Top 7 Ways To Multiply Your Income In 2021

Top 7 Ways To Multiply Your Income In 2021 - Moniedism

The year 2020 has been a year like no other in recent history, we witnessed gigantic changes in almost every area of our lives, for several months most people all over the world were placed under lockdown, as a result, business is shut down, and many large corporations went down, never to rise again.

People lost their jobs and many became confined to a lifestyle that's strange by normal living standards, we began to learn new medical words and we received daily updates from authorities in unusual tones in all of this humanity was left in fear, uncertainty, and unfulfilled expectations more than anything else everyone focused on one thing survival. 

The COVID-19 pandemic is one experience no one ever wishes for a repeat occurrence, but this is life and in life, things happen. While no one has absolute control over situations that are natural causes anyone can determine how best to prepare themselves for uncertainties.

Yes, so much has been lost in terms of lives time, and resources as a result of the pandemic, but there are a few lessons to take away from it all. One of the key lessons is that depending only on your active income your 9 to 5 job can be as dangerous as sitting on a ticking time bomb, it's been proven that most people are a few paychecks away from going broke.

The questions to ask yourself are, can you and your loved ones survive several months without earnings from a single source of income? Can your living expenses be covered even if you do not work for one whole year? let's pretend you lost your job today, how far can you go before finding a new one, if the answer to the above questions is NO, then you have to pay attention to the points we're going to present here.

First of all, you need to understand these two important terms active income and passive income.

  • Active Income: This is the income that comes from your job or a business, you operate here your time and effort are required for you to benefit from your venture, your physical involvement is required without which nothing is earned.
  • Passive Income: This has to do with earnings that come from investments that do not demand much time and effort from you, Yes your attention may be required sometimes but that would only be limited to documentation processes, here you are leveraging on systems that require other people's effort for you to effectively multiply your income in 2021 you'd have to look into these two sources of income and expand on them beyond your current job you should explore other sources of active income but you must invest more in passive income channels.

3 Steps to multiply your income 

1. Increase your capacity

You need to invest in yourself, you need to spend time and money to acquire new skills for you to excel in anything in life you must subject yourself to training.

If you go into any venture without proper skills you are bound to hit the rocks in no distant time for instance.

If you intend to start investing in real estate you need to take some courses on this subject or enroll for mentorship you need to learn the variables that regulate the property markets in different locations you must gain knowledge of the legal systems and taxation requirements of the states or countries of your interest the same rule applies.

If you are going to start a blog or you're hoping to become a social media influencer you'll have to work on developing your writing skills learn how to create interesting content with attention-grabbing headlines that can make your posts go viral improve your relationship-building abilities take your time and practice these things you do not have to become an expert.

Before you start but learn the basics first this will save you several months maybe years of frustration as you progress in your journey you will gain more knowledge and experience in what you do.

2. Monetize 

Always remember that your goal is to multiply your income, whatever you do find the best ways you can monetize your efforts.

Mastering the skills is not enough but also learning the business side of it, many good singers died unknown simply because they could not turn their talents into cash, there are many gifted artists whose works are not known beyond their closed circles but there are those with similar skills that have sold paintings worth millions of dollars.

If you're going to invest in rental apartments determine which purchases will bring you the quickest and safest Return On Investment (ROI).

Do your background checks before closing the deal and make sure your marketing plans are solid.

Your goal is to increase your income not to diminish what you have, if you'd require running ads for your product or service make sure you add the cost to your selling price cut off every unnecessary spending, and maximize profit.

If you mistakenly make the wrong decisions over a piece of property or stock and you're losing money do not waste time in disposing of it even if it means losing some fractions of your investment it will save you more from losses in the long run.

3. Leverage Technology 

If there is one thing that people have learned from the 2020 lockdown it is the power of technology. 

The only businesses that stayed afloat during the pandemic were the ones that leveraged internet technology, many big businesses got grounded and may stay down forever.

Some startup ventures that are internet-based recorded tremendous growth, there's no better time to put your business online than in the days we're living in organize your activities in such a way that will require limited physical presence, get a website and direct all publicity to your page by doing so you're creating more visibility for your enterprise, but you may get extra income from increased traffic to your site.

If you need the services of office assistance you can limit the number of physical employees engage the services of remote workers from agency sites such as Fiverr or Upwork this will save much time and resources and getting jobs done

7 Ventures that can help increase your income in 2021 

1. Blogging 

You can establish an online presence through blogging choose a niche related to your business or start a different one, be careful when selecting your niche it must be something that is of interest to you and which you have passion for, if you choose the right niche you will not have to struggle to develop content for your site.

Identify the problems people want to solve and write articles, that will address them find out the questions people are asking, and respond to them the moment your scene is an authority in your field, you will attract more audience the more targeted traffic you get to your blog the more income you will have.

2. Affiliate Marketing 

Affiliate marketing is all about helping product creators market their products at a commission, you can either source for producers locally or online.

If you identify new products that solve specific problems and are in high demand you can contact the seller and agree on a commission.

One of the best ways to start affiliate marketing is by registering with online agencies like ClickBank, clickfunnels, jvzoo, and warrior plus, contact a seller who will give you an affiliate link that you can promote online.

3. Online Courses 

You can create an online course centered on your area of competence and expertise, it might be a tutorial on algebra, legal advice, a foreign language, or driving upload your contents on a website, and determine how those who show interest will subscribe to gain access.

You can even create a WhatsApp group with paid membership where you teach these things to people for a fee, if you have good content that adds value people will pay to get this information.

4. Dividend-Paying Stocks 

Determine what chunk of your savings or income that you will invest in a stock seek professional advice, to identify companies that pay out dividends regularly and consistently the company you select must have a track record of consistency in growth and corporate policies that guarantee stability dividends are paid quarterly, biannually or annually, you can reinvest your income in part or in full with the company.

5. Write a book 

You can put your thoughts and experiences together and create a book that can help people. Don't underrate the extent people go to acquire knowledge also don't take for granted the amount of knowledge you possess that you can offer to the public.

You may never know how good you are at writing until you start there is a reason, Amazon is the biggest book distribution company in the world today, it means people are paying for knowledge you can get your cut if you create something of value and market it to the public.

6. Youtube channel 

Create a youtube channel where you post videos that add value to people's lives, this works in the same way as blogging or writing a book, it's all about the quality of the content that you let out and what you do to get your channel visible people are attracted to whatever gets their attention.

If your contents are informative, educative, and entertaining before long you will have a long list of subscribers to your channel that is when the money starts trickling in.

Read More related YouTube:  What Are The Benefits Of Being A YouTuber?

You can make money from companies who want to have a feature on your videos. You can also share from the youtube PPC profits based on the number of views your videos receive.

7. Become a social media influencer 

Social Media influencers are people who use their social media handle to build a large fan base they regularly post engaging content to their audience and have them coming back to their handle for more you can become one.

If you already have a social media handle and you know that you have good stories to tell start sharing them don't just spend all your time on Facebook, Twitter, and Instagram liking and commenting on other people's posts.

You can start building your audience today, but make sure your content is properly targeted focus on a specific niche and build your audience around it.

You can talk about lifestyle updates, relationships, sports, fashion, finances, or self-development, if you're good at what you do people will like your personality and invite more people to your handle you will also attract the interest of businesses that are willing to pay to have a mention on your handle.

Now that you've seen the various ways that you can multiply your income in 2021

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