Mississippi Money: Invest in Extracurricular Activities That Pay Off
By Ryder Taff
Money advice so often focuses on spending or expenses. The easiest way to raise your savings rate is to lower your expenditures. While money saving tips and lower cost services will always be appreciated, what about the other part of the equation? Cutting expenses to the bone isn’t fun, and isn’t necessarily sustainable for your family. Earning more income could help you live the life you want while still reaching your financial goals.
Ask for a raise. Your job is likely your biggest source of income, a small increase here may have a big impact! While some companies have a set calendar for pay raises, in others you just have to ask. Focus on the value you add, the skills you’ve gained and the responsibilities you’ve taken on. Have specific examples to back up your claims.
Work on a new skill. If you don’t have room for advancement at your current job with your current skillset, expand it! Find a task that your employer currently outsources and see if you can learn it. You may find certifications offered online or on flexible schedules that you can manage.
Find missing money! The most fun option here is finding long lost money on the unclaimed property website. For the state of Mississippi this is done through the Treasurers office. A quick search of your name (and the rest of your family!) might reveal an old account, claim or other money that belongs to you! Check your existing accounts to find more money: banks or brokerages may offer cash incentives to open a new account or make a large deposit. These offers may make sense if you would benefit from the consolidation anyway.
Engineer yourself a bonus. If you have already been diligent about saving and investing, treat yourself! We earn and save money so that we can use it! If you work with an advisor, talk to them about what you can afford to give yourself as a bonus this year. Don’t interrupt your discipline of regular saving and the one time withdrawal won’t significantly impact the growth of your account.
Lastly, a word of caution: There are plenty of “side-hustles” out there, from affiliate or referral marketing to driving for Uber, that promise freedom and money with ease. While it is possible to put in work to earn more money, know that it is another job. Be realistic about the time and effort that you will have to put in to start, grow and sustain the new gig. Time with your family is already precious, so do make a careful calculation of the time you will put in for the money you get out.