It’s almost 2019, which means that it’s time to get your wealth plan for the next 365 days on paper. What income-generating ideas are best to pursue, though? Consider these three:
1. Enhance Your Knowledge on Tech
This Washington Post can give you a glimpse of how fast tech changed over the last 30 years. Just to give you some idea:
- Within 15 years, videotapes died. Blockbuster eventually filed for bankruptcy. Within the same duration, DVDs, which ultimately replaced the tapes, are waning in popularity.
- In 1990, the concept of the Internet (at least in American homes) was non-existent. Within a decade, over 60% used home broadband with speeds reaching 18.7 megabits per second (mbps).
As the tools become available, science and research become more accessible. With this, you can expect tech to further grow in the coming years. That’s why it’s an excellent field to bet your money on.
You don’t need to be a website designer, engineer, or programmer to do it. One of the options that you have is to invest in metals such as graphite, cobalt, and lithium. These are essential in creating batteries necessary to run electric vehicles.
You can join a battery conference in 2018 , for example, to make sound financial or investment decisions. You can even meet top producers and players, who can mentor or take you in. Isn’t that a smart way to ride with tech growth?
2. Take Advantage of Tax Reform
If you’re generating income, there’s a good chance you’re also paying tax. But do you know you can get back a portion of your earnings too? The United States has introduced a comprehensive tax reform, which includes brand-new changes you can maximize, especially in the coming year. These include the following:
- An almost-double increase in standard deductions
- A decrease in the corporate tax rate, which went down to 21% from 35%
- A much higher estate and gift tax exemption of $15,000 per recipient annually or $11 million over a lifetime
When you know your tax, you can maximize your deductions and tax credits, as well as find ways not to pay certain kinds of taxes.
3. Upgrade Your Knowledge and Skills
A lot of people are anxiously pursuing higher education such as master’s or doctorate degrees for a good reason: many of them are still saddled with massive student loans. This move, though, can have a handsome payoff, especially in very technical fields such as engineering or when the career you are in right now is quite different from your educational background.
A 2015 Georgetown University study revealed that a person with a bachelor’s degree could earn about $60,000 each year. Someone with a master’s, though, could take home nearly $80,000.
Even if you don’t take these classes, learning new or updating existing skills is essential. The market is getting more competitive, and company needs have changed. Many now prefer employees with critical thinking, research, and data analysis, which you can develop as you educate yourself further.
These ideas not only help you increase your wealth but also push you to be efficient in how you do it. Note, though, that these are all plans. They don’t bear fruit unless you act on them.