How to Increase Your Income with These 3 Options

How to Increase Your Income with These 3 Options
  • If you are one of those savvy workaholics who can't do only one thing and wants diversity in work experience, or if you just need to increase your income, but your current job isn't enough, you're in the right place.
  • There are a lot of options out there for people who want to perform multiple roles, do different things, and, as a result, increase their income, all the while sitting at home in their comfort zone.
  • In this article we'll give you 3 of the most promising options you could opt for if you want to augment your income by keeping your current job while adding another one to it.

I’m sure you have seen tons of articles talking about 'get rich quick' schemes, ways to manipulate the system to avoid fees, etc. Most people don’t buy into the so-called hype; hard work usually is the only means to make money. Another common knowledge fact is that sometimes just making ends meet can be a herculean task. Luckily, you stumbled across this article, which will explore ways to augment your income when you need a bit of a financial boost.

Although the most obvious way to augment your income would be to get a part-time job, the last thing anyone wants to do after a long day’s work is beginning a shorter day’s work – I have tried my best to compile a list here that can be done from home, so at least you can put your feet up while doing them.

1. Amazon MTurk

An abbreviation for “Amazon Mechanical Turk” - these are small (and to be honest tedious in some cases) tasks, which cannot be mechanically done. Also known as HITs – human intelligence tasks – these small tasks usually carry a price paid and deadline for the task to be completed. The most frequently requested/posted tasks are surveys, but there are also; 

  • transcription,
  • spreadsheet,
  • video rating and
  • cataloging tasks.

There are a few caveats:

First, if you are not located in the US or India, you cannot cash out, but you will only be able to receive Amazon.com gift cards.

Another caveat is that the higher paying jobs are open to MTurks that have a certain number of HITs – some need upwards of 500 HITs completed. Otherwise people have made between $100-$300 a week completing tasks.

2. Freelance work

I know this is on every other list, but think about the job you currently do, you probably offer your employer an extensive roster of skills and expertise. “Portfolio Management” usually refers to managing multiple income streams when part of the so-called “gig economy.” 

Guess what? If someone is paying you for a specific skillset, there is likely someone else that will pay you for those skills. Freelance websites feature jobs from voiceovers, programming, designing, social media management – most professions are represented, or more appropriately requested. Contracts vary in size (amount of compensation) and duration, sometimes a freelancer can even establish a relationship with a firm or individual, creating a reoccurring source of income for a freelancer.

3. Day trading

Of course, this is a very intense and likely the riskiest “side gig” on this list, but as with anything - the higher the risk, the higher the reward. First, make sure you know your stuff - a lot of online brokers offer sections on their website where you can learn to trade. You can do this either through the educational material (which most offer for free) or through demo trading accounts.

Knowledge is extremely important when you decide to day trade, you need to watch the news, keep an eye on what is going on in the business world and even what the weather is like because it can affect commodities too.

So what is day trading? Essentially, it’s a type of trading that involves trading only during the day, looking only for small gains, but multiple ones. Again, this needs a bit more pre-work than the other ways to augment your income and, as mentioned at the beginning, it's probably the riskiest, but if you enjoy following the news and find financial markets exciting, then who knows, you might even find yourself a new career. 

Boris Dzhingarov

Boris Dzhingarov graduated University of National and World Economy with major marketing. He writes for several sites online such as Semrush, Tweakyourbiz and Socialnomics.net. Boris is the founder of Tech Surprise and MonetaryLibrary.