The Best Ways to Make More Money (Without Burning Yourself Out)

We get it, you just graduated and got your dream job! But not your dream salary. Making money those first years in your career can be tough, especially if you’re graduating with student loan debt, you’re paying for your first big girl apartment,  your friends are getting married and having destination weddings and bachelorette trips, and the list of expenses never seems to end. 

So what do you do? Find ways to make more money of course! Now that you’re not using your weekends and evenings to write that 20 page paper or cram for your final exams, you might have some extra wiggle room in your schedule to find ways to bring in more money, or leverage the job you already have to increase that paycheck!

However, at Soro, we want you to THRIVE, not just survive. So here are our tips for doing it all- without burning yourself out!

Negotiate Your Starting Salary

If you’re accepting your first job, or job hopping to a new one- negotiating your salary may feel awkward and uncomfortable. Asking for money is a skill that takes practice. Start by doing your research. There are some great online resources like glassdoor and salary.com that can give you some averages based on their data. Next, reach out and ask your mentors, alumni, or sorority sisters in the same industry what an average salary should look like for your area and experience level. If you get an offer, and feel low balled, don’t be afraid to ask if there’s any flexibility around the starting salary or if there is the possibility for any performance based increases within the next 6-12 months. Even an extra couple of thousand dollars a year can make a big difference towards paying off debt or saving for retirement!

Ask for a Raise

Maybe you’re past the starting salary point and have been with your company for some time. But you still feel like there is room for improvement when it comes to increasing your pay. Go ahead and ask for a raise! But make sure you’re prepared. Bring in a list of action points you’ve contributed and projects where you feel like you went above and beyond to prove that you’re worth that extra pay increase. If they tell you that it’s not possible- don’t take no for an answer. Ask your boss to collaborate with you to make a formal action plan for either a raise or a promotion. Then you know the exact steps you need to take to bring in that extra cash and make a fantastic impression on your boss!

Start a Side Hustle

No, we aren’t going to recommend anything clickbaity or to join an MLM. We’re not going to recommend you buy a vending machine or try to sell herbal scents to your 10 closest friends. But there ARE true side hustles out there that can actually make a difference in your monthly financial situation. Pick something you actually enjoy so it doesn’t feel like such a chore. Some of our favorites include:

Pet sitting or Babysitting

Waitressing

Dog walking

Tutoring 

If you have any connections in your area- don’t be afraid to reach out. Create some flyers and put them up around your neighborhood. DM your friends that you’re available to petsit, ask your old high school teachers for tutoring referrals, and send a resume to your local restaurants or country clubs. I know it can be scary to put yourself out there, but once you get the ball rolling with a customer or two, it’ll feel much easier! And your bank account will thank you!

Invest Your Income

Listen, you know we’re going to say it, we are Soro after all, but invest your income!! This is the number one way to build wealth, have passive income, and grow your bank account- no clickbait required. Yes, this method takes time, but if you start investing early, you’d be surprised how much it can grow. If you’re diligent about paying off your debt, and spending mindfully within your means, you will have room in your budget for investing and soon the dividends will be making more than your actual salary- without you having to lift a finger! 

If you’re looking to make your first investment we recommend the following:

Invest in your employer’s 401K up to the match

Open a Roth IRA and start maxing that out

Max out the rest of your 401K

Open a Taxable Brokerage and start investing there

What to invest in?

Low fee index funds! You’ll get automatic diversification and steady rates of return with the growing economy without having to do any deep dive research on any particular company. Least amount of effort and maximum reward, what could be better than that?

Bottom Line

Making more money isn’t about working harder- it’s about working smarter. If you can leverage the job you already have to get a higher starting salary or raise, and then use that income for investing to grow your money and get passive income- it’s growing your bank account without the hustle that will burn you out. If you feel like you’ve maxed out your potential at your job and still want extra money- start a side hustle you actually enjoy. Connect with your friends and family to offer services that you’re good at so you won’t feel the drag of extra work. 

There are plenty of ways to earn extra money- without the burnout! If you found this helpful, or want us to explore even more ways to make extra cash, reach out to us at Soro! We always want to hear from you and help you in the best way possible <3 

Thank you for being a part of the Soro Sisterhood!

Want even more practical tips on increasing your net worth? Join us at the Ultimate Money Guide for a proven step-by-step plan on how to build your rich life, everything from budgeting, to investing.