Increasing your income


 Income increase

There are quite a number of ways to increase your income, starting a business, improving your education and qualifications, self-employment and volunteering as a way to gain experience in new fields. Expand your knowledge about the different sources of income, be able to explain the different ways to increase income and be able to prepare a personal income plan.


Lower incomes can prove to be a huge burden on financial well-being but there are few options you can employ to help you survive:

  • reduce expenses where possible ,

  • understand the difference between parsimony and saving,

  • identify investment opportunities,

  • find free opportunities to have fun

  • look for ways to earn additional income.


Ways to increase your income


Cutting down expenses

  • Eat home cooked meals instead of eating out

  • Use cheaper modes of transportation, bike or walk

  • Reduce your rent

  • Spend less money on leisure activities 


Generating extra income

  • Start a small side business

  • Talk to your employer about a raise

  • Do freelance work or part time jobs 


Investing your money

  • Purchase stock and bonds

  • Create passive sources of income


Self-employment 

A self-employed person is a person who earns a living by working for him or herself and is not an employee of any company or organization. You are self-employed if you own one of the following types of businesses:

  • sole proprietorship 

  • partnership 

  • limited liability company 

In order to register for self-employment, you must apply to your local municipality for a permit or license depending on the type of business you wish to engage in.

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