5 Ways to Make More Money in 2022
If you're looking to make more money, start here.
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As a personal finance writer, I field a lot of money related questions in my day-to-day life from friends, family, and sometimes perfect strangers. I imagine it’s similar to how people are always trying to get free legal advice from lawyers, or how my friend who is a nurse feels when acquaintances try to show her their moles to see if they “look alright”.
I generally don’t mind talking about personal finance, and I’ll answer questions if I feel knowledgeable enough on the topic, but some people tend to give me more credit than I deserve.
One of the most frequently asked questions I get:
“How do I make more money?”
I get this question in blog comments, tweets, direct messages, and in face-to-face conversations. While I definitely have some insight into some of the best practices as it relates to personal finance, I am often mistakenly regarded as some form of alchemist who can effortlessly make money appear where there was none previously.
I believe that the overwhelming majority of people already know exactly how to make more money, but the subtext of what they’re asking me is actually “how do I easily make more money?”.
And the truth is…I don’t know. If I knew how to easily make money, I would be too busy partying in outer space with Bezos to answer your questions.
However, what I do know is that making more money isn’t as difficult as you might think–but it will require some extra work on your part. If you want to make more money and you’re willing to put in some work, the following tips are for you.
Ask for a raise
This one might seem obvious, mostly because it is.
However, the overwhelming majority of people I know will wait for their annual review, or just hope that an unsolicited raise will appear out of left field. In a perfect world our bosses would recognize us for a job well done and give us pay raises without us having to ask. But the reality is that it doesn’t happen like that for everyone.
In most cases, if you want a raise you’re going to have to ask for it. I fully understand that asking for money is uncomfortable, but in this case it should not be. This is a business transaction where you are exchanging your time and skills for compensation. If you don’t feel like you’re being compensated appropriately, it’s your responsibility to advocate for yourself and speak up.
Now I’m not suggesting that you kick your bosses door open and start making demands. This is a finesse game and if you want your best shot at getting a raise, you’ll need to make sure that all your ducks are in a row. Check out our 9 tips for asking for a raise in order to put your best foot forward.
Get a new job
If you’re not happy with your current job, there hasn’t been a better time in recent years to jump ship. The U.S. is currently going through a very serious talent shortage that has left employers scrambling to fill open positions. Employers are doing everything they can to sweeten the pot for new talent by raising salaries, improving benefit packages, and offering remote work when applicable.
TSR's founder, Steve Adcock, mentioned in a recent tweet that he switched companies 5 times in 14 years during his career and each jump came with a 15-20% raise. If you’re looking to make more money, you may consider testing the free agent market to see what’s available. Of course, you’ll want to brush up on some of your skills to make yourself an attractive candidate.
Start a side hustle
If you have spare time there are a lot of options for you to create some extra cash flow.
One thing I see a lot among personal finance bloggers is the generic advice of driving for Uber as a side hustle. Aside from being unimaginative, this advice is not a one-size-fits-all solution. Although ride-sharing is a lucrative option for a lot of people, it won’t make financial sense for everyone. Once you factor in gas, wear-and-tear on your vehicle, and the depreciation brought on by adding extra miles, some Uber drivers are barely breaking even.
At TSR, we've devoted a lot of time to the topic of side hustling. Here are just a few of our most popular articles:
- An expert’s guide to side hustling
- 20 of the best side hustle apps for making extra money
- How I’m side hustling my way to financial independence
- How to make money playing video games
- Turn shopping into your side hustle
Learn new skills
One of the absolute best ways to make more money is to learn skills that are in high demand. Whether you’re looking to make yourself more valuable to your current employer, find a better paying job, or get started with a side hustle, learning new skills can be highly profitable.
Luckily, it’s literally never been easier to acquire new skills from the comfort of your own home. Platforms like Skill Share offer extensive courses on valuable skills like graphic design, web development, programming languages, search engine optimization and more.
Setup passive income streams
This is somewhat of an advanced strategy. It’s not for the faint of heart, and just like anything else in life that is meaningful, there are some risks associated.
Almost all passive income streams require some startup capital to get rolling. If you’re in debt, don’t have an emergency fund yet, or don’t have the stomach lining for potential losses, you should consider one of the other options on our list.
Here are a few of our guides as it relates to developing passive income:
- The best passive income ideas for 2022
- The ultimate real estate investing guide for beginners
- The 2022 wealth building checklist
- A beginner’s guide to investing in index funds
A final word on making more money
The secret to making more money is that there is no secret. If you want to make more, you’re going to have to work for it, but the strategies outlined above should give you the path of least resistance.