We’ve covered a lot of topics on how to get out of debt here on Disease Called Debt. One of the best ways to break the vicious cycle of debt is by increasing the amount of money you can afford to spend on repaying the debts; in other words, lowering your expenses and boosting your income.
There are many ways to boost your income, but the ones we’re going to cover in this post are both unusual and can be very effective. Let’s take a look at how these tricks can help you get out of debt, shall we?
The idea may sound counterintuitive at first. If you’re in debt, why would you lend money to others, right? P2P lending is rather different. There are websites – platforms – that connect lenders with borrowers. The platform can be used in both ways. You can push forward your business ideas to get backers and low-cost loans while searching for opportunities in which to invest.
Investing in P2P lending opportunities is something you can do even when you have very limited resources. Most of the projects are short-term and you will earn a return in as little as 14 days. The offered returns are also very lucrative, allowing you to build a small amount of money into a substantial balance.
Naturally, you need to be extra certain with the investments you make. Take all the time you need and conduct proper due diligence – including getting to know the project inside out – before deciding to invest.
Pursue a Higher Degree
This is another trick that may seem counterintuitive at first. Getting a master’s degree, however, is a great way to boost your career and increase your income. Thanks to online programs, you can get anything from a degree in nursing to an online MBA from Villanova University in as little as 12 months.
The reason why pursuing a master’s degree is a great idea is because you can enjoy the benefits of the degree from the start. Update your CV once you are in the program and you will be able to get HR and top management to notice you for an upcoming promotion.
Besides, adding an online masters of business administration degree to your LinkedIn profile can help you get that much closer to your dream job with bigger pay and more benefits.
There is actually an endless stream of alternative, often passive income around you. These sources, while not always obvious, are great for helping you break the debt cycle and be once again financially free.
If you love to write about a particular subject you’re good at, writing an eBook and selling it on Amazon is a great way to make some extra cash. Becoming an Uber driver during your free time can help you get additional money with your car, while renting the spare room you might have through Airbnb and other similar services allow you to earn a few extra hundreds – or even thousands – a month.
These opportunities are very easy to find. Don’t wait until tomorrow. Start searching for the things you can do to make money, don’t skip the small savings and use the tricks we discussed in this article to help you regain your financial freedom.