7 Ways to Make More Money While Cutting Your Working Hours in Half
In the go-go world of work, there are never enough hours in the day. It also feels like you might be working full-time (and then some!) just to get ahead, but when you check your bank account, it doesn’t seem like the money is adding up.
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The ideal scenario would be to work less while still earning a decent wage, perhaps even making more money than you currently are. If that sounds impossible to you, it’s time to figure out a better way to work with the time you have.
Here are seven ways to make more money while cutting your work hours in half:
7. Freelance
“Freelancing means you can charge a set fee for a job,” said Janita Grift, a money expert and owner of Frugal Fun Finance. “Most of the time working a freelance side gig or hustle means that you not only set the rate for your services, but usually the hours, workload, and setting, which could even be from the comfort of your own home.”
“Offer up your expertise in any field and [charge] premium rates to share and teach about your knowledgeable skills,” advised Scott Lieberman, the founder of Touchdown Money. With freelancing you can focus on high-paying clients so you can maximize your earnings while choosing when you will work.”
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“As you sharpen your skills and become better at your craft, you’ll spend less and less time doing the same job. For example, when I started writing freelance, the same job that took me 6 hours now takes me 50% less time (around 3 hours).”
6. Start Working Remotely
The COVID-19 pandemic lockdown of 2020 was a game changer for the world in a lot of ways, but one of the biggest came in the form of how we work. Many companies allowed their employees to work remotely or virtually from home, a trend that has continued more or less in the preceding years.
If you are still clocking in at an office or showing up to a work site for a job you could be doing from home, it’s time to start working remotely to save you time and earn you money.
“If you request remote work at your daytime job there’s a chance that you can make more money by working less,” offered David Bakke, the money and career expert at DollarSanity.
“I’m not suggesting that you game the system,” Bakke clarified, “All I’m saying is that if you are hyperproductive and efficient with your work schedule, you can make more money while working less.”
5. Outsource Tasks
When you have a lot to accomplish and not a lot of time, the answer to all your needs is outsourcing job responsibilities to others. You might have to share a little of the money you’ll be making, but you’ll find your schedule freeing up and your income is increasing so much that it’s no problem to share the newfound wealth with those you have delegated tasks to.
“To free up time to spend on more lucrative jobs, you can delegate aspects of your job to others so you can spend more time on developing increased revenue streams,” Lieberman said. “You could also offer services at a premium rate and outsource the work paying less to pocket the difference.”
4. Choose The Right Side Hustle
In this economy, with the rate of inflation as high as it is, you need a side hustle just to survive. The trick is finding the one that suits your needs and your talents. For example, if you do not own a car, perhaps ride-sharing or food delivery is not for you. But if you have a skill that you can do without needing to commute and can be done with the resources you have available, you might have found your gig economy calling.
“From personal knowledge, there are a ton of side hustles being advertised that aren’t worth your time,” said Bakke. “But if you choose the right one you can make so much money in your spare time that you can afford to go down to part-time in your traditional career. Just make sure you find the sweet spot.”
3. Develop Specializations To Eventually Double Your Rate
Lots of people in the job market today offer the same tried and true skills to look appealing on job sites or resumes. While those might be an asset required to get a job done, figuring out a niche that you can specialize and charge more for is the sweet spot.
“When you become certified and go into a more niche field such as an IT specialization, you’ll be able to gradually increase your rate,” Grift recommended. “Eventually, you could be making $80 or $100 per hour instead of $40 or $50.”
2. Invest In Passive Income Streams
Making money does not have to be a full-time grind. In fact, lots of people have watched their money grow by doing next to nothing. How did they start that upward trend in their bank account’s balance? Investing in passive income streams like stocks, bonds and other additions to their portfolio.
“There are several ways to create consistent passive income,” according to Lieberman. “You can sell digital items on sites like Etsy, become an affiliate marketer, invest in dividend-paying stocks, or generate revenue from renting out real estate.”
“Investing is an incredibly important part of anyone’s financial plan,” Grift explained. “I set aside at least 30% of my paycheck so that one day, I’ll work 50% less than I do now. I’ll be able to do this by living off the interest from my investments.”
1. Cross-Train At Daytime Job
One way to sidestep the side gig is to utilize the training available at your current job. Employers are looking to retain workers, perhaps even promoting them to higher roles where they can advance at the company. By cross-training with your current work situation, you might find yourself in a position to be working less and earning more.
“As a last resort, cross-train at your day job,” Bakke said. “If you become so valuable in a variety of roles, there’s a chance you can work less and earn more, but it’s not an easy path.”
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