Helping you out with your Financial Freedom journey, I decided to share with you 10 ways on how to make more money.

Even though there are many other ways, I brought some of them here. Maybe I might write in future another method of increasing your monthly income 🙂

Number #1: Increasing your salary

One way of increasing your income is simply to increase your salary. You can do this in two ways. Either you ask salary raise and give good reasons why you should get that raise or you can change your workplace. Both of them have pros and cons.

Increase salary through a salary negotiation

This is something that is difficult to do voluntarily. It’s not easy to go to your employer and ask for a salary raise or at least that kind of mentality we all have. However, when you start bringing much value to the company, that’s a great time to ask for a salary raise.

The keyword here is the value. The value that you bring to the company and it makes total sense. Imagine you own your own company and your employee asks for a salary raise. Would you give it to him/her without bringing any value to your company? Sometimes there are of course exceptions, like economy states. For example, if rates go high you would need to raise your employee’s salaries in order for them to cope and also keep them happy.

Have the courage to ask for a salary raise when you feel you have brought lots of value to the company, especially if you haven’t received any in one year.

Increase salary through changing workplace

Another way of increasing your monthly income a lot is by changing your workplace. There can be even dramatic salary increases if you were underpaid in your previous company. This is not an easy step to do and can be mentally exhausting but on the other hand, it can also provide you with great opportunities to grow in your career on top of a big salary increase.

The most difficult decision this becomes especially if you are enjoying your current company. However you are not going to work there forever, so you need to think and make the decision.

The most exhausting thing about this way are interviews that you might have to go through. I have been in companies where I had to go even four interviews with different people and I passed them all. I am not here to boast about myself but what I am trying to say is that the process was exhausting because of excitement, stress, and tension, which happens when you think “What if you don’t pass these interviews?”

What I have learned is to take them easily, especially if you have a job currently. It is different if you are unemployed.

Remember never end your contract with your current employer until you have signed your new contract.

Number #2: Freelancing

Freelancing is a way of doing work when you like. The great thing about it is it gives you the freedom. Freedom to choose the type of project you like to work with and when to work with. I need to make clear two things here. First of all, I am talking now about online freelancing and secondly, when I mentioned that it gives you the freedom to do the project when you want I meant it in a such manner that you can select when you would accept the project to be worked on.

Freelancing is another good way to make more money if you have time and resources. Remember to not exhaust yourself. Working too much is never good for your health. One way of doing freelancing is by using Fiverr.com. It’s a place where you can become a freelancer and accept gigs of people.

The process is very simple. In a nutshell, it is something like this:

  1. Register for their service
  2. Fill out your profile and tell to your customers what kind of skills you have and what kind of gigs you can accept
  3. Let the customers place gigs (projects)
  4. Get paid

Fiverr.com will take some fees, but they shouldn’t be big fees.

Number #3: Creating an online course

financial freedom teacher creating online course
Creating an online course

One way you can increase your income is by creating an online course. The awesome thing about this is if your course is sold on platforms like Udemy, it’s going to be passive income whenever someone buys your course. Why? Because in this case Udemy is basically taking care of getting traffic, how? Because they are very well known. Of course, this doesn’t mean you can’t advertise your course to get more students to enroll in the course.

How to create an online course? First, you need to decide what topic or subject you want to teach other people about. Obviously, you need to have experience and skills in it. You need to bring the value to your student.

Once you have decided on the topic, it’s time to make a plan on what kind of things you want to teach on that course and what kind of resources you want to provide. Create a plan for example in text editor. This will also help you to remember and manage your course.

Once you have created the plan, the next step is recording the video. If you plan to record from the screen there are lots of free screen recorders out there. Just search in Google for example “Free screen recorder”. If you need to record your face obviously you need a camera. You can use a professional camera, web camera, or even your phone camera (not recommended). Record all the content you wish and then you need to edit it.

So the next step is to edit your videos. You can use free or paid versions. I used to use Adobe Premiere Pro but nowadays it costs on a monthly basis. There are free video editors like DaVinci Resolve (also paid version available). However in my opinion DaVinci Resolve is quite difficult to use. The interface is not so user-friendly.

Once you have put all the content it’s time to upload your course to Udemy if you decide to do so. Udemy should have quite clear instructions on how you can upload your course to their platform. So follow those instructions.

If you decide to sell your course on your own website then you probably need some kind of learning platform. Again, you can search for example via Google “Course platforms” or something like that.

If you decide to upload your course to your own website or blog, then obviously next you need to drive some traffic to it unless your website or blog have already traffic.

Number #4: Dividends

financial freedom teacher dividend stock market
Dividends in the stock market

Dividends are one of the easiest ways of increasing your monthly income. It’s passive. If you don’t know what dividends are, here’s a short explanation of what it means. Dividends are portions that are paid by specific companies based on how many shares you own of their company. Companies who pay it vary and it’s their decision whether they decide to pay or not to pay for their shareholders. The dividend payment period also varies. Some companies pay on a monthly basis, some on every quarter, some on every half year, and some once a year.

As you understood this is related to the stock market. The cool thing about this method is that you just need to be the shares of the company and just leave it grown. Once you get those dividends you can re-invest them or withdraw.

The only con that comes to my mind related to this method is that you need to buy a lot of shares to get a decent amount of dividends each month. Now you might ask “But you just said that dividends are paid in different periods”, yes, but even in that case you can calculate how much dividends you are paid on a monthly basis.

Let’s take a quick example. Let’s suppose you have 1000 shares of company XYZ. They pay a dividend of $0.05/share every quarter. Thus 1000 shares * $0.05 = $50. This is how much you get paid from your dividends every month. Divide that now by three (months) $50/3 = $16.67 / month.

Hope that helps.

Number #5: Renting an apartment or house

This method of increasing your monthly income requires lots of capital because you need to own either a house or an apartment. So the idea here is that you would rent a house or apartment for some person or family.

How to do it?

You have few ways of owning a house. Let’s go quickly each of them:

  1. Having enough capital to buy or build a house
  2. Borrowing money from the bank to buy or build a house

Having enough capital to buy or build a house

In this way, you have enough money to buy or build a house. Then you simply rent it. How much you should put the price of rent? Well, I am not going to tell you what it should be exactly because it depends on many factors. I will list several factors that could affect the renting price and by using them you can determine what the price of the rent will be for your house.

Borrowing money from the bank to buy or build a house

This is a bit different method because it involves you borrowing money from a bank to buy or build a house. When you want to have a house loan with a bank you need obviously some kind of insurance in case you are not able to pay the whole loan.

This rarely happens because the only way you could lose the house is when it gets destroyed. When you rent your house to a customer you should take care and clearly state in the agreement that you require from customer to get proper insurance in case they succeed in destroying the house.

Assuming nothing bad happens to the house and you get a customer to whom you have rented your house you should determine the rent to be at least the amount of the monthly payment of your house loan.

Facts to effect on determining your rent price

Now let’s discuss quickly about determining your rent price. I will list here several facts that could affect the rent price and you will determine how much you will charge for monthly rent or even weekly rent.

Here are the facts:

  • Type of the house
  • Size of the house
  • Building year of the house
  • Energy class of the house
  • Is the house renovated or not?
  • Is there any public transportation nearby?
  • Any important services or buildings nearby (malls, skyscrapers)
  • Is the area prestigious?
  • Does the area have a high crime rate?

Number #6: Renting a parking lot

financial freedom teacher parking lot
Parking lot

Here’s another way of increasing your monthly payment. If you own or even rent a parking lot you can rent it. In the case of owning a parking lot and renting it, that’s pure profit minus taxes.

If you have already of parking lot you can still rent it to some other person and charge a higher price.

Number #7: Selling digital product

This method can literally bring you tons of money thus increasing your monthly income because it can be also passive.

The idea behind this method is you create a digital product or service and sell it. You can sell it on your own website or blog or in some platform.

If you intend to sell it on your own website or blog then obviously you need to take care of getting traffic and this requires a bit of work. However, if you let’s say combine getting traffic from YouTube, TikTok, or Instagram platforms then you don’t have to worry much about getting traffic because if you create videos or posts on those platforms, add links to your website or blog and you have optimized them properly then people will find your website or blog through that. Then it’s another question of whether people will click those links on your videos or not.

If you decide to sell it on some specific platforms then usually those platforms will take care of getting traffic. One such platform is Etsy.

In Etsy, all you need to do is create an account, create a listing upload your digital product there, and let it be. Just wait and you will start to get messages of cha-ching :D. Of course, this is not easy as I wrote because you need to do some research and also optimize your listing.

Number #8: Creating YouTube videos

financial freedom teacher creating youtube channel 2
Creating YouTube videos

If you enjoy creating videos, you have patience and you are not afraid of doing videos, then YouTube can be a great source of income. How? Well, when you have created enough big YouTube channel you can utilize it in many ways to make money or get traffic.

You have at least two methods of making money and the cool thing is that you can utilize them both at the same time. The first one is via ads and the second one is via product recommendations by using your affiliate link.

If you want to make money with ads you need to be eligible for the YouTube partner program. While I am writing this post the requirements are as follows:

  1. Have at least 1,000 subscribers
  2. Have 4,000 watching hours in the past 12 months OR 10 million views of short videos in the past 90 days

How to create a YouTube channel and make money?

Here are quick start instructions.

  1. Decide on what niche you want to go with. You can write down all kinds of niches you have expertise with.
  2. Do some research on all those niches you have written down. Check which has the most traffic demand and how big the competition is. The higher the traffic and less competition the better chance you have to succeed in growing your YouTube channel and eventually making money. You can use Google Trends to get a rough idea of how demand is your niche.
  3. Go to YouTube and create your account. You need a Google account for this.
  4. Upload a header photo for your channel and set it up with recommended information like profile picture, description, location, etc.
  5. Start uploading your YouTube videos. If you don’t have any videos to upload then obviously you need to create one first 😀
  6. Constantly upload your videos. YouTube loves consistency.

Number #9: Affiliate marketing

Affiliate marketing is still booming even though it has been for many years. I think one reason is because of the simplicity of it and no product can be sold without any traffic online. It’s like having a shop in the Sahara desert where there are no daily people coming :D.

The idea with affiliate marketing is that you get paid a commission for every sale that is made under your affiliate link. This payment can vary from 1% – 70%. Yes, you saw it right up to 70% or actually even more.

There are tons of places you can get affiliate links from to sell other people’s products. To name a few Amazon and Clickbank. Basically, you create an account on those platforms, search for the product, and promote it the way you like it. Whether it will be on your website, blog, YouTube channel advertising, etc. You decide.

Whenever someone buys those products you get paid a commission as I stated above. Once you have accumulated the minimum payment threshold you can withdraw your money.

Now you might ask how I can increase my monthly income with this method since it requires some work. Well, let me tell you the beauty of this method.

Imagine you have a website or blog, you get constantly over 5K visitors and you have an ad-type header of the product on your website or blog which is so visible to the visitors of your site and it will catch their eyes, they will go and check it and decide to buy it. Boom, you just made a nice commission for doing almost nothing.

How about utilizing a YouTube channel? You have a video that constantly gets lots of views constantly. You have added your affiliate link in the description below or even mentioned it on your video and someone checks it and decides to buy it. Again boom you made some commission 😀

Another powerful method. You have created a huge list of subscribers via newsletter. Let’s say you have a product that costs $50. You get a commission of 50%, that is $25/sale. Your list is about 100,000 subscribers long. You send only one email to your subscribers because you recommend it. Assuming that 33% of people will open that email. That’s 33,000. Of those 33K people, only 40% will decide to check the product, that would be 13,200. Of those only 10% decide to buy the product, that is 1,320. With this one single email you have just sent have made 1,320 * $25 = $33,000. That’s some people’s yearly salary and you did it with one email. Can you see how powerful this can get?

Number #10: Adsense ads on your website or blog

Creating a website or blog and trying to monetize it with Google Adsense is not definitely from easiest part, but this can also bring you some nice passive income. The reason why it is not the easiest thing to do is that you need to build a genuine useful website or blog that really brings value to your readers.

Goodbye to those old days when you could quickly create a Google account, apply for Adsense, and get approved 99% of the time no matter what kind of blog you had as long as they didn’t go against Google Adsense policy rules.

Google Adsense has improved dramatically and to be honest I am glad that they have made getting approved for Google Adsense much harder because they want to provide for real content creators who provide high value to their readers to make money via their platform and even more to provide their advertisers highly convertible customers. Thus they want only high-quality websites or blogs where the creator tries building authority and concentrate on quality over quantity.

How you can make money with Google Adsense?

  1. Build your website with high-quality content.
  2. Post regularly and be consistent.
  3. After having at least 50 high-quality posts you can try applying for Google Adsense (Google doesn’t require any XX amount of high-quality posts, it’s just my recommendation)
  4. Go to Google Adsense and apply
  5. They will ask you to go through the site verification process. Which is a very easy thing to do. Basically, you need to copy and paste a code to your blog and they will review it.

A quick tip. If you use AI to generate content for your website or blog and you don’t even read it, or change the content of it you can be quite sure that your site will not be approved for Google Adsense. Google has smart ways of spotting AI-generated content.

However, you can use AI to help you in generating content. There’s more wiser thing to do rather than letting AI create purely the content for you.

Conclusion

There are many more ways of increasing your monthly income as I stated in the introduction section of this post, but here I shared 10 of them and in the future, I might consider sharing more ways. We will see.

I hope you enjoyed this post and got a lot of useful information. The reason why I didn’t want to go into so in detail into these methods is because this post would have bloated so big that it would bore you. Maybe I might write more details about specific methods so that you can utilize them fully.

If you have any comments please write them in the comment section below or if you have any feedback, you can always contact me via the Contact page. Have a great day! 🙂