How to Make More Money in 2024 (5 ways)

If you're looking to make more money, start here.

S

9 min read·Mar 6

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.

5 Effortless Methods to Boost Your Income This Week

If you need extra money, you’ve come to the right spot.

Our team has compiled a list of creative ways you can fatten your bank account this week. Certainly, there’s something here that fits your needs.

This is not a long list, so go ahead and start now, but be sure to bookmark this post so you can easily return later. We’ll keep it updated as offers change or expire.

Check it out!

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.

Check out our tips for how to write a resume in 2024, as well as our article on the most commonly asked interview questions and how to answer them.

Pro Tip

Not every job in the gig economy is equal. Here are the best side hustles to consider during your layoff to make the most cash.

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:

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:

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.

The opinions expressed in this article are for general information purposes only and are not intended to provide specific advice or recommendations about any investment product or security. This information is provided strictly as a means of education regarding the financial industry.

Frequently Asked Questions:

How can I make more money according to the personal finance writer?

The key to making more money, as discussed by the personal finance writer, involves extra effort on your part rather than discovering an easy shortcut. Strategies include asking for a raise, finding a new job with better compensation, starting a side hustle, learning new skills, and setting up passive income streams. Each approach requires commitment and action to increase your income.

Is asking for a raise a viable way to increase my income?

Yes, asking for a raise is a recommended strategy. However, it's important to approach this with preparation and professionalism. The article suggests ensuring all your accomplishments and contributions are well-documented and presenting your case in a business-like manner. It's about advocating for fair compensation for your skills and efforts.

How can finding a new job contribute to making more money?

With the current talent shortage in many industries, companies are offering higher salaries, better benefits, and sometimes remote work options to attract new employees. Switching companies has proven to be lucrative for many, with potential salary increases of 15-20% with each move. Making yourself an attractive candidate through skill enhancement and a strong resume is key to taking advantage of this opportunity.

What are some side hustles recommended by the writer?

While the generic advice often points to driving for Uber, the writer encourages looking beyond such common suggestions. The article highlights exploring diverse side hustles that align with personal interests or skills, such as making money through gaming, turning shopping into a side hustle, or leveraging specific apps designed for extra earnings. The focus is on finding a side hustle that fits your lifestyle and financial goals.

Can setting up passive income streams significantly increase my earnings?

Setting up passive income streams is considered an advanced strategy that can bolster your earnings significantly over time. However, it usually requires some initial capital and comes with inherent risks. It's advisable for those who are financially stable and willing to navigate the potential ups and downs. The writer suggests several guides for those interested in exploring passive income, emphasizing the importance of education and cautious investment in these ventures.