5 Reliable Ways To Double Your Income in 3 Years or Less

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Groceries, gas and other parts of daily life have gotten more expensive for almost everyone thanks to inflation. When costs are climbing but your paycheck isn’t, it might be time to find ways to make more money instead of constantly cutting costs. But delivery driving and walking dogs on the side isn’t going to give you the extra money you need.

That’s why we’re sharing these five proven ways to double your income in three years or less.

Change Jobs

Staying at one job for years at a time might be hampering your salary potential. In a survey from Resumebuilder, 51% of survey respondents left at least one job after less than two years. One in five of those who switched jobs at least once in the past five years, were able to increase their salary by at least $50,000. If you’ve been at your current company for more than two years, it might be time to dust off your resume and see what another job could offer you. 

Pursue Higher Education

Whether you go for a certification in your field, a professional license or a degree, that qualification could be the key to earning more. Data from the Bureau of Labor Statistics showed that high school graduates with no college education had median earnings of $794 per week for women and $1,024 per week for men. 

Those figures nearly doubled for both men and women who obtained a bachelors degree with men earning a median of $1,768 per week and women earning $1,325 per week. 

If you’re working for a company that reimburses the cost of your college courses as an employee benefit, you could get your degree for free or at a lower cost as long as you meet their requirements. And many accredited online universities offer the chance to earn college credits for your prior work experience which could significantly shorten the time it takes to earn your degree. 

Pick Up a High-Paying Side Hustle

Let’s be frank — driving for DoorDash and Uber isn’t going to cut it if you want to double your income. Instead, you should focus on the skilled work you can offer. If there’s a topic you know better than anyone else or a skill you’re the best at then you could establish a lucrative side hustle in three years or less by delivering those skills in the following ways.

• Freelancing
• Professional consulting
• Creating and selling an online course
• Offering virtual assistant services
• Selling digital goods like e-books, webinars or spreadsheets

There are several platforms you can use to launch your side hustle through these methods and because it’s skilled labor, you stand to make far more than just delivering food or packages. Plus there’s no set limit for your earning potential because you’re the one setting the price. 

Invest Your Money

Investing might seem scary if you’ve never done it before, but it’s one of the primary wealth creators in the U.S. It doesn’t always look like obsessing over buying and selling stocks everyday either. Start small by regularly contributing to your 401(k), IRA or Roth IRA. 

If you’re contributing to a 401(k) with your current company, you might have your contributions matched up to a certain percentage which is a proven way to double your income without increasing your taxable income. However, you don’t just want to let the money sit there. Choose which bonds, stocks and mutual funds you’d like to invest in or have a robo-advisor take care of it for you. Be mindful that the investments you choose will have their ups and downs. But ultimately getting returns on your money while it sits in the bank is a relatively easy way to increase how much you’re earning.

Start a Youtube Channel

You don’t have to be the next Mr. Beast to make a substantial amount of money through Youtube. On average, successful Youtube channels bring in an annual salary of over $68,000 according to Ziprecruiter. If you have a topic you’re passionate about or if you’re able to record your work in your area of expertise then building a following through consistent video posting might be your path to increasing your income. 

This will require you to pick up a few new skills like video editing, scripting and filming to name a few, but with practice you’ll get the hang of it in no time. Doubling your income this way also has a lower barrier to entry. You don’t need anything more than a phone that records video and a free Youtube account to get started.

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