Is your yearly salary beating inflation rate? Here’s a calculator to help you check if it is higher or lower than the average inflation rate.
If your increment is not beating the inflation rate, what are the ways of beating the inflation rate?
There are some ways you can do to increase your income.
Ways to increase your income:
1. Ask for a pay increase
Time to ask for a pay increase if you feel that your workload should be amount to a certain remuneration. Ask for a raise and justify the contributions to the company. Check out some tips from Harvard Business Review:
2. Change your job
Well if you don’t get what you want or you feel that you are not suited for the company anymore, maybe it’s time to find a better prospect in your career.
3. Work part-time
The other thing is to work part-time. It can be a side job which something that you love to do e.g photo shooting for weddings, designing jewellery or maybe even working as a barista!
4. Invest in the Stock Market
The most common way that most would be advised is to invest in the stock market. However, there are risks when you invest in the stock market such as losing your capital. However if you have the patience and knowledge, you can beat the inflation rate with investing.
5. Create a passive income for yourself
Creating passive income is kind of like working part-time, but you still generate money when you are working in your day job, taking a vacation or even sleeping. How do you do that? There are many ways and areas to explore. Most of them are using the internet to help you earn. Some other ways are investing in dividend stocks which will give you dividends every year. However, passive income generation will consume the most time initially as you need to learn and prepare the necessary skills to create your own income. Remember, there are no quick get-rich ways to passive income!
If you like to learn about creating passive income or investing in stocks. Join the Think Rich Grow Rich Facebook group!