How to Make More Money in 2019
None of us have any money.
At Two Cents, we often focus on maximizing your money by increasing your investment or adopting new ways of saving. But what to do when you just need to earn more ?
Lifehacker spoke with five people, including a familiar face (hello Christine!), To understand how people across the country are planning to increase their income. We’re moving away from the clichés, vague advice you usually find in personal finance articles – hurry up, open an Etsy store, and more – that are only relevant to some people, and find out how real people make more money for themselves in 2019.
Here’s how real people plan to boost their income this year.
These interviews have been abridged and lightly edited for clarity.
Name: Teresa B.
Age : 31
Location : Portland, Oregon
Job and Income : I work in the non-profit sector and I am a data scientist. My salary is just under $ 43,000 (including 403 (b) match).
How much of your monthly income does your bills pay ? Rentals and bills account for about 50-60 percent of my monthly salary, including student loans. I have about $ 60,000 in private and federal loans.
Do you have a specific monetary goal right now ?
My goal right now is to pay off the loan as soon as possible. I want to accumulate my savings a little more before I really take on this, but that’s the main goal. That’s about $ 60,000.
How are you planning to make more money this year ?
I’ve been looking for a job since September, so ideally the goal is to increase my salary. But in the last few months I have not had much success, so I have an additional part-time job, I am going to work a few nights a week at the reception. I am going to use all the income from this job towards my student loans and I am still looking for another job.
This isn’t the first time I’ve done this, I guess I’m just used to being very busy, whether it’s school, or part-time extra work, or sitting dogs for my friends – I always had something else going on.
On the nights I usually go out, I’ll be working, so I’ll save money that way, but I kind of told my friends directly what my situation was, like, “I’m not going to hang out with you as much. My approach is to talk frankly about it with my friends.
Why do you want to earn more ?
I don’t know if it’s just because I graduated, so this seems more definitive, but I want to take my finances more seriously. I haven’t lived month after month, but I haven’t been very hard on myself … When I saw the total volume of student loans it was just sobering, but overall I think I was. ”I put off putting my finances in order.
About two years ago, I probably didn’t have any savings, I just worked paycheck to paycheck. I now have a small nest egg, so I am trying to enlarge it. I have a new budget [Teresa follows the 50/20/30 budget] for 2019 that I have set, and I am trying to save more.
Is there any good money tip ?
I used to have a lot of financial stress and it’s not great, it’s not very good, so when I buy something I try to think, “Is it worth it? Is it worth the stress, this discomfort in your stomach? “I keep this question at heart.”
Name: Phil M *
Age : 26
Location : Los Angeles, California
Job and Income : I am an Administrative Assistant at Sony Pictures, making $ 50,000 a year (plus six percent 401 (k)).
How much of your monthly income does your bills pay ?
I would say maybe 80 percent including rent, which is $ 945 shared with my girlfriend and I just bought a used car that costs about $ 350 a month with pay and insurance. We don’t have a cable, we have internet, which costs about $ 60 a month. I am lucky that I have no student loan debt, but just a car loan. I am contributing to 401 (k) through my company.
Do you have a specific monetary goal right now ?
I want to save about $ 10,000 in cash, which would be a pretty comfortable pillow if something terrible happens. And now this is far from the case. I just bought a car and I’m sure I can get some money back, but I’m focused on saving.
How are you planning to make more money this year ?
I was considering driving an Uber or Lyft, or taking odd jobs, but thought it might be more cost effective to acquire additional admin skills. I am fortunate that Sony offers on-site lessons that teach more advanced things like Excel, so I want to learn the basics of low-level programming. I’ve already learned a thing or two from this, and it’s helpful. The goal was a promotion or promotion at Sony.
And, in fact, over the past six months I have had two more bosses. I manage their schedules … so with this increased workload, I learned some cool minor programming tricks to save time. I have already shown such things to my colleagues and my boss is impressed. So I hope to say it’s time to review, that I take on more responsibility, I make things more efficient, I think I deserve this and that because of this.
Is there a specific path that interests you?
I want to do more animation … I don’t necessarily want to be an illustrator, I want to do production. I love the job I’m currently working in, it’s not a creative role, but I think the skills I’m learning here will help me in a creative role. I like the team here and like the relative safety.
When I graduated from college, I worked for a digital media startup. He had some kind of funding and the hours were long, but he grew very fast and collapsed very quickly, so I jumped from work to work until I got here. Here I love my watch, my bosses, my colleagues – this is the best work-life balance in addition to the fact that I make more money than in previous positions.
They offer bonuses mostly once a year. I got a $ 3,000 bonus last year and most of it went to my 401 (k). I don’t expect that even if I achieve all my goals, I don’t expect the increase this year to exceed the pre-approved amount that administrators can get.
Why do you want to earn more ?
I’d rather sleep at night knowing that I don’t have to start selling things or calling my parents … I’m happy that I have parents who are really eager to help, but perhaps this is a source of pride. I really do not want to be in a situation where I will be scolded for being irresponsible.
I also think about the long term, like marriage, children, home, picket fence. I think it will look a little different in southern California, I don’t think we will have a house that you could have in the Midwest, but having a cash reserve is on my mind when I look at my finances. …
How often do you think about your finances?
In my schedule, as an assistant, I definitely organize a lot. On paper, this is approximately every two weeks, that is, when I receive a salary, I look at my budget and make amendments. After buying a car, especially after the holidays, every day I look and wonder what I can adjust, what can I save on, for example, a phone bill or something like that.
Why do you have such a desire to put it in order right now?
I’m getting old and a lot of our friends got engaged over the holidays, and that was one of those moments. And definitely getting a car, it’s like you’re going to pay the price for it in 2024, and I’m asking, oh god, am I even going to be alive in 2024? So he looked at it for so long.
Is there any good money tip ?
Obviously I’ve read Lifehacker and Two Cents, but my stepfather is a day trader and I think he is lucky enough to make a living with something relatively risky, and he also plays poker, and I think these two strategies play with each other. friend, and he likes to think logically about money. I can’t do this all the time, but when discussing money, try to think of it as a game and not as part of your personality. If it looks like Tetris or something like that, I’ve never seen anyone start crying over losing a Tetris game. Looking at finance, it’s scary. Most people, myself included, talk a lot about “who I am” or “where I am going,” tied to how much we earn. Every time I look through the material, I try to remember that this is not the end of the world.
I am very lucky that I have caring parents, and I understand that this is not available to everyone. People tell me that I am at my best, but I can only do it because of my friends and family.
* Name has been changed.
Name: Jackie Lam
Age : 36
Location : Los Angeles, California
Job and Income : I am a freelance writer , I billed over $ 100,000 in 2018 and am looking to make the same or more in 2019.
Last year was interesting because I earned the most, but worked the least. I took a six week hiatus, I deliberately took my June vacation, and then took a two week hiatus in December. It was cool.
How much of your monthly income does your bills pay ?
The basic living expenses are between 20 and 25 percent because I live quite frugally. My savings are probably that I save quite a bit, so I think most of my extra money goes into savings, savings plus basic living expenses are about 50 percent.
I have some savings for my short-term goals, a fund for busters, and as far as retirement goes, I have a (individual) HSA that I try to make the most of, and then I have a traditional IRA that I regularly invest in, according to $ 500 apiece. month. I also have an individual 401 (k) and I try to invest as much as possible, focusing on employer and employee contributions if I can.
Do you have a specific monetary goal right now ?
The only thing that looks ambiguous because I haven’t fully adhered to it yet is perhaps buying a home. Last year I took out a small car loan because the annual interest rate was quite low, so I want to pay it off. For the rest, I think I am a great survivor as a freelancer.
I am also working on getting an AFCPE [Certificate of Financial Education]. I hope to finish this in the next year or two to help freelancers and creatives with the money. I love writing about money, but I want to help people with their money.
How are you planning to make more money this year?
Last year I had several concerts that were longer, I had contracts with more stringent conditions. This was my fourth year as a freelancer, and before that I had regular clients, but more fickle ones. But now I get more consistent assignments like, “Hey, we need one article a week or two a week,” and I get a higher grade.
And building a community and reaching out to each other is really helpful. I think some of my work came by recommendation, from editors, but also from friends of mine who work in this field. That was a big part [making more money].
This year, my strategy is really to focus on royalties so that I have more clients who pay X and guarantee X, which helps me sane.
How has your community helped you earn more?
Community building is great because it reduces risk. You need to find clients that match your rates and you need to diversify your income stream. Every day, if you just recommend to a friend, or share a post, or support your colleagues, grow your tribe, I call it, it may come back to help you. And indeed it is. As a freelancer, this is useful in many ways.
By definition, if you are self-employed, then “solo entrepreneur,” you think of lone wolves working in their living quarters. We run our own business, but we have friends with whom we can talk about everything, for example: “Did you work for this client? What is it like, how much do I need to charge? ” This is useful.
It’s a wild, wild west in many ways, you can’t go online and see the standard pay … it’s like, okay, how much do you make as a writer? This can vary depending on many factors: your knowledge, your negotiating ability, your client. Your client may pay for the same thing at different prices. So it will be helpful to talk to a friend about it. But there are also basic tips for negotiating, basic tips for managing cash flow – all of which are interesting.
Why do you want to earn more?
It’s always nice to have more money because you might need it as a financial cushion, and it’s also interesting because it comes with potential. I don’t have to make money as a measure of success, but when you freelance it’s a risk, you take on a lot of responsibility, so I wanted to see how well I can do it. I am not forcing myself to make a certain amount of money, because it will drive you crazy.
[Making more money] was a byproduct of hard work and trying to strategize a little. I think it just happened, I know it sounds weird, but I didn’t plan for it to happen. But it’s good to have a pillow and have more options.
Is there any good money tip for you?
The only thing I think about a lot … is just approach money as a resource, a tool. You want it to look like water flowing in the background. You want it to run on autopilot, you don’t worry about it, you don’t regard it as a status symbol. It is a resource that runs in the background, but is not the ultimate goal or a reflection of all your success. This is a single indicator.
And when you’re freelancing, find clients you enjoy working with who have value beyond money. Are you learning something, do you enjoy working on it? I feel better at the work I am doing now, and this is a sign that you are heading in the right direction. You know the adage, “Not all money is good money.” Just feeling happy for your customers and for your work is a powerful indicator and a good indicator.
Name: Courtney Freeland
Age : 31
Location : Shelby Township, Michigan
Job and Income : I work as a senior applications engineer for an engineering firm. My salary there is $ 84,000 (including a 401 (k) match).
How much of your monthly income does your bills pay ?
My fiance and I put $ 500 a month into a savings account and this is our joint account. We use this to pay for the wedding, we’ll get married in May. I put 15 percent in my 401 (k) and look at the bills. I pay my fiancee half of the mortgage on her house, but other than that, I don’t do anything else.
Do you have a specific monetary goal right now ?
As for me, I am not going to receive any more income, because my salary has just been greatly increased.
How are you planning to make more money this year ?
When I was at my last job, I was really underpaid. I made $ 73,000 last year, and $ 80 was more normal for someone who hadn’t gone to college in my specialty for eight years. I trusted the manager and did not negotiate, I thought that he would not deceive me, but he did it. Then I found out that I was underpaid and left.
How did you know you were underpaid?
I think I watched Adam Ruins Everything and they talked about how you should talk to your friends about how much you make [ Alicia’s note:this is this episode ]. Then I also searched the Internet, talked to friends and dialed this number.
I spoke to my boss and asked for a raise. I didn’t say, “Hey, I’m underpaid,” but I said, and I was the only woman on my team, “Hey, judging by the salaries, compared to the guys, I know I’m underpaid. … “And my boss said,” Yes, I know you’re underpaid too. “
I said, “Okay, I would like to be paid equally,” and he said he would work on it. My other boss [hiring manager] was not that straightforward with me, so it was nice. I reminded him a few months later because I hadn’t heard anything and I kept looking for another job because they usually say that you won’t get that much promotion in your current job … you need to move to another job. new job to make more money.
I was offered an [current] job for $ 84,000, and the next day my boss at my old job coincidentally said, “We’ll give you $ 80,000,” and I said no. This other place gives me another $ 4,000.
I had that wicked feeling when you know you’ve been underpaid for so long. I worked for almost five years. At my new job, I was not asked what my salary was at my last job, they gave me the real salary that I should have received.
Why do you want to earn more ?
I am not going to do secondary work, I don’t need to do anything else or anything else. I am also in graduate school, so the opportunity to get that kind of money increase made it all possible.
Is there any good money tip ?
I try to read one financial book a year. I just love learning about it, I just felt like I didn’t know about it for a long time. Right after school I didn’t even have a savings account, I probably had $ 200 or less on my check, and I thought, okay, I need to get my shit together. Find out what works for you, but I really like Ramit Sethi and I will teach you how to be rich and I follow his advice.
But also talk to your friends about the salary, even if you think it’s taboo.
Name: Christine Wong
Age : 35 years old
Location : Pasadena, California
Work and income : Freelance writer and writer. I make about $ 75,000 to $ 100,000 a year, but about 20 percent of that goes to business expenses.
Over the past five years, I’ve probably made an average of about $ 75K from writing articles as a freelance writer, not counting advance books, speeches or something like that, but just letters to clients. I made about $ 60K last year as a freelance writer because I had to take time off to write a book. It may sound like a lot, but the costs of freelancing – health insurance, business expenses – offset a significant portion of that income.
How much of your monthly income does your bills pay ?
Including housing, bills account for about 25 percent of my income.
Do you have a specific monetary goal right now ?
In addition to saving for retirement, I would like to help my parents save money for them.
How are you planning to make more money this year?
I want to make it easier to negotiate. I encourage other people to do this in my articles, but lately it’s not something I’m doing well at.
I’m really trying to get rid of the fear of saying, “My standard bet is X amount.” I was afraid to set standards because I don’t want to lose my job, but I also know that this is important if you want to increase your income.
Why do you want to earn more?
I want to earn more to help my parents. They are struggling financially right now, and while they may be paying bills and saving a little for retirement, it would be nice to be able to support them so they can enjoy life a little more and not worry about money. so much.
Is there any good money tip ?
Set yourself a specific meaningful goal for your finances. This is the main theme of my book Get Money . When you have a good reason to handle your money better, you will be much more motivated to take smarter financial moves, be it downsizing restaurants, negotiating, or keeping to a budget or debt plan.
Now it’s your turn: how are you making more money this year?