DMK Guide to More Money
Income Improvement Opportunities
The ideas in this category include ways to earn more money that through proper investing could increase your net worth for the coming year.
1. Promotion or raise - Ask, don't wait. If a raise isn't provided, seek another position within the company that offers higher earning's potential. You have to be at work 8-10 hours a day, make the most of it.
Potential Increase - If you seek $1.00/per hour @ 40 hours/week and invest it weekly for 52 weeks with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflation would be: $2,281.00
2. Overtime - Hourly, commissioned, salary with bonus potential or performance based positions all have opportunity for more earnings with more time invested. Put in 4 or more extra hours per week to assume a reasonable monthly increase in earnings.
Potential Increase - If your extra earnings are an average of $50/week and invest it weekly for 52 weeks with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflation would be: $2,852.00
3. Bartending or Serving - Secondary employment options aren't all created equal. Food service jobs aren't usually glamorous or easy, but some have potential for a good wage and there are usually pretty many opportunities in most cities for part-time and weekend positions.
Potential Increase - If your extra earnings are an average of $125/week (about one night/day shift per week with tips and hourly) and it's invested weekly for 52 weeks with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflations would be: $7,129.00
4. Sales Job - If you have a large circle of influence or sales background, the flexibility to work from home as an independent sales consultant could net big profit and a flexible schedule.
Potential Increase - If your extra earnings are an average of $200/week and it's invested weekly for 52 weeks with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflation would be: $11,407.00
5. Retail job - These jobs are usually easy to get. They may pay less than some other opportunities and therefor require more hourly investment. But you should be able to get approximately 20 hours per week in most situations. Seek no less than $9/hour with potential for raises, bonuses or commission.
Potential Increase - If your earnings are on average $180/week and it's invested weekly for 52 weeks with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflation would be: $10,266.00
6. Hobby job - Potential to lose money on hobby jobs is high. So be cautious of invested capital in order to assume a profit in the first year. Your hobby job is something that produces an income based on a current hobby or area of expertise. Track expenses and keep receipts for tax purposes.
Potential Increase - If your earnings on average net $100/month and it's invested for 12 months with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflation would be: $1,410.00
7. Ride sharing - If you have a reliable vehicle, you can make a good deal of extra money even after depreciation on your vehicle and fuel costs.
Potential Increase - If your earnings on average net $150/week and it's invested weekly for 52 weeks with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflation would be: $8,555.00
8. Odd jobs - Dog walking, child care, senior helpers, lawn care, handyman, auto repair. There are a plethora of service industry opportunities that can provide a source of unlimited secondary income.
Potential Increase - If your earnings on average net $200/week and it's invested weekly for 52 weeks with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflation would be: $11,407.00
9. Work from home - Numerous opportunities exist for jobs that can be done while in your home. Transcription, tutoring, bookkeeping, data entry, medical billing and coding, customer service, etc.
Potential Increase - If your earnings on average net $100/week and it's invested weekly for 52 weeks with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflation would be: $5703.00
10. Caregiver - These include odd jobs like child care, senior helpers, house sitter, pet sitter. From waiting for the cable guy to being a nanny; busy families or aging loved ones need your help.
Potential Increase - If your earnings on average net $200/week and it's invested weekly for 52 weeks with a 15% ROI - 1 year increase (invested capital and simple interest) before taxes and inflation would be: $11,407.00
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