Want to make more money in 2021? Looking to increase your income? In this video I share proven tips and strategies to make more money in 2021 (both online and offline).
Most people focus on saving money (which is finite), rather than focussing on increasing their income – which is potentially unlimited. I’ll show you ways to increase your income – and it doesn’t involve weird random side hustles, but rather practical (and honestly boring) strategies to get more money coming in every week.
They may not be super exciting, but they’ll make you more money – which is the goal. And once you make more money, you can invest more and multiply your money much faster. Don’t fall into the trap of wasting hours and days trying to get a few more % return on your investment when your investment is tiny!
People are trying to make passive income when they should be going hard on making more active income initially (or at least that should be the focus).
Here’s my non-sexy tips to make more money:
- Work more hours
Seems simple but if you’re not ahead, and you want to get ahead – max out those hours asap. Will it be fun? No, but you’ll be more financially productive each week. And you’ll likely save more money because you’re spending less.
- Get a 2nd or 3rd job
If you can’t get more hours, pick up a second or third job. Fill up your week with work. Most people want their weekends and down time but if you really want to ramp up your income, it’s going to involve working abnormal hours for the first few years (you can ease off as time goes on).
- Get a promotion
Easier said than done, but most people coast at work. They do the bare minimum. Work is way more engaging and fulfilling when you’re working towards a promotion, it gives you a purpose at work. In the video I share tips around how to speed up getting a promotion and tips I’ve found that worked for me.
- Upskill yourself
If you don’t get paid much, it’s because you’re either a) not good and your job, b) you don’t have a solid (and commercially viable) skillset, c) you have a skillset but you’re not confident enough to go for a better role or d) one or more of the above. People are paid based on their skills, the level of responsibility they have and their ability to solve difficult problems in their role. Make yourself more valuable to your employer.
- Start a side-business
Businesses are great for a number of reasons. While you take all the risk, you also capture all of the upside when it goes well. You get lots of tax breaks and you build your own brand (instead of someone else’s). In 2021, it’s literally never been easier to start a business. Cheap overseas labour, easy to build stunning websites, cheap hosting etc, social media marketing – it’s all made it far easier to start and grow a business.
Hope you enjoy the video and if you have any comments or questions, post them in the comment section below.
Ps. Follow me on Instagram @raycorc for consistent, low quality content
Good day there. Ray Corcoran here. In today’s video, we’re going to be talking about how you can make more money this year, than ever before. And we’re going to talk about a few different strategies that you can use to do that. And aside from the obvious reasons, one of the reasons we would want to make more money, is so that we can invest more money. You can build wealth on an average salary, but it just takes longer, basically. And for a lot of people, what else are you doing? You might as well try and make a lot of money, and increase your salary. There’s no point just coasting and just cruising, and making an okay salary and trying to invest. You need to move to a more active, and move to offence, which is making more money. Saving money and cutting costs is great, that’s defence. And that’s relatively easy, in my opinion. But the harder part is building up your income, and building it up quite a bit.
And the good thing about, cutting costs is limited and finite. Whereas making money, there’s no limit to how much you can make. You can make a million bucks in a year, 5 million bucks in a year. It can get ridiculous, but you’ve got to build your way up. In the States, the average salary is around $35K, in Australia it’s $48K Australian. And that’s fine, and you can build wealth with that amount of money coming in each year, but it’s going to be harder. And a lot of people ignore the making more money part, because it’s too hard or they don’t know how, but realistically, you can build wealth so much faster just by making more money. So the first one that we want to look at is a very simple one, but it’s something that anyone can do. And that is simply, working more hours.
So, whatever hours you’re working now, many jobs allow for extra hours, extra shifts. If you can’t do extra hours, then obviously this doesn’t apply to you. But if you are in a role where you can work more hours or pick up more shifts, let management know that you would like to do more work, more hours, and that sort of stuff. Speak to people, if people call in sick, do their shifts. I always did that when I was younger. If anyone calls in sick, I would always tell the managers, I’ll do that shift. If I physically can do it, I will do it. And late notice, anything, just call me first. I want first dibs on that shift.
The next thing we need to look at is, if you can’t work more hours in your current job, you need to get a second or a third job. Now, this could be a multitude of things, but just get a second or third job. Now, unfortunately in Australia, the second job does get taxed at a high rate typically, but who cares? A dollar is a dollar, and you can work all that out later. Don’t not do it because the tax rates are unfair, look at the local tax rates wherever you are. But the way I see it is, if I can make whatever I make during the day, plus an extra a hundred bucks, 200 bucks or whatever it ends up being, then I’ll absolutely do that. And I’ll do that as many days as I can. Back in the day I had an entry-level corporate role. I would do that as a nine to five. And then at night, I would do bartending work, and that sort of stuff.
And that was a really easy way for me to make a, entry level role, you’re not making too much, but you’re making a full-time salary from that. And then in the evenings, I’m doing bartending basically, as many days as I was allowed to do. And I eventually got fired from that bartending job, because I did get some extra work from my day job. They had opportunities for extra extra days of work, or working later in the evening, I could get paid more. And because I got paid more per hour in the day job, I would always call in sick for the bartending job, if I had opportunities to work after hours for my day job. So it didn’t end up working great, but I did replace that with other jobs after the fact.
So, the next thing I’m going to talk about is getting a promotion. So, a lot of people might be thinking, well, it’s easy to say, just go get a promotion. But the truth is, getting a promotion is a great way to start making more money in a company that you hopefully, already have some sort of momentum in, at the moment. You’ve built up some sort of reputation. So, what you need to work out is, there’s a few things that you need to do, before you get a promotion. Most promotions don’t happen overnight, and most promotions aren’t accidental. They happen after doing months, and sometimes years, of preparation. But the good news is, you can shorten the timeframe. I’ve had multiple promotions that happened within six months because I was thinking multiple steps ahead, and I was doing a lot more work than most people in that organisation, who were just coasting through. So the first thing that you can do is, showing leadership.
So, what you want to be doing is showing leadership before you’re paid to be a leader. A lot of people have this weird backwards mentality that, if I’m not getting paid to do it, then I won’t do it. But you’re shooting yourself in the foot, and you’re foregoing a lot of money by not showing in advance, that you have leadership qualities. So, you really need to understand that, one mistake that I made was, in the past, I would focus on being very good at my job. And I didn’t think about being really good, showing leadership qualities. So, they were happy to keep me where I was in my role, because I was doing a good job. But I was getting passed over for promotions, because I wasn’t showing that I was capable of being a leader.
It wasn’t demonstrating examples of me showing leadership material. A simple way that you can get started, is by tackling what I call, mini projects. So, somebody once gave me advice to start off with very small things, like going to get coffee for people. Little things like that, can build up your reputation from a small level, up to bigger and bigger things. If you can show that you can be trusted with doing small things like that and not stuffing it up, you’ll eventually get tasked with bigger and bigger things. And what you’re going to be doing is, you’re going to build a reputation in the organisation, for someone that can get stuff done. When that happens, people feel comfortable putting you in higher positions. Another thing as well is, showing that you can work well in teams. Showing that you can take charge when the time arises, and when it’s appropriate. And showing those sorts of qualities will get people seeing you as a leader, before you are officially a leader. Because you can be leader before you have the title, and you should act like one.
And this doesn’t mean bossing people around, but it’s showing that you can take on responsibility, and nail it. So, focus on taking any small responsibility you can, around the office or at your job, so that you can prove yourself multiple times. Another thing you need to consider is, what did other people do to get promoted? So, look at other people who have been promoted, reach out to them, go to coffee with them. I did that in these other roles. I was like, how did you get in that role? What were you doing? Who were the key people there? Who do you need to impress? Who makes decisions on these sorts of things? What’s the hiring pipeline in that department? Is there someone already waiting for that role? Do they have a need for multiple of these roles to be filled in six months, or 12 months?
Understand the environment that you’re in. Don’t just think that you just do a good job, that someone’s going to pluck you out of obscurity, and put you in a high paying job. You need to understand the land. Who’s who, who makes decisions on these things, who are big influences within the business that can, the kingmakers within the business, that if they think you’re good, then you’ll get a big thumbs up from them. And that will have a lot of a little weight with it.
The other thing I had here, was telling management. Let them know that you want to move up, and ask them, what are the things that I need to be good at or establish, before I get considered for a higher role? Oftentimes, there’ll be more than happy to tell you exactly what’s required, and what gaps that you have. And just be honest with them, just be like, what am I missing right now? I can do that and that, what other areas do I need to be good at before you would consider me for that role? And how does that look? How are people groomed for that role? And, just getting on their radar early, is a good idea. So then they can start to see that you’re serious about it. You want to be in a management role. There are lots of people that are happy to stay in their role. And they actually, even if they probably could be a good manager, they don’t want the pressure and responsibility.
So we need to put our hand up to the upper management, to let them know that we’re ready and willing to take that spot. And you’re someone that they can invest their time and training into. The next step is all about up-skilling yourself. So, if you don’t get paid that much, it’s usually as a result of a few things. Either, you’re not good at your job, you don’t have a very good skillset. You have a skillset, but you’re not very confident. And so, you don’t actually go for better roles or anything like that, even though you’re actually got the skillset that you need to do that. Or a variety of other reasons. But up skilling yourself is a crucial thing, for you to get paid more.
Because as someone that, I employ people. As someone who employs people, your skills is what I’m hiring you for, and what you can add to a team. If you haven’t got any skills, then you can’t add much to a team. And consequently, I wouldn’t pay as much, because there’s not many skills there. Same as, how easy it is for someone to do a job, is a good indicator of how much you might be able to get paid. I could rock up to clean a house today with no prior formal training, and I could probably make it through the day. Whereas if I went into a neurosurgeon’s operating theatre or something like that, I wouldn’t know what to do at all. And the reason is, that takes years and years of practise, to get to that level of skill. And they’re paid accordingly. Whereas with a cleaner, no disrespect to them, but learning the basics of cleaning anyway, it doesn’t take as long. That’s just the way it is.
So you need to look at, what skills do I have? And if you don’t have skills, that’s fine. But look at what skills you can build for yourself, so that you’re extremely valuable. How many feathers do you have in your cap? Are you multi-dimensional? Can you only just do this one basic thing? Your income’s going to be limited by the skills that you have. And my recommendation for a lot of, if you’re a little bit younger, is to early on, invest a lot of that money in yourself and your skillset. The more stuff that you know how to do, the higher chance you have of being paid. And the more rare skill is and the more commercially valuable a skill is, the more you’ll be paid. So you can be really good at, I don’t know, African basket waving, or something like that. But if people don’t want to pay big bucks for it in the market, and it’s not commercially valuable to most people anyway, then you’re not going to get paid that much. Whereas, there’s lots of skills these days that you can learn for free online.
In marketing, I learned all digital marketing stuff from just trial and error, and internet tutorials, and courses I paid for, and mastermind groups I paid for. And I’ve spent multiple six figures on that side of things. But it’s pay being dividends, multiple times over, because I wanted to learn the skills. You keep improving and get better and better at what I do, so that I can get away with charging premium prices. You can’t charge premium prices, well, not for long, if you don’t have the skills to back it up.
So you need to look at, what skills do you have? What skills are valuable? What do you like doing? Hopefully you can find something that the market cares about, people will want to pay for that kind of service, they pay well for it. It’s something that aligns with your strengths and stuff, that you hopefully enjoy doing.
One of the last things you might want to look at is, starting a business on the side. So, this is something that I did. I was working in a job, and then I, if you saw my previous videos, I knew that I had to start a business if I wanted to make serious wealth. It’s a lot easier when you control everything. So, I looked at doing that, and I started building websites, as I mentioned before. So I learned that myself, I started doing it on the side. And then that led into a fully fledged business, over time.
And what I’d recommend is, there’s so many schools these days, you can learn online. And you can start a little business on the side, without the risk and the pressure of having to make it work straight away. You can have your main job for your income and paying the bills and all that, but your business can be built quietly on the side, and that sort of stuff. And I was working in a corporate job, and also taking calls from clients that I was building their websites for and all that sort of stuff, and it was fun to juggle. And I would book meeting rooms on different levels of the office tower where none of my coworkers would see me, so I could do client work during the day. But that allowed me to, well, it’s almost like you’re running a business with training wheels, where you don’t have to worry about falling as much, but you can do that.
Lots of digital marketing stuff, Facebook ads, Google ads, all that sort of stuff. You can learn mostly, for free online, just by searching it. Professional services skills, stuff like consulting. If you can learn a lot about a specific niche topic and get good at it, initially you do it for free. Help some people for free, build up your skills. And then once you actually have legitimate skills, then you can start charging a little bit. And then eventually you can stop charging a lot. And that’s literally what I did. I started helping friends out for free, because I didn’t really know what I was doing, but I knew a little bit more than them. After 24 hours of research, you’ll know more than most people on a topic. So, you can help them for free to start with, so you’re not charging them for nothing. And then, you’re not charging them for no actual value.
But then you can learn, eventually, you can start charging them a little bit, or charging the referrals that they will give you, a little bit. And then eventually once you get really good, you can start charging high fees and that sort of stuff.
So, with the internet these days, makes this way easier. 20 years ago, you would not have been able to do this, or it would have been significantly harder. So, look at certain areas that you’re maybe interested in, or you have a high level skill set in. And look at, can you consult the businesses or individuals, on how to get an outcome in their life? I hope you found that useful. The final thing I would say is, this whole process of making more money, is not supposed to be, it may be fun for you, but it may not be fun.
It might not be fun. It might be boring. You might be over it, at times. You may see your friends going to events, and you want to go to stuff, but you can’t, because you’re stuck inside working. Don’t expect it to be all fun and games, but it will be worth it. So longterm, there’s a very high chance that you’ll have significantly more money than those people. So, just keep that in mind as you go. It’s not supposed to be fun. It will be draining, and boring, and annoying, and frustrating at times, but it adds up significantly. In the early days, it adds up a little bit, but then you fast forward a few years, and the difference is going to be dramatic. So, hope that helps. Hope that helps give you some different ideas around how you can make more money this year. And if you have any questions, let me know. If you have any comments, let me know. And if you want to like the video, like it. If you don’t, you don’t. And I’ll see you on the next video..