Tips | November 18, 2010

Tips for building wealth

Being frugal is a good way to save but boosting income is a faster way to build wealth

Being frugal is a good way to save but boosting income is a faster way to build wealth, writes personal finance blog Get Rich Slowly. Author JD Roth compiled his pick of the best tips on increasing income from the website (and other sources) into a new post. He claims: “almost anyone should be able to find some ideas here to make more money”.


Earning more for a day's work
Roth suggests people look to their day jobs to boost income. Negotiating a pay rise is one way – and keeps on giving in years to come. "Giving up $5,000 a year now is actually giving up $5,000 a year for the rest of your life," the post says.

Earning on the side
Getting a second (or third) job or starting a side business are also ways to boost earnings. The eZonomics story Working at home – the pros and cons gives tips on businesses that can be run from home (from hosting foreign students to dog walking and growing vegetables for sale) and warns to check potential tax and insurance implications of working from home. Roth also suggests turning trash into treasure by selling items that are no longer of use.

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