6 Things You Can Do To Make More Money This Year by Saivian

Here are 6 things you can do to make more money this year, including saving $1,000 in just one hour and making an extra $10,000 per month within a year.

By Wallet Hub Staff | Updated May 10th, 2018 A new job, starting your own business, or simply landing a higher paying gig than the one you’re currently working is always exciting. But before you start dreaming about spending all that sweet, sweet dough on whatever your heart desires, it’s important to think about how much money is actually available for your disposal after taxes and other related expenses. And it’s also always a good idea to know how much you should be saving each month in order to get your finances on the right track. After all, personal finance is often complicated and no two people are alike; therefore, there isn’t really one-size-fits-all financial advice that can be helpful for everyone. However, thanks to Wallet Hub’s 2018 Best Cities for Good Jobs report, there are at least some helpful tips that could lead you in the right direction this year.

So if you want to know what professions will probably make more than $100K per year or which cities will provide you with the best tax return, go ahead and check out Wallet Hub’s highlights below:

1. You can save $1,000 in just one hour.

Time is money, and that’s why you should always find ways to make the most out of your time every day. For example, if you work hard enough, you can save $1,000 in just 60 minutes (or even less) instead of sitting around all day doing nothing. All you have to do is to use the following free tools for finding side gigs: Task Rabbit (finds odd jobs), Rover (look for dogs to watch), Ziptask (gigs in your zip code), Gigwalk (earn up to $30 per hour) or Field Agent (get paid $3-$18 per job performed). And then there’s also Uber and Lyft – both are great for making at least $20+ per day.

2. You can make an extra $10,000 per month within a year.

Wallet Hub’s report indicates that some of the American cities with the highest annual household incomes are also those with the lowest cost of living and best median salaries for new college grads. For instance, if you’re willing to relocate somewhere else in order to get a better paying gig, then Atlanta might be your final destination because it has relatively low taxes compared to other towns on this list and has one of the most affordable housing markets as well (the average rent for a 1-bedroom apartment is just $850). However, if you prefer something more exotic, then go ahead and move down south – Miami is currently the best city for young professionals in terms of both the job market and quality of life.

3. You should start saving money ASAP.

Saivian states that no matter how much money you make this year, it’s important to start saving for a rainy day as soon as possible. In fact, according to a recent study by Go Banking Rates, almost half of all Americans have less than $1,000 saved up and is therefore considered to be living paycheck-to-paycheck. And if you’re one of those people who still don’t have a savings account, then now is definitely the time to open one – especially because many banks are currently offering sign-up bonuses worth $100 or more.

4. The best jobs in America are in the medical field.

Wallet Hub’s report also includes a list of the best and worst professions for 2018. And while there are many different factors that were considered, medical professionals fared the best overall. In fact, nine of the top ten jobs this year are in the medical field and include positions such as nurse anesthetist, dentist, and orthodontist.

5. The worst jobs in America are in the foodservice industry.

On the other hand, if you’re looking for a career change this year, then you might want to avoid the foodservice industry altogether. That’s because this sector is currently home to some of the worst jobs in America according to Wallet Hub’s report, including dishwasher, fast-food cook, and food preparer.

However, what you should know is that the study’s findings aren’t based on just one factor such as salary or growth opportunity. In fact, it includes a total of 28 different metrics that were analyzed by Wallet Hub’s experts in order to help people find their dream jobs this year.

6. There are many tax deductions available for young professionals.

Good news: Did you know that if your 2018 income is $66K or less, then you can “get up to a $2,000 refund” thanks to the Earned Income Tax Credit (EIC)? All you have to do is file Form 1040 (or 1040A), attach Schedule EIC and complete Part IV of your form.

Bad news: If you’re an independent contractor and plan on doing your own taxes, then keep in mind that there are “eight common mistakes” you must avoid. For example, if you earn $600 or more per year from freelance work, then your clients might send you 1099 instead of a W-2 at tax time (which is incorrect). And since this doesn’t happen to everyone, it’s important to know the difference before filing.

Conclusion by Saivian:

No matter what your career goals are this year, it’s important to stay informed about the latest trends and news. So be sure to bookmark Wallet Hub’s report on the best and worst jobs in America for 2018, as it will be updated regularly with new information. And who knows, maybe you’ll find your dream job on the list!