This post is for readers who are interested in maximizing their day jobs to build wealth. Having multiple streams of income is a must in today’s ever-changing economy. However, not everyone has the time or the resources to start their own business or to work a second job. While starting a “side hustle” can be wonderful, sometimes the only side hustle that you have the time to maintain is your “main hustle,” also known as your day job. You can use your day job to build wealth by setting strategic career goals that will allow you to increase your salary.
Here are eight tips to help you transition into a higher paying field and pursue new investment opportunities.
1. Improve Or Learn Skills That Are Essential To Do Your Dream Job
One of the keys to breaking into a new career field is proving to the company that you actually have the ability to do the job. Once you have narrowed down the career paths that you want to pursue, the next step is to identify skills that are core to the job and to practice them.
2. Research The Best Stocks To Purchase
As everyone knows, the stock market can be a temperamental space. The best way to navigate the market’s tempestuous waters is to arm yourself with information about which stocks are affordable. A helpful metric for finding affordable stocks to invest in is by looking at the 52 week low stocks. This way you can find stocks that are affordable enough for you to purchase but still lucrative enough to be profitable.
3. Spend Time Studying the Investment Opportunities Available To You
Before you take the steps that are necessary to make a career transition, it is important to first research potential investment opportunities. Are you interested in real estate? Consider attending educational programming at a local real estate investment association.
Another lucrative way to make your disposable income work for you is to invest in the stock market. You can learn about the stock market by getting a subscription to business media such as the Wall Street Journal or by frequenting websites like MarketBeat.
4. Seek Out a Reputable Financial Adviser
Now that you know a bit more about the stock market, it is time to seek out the help of a qualified professional. The world of finance can often be a mystery and you will need a trustworthy guide to help you vet the research you have done and to provide the context you’ll need to make good choices about the stocks you invest in.
5. Take an Inventory of Your Marketable Skills
So you want to jump into a new lucrative career path, but you are not sure where to start? The best place to start is to think about the skills you already use in your current job and how they are transferable to other positions.
Are you a teacher who wants to transition to a higher paying field? You can use your experience creating lesson plans for your 10th grade world history class in more ways than one. You can apply your teaching experience to becoming an instructional designer for the federal government. According to XYZ, instructional designers who work for the federal government can make nearly $90,000 a year.
6. Research Possible Career Paths
Research is important because it can expand your notions of the career options that are available to you. You can uncover industries that are new to you simply by becoming curious about the products and services that you consume every day.
Before you research new career paths, be sure to establish and thoroughly assess what your goals are for your finances and your future investments. This way you will know what kind of income range you are looking for as you consider new career paths and the income goal that you want to aim for should you find yourself in a salary negotiation.
7. Consider A New Career Path That Is Well-Compensated
I can remember reading about the career journey of a professional who once said that as she searched for potential career paths, she realized that at the end of the day what she ultimately wanted most was to be paid. That sentiment may sound a little cynical, but it is perfectly okay to navigate your career with good compensation at the top of your list of priorities.
8. Don’t Overlook Creative Career Paths In Your Search For a High-Paying Job
There are potentially well-compensated career paths all around you if you ask questions and are willing to consider new things. If you have an aptitude for visual art, think about the color scheme of your cereal box or of the colors on the can of shaving cream that you use. Somewhere out there a skilled graphic designer chose the final combination of colors with the goal of making them appeal to as many potential customers as possible.
If you are interested in pursuing a career in writing, it is important to note that there are many opportunities to get paid to become a professional wordsmith that are outside of the professional worlds of journalism or book publishing. Consider the most recent notification from your favorite app on your phone. That notification was crafted and edited by a writer who wrote it with your interests in mind. The professionals who write the text that we see on the mobile apps, software, and digital products we use every day can command up to $50 an hour in the early stages of their careers with opportunities for salary increases as they gain more experience in the field.
If you want to break into graphic design, consider taking an Adobe Photoshop class at a local community college or the free beginners course on graphic design that is offered by the marketing firm, Hubspot. The important thing is to immerse yourself in your new field as thoroughly as possible. Nowadays, you can accomplish this without going back to school for a new degree.
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