Want to boost your income? Here's how

What are some ways I can boost my income? --Myrie.So your paycheck isn't exactly living up to your ex...

Posted: Dec 29, 2017 4:00 AM
Updated: Dec 29, 2017 4:00 AM

What are some ways I can boost my income? --Myrie.

So your paycheck isn't exactly living up to your expectations.

Unemployment is at its lowest level since the Great Recession, which means you probably have a job. But wages aren't keeping up with inflation, so chances are good that your paycheck doesn't last long.

But there are still a few things you can do to increase your monthly income.

Side hustles

The first tried-and-true method of making more money is taking on another job.

But these days Americans are getting creative with their part-time work to supplement their traditional income. More than 44 million Americans have a side hustle, according to Bankrate.

Side gigs such as selling handmade items online, doing design work after hours, running errands for people or joining the ride-share brigade allow you provide extra coin beyond your day job.

"Part-time jobs all add up," according to Larry Luxenberg, an investment adviser at Lexington Avenue Capital Management.

Leverage your home

Your pad could also be another source or revenue -- whether it's by renting out some of your living space on Airbnb, or taking on a roommate.

Living with a roommate who might be loud or messy or have bad personal hygiene habits might sound like a deal breaker.

But consider this: Nearly half of all renters consider themselves burdened with housing costs. And with rent outpacing income growth, roommates could alleviate some of that financial strain by cutting your rent in half.

"Taking on a roommate, for both working adults and retirees, is becoming more common, according Gary Johnson, a financial adviser.

Increase your skill level

Want to be more valuable to your company? Ask your boss how, advises Brett Anderson, president of St. Croix Advisors.

If you want to earn more, he recommends asking your boss what you would need to do for the company to be worth that higher wage -- and then do it.

"You should be compensated for the value you bring to your employer," Anderson says. "Have the values conversation with your boss and watch your income go up."

In some cases, that might involve gaining additional skills outside of the workforce. Getting additional degrees, certifications or skills could pay off immensely in the long run.

"Our most important asset is our human capital," says Luxenberg.

Have a money question for Broke No More? Ask us here to be included in a future column.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 28770

Reported Deaths: 1092
CountyConfirmedDeaths
Hinds224739
DeSoto144216
Madison124234
Jones109149
Neshoba97070
Lauderdale89479
Rankin86012
Forrest82942
Harrison79410
Scott75715
Copiah58016
Leake56519
Jackson55716
Holmes53641
Wayne52212
Lee51816
Oktibbeha51625
Washington5129
Yazoo4786
Leflore47449
Warren46317
Lowndes45912
Lincoln43734
Lamar4317
Grenada3965
Pike39312
Monroe37529
Lafayette3684
Attala35523
Newton3329
Sunflower3216
Covington3175
Bolivar29813
Panola2956
Adams28018
Simpson2713
Chickasaw26418
Tate2648
Marion26311
Pontotoc2616
Jasper2516
Noxubee2478
Pearl River24532
Clay24410
Winston2446
Claiborne23910
Marshall2123
Smith21111
Clarke20424
Coahoma1906
Union1819
Walthall1794
Kemper17614
Yalobusha1667
Lawrence1621
Carroll16111
Humphreys1309
Itawamba1308
Tippah12711
Webster12610
Calhoun1244
Montgomery1242
Hancock12313
Tallahatchie1153
Jefferson Davis1074
Prentiss1003
Greene968
Jefferson963
Wilkinson929
Tunica903
Amite842
George753
Tishomingo731
Choctaw724
Quitman690
Perry634
Alcorn601
Stone541
Franklin392
Benton270
Sharkey270
Issaquena81
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 41362

Reported Deaths: 983
CountyConfirmedDeaths
Jefferson4532143
Montgomery3875102
Mobile3797134
Tuscaloosa210739
Marshall162210
Lee124537
Shelby110923
Madison11047
Morgan10203
Walker87123
Franklin86314
Dallas8419
Elmore83614
Baldwin7359
Etowah64413
DeKalb6415
Butler60727
Chambers60027
Tallapoosa57269
Autauga55312
Unassigned50724
Russell5030
Lowndes45820
Lauderdale4576
Houston4464
Limestone4290
Cullman4114
Pike4075
Colbert3775
Bullock3649
Coffee3592
Barbour3331
Covington3327
St. Clair3192
Marengo29911
Hale29621
Escambia2936
Wilcox2848
Talladega2827
Calhoun2805
Sumter27912
Clarke2686
Dale2620
Jackson2522
Winston2373
Blount2181
Pickens2176
Chilton2152
Marion20613
Monroe2052
Choctaw19212
Randolph1889
Conecuh1866
Greene1788
Macon1778
Bibb1761
Perry1541
Henry1303
Crenshaw1243
Washington1027
Lawrence1000
Cherokee797
Lamar711
Geneva700
Fayette671
Clay612
Coosa571
Cleburne301
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