5 Tips for Making More Money

5 Tips for Making More Money
By William Vogeler, Esq. on May 02, 2019 10:00 AM

Instead of people telling you how to make money, wouldn't it be nice if they just gave you some?

Sorry, we only give tips. This is a blog, not a bank.

Besides, that's what parents are for, right? Seriously, when you think about how to make more money, the best advice probably came from your parents. Remember "a penny saved, a penny earned?" A fool and his money are soon parted? But if your father was not Benjamin Franklin, here are some other tips:

No. 1 Get an Education

Statistically, a better education translates into a better career. You've heard it all before. But are you stagnant in your career? Perhaps you can boost your income with more learning. It doesn't have to be an LLM; a State Bar specialization could do it. In some states, even law students can get certified.

No. 2 Find a New Job

Getting a better job is way easier said than done. But if you don't look, you'll probably never find one. That's what legal recruiters are for, right? Or you could look for yourself, although that's a job in itself. Probably not the one you wanted.

No. 3 Try a Gig

If you already have the right job and you just need some extra money, there are side gigs made especially for attorneys. Teach a class, tutor law students, write law articles. You can put your skills to work at night, and still keep your day job.

No. 4 Start a Business

With a little momentum, gigs can turn into full-time businesses. And there are thousands of things you can do with a law degree. Ok, maybe only 101, but that's enough. Set up your business to run itself, and you won't even have to leave the law. You'll still have to pay taxes, which may not be making more money, but at least there are deductions.

No. 5 Save Your Money

About a penny saved, a penny earned ... Franklin didn't invent the idea, and it has been updated. Now it's "a penny saved in an interest bearing account, and a few pennies will be earned." So the next time you get that bonus or score a nice fee, put it in the bank and leave it there. That's what your parents will tell you -- because they don't want to give you any more money.

Related Resources: