Strategies to Boost Your Income: Beyond Lottery Dreams 

_{By Bromwich+Smith Staff | 678 words | Reading Time: 3 minutes and 23 seconds  | Date: 2024/01/17}

Millions of Canadians purchase lottery tickets every year, it’s estimated that almost half of adult Canadians purchased at least one lottery ticket in 2022. We have all dreamt of what we would do if we were to win the lottery, and finally getting out of debt, buying a fabulous new home or car, and taking loved ones on a once-in-a-lifetime vacation tend to be the top of the list. Just in case you don’t win this giant jackpot, let’s look at other ways to add to your income this upcoming year.  

While it may seem counter intuitive when you are looking at increasing your income, investing time and money to further your education could go a long way in increasing your future earnings. New skills can make you more valuable to your current employer or may open new opportunities. Think about what you would love to do full time, what the income associated with that is and what skills you need to have. Maybe you want to take online courses to learn graphic design or coding, or perhaps you want to be on the leading edge of your trade. Whatever it is, a little education can go a long way. 

Take what you love to do and find a way to get paid. We all have hobbies, but do they pay you or are you constantly putting money into them? Find a way to make an income from your love of baking, or knitting, or your ability to teach languages.  

Look into local craft fairs, selling online through Marketplace or Etsy. Consider gifting your handmade items to others if you are not already doing so. Word of mouth can help a new business out tremendously, and if you gift your items instead of purchasing teacher gifts, or birthday gifts you are saving money already! 

If your hobby is more of a service, consider a side hustle that will bring in profit. Advertise on sites like UpWork or Fiverr. Side work can help supplement your 9-5 regular paycheque nicely.  

If a side hustle isn’t your thing, consider ways you can maximize your employment income. Don’t be afraid to negotiate your salary during job interviews or performance reviews. Do your research to understand the value that you bring to the team. By having a clear understanding of the going rate in your market, you will be better able to argue for your value and what you can do for your employer.  

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Look at your internal job board! Many times employers will hire internal candidates and the next promotion could be yours! Taking on additional responsibilities or, seeking promotions will not only align with your career aspirations, but will help your wallet too! 

Declutter your life by downsizing items you no longer need. This could include the RV you purchased over the pandemic and haven’t used in 2 years, or the baby stroller you purchased for your grandchildren who have long since outgrown it. You can make space in your house again, add to your bank account, and help someone out looking for an item at a reduced price- it’s an all-around win!  

When exploring additional income sources, don’t forget passive income streams. Investments over time can create passive income. If you are new to investments consider working with a financial advisor who can steer you in the right direction. For some, real estate investments including rental properties both long and short term can make a huge impact on their bottom line.  

We understand that for some, adding to your income is not going to be enough to counter the overwhelming debt. If you are struggling, speak to a Licensed Insolvency Trustee today and find out about federally regulated options that can help reduce your debt up to 85%.  

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1-855-884-9243, Live Chat  or you can request a call back at contact us page. We want to see you flourish!     

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