According to Zety’s Pay Gaps & Perceptions Report, 32% of Americans believe they earn less than their coworkers, and 77% admit that dissatisfaction with their pay affects their productivity. The Career Gridlock Report from Resume Now reveals that 60% of employees stay in their jobs longer than they want to because they fear changing careers would be too difficult. Interestingly, 66% of respondents believe a career change would make them happier, yet only 13% have actually made the switch.
If you feel underpaid and want to increase your income, here are five ways to do so without necessarily changing employers.
Negotiate for a Higher Salary
Ben Walker, financial expert and CEO of Ditto, advises that one of the best ways to increase your income is by negotiating a higher salary. If you believe you are underpaid, consider asking for a raise. To strengthen your case, gather market research to demonstrate that your salary is below industry standards.
“Another way to support your request is by negotiating for performance-based bonuses based on specific metrics,” Walker suggests. “You could also explore opportunities for internal promotions that offer higher pay.”
If a salary increase isn’t possible, there are still other ways to earn more money.
Gain Certifications To Boost Your Resume
“Employers value employees who enhance their skills and bring more to the company,” says Ed Huang, a finance and side hustle expert at SideHustles.com. “By earning certifications or taking online courses—such as those on Udemy or LinkedIn Learning—in high-demand fields like data analytics, AI, or project management, you can stand out.”
Start by researching certifications and courses that can help you advance in your current role or transition into a higher-paying position. For instance, learning about AI chatbots and data analytics could open doors to roles in prompt engineering, which pays between $62,977 and $136,141 annually, according to Coursera.
Some employers even offer financial assistance for continued education, allowing you to upgrade your skills without spending your own money. Investing in yourself now can lead to better financial opportunities in the future.
Start Freelancing
Career expert Keith Spencer from Resume Now highlights that freelancing is an increasingly popular option for professionals looking to transition into new careers without taking major risks.
“The key to overcoming career stagnation is to take a strategic approach,” Spencer explains. “Building financial stability, acquiring new skills, and experimenting with freelancing or contract work can help professionals move toward more fulfilling roles.”
Freelancing allows you to offer services related to your current field while maintaining your full-time job. Huang notes that freelance work is available in areas such as writing, graphic design, administrative support, and customer service. Platforms like Fiverr, Upwork, and Freelancer.com offer plenty of opportunities.
ZipRecruiter reports that freelance graphic designers earn an average of $35 per hour. Your earnings will depend on your expertise and the services you provide. For example, if you specialize in human resources, you could offer resume writing services. If you have experience in accounting, you could help clients with tax preparation.
Explore Side Hustles
If your job doesn’t pay enough, a side hustle can help you bring in extra income while allowing you to explore new opportunities. Here are some common side hustles worth considering:
- Selling digital products. If you have time to create e-books, templates, or courses, this could be a profitable side hustle. According to ZipRecruiter, digital sales earn an average of $24 per hour, though success depends on your marketing skills.
- Reselling items online. You can buy discounted items from thrift stores or clearance sales and sell them on platforms like Facebook Marketplace, eBay, or Poshmark. ZipRecruiter estimates that resellers make around $33 per hour, depending on the products they sell.
- Participating in the gig economy. Huang points out that gig economy jobs can provide instant cash flow. For example, food delivery drivers earn about $18 per hour, according to ZipRecruiter.
- Creating and selling courses. “If you have expertise in a topic like fitness, personal finance, or graphic design, you can package your knowledge into an online course and sell it repeatedly with little extra effort,” Huang says. Platforms like Gumroad, Teachable, and Udemy make it easy to get started.
The goal is to find a side hustle that aligns with your skills and interests, allowing you to increase your income in your spare time.
Build Passive Income Streams
If you don’t have extra time to take on more work, passive income can help you earn money with minimal effort. Huang suggests investing in high-yield savings accounts or dividend stocks as simple ways to generate income without actively working.
If you have the financial resources, consider real estate investments or buying a business that generates recurring revenue. You could rent out a spare room on Airbnb or lease storage space, tools, or camera equipment on platforms like Neighbor or Fat Llama.
There are many ways to turn your existing assets into income streams. These strategies can help supplement your salary and provide financial security in the long run.
By taking these steps, you can improve your financial situation and earn more money—even if you choose to stay at your current job.
