Tips for Moving from Low Income to High Income

You can find yourself in a situation where your current income level has become grossly inadequate to meet your living expenses. Perhaps you’ve implemented the common-sense advice of cutting your coat according to your size but you are faced with the stark reality that there is a limit to the expenses you can further cut.

People find themselves in a situation like this for a variety of reasons. It could be that their marital or family status has changed. Where they were once single, they are now married or have more children and dependents to provide for.

For some it could be that they’ve migrated to a new country and are having to start all over again from the scratch oftentimes from the base of the pyramid.

There are others who find themselves in that situation because high inflation has exacerbated a cost-of-living crisis in their country that now affects them.

In such tough economic situations the tendency is to become worried, desperate, and financially pressured. However, towing that line will not be the right approach since it still would not solve the problem.

The solution is to increase your income significantly and there are two major ways you can do this: get a high paying job or start a high earning self-employment or a combination of both.

1. Get a high paying job

A key to getting a high paying job is to get a job opportunity that is in high demand. By law of economics, the higher the demand for a job the higher the pay it commands. Every country has industries and job sectors that offer high-paying opportunities where skilled professionals are in high demand.

To get that type of job you may need to train or retrain if you don’t already have the skills and qualifications required. You can fund your training by saving money from your current work. You can borrow money from friends and family or take a commercial loan. You can equally liquidate an asset you have. Some training providers offer scholarships, instalment payments or internships which require the trainee to work with the provider for a reduced pay while getting the full training.

Some job training can be done online at your own convenience while other training programmes may require a physical attendance on weekends, late evening or you may need to take some time off work for a period of time to undertake the training once and for all.

If you already have the qualifications, you may need to pass some qualifying exams or get additional certifications to be able to apply for job opportunities within your country or to migrate to other countries where your qualifications are better compensated for those types of jobs. The key point is that you might need to relocate geographically in order to take up such job opportunities.

Examples of high paying jobs currently in high demand are as follows:

• Software Developers and Engineers
• Data Scientists and Data Analysts
• Cybersecurity Specialists
• Project Managers/Product Managers
• Artificial Intelligence/Machine Learning Specialists
• UX/UI Designers
• Digital Marketers
• Growth Managers
• Healthcare Professionals particularly Doctors, Nurses, Pharmacists, Rehabilitation Therapists and allied health professionals
• Financial Analysts
• Renewable Energy Experts and Engineers
• IT Systems Managers
• Sustainability Consultants
• Agriculturalists
• Human Resources Managers
• Content Creator/Copywriters

2. Earn high income through self-employment

You can transition from low income to high income through providing products and services that are in high demand in the market through self-employment.  There are several options you can explore to make this happen.

• Start a profitable online business

The internet offers numerous opportunities for self-employment and making money from anywhere you are in the world. You can start an e-commerce store, affiliate marketing or dropshipping business. You can also offer digital products or services that people can pay to access or download such as a training course or a tutorial class.

• Work as a freelancer in high-demand fields

If you have specialized skills, you can offer your services as a freelancer. For instance, fields like software development, web design, graphic design, writing, digital marketing, field marketing, consulting, and translation are in high demand. You can utilise platforms like Fiverr, Upwork and Freelancer to find clients from anywhere in the world that you can undertake projects for.

• Develop and sell digital products

You can create and sell digital products people need such as e-books on contents that solve problems for people, online courses particularly in critical subjects that people struggle with or courses that will significantly enhance their fortune such as landing better jobs or achieving important goals. You can also create and sell stock photos, website templates, or software. There are platforms like Etsy, Gumroad and Teachable you can utilise to promote and sell your digital products.

• Create and monetize a blog or YouTube channel

YouTube is the most visited website in the world after Google Search. You can take advantage of this to make money if you have expertise or a passion for a particular topic you can monetise. You can do this by starting a video blog or a YouTube channel and begin generating income through advertising, sponsorships, affiliate marketing, or selling your products or services.

• Offer coaching or consulting services

If you have expertise in a specific field, you can offer coaching or consulting services. This can be life coaching, career coaching, business consulting, fitness coaching, or any area where you have knowledge and skills to offer guidance to others. For instance, you can offer consultancy for start-ups looking to grow or for people looking to start a particular business enterprise such as fish farming, tutorial centre or event management.

• Real estate business

There are numerous business opportunities you can explore in real estate. With the relevant training and qualifications, you can operate as a property consultant helping people to build, improve or rent out their property. You can buy derelict building and develop it before renting it out or selling it off for higher gain. You can make money on Airbnb without owning a property of your own by managing rental properties for investors and house owners.

• Create and sell handmade products

If you have creative skills, you can create handmade products like custom-made dresses, jewellery, crafts or artwork and sell them through social media platforms and other online platforms including Instagram, Facebook, Ebay, Amazon and Etsy or at local markets and events.

• Develop a mobile app or software

If you can code, you can develop a mobile app or software solution to address a specific need or problem. You can then generate significant income from your app and software through sales, subscriptions, or in-app purchases.

• Offer specialized services

You can offer specialized services in niche areas where there is a high demand for them. By targeting customers who require such services as domestic cleaning, wedding planning, logistics support, event management, pet grooming, personal styling, or home organizing you can build a profitable business. The important thing is in being able to provide unique and high-quality services in these areas to help you can help you command premium rates.

• Work as a self-employed locum professional

If you are a professional in a high demand field, you can earn more money by working as a locum. Working as a travel nurse in the US or as an agency nurse in the UK for instance pays more than working as an employed nurse. When you work as a locum, it also becomes important however for you to make adequate financial provisions for your pension contributions, sick leave, annual leave and other relevant statutory payments an employer would normally handle for you if you were an employee.