Wednesday, 28 December 2011

How I boosted my income by 50% this year

How I boosted my income by 50% this year
October 30, 2011 By Krystal Yee
At the beginning of 2011, I set a goal to make an extra $25,000 this year, in addition to my full-time salary. This would represent a 50 per cent increase in my annual income.
This meant I would have had to earn an additional $2,083 each month. With 10 months of the year gone, I have surpassed that goal with an average of $2,646 a month, or $26,465 so far.
Here’s how I did it:
1. Two part-time writing jobs
My plan was to take a part-time job at a store, or try to find a call centre job I could do from my home. Fortunately, I started working two part-time writing jobs instead.

2. Freelance graphic design work
I have kept up with the work given to me by my existing clients, and have been turning down any new graphic design contracts because I’m too busy.

3. Blog on my personal website
I have been writing on my own website four or five times each week for the last five years. The income from my blog is generated through online ads. Google Adsense, sponsored posts and contests, as well as affiliate linking.

The extra income has allowed me to save more in my emergency fund and retirement accounts, purchase my first home in Vancouver, and travel.

But the extra cash comes at a price. I work 20-to-30 hours a week on my part-time jobs and working 60 to-70 hours each week doesn’t give me much spare time. So in order to maximize the hours in the day, I make sure to follow a freelancing schedule by breaking my time down into 60-minute blocks. This really helps me to see what I’m doing with my time, and I can make sure to cut anything out that isn’t helping me get ahead – like watching television.

With two full months left in the year, I’m now setting my sights on earning over $30,000 in extra income before December 31st.

Krystal Yee is a marketing and graphic design professional living in Vancouver. She also blogs at Give Me Back My Five Bucks. You can reach her on Twitter (@krystalatwork), or by e-mail at krystalatwork@gmail.com.

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