Millions of Americans received a financial lifeline last year in the shape of $1,400 stimulus checks as part of the American Rescue Plan. Since then, the public has hoped for a fourth stimulus check to arrive in their mailboxes. But, for the time being, it appears to be doubtful.
While the Omicron surge got us off to a difficult start in 2022, it has not resulted in a major increase in unemployment — at least not yet. Even at a time when inflation is playing havoc on many people’s wallets, it’s difficult to make the case for a fourth stimulus check since the economy is healthy and the labor market is brimming with employment prospects.
If you were expecting a stimulus check this year, the good news is that you may still take efforts to increase your income to make up for the fact that you didn’t get one. According to Motley Fool, the following are some suggestions for increasing your earnings:
1. Ask for a raise
Many businesses are having difficulty retaining employees and hiring new ones these days. Your boss may be more willing to accommodate you than usual, which may include agreeing to a raise.
But before you ask for one, do some research to determine how much the average worker in your region makes in your field. Glassdoor and other such sites are excellent resources for this. It will assist to provide such statistics to your employer if you make $55,000 per year but the average worker in your job and experience level earns $60,000 to $65,000.
2. Boost your skills for a promotion
Your boss may be hesitant to grant you a raise for no apparent reason. But it doesn’t rule out the possibility of earning one by honing your talents and working your way up the corporate ladder.
Consider the abilities you’ll need to succeed not just in your present career, but also at a job further up the corporate ladder. Then set aside time in your calendar to practice those abilities. You may also solicit the aid of current and previous friends and coworkers who may be prepared to act as mentors for you.
3. Find a side hustle
You may only be able to extract a certain amount of money from your present job. Consider having a side hustle if you want to increase your income significantly. That job may be something you do for a few months.
Having a second source of income might allow you to not only pay your expenses but also work toward other goals, such as debt repayment and increasing your savings account. If you’re worried about juggling that job with your other obligations, look for something that allows you to establish your own hours, such as driving for a ride-hailing firm. That way, you may ease into it and gradually increase your hours as time permits.
The lack of a stimulus check is unfortunate, but it doesn’t mean you can’t supplement your income in other ways. You may have to take matters into your own hands, but if you play your cards well, you might end up with a considerably bigger payoff than you would have gotten from a fourth stimulus check.
While the economy has improved, the unemployment rate (4.2%) remains higher than the pre-pandemic average of 3.5 percent. This number amounts to nearly 2.3 million fewer individuals working now than before the outbreak, according to the research. More money will come from your side hustle than with the stimulus check, as per Digital Market News.