying), you should focus on ways how you can optimally utilize the spare time and energy to amplify your financial footing.
More people are already looking for extra sources of income while they are in the comfort of their homes. Haven’t you already?
Did you know, on average, a millionaire has 7 streams of income?
The majority of the world’s population has just one stream – or two at best.
This is the time to increase the number of income streams. By being efficient and avoiding the commute, you’re likely saving significant time (and energy) every day while working from home. Use this time and energy to strongly position yourself financially.
Here are 3 reliable ways to increase your income in 2020 and beyond:
1. Become a stock trader
More people are searching for how to become a stock trader now.
The demand for stock market training programs has increased in recent times.
Stock trading, in fact, has been a go-to for many to earn “extra income”. And then, of course, it’s also a primary source of income for many millionaires.
If you haven’t already considered becoming a stock trader, this is the time to do that.
Admittedly, stock trading isn’t easy and it has risks. But with sufficient learning and consistent application of what you’re learning, you can be on the way to build a high-worth portfolio.
So, if you’re a complete novice, enroll in the basic stock market training course. Forward, sign up for advanced courses that introduce you to different concepts like Paul Tudor Jones technical analysis and Fibonacci techniques.
Take small steps, be consistent in the process, and you’ll become a good stock trader.
Making thoughtful and strategic trades, you would be able to earn big and build a sustainable portfolio.
Recommended Read: How to Learn Stock Trading Fast in 2020?
2. Start a personal finance blog
In the months forward, owing to the economic downturn, more people will be looking to sort their finances. A large part of that population would include millennials. They would be looking for tips on how to save, where to invest, how to buy cheap products, and more.
So, personal finance blogs are up for a big boost in the coming period; many are already seeing this trend.
Now, true, you know very little about personal finance. You’re not an “expert”. You don’t have any relevant qualifications to become a personal finance blogger.
But then this is where being strategic comes into play.
Instead of trying to show yourself as an “expert”, try to document your journey into personal finance.
On your blog, talk about how you’re sorting your own finance, the new things you’re learning about budgeting, where you’re investing, the mistakes you’re making, and so forth. Your “amateur-ness” on the topic, your journey itself, will resonate with many people who are in a similar situation as you financially. They would follow you.
Besides, if you’re good at writing, you can republish expert-based articles related to personal finance (after learning from other articles and videos) to showcase your authority whenever needed.
And once you start getting enough blog traffic, there are many ways to generate revenue – from showing display ads to affiliate marketing.
3. Explore investment opportunities
Stock trading is buying and selling stocks quickly to cut a profit in between. It’s different from stock investment.
Alongside trading, you must also consider the stock investment. Invest in stocks of good companies for long-term that weighs your portfolio with high value. Once you know stock trading, you would also how to invest in stocks.
In addition, there are many other avenues where you can invest in; in startups, real estate, and more.
So if you have the capital, start investing in high-return assets. It is perhaps one of the simplest ways to make money. Invest in the asset and then forget (not literally though). The investment will bring you a consistent flow of income.
Of course, there are many other ways how you can increase your income.
But understand that while there are ways, they also require adequate knowledge, commitment, and time. For instance, the demand for online health consultation is expected to soar high in the coming months. But neither are you qualified to earn money that way, nor can you position yourself for it “quickly”. Similarly, more people would be enrolling in AI and Cloud-related courses this year. You can’t really create such Udemy courses yourself, can you?!
So, there are indeed many ways to increase your income. Not all of them are suitable for everyone. Which one is right is something you may have to figure out yourself. However, the three above-mentioned ways are highly reliable, popular, rewarding, and you can start with them no matter what profession you’re in and the skills you have.
In the end, use your work-from-home opportunity aka privilege to achieve financial freedom.