Whether you’ve been a single mom since day one or are in the process of becoming a solo parent, raising a child on your own can be expensive. Housing, essentials, and extracurriculars add up. Add in unplanned days off for childcare, major expenses like dental work and medical insurance, or expenses like legal bills during a separation, and you may find yourself with your finances stretched thinner than you’d like.
One option to consider is a personal loan. This type of loan provides a lump sum of money up front you then pay back (plus interest) in monthly installments over time. You can use the funds from a personal loan for virtually any purpose, whether it’s making a large purchase, covering living expenses, or paying down other, higher-interest debt.
Read on for a closer look at personal loans for single moms, including their pros and cons, how to qualify, plus other funding options you may want to explore.
Why Might a Single Mom Need a Personal Loan?
There are many reasons why a single mother — or any parent — might consider applying for a personal loan. These include:
1. Consolidating debt
2. Covering the cost a move
3. Paying tuition or extracurricular expenses for children
4. Stopgap during times of unemployment
5. Covering housing costs, such as rent or a mortgage
6. Paying for a home remodeling project
7. Buying a car
8. Purchasing major appliances
Recommended: What Is a Personal Loan? How Do Personal Loans Work?
Are Personal Loans for Single Mothers Special?
In a word, no. The process of applying for a personal loan is the same for everyone. However, there may be particular approval hurdles to overcome as a single parent.
One is income. If you’re newly single, you may not have a steady income, which can make it more difficult to get approved for a personal loan. Another is your credit. If you’ve had to rely on credit cards to cover the cost of divorce or the transition to single parenting, your credit may not be what it used to be. The amount of debt you owe on your credit cards is one of the biggest factors affecting your credit score.
However, these obstacles aren’t insurmountable (more on that below).
Benefits and Risks of Personal Loans for a Single Mother
A personal loan can offer a single mom a valuable lifeline to meet immediate needs, such as unexpected expenses, education costs, or debt consolidation. However, taking on any type of debt generally comes with costs, as well as risks. Here’s a look at the pros and cons of getting a loan as a single mom.
Pros
Cons
Flexibility in fund usage
Interest and fees add to your costs
Quick access to funds
Risk of overborrowing
Fixed repayment schedule
Missed or late payments can negatively impact your credit
Interest rates are typically lower than credit cards
Can add to your debt burden
Pros of Personal Loans for Single Mothers
• Flexibility Personal loans provide flexibility in how you can use the borrowed funds. Whether it’s covering medical bills, home repairs, or summer camp tuition, personal loans can be used for a wide range of purposes.
• Quick access to funds Personal loans often come with a streamlined application process and relatively quick approval. You may be able to access the funds quickly, enabling you to address urgent financial needs promptly.
• Fixed repayment schedule Personal loans usually come with fixed monthly payments over a specified term. This predictability can make it easier for you to budget and plan your finances effectively.
• Potential for lower interest rates Depending on the borrower’s creditworthiness, personal loans can offer competitive interest rates compared to other types of borrowing, such as credit cards or payday loans. Single mothers with a good credit history may benefit from more affordable repayment terms.
Cons of Personal Loans for Single Mothers
• Interest and fees On top of interest, some lenders charge fees for personal loans, which increase the overall cost of borrowing. It’s important to carefully evaluate the terms and conditions to make sure you can comfortably manage the repayments without straining your budget.
• Risk of overborrowing As a single mom, you likely want to avoid overborrowing or taking on more debt than they can reasonably repay. Overcommitting to loan payments may lead to a cycle of financial stress and difficulty in meeting other essential expenses.
• Impact on credit score Taking out a personal loan creates a new line of credit, and if not managed properly, it could negatively affect your credit profile. Late or missed payments can damage creditworthiness, potentially impacting future borrowing opportunities.
• Debt burden A personal loan will add to your existing financial obligations as a single mother. Before opting for a loan, you’ll want to be certain to assess the long-term implications and consider whether the loan repayments align with your income and financial goals.
Is Getting a Personal Loan With No Income Possible?
If you’re a single mother with no job or you’ve been a stay-at-home-mother with little or no income of your own, it may be difficult, though not impossible, to qualify for a personal loan.
Lenders typically want to see proof of a regular income. However, that does not necessarily have to be job-related income. You may be able to count these other sources of income:
• Unemployment
• Alimony
• Child support
• Investment income
• Rental income
• Pension or annuity income
• Freelance work
• Gig work
If you don’t have much income to speak of, then you might consider a cosigner or co-applicant for your loan. This a person who agrees to make the loan payments if the main borrower cannot or does not. For some borrowers, family members have the financial flexibility to cosign on a loan, but it can be a good idea to have a conversation about expectations and potential hypotheticals if you were no longer able to pay back the loan.
Another option is to secure a personal loan with collateral. This is an asset of value, such as a vehicle or money in a savings account, you use to back the loan in case you default. Should you become unable to repay the loan, the lender can seize your collateral to recover their losses. This lowers risk for the lender, making steady income (or less-than-stellar credit) less critical.
Also keep in mind that if you have no income but excellent credit, you may still find a lender who is willing to offer you an unsecured personal loan.
You’ll also want to be wary, however, of lenders who advertise “No-Income Loans,” as these loans may come with sky-high interest rates, short repayment terms, and low loan amounts.
Alternatives to Personal Loans for Single Mothers
There are other alternatives to personal loans, depending on your financial circumstances and your needs. Here are some you might consider.
Home Loans for Single Mothers
If you own your home, using your home as a financial asset may be one way to borrow funds at a reasonable cost. If you have built up equity in your home, you may be able to tap that equity by getting a home equity loan or a home equity line of credit (HELOC). Just keep in mind that the loan is backed by your home. Should you have difficulty repaying the loan or credit line, you could potentially lose your home.
Government Resources for Single Parents
If your income is low, you may be eligible for one or more government assistance programs. Some options you may want to explore include:
• Special Supplemental Nutrition Program for Women, Infants, and Children (WIC)
• National School Lunch Program
• Temporary Assistance for Needy Families (TANF)
• Low Income Home Energy Assistance Program (LIHEAP)
• The Emergency Food Assistance Program
You can find more resources at enefits.gov.
Educational Aid for Single Mothers
If you’re considering going back to school, below are some programs that can help make it more affordable (or even free):
• Pell Grants
• Teach Grants
• Women’s Independence Scholarship Program (WISP)
There also may be private scholarships and grants for single parents available from the institutions you’re interested in. Speaking with the financial aid office may help you see the breadth of options available to you.
Other Financial Help For Single Mothers
Becoming a single mother, either by choice or circumstance, can feel overwhelming. But there is support out there. It can help to talk to other single parents in your community — you may be surprised by all the resources that are available. Other opportunities may include:
• Financial aid or tuition assistance If your children are in private school or extracurricular programs, there may be financial aid available to help lower the cost. Even if there’s not a formal program, it can’t hurt to explain your situation and ask what may be available.
• Employer-based programs Your human resources department may have certain programs, such as childcare coverage, free legal consultations, and access to financial planning and debt counseling, for eligible workers. Talk to your HR representative or look through their materials to assess what’s available.
• Family and friends People close to you may be willing to provide support, or there may be creative ways to trade services, such as babysitting, to get more financial help. If a friend or family member offers to loan you money, it can be helpful to put an agreement in writing, including any interest you will pay and the terms of repayment, so there is no confusion that can cause a rift in your relationship.
Recommended: Options for When You Can’t Afford Your Child’s College
The Takeaway
As a single mother, there are avenues that can help you manage your finances and achieve your financial goals, including taking out a personal loan. This type of financing can provide financial relief and flexibility, but it is important to weigh the pros and cons, compare options from different lenders, and assess your ability to manage repayments responsibly.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
Photo credit: iStock/RyanJLane
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Are you considering going back to grad school? Have you wondered if the graduate degree you’re looking at will give you a good return-on-investment (ROI)?
It’s important to consider the full cost of graduate school (and its potential impact on your career and earning potential) before you blow $1,000 on test prep, entrance exams, and application fees, and certainly before you send off a deposit and give notice at your job. Our graduate school ROI calculator (below) can give you a sense of what you stand to get (and give up) by going back to school.
What’s Ahead:
How to use the grad school ROI calculator
Enter your age.
Enter your current salary (so the calculator can include opportunity costs).
Enter the total cost of graduate school for one year. Add together the following to get a rough estimate:
Total tuition you’ll have to pay at the university of your choice, plus any fees. (This can usually be found on the university’s website.)
Your cost for books or other materials. (For an MFA in creative writing, this will be almost nothing; for a law degree, a year of books might set you back $1,800. Do a little searching to find a rough estimate.)
Living expenses. (If your plan is to stay in your current city in your current place, your own prior spending should be a rough guide. If your dream school is elsewhere, consider browsing apartment listings and roommate ads to get a sense of how much you’ll have to pay for rent. Then factor in utilities, transportation, food, and entertainment. Your current budget might be an okay place to start, but you should definitely cut costs once you’re in school and living on loans….as this calculator will make clear!)
Enter the length of your program (in years).
If you want to opt for the advanced settings, enter the amount of student loans you expect to take out, along with the interest rate and term of the loan. Otherwise, we’ll use 6% and 10 years as an average.
Enter your expected salary upon graduation. It pays to get specific here: Don’t just look for the average salary for your profession, but for the average salary of that profession in the region you intend to live in. Lawyers in New York make a lot more than lawyers in Tampa. Be sure to use a reasonable first-year salary, not what you hope to make after five or 10 years in the field.
Once you hit submit, we’ll calculate the following:
The total cost of graduate school, including opportunity costs, tuition and fees, and loan interest.
Your lifetime earnings at your current salary, as well as your lifetime earnings at your projected post-graduate school salary.
Take a look at the lifetime earnings. How big is the difference and is it worth the cost, risk, and effort it takes to go to graduate school. Keep in mind that things change and nothing is guaranteed.
Also, if you continue to work while in school that reduces your overall costs as well. Perhaps you don’t need to borrow as much, and your opportunity costs will be lower. You’ll still be earning your previous salary while in school, or at least part of it.
Keep in mind that it isn’t always just about the numbers. If a higher degree gets you into a job you love, that’s worth a lot more than just money.
Summary
This calculator can do the math, but of course, you need to look at your whole life to make a decision like this. Continuing to work and live cheaply while in school will help keep costs down and reduce the overall negative impact of going back to school.
But also consider lifestyle, if you need a graduate degree to get your dream job the finances may not matter as much.
I asked, as I sometimes do, what personal finance question my friends and Twitter followers had for me. It was a slow day on the internet and the responses flooded in.
My friend Neil asked, “what do you think about real estate?” A broad question, indeed, and I got him to clarify. “You know… should I buy a house? Why not just rent?”
Why not indeed.
The Dream of Home Ownership I too bit off and gulped down the dream of home ownership when just a small lass. When I graduated from college, I moved to a Southern U.S. city — Charlotte, North Carolina — and like any young professional often in the company of older, established professionals — saw immediately that they all owned houses. And that this was very good.
What they had, I wanted: the houses with the staircases and the pretty backyard decks and the grand old trees in the back and the guest bathrooms with bowls of little colored soaps. I wanted a kitchen, with wide countertops and an arching clamp-hose faucet over the deep sinks and big drawers for flour and pot lids and recycling bins. And art on the walls, and a king-sized bed, and a walk-in closet, and a master bath.
My dream was only made more intense while shopping for condos in New York City, then in Reston, Virginia, with my 20s-era boyfriend. When he went to sign his first title, I went too, and we went out to lunch afterward at a restaurant on 54th street; we spent $112 and when I ate the tiny plate of tiny after-lunch sweets (a little cheesecake, a little truffle, a little gelee), I felt I’d arrived.
Years later, after the boyfriend, I became pregnant and my now-husband and I shopped for homes. My stories of those searches are intense and full of longing and stress; but by my fourth month of pregnancy I was living in house all my own. I vowed to never move.
Tip: Compare mortgage rates from multiple lenders for new home loans and mortgage refinance loans.
Other People’s Dreams I am — I was — the classic case for home ownership. I live in a small city and, when I bought the house, prices were reasonable; my mortgage payment is now less than many pay for renting an apartment. I love working on the yard and painting walls and I even tiled my bathroom myself (with lots of structural help from my father and husband). My husband is handy, and can run wiring and solder plumbing and he built a whole room in the basement. We’re the home ownership success story (though admittedly we have a lot more work to do, and no walk-in closet, no master bath).
But for many people, home ownership should remain the stuff of other people’s dreams.
I think my friend Neil is a good example. His ex-wife longed to buy a home in Los Angeles, where they had made a home after Neil’s upbringing in New York City. The situation was probably even more intense for her than for me in Charlotte; their friends and colleagues owned expansive ranch-style show-homes and sweet artsy bungalows, in neighborhoods where the price-per-square foot probably neared four digits at the peak of the market. The mortgage on those homes would require all of one middle-class salary.
Even for the more economic choices, prices were high and there was no clear benefit to buying over renting; in fact, most mortgages would be more than the cost to rent a nice (and low-maintenance) apartment.
Neil wasn’t good with a hammer or a chop saw, nor did his wife have any desire to keep a fine vegetable garden. There was no dad around to rip out old bathroom floors or teach Neil to solder copper pipes. Neil had no dreams of living in his home forever with his growing family; to date, he has no children and he’s now divorced; he’s not sure if he’ll stay in LA for the rest of the year, let alone the decade. For him, home ownership is someone else’s dream.
Should I Buy a Home? For me, Neil’s question was easy. “No,” I said finally. “I don’t think you should buy a home.”
“But isn’t that the goal?” he asked me. “Isn’t that what you’re supposed to do?”
Well, maybe. But I’ve found my own definition of “getting rich slowly” is often made up of doing few things that one is “supposed” to do; for me, living a double income, office job lifestyle is one such “supposed to” I’ve discarded. For Neil, I prescribed letting go of that “supposed to” of buying a home.
How to Know When You’re Neil Are you Neil? That is to say, should you too avoid adopting the dream of home ownership? Here are a few signs you may be Neil:
You are still a transient. Of course, we know I don’t mean “homeless person.” I believe many of us today graduate college (or high school, if college wasn’t the path for you) as transients, expecting to live in one place for a few years before trying out another, and another, and another, until one feels like home (or until you fall in love with someone who’s rooted to a place, giving you a graft and rooting you, too). If you’re not sure yet if this place is going to be your home for more than the next few years, home ownership is not for you. With closing costs and the uncertainties of the real estate market, it’s very difficult to come out of a two-year home ownership transaction without losing money as compared to renting.
You have no desire to engage in home and garden upkeep. While some such people might hire gardeners and contractors to fill in the holes in their handy skills and passions, most of those who don’t care to pick weeds or fix fences or mow lawns or plant apple trees are better off with an apartment. Purchasing a condo might be an option, if you don’t say “yes” to any of the other items in the “are you Neil” list.
The market in your favorite neighborhood doesn’t make sense. If the cost of a monthly payment on a mortgage would be greatly higher than the price of a two-bedroom apartment or other rental suitable for your family’s needs — say, more than 25 or 30% higher — it’s probably not a good time to buy. While indeed mortgage interest deductions and home buyer credits and the time value of money might be squished around to make the comparative cost similar, do remember that life is uncertain and markets fluctuate and maybe you should wait a bit — or look around for a more sensible neighborhood — before buying something.
You’re not sure about your career or your job. Maybe you’re considering going back to school to become a sommelier. Maybe you’re pretty sure your boss wants to retire and sell the company. Maybe you just don’t love your job and you’re looking around for something new. If you’re not fairly confident your next few years won’t include a significant change in income, it’s probably not a good time to engage with the home ownership dream.
Your relationship with your partner is rocky. I’ve been watching several of my friends deal with the tough decision over what to do with the family home when a relationship is over. In one case that worked out for the best — the family made a nice profit from the sale. But that was a rarity. If you’re married, you might end up having to sell and take a significant loss, even if you’d rather stay in the house solo; if you’re not married, things could be even more wonky. One woman I know lost her grandmother’s home after a pre-marriage breakup (with someone who obviously turned out to be enough of a jerk to keep her grandmother’s home, though that analysis is one-sided and second-hand, so take it with salt). Be honest with yourself, and know that, much like puppies and babies, houses do not fix broken relationships.
You would have to cash in retirement or emergency savings to buy the house. A home buying fund should be separate from those savings for emergencies and retirement. You’ll have more emergencies, in all likelihood, with a home than without. And you know how we feel about retirement savings. If your dream is that intense, then you can use your intensity to fuel your frugality while you save up for the down payment.
It also makes sense to run the numbers through a rent vs. buy calculator to see if the results would influence your decision one way or another. Have you struggled with the decision to rent or buy? Where did you come out on the Neil/not Neil spectrum?
Last night, Kris and I had dinner with Craig and Lisa. Craig is an architect. Lisa is a technical writer who has spent the past few years as a stay-at-home mother. (Lisa contributed two GRS guest posts last year: How to find great deals on eBay and Career advice for the college graduate.)
Now that their children are a little older, Lisa has the itch to return to the workplace, to find some non-motherly pursuit to fulfill her. (She’s a great mom, by the way, but she does have other aspirations.) She’s now in her second term at a local university, studying to obtain a degree in graphic arts. She’s taking just one evening class per term, but she loves it. This is something she’s wanted to do for a long time, and she’s juggled her life to make it happen.
After Lisa finished telling us about her classes — art history and Photoshop — I mentioned that I’d been thinking about going back to school, too. “One thing about making my living as a writer,” I said, “is that it allows me freedom of hours. I can work when I want. I’m not sure I’m ready to take on another responsibility, but if I wanted to, I feel like I could pursue any degree I wanted: finance, computers, history.”
We talked about how different it is to go back to school as an adult. The four of us all attended the same small college (Willamette University) during the late eighties and early nineties, and we’ve each had some post-college education. Craig went to architecture school. Kris obtained a masters in teaching, and then took some additional science courses. A decade ago, I spent about a year studying computer programming. And now Lisa is pursuing art. College is much different as an adult than it is just after high school.
“I remember having non-trads in class and thinking they were strange,” Lisa said. “They seemed like they were from another world.”
“Yeah,” said Kris. “I always felt like they were out of touch, like they didn’t have any reference point for my life.”
“Right,” said Lisa. “But now I look at the students in my class and I realize it’s they who don’t have a reference point for my life. Now I realize that the non-traditional students did know what it was like to be young, but it’s impossible to know what it’s like to be older until you’ve lived it. I’m sure I just seem like a housewife to a lot of my classmates — they don’t understand everything that’s led to where I am now.”
“I never understood why non-trads actually went to college,” I said. “I looked down on them. But I was an idiot. Now when I see somebody our age going back to school, I think it’s awesome. I realize how difficult it is to do that, the sacrifices a person has to make for career, for family, for leisure. If you decide to go back to school as an adult, it’s a huge commitment.”
“I always wonder how they can afford it,” Craig said, and we laughed. It’s true that the financial commitment can be daunting. When you’ve been in the workplace for ten or twenty years, you have a greater appreciation for what it means to spend $5,000 or $10,000 or $20,000 on an education.
I’ve thought a lot about our conversation this morning. I realize that what I admire so much about non-traditional students is that they set goals and they pursue them. When most young adults go to college, they don’t have a clear conception of what they’re doing, what the alternatives are, and what sort of career they’d like to pursue. But when a 37-year-old mother goes back to school, she has an aim in mind. She has a purpose. Her goals keep her focused.
It’s this focus that I admire in Lisa’s return to college. Lisa’s situation reminds me of Donna Freedman, one of my editors at MSN’s Smart Spending blog. Donna is making a similar transition. She’s surviving (and thriving) on $12,000 a year while returning to school as a “mature student”. She writes:
How am I doing? Better than I ever have, thanks, despite grammar nightmares caused by the Spanish subjunctive in adverbial clauses of interdependence. I never knew life could be this busy, this overscheduled — or this rewarding.
[…] I already have everything I need and some of what I want. Some people call that “voluntary simplicity.” I think of it as living mindfully, i.e. deciding what’s really important and working toward it. For me that means finishing the degree, saving for a home and helping the people I love.
In other words, Donna has focus. She has goals, and these goals keep her happy.
I love to watch people pursue self-improvement, which is exactly what Lisa and Donna are doing. Perhaps it’s because I spent so long — fifteen years! — without goals of my own, but now when I see other people striving toward a destination, I cannot help but cheer them on.
Inside: Do you want to make quick money? If so, you’ll love this collection of ways to make cash in one day. Start these tasks and start making extra cash fast.
In today’s world, there are many ways to make quick money in one day.
The internet and technology have created opportunities that were non-existent just a few years ago. You can now make money in your PJs from the comfort of your own home! I do!
We all have those times when we need cash fast. Maybe it’s for an emergency car repair, an unexpected medical bill, or a last-minute plane ticket home.
Whatever the reason, there are plenty of ways to make quick money in one day.
We will include some of my personal favorites as well as methods I researched.
In today’s blog post, we will outline the best ways to make quick money in one day.
How can I make immediate money?
If you need immediate money, you need to look for ways to get cash in your hand quickly.
This would be by selling your possessions, participating in focus groups, find a gig job that pays cash tips.
These ideas will get cash in your hand within 24 hours.
How much money can I make in one day?
Many people wonder, “How much money can I make in one day?”
The amount of money you can make in a day depends on a variety of factors, such as your job, side hustles, and financial opportunities.
With a bit of hustle, creativity, and smart financial decisions, it is possible to make up to $1,000 a day.
However, you need to develop a smart strategy for achieving this goal. Investing in education will help you put that money to work growing for you.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
50 best ways to make quick money in one day
Making money quickly is possible with some time and effort.
There are a lot of ways to make quick money in one day. In fact, many ideas center around how to make money online for beginners.
Here are 50 of the best methods that you can use to make some extra cash.
1. Work on freelance projects
Working on freelance projects can help you make quick money in one day by providing you with one-off jobs that can benefit from your skill set.
With the percentage of freelance workers in the workforce climbing steadily, there are many online marketplaces that make it easy to connect with businesses and individuals who need your services.
Sites like Upwork, Fiverr, and Toptal allow you to create a profile and showcase your work, making it easy for you to set your own rates and decide on the length of the project.
Additionally, the more experience you get, the more you can charge and the higher your demand will be, potentially leading to full-time work.
2. Sell items on consignment
Selling items on consignment can help you make quick money by providing an easy, fast way to earn a profit from gently used items.
With consignment shops, you can take your clothes, electronics, jewelry, musical instruments, or even your car to be sold without having to take an active role.
For a cut of the profits, your items will be placed in front of buyers, allowing you to make quick cash.
3. Take on odd jobs
If you’re looking for ways to make money quickly, odd jobs are a great way to do so.
Think of day laborer types of jobs. You can use an app like TaskRabbit to find work in your area.
Some of the common odd jobs you can consider include:
Gardening – you can offer to do gardening work such as weeding, planting, mowing, and trimming.
Furniture Assembly – if you have experience in assembling furniture, you can offer your services to people who need help.
Cleaning – you can offer cleaning services to keep homes and offices tidy.
Painting – you can offer your painting services to those who need help with their walls.
General Handyman Work – if you are good with your hands and have experience in repairing and fixing things, you can offer your services to people who need help.
Moving Gig – people are always looking for help with moving.
4. Trade Options
If done correctly, trading in options can help you make quick money and generate substantial returns in a relatively short period of time.
However, trading options come from experience and should not be taken as a get-rich scheme. Personally, I trade options for a living.
You can make quick money trading options if you know what you’re doing. The key is to identify when the market is going to move in a certain direction and then make the right trades to capitalize on the profits.
Here is the one and only investing course I recommend.
5. Become a rideshare driver
Becoming a rideshare driver can be an easy and convenient way to make money quickly.
All you need to get started is a valid license, active insurance coverage, and an approved vehicle. With Uber and Lyft, you can set your own hours and receive a base rate plus tips and distance or time-based bonuses.
From one of our rideshare drivers, we learned some tricks of the trade such as working in peak hours or in areas with popular nightlife scenes or active airports.
6. Offer house cleaning services
Nowadays, people don’t want to learn their own house, so starting a house cleaning service is a great way to make quick money.
With countless opportunities available online or on local job boards, you can easily find a job that works for you. There are even ways to market yourself so potential customers can find you!
If you have a background in cleaning and don’t mind physical labor, you can make up to $25 an hour or more.
Becoming a housecleaner is a great way to make extra money on the side and you can even make up to $200+ per weekend.
With a bit of effort, you could have a great side-hustle in no time!
7. Rent out your parking spot
If you live in a busy area and have a spot that’s in high demand, you can easily rent out the space for a premium price.
This can be especially profitable if you live near an event center and can offer parking to visitors who don’t want to pay a premium to park in a lot or parking structure. You can put your parking spot to work with services like Just Park or Neighbor.com and earn up to $300 per month.
Renting out your parking spot offers a great way to make extra money while utilizing unused resources or space.
8. Proofread documents
Whether you are a stay-at-home parent, a teacher looking for extra income during summer vacation, or someone with a passion for grammar and punctuation, you can make up to $65,000 a year by proofreading documents.
Make sure to take a Free Training Course: Caitlin Pyle offers a free workshop on how to use the most popular proofreading tool and how to become a work-from-home proofreader.
With some hard work and dedication, you can start earning quick money as a proofreader. Good luck!
9. Walk dogs
Walking dogs can be a great way to make some quick money.
Apps like Rover provide pet owners with a platform to find dog walkers in their area and pay for their services.
A dog walker can make $15-18 per 30 minute walk, with occasional bonuses for boarding or pet-sitting. This is a simple way to get your exercise and make cash.
10. Take an online survey
Companies and websites are always looking for consumer feedback in order to improve their products and services, and offer incentives such as cash, rewards, and gift cards for filling out surveys that can take as little as a few minutes.
Popular survey sites like Survey Junkie and Swagbucks offer these incentives, enabling individuals to make a few quid in just a few minutes of form filling.
Most surveys will only take a few minutes, so you will have to do a bunch to add up to serious cash for your feedback.
Here are the top legit survey platforms:
11. Sell your old junk
Are you looking for an easy way to make some extra money? Why not start by looking around your house and attic/basement for things you no longer use?
You can turn those things into cash by selling them online or having a yard sale.
With a little effort, you can easily make hundreds of dollars by selling your old stuff. It’s a great way to declutter your home and make some extra cash in the process.
Make sure to list your items with attractive descriptions and photos to draw in potential buyers.
12. House sitting
House sitting is a great way to make quick money. It allows you to watch someone’s home while they are away and take care of tasks such as feeding pets, watering plants, and taking out the trash.
You can usually make between $25 to $50 per day depending on the market demand in your area. It’s easy to start, with most sites having a minimum age requirement and a sign-up process that takes only minutes. Payment is typically made when the job is completed.
More importantly, beyond making good money, you are able to housesit in beautiful locations that you may not be able to do otherwise. Personally, this is something I want to start doing.
Build your profile on Trusted Housesitters now.
13. Babysit
Babysitting is a great way to make extra money, especially for those who are looking for flexible jobs that match their availability.
Whether you’re an experienced babysitter or a novice looking to give it a try, there’s no doubt that you’ll find plenty of opportunities available. With a little bit of effort and a lot of dedication, you can make a great living out of babysitting.
Most babysitters earn way more than minimum wage making this a great gig.
14. Deliver food orders
Delivering food orders can make you money quickly by taking advantage of the increasing trend in the popularity of food delivery apps.
With driver-friendly apps like Instacart, DoorDash, and Uber Eats, all you need is an insured vehicle and a smartphone to start delivering food to customers in need.
The pay per delivery can go even further if you work on busier nights like Friday or Saturday. With many apps, you can also choose your own hours and the flexibility to work as much or as little as you’d like. This can be a great way to make some fast cash on the side.
15. Earn money with eBay
eBay is an amazing platform for anyone looking to make some extra money by selling items they don’t use. Whether you’re looking to get rid of an old phone, clothes, or books, eBay is an easy and accessible way to do so.
You can start by selling items you don’t need or don’t use anymore.
You can also consider buying items at a low price with the intention of selling them at a higher price.
If you’re looking to make a full-time income from home, selling items on eBay could be a perfect way. You can start small by buying a thrifty item for a low price and selling it at a much higher price.
With the right knowledge and resources, you can make money on eBay easily. So get started today and watch your earnings grow!
16. Write articles for websites
Writing articles for websites can be a great way to make quick money in one day.
With the increasing amount of new content created daily, business owners often don’t have the time to create content for their websites themselves.
Freelance writers can fill this gap by providing quality content for clients in exchange for payment. Depending on the complexity and length of the article, writers can make anywhere from $25 to $500+ in a single day.
By specializing in a niche, writers can showcase their work as samples to potential clients. Furthermore, writers can establish relationships with other bloggers in their niche, guest blogging, and approach websites in their niche with their writing services to further increase their chances of finding work.
17. Become a pet sitter
Personally, I have a friend who makes money by being a pet sitter and has help from her kids.
With Rover, pet owners in your area can easily find and hire pet sitters for their pets. Dog sitting is the most popular pet sitting activity, and it can earn you around $20-35 for overnight stays.
Plus, you get to decide when and how you want to work, and you can fit it around your own schedule. With the right amount of communication and excellent service, pet owners may even offer you recurring gigs.
18. Participate in focus groups
Participating in a focus group can be a great way to make quick money in one day.
Focus groups are usually based on interesting products or services, and they can pay participants anywhere from $50 to $400 for their time. Not only is it a great way to make money quickly, I have found many focus groups can also be a lot of fun.
The hardest part with focus groups is it is not a steady stream of income as you may not qualify for each opportunity.
19. Do yard work
Just like housecleaning, this is a popular job to be hired out.
Yard work such as basic gardening and landscaping, shoveling snow or salting walkways, and even cleaning gutters can all be done for a fee. Advertising your services through flyers, door knocking, or posting on local job boards can help you find potential customers.
By doing quality work, you can turn this into a weekly gig for quick money.
20. Shop at thrift stores and buy low and sell high
You buy items for a fraction of the cost and resell them for a higher price. For example, you can find brand-name clothing, electronics, antiques, and children’s toys at thrift stores that you can resell on online platforms such as eBay, and Facebook Marketplace.
You can also look for items marked as “free” on the side of the road and spruce them up to sell for a profit.
Shopping at thrift stores can help you make quick money in one day, and with time and experience, you’ll discover which items sell the fastest and for the most money.
To make money flipping items, you must do your research upfront and know how much you can pay for something while still turning a profit. With time and experience, you will learn which items sell the fastest and for the most money.
21. Photography gigs
You can make money with photography in two ways:
Turn your photographs into cash by selling them through stock image websites such as Shutterstock or iStock.
Offer your photography services for family sessions, birthday cake smashes, and even weddings.
Either way, you are able to turn your passionate hobby into a way to easily make a decent income in one day.
22. Participate in sweepstakes
Participating in sweepstakes can help you make quick money in one day by giving you a chance to win big.
Yet, this option comes with a lot of RISK!
There are a variety of competitions and prizes available, ranging from online product giveaways and gift vouchers to big-money TV game shows. You want to look for sweepstakes that are free to participate in and not pay money.
This one ranks up there with the left hand itching principle.
23. Use your Writing Skills
Are you looking to make money with your writing skills? There are lots of opportunities available that pay you to write. From blogging to freelance writing, to reviewing music, you can find the perfect job that allows you to utilize your writing skills and get paid.
You can also make money by helping people refine their writing. If you have a good grasp of grammar and can help people write in a more engaging and structured way, then you can charge for your services.
Publications often hire freelance writers, so that’s another avenue to explore.
No matter what you decide to do, there are plenty of ways to make money with your writing skills – all you have to do is find the right opportunity for you.
24. Become a home staging stylist
Becoming a stylist can help make quick money in one day by offering services to those who are in need of help staging their homes for sale.
Realtors often hire outside help to ensure that the home is presented in an attractive and appealing way, and these services can be provided for an hourly or flat fee.
This is a great part-time gig.
25. Donate plasma
You can make money quickly by donating plasma.
Plasma is the liquid part of the blood that contains antibodies. It can be used to create medications and other medical products. Plasma donation is a safe procedure that can help people in need.
Typically, you walk out with cash immediately.
Check with your local blood bank or hospital to learn more.
26. Host workshops
Hosting workshops can be a great way to make money in a short period of time. There are endless webinar ideas you can try, such as live-at-home fitness classes, cooking, a writing workshop, an Excel class, nutrition coaching, or even a first-time homebuyer class.
With the rise of video conferencing, it’s easy to set up webinars to teach people your skills and knowledge.
Typically, you will need to build an online presence with a social media following to hold successful workshops.
27. Trade Stocks
Trading stocks can be a lucrative way to make quick money, but it is essential to understand the risks involved.
With the help of online market trading platforms, anyone can start to trade stocks with a minimum amount of money.
Learning how fast you make money with stocks, but realizing you need to learn to trade stocks is like going back to school for a stock trading education.
Although trading stocks has the potential to generate quick money, it is important to note that all trading involves risk and that you should only invest what you can afford.
28. Become a courier
Being a courier is a great option for flexible income, as they allow you to set your own hours and work as much or as little as you’d like.
Think outside the box of UberEats or Instacart. This would likely be for a local business that needs to move documents from location to location.
You will need to be reliable and trustworthy.
29. Deliver Pizza
Even today, this is a classic gig to make quick money by delivering pizza!
Businesses are desperate for workers, so finding a job should be fairly easy. However, be prepared to work more than one day.
30. Repurpose your skills
Those skilled in writing, graphic design, coding, bookkeeping, or any other number of computer-based skills, can use these sites to find freelance jobs that require their skills.
Additionally, those with knowledge or experience in a particular field can create and sell an online course via a platform like Teachable or Podia.
Too often, we overlook the things that we are the best at, yet repurposing your skills us a great wat to make money.
31. Dog groomer
The income potential as a dog groomer is considerable.
According to the American Pet Products Association (APPA), pet owners spent $136.8 billion on their pets in 2022.
Dog grooming is a easy way to make money.
Over to pick up dog poop and you can double how much money you make.
32. Sell your unwanted items
Selling unwanted items on eBay and Amazon can be a great way to make quick money.
By scouring online retailers, local thrift stores, and yard sales for hidden treasures, individuals can find consumer goods for cheap and then resell them for extra profit.
Selling on Amazon also provides an opportunity to source products for fulfillment.
Additionally, apps like LetGo, OfferUp, and Facebook Marketplace make it even easier to make extra money, as people jump on items quickly.
For those with a strong entrepreneurial spirit, buying items at a low price and then reselling them at a higher price can generate a decent side income.
33. Sell Printables
If you’re creative, you can create and sell digital products like ebooks, courses, templates, and graphics.
Digital downloads are also becoming increasingly popular, as they require no shipping or fulfillment costs and you can easily make them once and sell them hundreds of times over. Depending on the craft and the demand, your potential earning potential can be quite high.
In fact, selling printables is a popular summer jobs for teachers!
So why not give it a shot? With the right strategies, you could start making a few hundred dollars a month with very little effort.
34. Crafts and handmade goods
One of the best ways to make money quickly is by selling crafts and handmade goods on websites like Etsy.
From jewelry and candles to sourdough bread to quilts and custom T-shirts, there is a huge variety of items that you can make and sell. You can also design and sell custom stationery, pillows, tote bags, coasters, cosmetics, and more.
35. Dropshipping
Dropshipping is an online business model that allows entrepreneurs to start an online shop without having to keep a product in stock. Instead, a business makes a sale and then passes the order along to a third party, known as the dropshipper, who ships the product directly to the buyer.
Dropshipping is a great way to make money quickly, as it requires minimal upfront investment and overhead.
With dropshipping, you can add products to your store without having to buy them in bulk, and you don’t need to worry about shipping or fulfilling orders.
36. Affiliate Marketing
Renting out your property can help you make quick money in one day by taking advantage of the services offered by websites like Airbnb.
Affiliate marketing is a way to earn money by promoting other companies’ products or services. You can do this without a website, by sharing affiliate links on social media, a blog, online forums, post comments, and with friends or family.
When someone buys a product or service via unique affiliate link you provide, you get paid a commission.
It is possible to make money quickly if you have a social media following or a website, as you can start promoting all sorts of companies, products, services and offers online.
37. Work for tips
Making money quickly by working for tips may sound intimidating, but it is actually very achievable with a bit of hard work and determination.
Tips are normally paid in cash, which is exactly what you need.
Jobs that pay tips:
Waitstaff
Bartender
Bellman
Drivers
Casino dealer
Golf caddy
Babysitters
Also, many jobs that pay weekly work for tips.
38. Rent out your property
These services allow you to rent out a room, a condo, or your own home if you’re away on vacation.
Airbnb has revolutionized the hotel industry by allowing everyday property owners to lease their place to travelers. By creating an account and listing your property, you can immediately start earning passive income.
With the right location, you can create a steady stream of income that can help you make quick money in one day.
39. Join a MLM
Joining a Multi-Level Marketing (MLM) company is one of the most popular ways to make money these days. With an MLM, you can potentially make a lot of money by building a team and earning commissions from their sales.
But you need to be careful and do your research to make sure it’s an opportunity worth pursuing.
MLMs can be profitable, but it can take a lot of time and effort to get them off the ground and make them successful. You need to be prepared to take the time to build your team, train and support them, and provide them with the resources they need to succeed.
Personally, I have tried making money with an MLM and found out that it was not worth the time or effort.
40. Collect and sell scrap metal
Collecting metal items such as old swing set parts, metal toys, and other bits of metal can be sold at scrap yards or redemption centers for a small sum of money.
Iron, steel, aluminum, brass, and copper are the most commonly traded types of scrap metal, and the prices vary depending on the type and amount of metal.
This is a simple way to make money if you put in the resources. Just don’t steal metal because that can get you in severe trouble.
41. Deliver for Food Delivery Apps
This industry is booming with no signs of slowing down. You can easily make $100 a shift by delivering food!
Sign up for driver-friendly apps such as Instacart, DoorDash, and Uber Eats. These apps allow you to set your own hours and work as much or as little as you’d like.
Make sure you have an insured car, truck, bike, scooter, or motorcycle. Depending on what you choose to use, certain apps may have different requirements.
Go to the restaurant and pick up the order. You’ll be paid a flat delivery fee, an additional fee per item ordered, and 100% of the tips customers choose to give you.
Deliver the food to the customer.
Get paid instantly, usually within the same day.
Maximize your earnings by delivering for multiple apps at once. This will give you access to more orders, and a larger area to deliver in.
42. Become A Virtual Assistant
Virtual assistants are in demand right now.
Consider becoming a virtual assistant with no experience to help small businesses with tasks like scheduling appointments and managing emails.
Typically, small businesses are looking for someone to take a short-term 3-month stint or a long-term relationship.
If you have marketable skills, you will make an outstanding virtual assistant.
43. Cook and deliver food
Cooking and delivering food can make you money in one day, especially since the demand for convenient delivery is increasing.
If you are cooking food on your own, you need to check with your local state and city regulations to see if you are allowed to sell food from a home kitchen. These food regulations are tough, so make sure you comply with these regulations.
However, many busy families are looking for a personal chef and are willing to pay for the service.
44. Trade-In Programs
Trade-in programs are a way for people to get quick money by selling their old phones, tablets, and other electronics. These programs give customers the opportunity to receive cash or gift cards in exchange for their unwanted devices.
You can trade in your own unused or unwanted electronics or for neighbors who don’t want to deal with the hassle themselves.
When selling through a trade-in program, customers are usually asked to provide a description of the device and its condition. The amount of money received depends on the device and its condition.
Plus you are helping the environment by keeping old devices out of landfills.
45. Become a social media influencer
If you have a large following on social media, you can make money by becoming a social media influencer and promoting products or services.
There are a number of ways to make quick money as an influencer. You can promote products or services by posting about them on your social media account.
Obviously, you must thrive using social media.
46. Flipping items on Poshmark
Making money on Poshmark by flipping items can be a great way to make cash.
You can find items to resell from big box retailers, online retailers, local thrift stores, yard sales, flea markets, eBay, Facebook Marketplace, and Craigslist. Potential items you can flip for profit include brand-name sneakers, clothing, and purses.
You should also figure out which items sell the quickest and for the most money.
Poshmark also has a “bundling” function which allows you to group similar items together for a discounted amount. This is a great way to make more money as you can sell multiple items in one go.
This platform allows followers, so it is easy to build return buyers.
47. Start a small business or side hustle
Small businesses and side hustles can be a great way to make money quickly. Consider your skills and interests and start something that can help you turn a profit.
No matter how you do it, starting a business can be a great way to make money and meet new people.
Building your side hustle to a full-time income will not happen overnight, but you will make progress with hard work and dedication.
48. Take advantage of Swagbucks
Swagbucks is an online rewards and survey platform that provides numerous opportunities to make money.
With Swagbucks, you can earn money by completing surveys, watching videos, playing games, and even shopping online. With each task, you can earn anywhere from $0.40 to $2.00 in SB points which can be redeemed for cash back or gift cards.
Plus, when you sign up, you get a $10 bonus and can even get 500 SBs for referring a friend.
49. Tutoring
Tutoring is a great way to make quick money while using your knowledge and expertise to help others. It involves providing instruction to an individual or a small group on a particular subject, usually to help them improve their understanding.
Tutors can work with students in person or online, depending on the subject and their availability.
No matter your educational background, you can make money tutoring as long as you have a deep knowledge of a subject. With the right resources and platform, you can find tutoring gigs in your area and start making quick money today.
50. Make money with your phone
Making money with your phone is possible with a little bit of effort. You can sign up for apps to complete small tasks and earn money quickly.
Alternatively, there are plenty of mobile apps such as Ibotta, Rakuten, Shopkick, Swagucks, or Receipt Hog which can help you make some extra money with simple tasks.
You can also take on odd jobs through apps like TaskRabbit to make cash.
Finally, you can trade stocks on your phone.
There are so many ways to make money with your phone today.
FAQ
Yes, it is possible to make passive income. This type of income is earned with little effort or direct work.
It can come from investments such as returns and dividends, as well as from sources like stocks, rental properties, and online businesses.
With some creativity and diligence, anyone can create multiple sources of passive income. It may take months or even years to build up these streams of income, but the potential rewards are worth the effort.
Many of the statistics are leaning on the fact that you need a side hustle to make ends meet or get ahead financially.
I started a side hustle to make money to afford what we wanted to do. Personally, my side hustles are blogging and day trading stocks.
The best side hustles are the ones that you are passionate about. More than likely, you will be spending time on them in your free time, so you want to enjoy them.
Regardless of what type of side hustle you choose, you can make extra money on the side. To maximize your earnings, you can even combine several different side hustles together to create multiple income streams.
I always say, if I can make $100 a day, then I am making $3000 a month. That will make a difference in my personal finance situation.
Before you can make $100 a day, you need to find out how you will make money. Look for opportunities that match your skills and interests. Some examples of this include driving for Uber, selling your skills on freelancing sites, creating an online store, or even starting your own blog.
Learn how to invest 100 to make 1000 a day.
When looking to make $1000 fast, you need to up your game – specifically, the time and energy to make your goal happen.
You could start by looking for high-paying side hustles such as trading stocks or options, becoming a freelance writer, setting off as a virtual assistant, or by selling products online.
The key is to make $1k a day consistently. Then, you will be working on how to turn 10k into 100k.
Which Quickest Way to Make Money in a Day Will You Choose?
There are many ways that you can make quick money in one day.
Whether you want to start a side hustle, do some odd jobs, or make money online, which option is best for you?
Whichever option you choose, make sure that you choose something you will enjoy doing as well as the quickest way to make money.
We covered fifty options to make cash and start making extra money today!
Which one is your favorite?
Mine are trading and writing. Comment below on which method you will choose.
Know someone else that needs this, too? Then, please share!!
Historically, “making six figures” has been to income earners what “becoming a millionaire” has been for those tracking their net worths — a lofty goal achieved by only a select few. And while neither a six-figure earner nor a millionaire can bask in the luxury they could a couple decades ago, there’s no doubt that earning over $100,000 a year still puts you in a select group.
In fact, the U.S. Census Bureau says that only 5.63% of individual income earners and only 17.8% of households had incomes of $100,000 or more in 2006. So despite the drop in purchasing power from the days of old, if you earn $100k or more each year, you’re still in an elite group.
How can you get into the six-figure club? There are many roads to this golden path (lottery, inheritance, take over a family business, etc.), but many, if not all, of these are out of your control. As such, I’m going to focus on what I consider to be the method that will give the most people the greatest chance of earning $100k or more — by developing a career and growing it over time. Specifically, I’m going to tell you how I got to six figures in seven years and how you can use these principles to do the same.
Words of Warning
You’re probably skeptical. I’m okay with that at this point. Read on with an open mind and I think you’ll be pleased. And while I can assure you that the tips below are proven and repeatable, I must admit that they’re also challenging. Therefore I’d like to make the following perfectly clear before I get started:
These suggestions are difficult to follow. They require tough choices, time commitments, sacrifice, discipline and a bunch of other traits that most people don’t want to bother with. If they did, many more workers would make six figures. That’s their choice, of course, but these same people should then not complain that the steps won’t work (or are too hard or whatever.) This piece is not titled “Five EASY Steps to Six Figures in Seven Years” for a reason — they are not easy.
There are exceptions to these principles. Probably many exceptions. Just as with any personal finance advice, people’s situations, skills, opportunities, personalities, likes, dislikes, and so on are different. What works for one person may or may not work for another. (As J.D. often says, “Do what works for you.”)
I’m cheating a bit. Just to be completely honest, the seven years noted in the title are post-college (in my case post grad school.) One could argue that those years of schooling should count towards earning six figures. If you’d like to count them, go ahead. But “Five Steps to Six Figures in Thirteen Years” just doesn’t have the same ring to it as the current title.
These tips will work. They worked for me. This is exactly what I did to earn six figures in seven years. In addition, I’ve had many friends and colleagues do the same, so I know it’s repeatable — if you follow the steps.
I’ll end this preamble by saying I’m not trying to brag (though I realize some of this may sound like it), just offer you a first-hand experience of what worked for me. In fact, if you want to see how much humble pie I’ve had to eat during my career, read my series detailing all the jobs I’ve ever held. In it, you’ll see that my road was not smooth or without its own challenges. But even with those obstacles I’ve been able to live out the principles that follow and lead to a six-figure income. I hope you can do the same.
That said, here are my five steps to six figures in seven years.
Step One: Get a High-Earning Degree From a Good School
It’s a fact of life that certain college degrees result in a higher earning potential. So graduating in one of these fields gives you a built-in jump on the pack as you try to reach six figures quickly. If you want to be a teacher, that’s fine; it’s a great and noble profession. But it’s likely you won’t be able to make six figures quickly (if ever). If you focus on the top few degrees (and the professions associated with them), you’ll get a big headstart towards reaching your goal.
Note that I suggest you go to a “good” school. In my opinion, you do not need to go to a top-notch college to make this work. I recommend going to the least expensive school that gets you the degree you need and the initial job you want. Once you do this, the school you attended makes very little difference in your career or earning potential.
I went to a top 25 business school (not top 10 or even top 20), but I left with only $5,000 in debt and the job I desired from my targeted employer. Before I decided to go to my school, I knew the employer I wanted to work for recruited there. You should know the same. Just like a résumé’s main purpose is to get you an interview, graduating from college’s primary purpose is to get you that first job and often a “good” school can do the job just as well as a “top” college.
Step Two: Work for a Name-Brand Employer at Your First Job.
No matter the field, there are certain companies that have an aura of respect around them — companies that are known to be good trainers and that are admired by people in your field, around the country, and, if good enough, the world. Some of these include: Google, Apple, Disney, Nike, Procter and Gamble, the Mayo Clinic, Pixar, McKinsey, and so on.
There are two main reasons you want to work for a top-notch company:
They generally pay well (though maybe not the best), and you certainly want to have as high of a starting salary as possible, and
Working for these companies gives your résumé an added boost since they are “known” to develop excellent workers. As such, they are companies that other companies recruit from, offering you more (and better) job opportunities in the future. Almost twenty years after I worked at one of these great companies I have colleagues, recruiters, and employers (when I’m interviewing) regularly say something like, “Wow, you worked there” or “You have some great experience” simply because I worked for a name-brand company two decades ago.
How can you get employed by one of these companies? Simple: go to a school where the company recruits (review Step One again). Beyond that, network with alumni, school administrators, and anyone else associated with your target company (or companies) to give yourself the best advantage of getting hired. I happened to know an undergraduate student that went to my target company during my second year of grad school. I kept in touch with him and he was instrumental in getting me hired (and we eventually became roommates).
Step Three: Perform
There’s no way getting around it — if you want to be on the earnings fast-track, you need to be on the high-end of the performance scale. What does this mean exactly? It means you need to find out what your employer expects of someone in your position and give them much more than that. If your expectation is to save the company $50,000, work to save it $100,000. If you need to grow sales 7%, work to grow them 12%. If your goal is to get five new customers ordering your product, work to get eight. If you over-deliver versus your expectations and so consistently and with a variety of different projects, you will be a high-level performer and receive a commensurate level of financial rewards.
In addition, you can really super-charge your performance (and thus your pay) if you work on any of the following:
Problem projects (turning them from problems to advantages for the company)
Important, high-profile assignments that get you noticed by those higher up in the organization, and
Big businesses that are vital to the company’s success.
Of course, these opportunities are a double-edged sword — they can propel your career if you succeed, but they can also devastate it if you crash-and-burn.
Finally, having a good, pleasant attitude is at least a tie-breaker (some say it’s more) that will help you advance in your career. Everyone likes performers with good attitudes more than performers with poor attitudes, so be positive — it might just pay off for you (literally).
Step Four: Manage Your Career Aggressively
Big pay bumps, even for high fliers, don’t usually come with the frequency or size that they should. After all, many employers are quite happy giving you the least they can even if you’re slam-dunking projects left and right. That’s why you need to:
Regularly ask for raises (FYI, if you’re doing Step Three, asking for and getting a raise becomes a whole lot easier).
Ask for promotions when available (these usually include a decent salary bump).
Network regularly with people both inside and outside the company. Some of these interactions will help you discover opportunities for advancement.
Consider moving companies. This can be a good strategy since many of the biggest increases in both pay and responsibility can be found with a company shift — especially if you’re moving from one of the companies listed in Step Two.
The main point I want to emphasize here is you can’t allow your career to be on auto-pilot. If you do, you’ll get auto-pilot raises and auto-pilot opportunities, and you’ll severely limit your chances for making the big bucks. But if you work at it, you can get regular, meaningful salary increases — something that’s even more important than starting with a high starting salary.
J.D.’s note: This seems like a good place to add a brief interjection. As you move from job-to-job, remember the importance of knowing how to negotiate your salary. One of the best ways to earn more is to ask for it.
Step Five: Have Some Luck
I hate that this is on the list, but I have to be honest: Luck is a factor in the success of your career. The reason I hate it is that it’s the one tip you can influence the least (if at all). Sure, you can try to make your own luck by putting yourself in the right situations, accepting the right jobs, selecting the best employers and so on, but ultimately, much of life and the results of work are out of your hands.
All I can suggest here is to look at all the pros and cons of a job change, promotion, business situation, etc. and consider them carefully — trying to maximize the number of events where luck is in your favor and minimizing the ones where you get bad luck. Also learn to ride good luck as long as you can and cut your losses as quickly as possible when bad luck shows up.
Conclusion
That’s it. Those are the five steps I used to grow my income to six figures in seven years, and they’re the same tips that have helped me maintain my income growth past that point. I can’t guarantee that they’ll get you to six figures in seven years, but I can say that if you apply them to your career, I’m pretty confident that your income will grow much faster than it would have if you had not applied them.
Some of you may be thinking “That’s great advice — I wish I had it 20 years ago.” In other words, you’re past the point where a few of these steps work, so what can you do now to increase your income? My suggestion is to get into the process above at the earliest possible step.
For example, if you think it’s worth it and you have the time and money, consider going back to school (step one) to get a new/better degree. If this isn’t a possibility or not very practical, start networking your way into a name-brand company (step two). And if this isn’t feasible, everyone can at least start with step three no matter where they are in their career.
The later you jump into the process, the less impact it’s likely to have on the goal of reaching six figures. However, applying even just the latter steps (especially three and four) will allow you to grow your income far more than it would if simply left to drift on its own.
Step photo by Lazurite. Graduation photo by Eralon. Clover photo by Cygnus921.
Maxing out your 401(k) involves contributing the maximum allowable to your workplace retirement account to increase the benefit of compounding and appreciating assets over time. All retirement plans come with contribution caps, and when you hit that limit it means youâve maxed out that particular account. There are a lot of things to consider when […]
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