No, this is not some sort of investment scheme/scam that promises you something that is farfetched and almost impossible to fathom. Well, actually, I would be lying if I said this was not some type of investment. The truth is this will require a big investment, but not in the form of a lump sum or Dollar Cost Averaging (DCA), but an investment in yourself. Time, energy, effort and persistence are going to be essential if you want to find yourself in a position to double your income within two years. Here are some steps you will need to take in order to do this.
Learn an in-demand skill that will pay you well
Coding, HGV lorry driving, video production – these are just some of the many skills that are in high demand at the moment that will require some to study and learn but can be done part-time and double your salary if you have an average paying job. Coders, for example, are in very high demand and this can be learnt from scratch in your spare time. Due to the rapidly moving tech environment, many coders are actually quite new and this isn?t necessarily a bad thing especially if you start off learning one of the newer coding languages. You won?t find yourself as far behind more experienced coders as you would expect.
By spending time learning new skills, you are basically making yourself more employable, and by picking an industry that is in high demand, you could potentially pick up a part-time job and double your current salary. Learning how to build meeting room booking systems, drive large trucks (of which there is a huge shortage of in the UK), or create advertising videos for new businesses are just some of the skills that can see your income rocket after a few years.
Find a rent-to-rent property and turn it into a HMO
An HMO is a ?house in multiple occupation?, meaning that each room within the one property is being rented out individually, with shared common areas. Smart investors in this field find houses, rent them, apply for a HMO license and then sub-lease each room for a profit. This can be very lucrative and best of all, it doesn?t require anywhere the size of financial investment that purchasing a property entails.
While you won?t own the property, the ability to rent out rooms individually means that you would potentially earn around double the amount you yourself will be paying in rent. The landlord will be happy with reliable income, the tenants will be happy with affordable rent, and you yourself will be able to add another income stream that requires minimal supervision!
Start a business
Doing this doesn?t necessarily require you to quit your day job, but this may be required if yit becomes a success. Many people start by spending their free time researching and planning their business and find opportunities during the weekend to run them. This may be e-commerce stores, social media marketing agencies or as mentioned in the first point, video production. Starting a business puts you in more control of your earnings and destiny than being employed, and this is one of the best ways of increasing your income not just in the short term, but also in the long.