Consulting may be the most immediate thing you can do to increase your income, if you already have a job. Previously, I mentioned that consulting can be a rewarding second job that potentially beats the stock market. Well, it may beat trying to get a raise, too.
Let’s say you make $75,000 a year. In a recession, it may be hard to convince your boss to give you even a cost of living increase. But, with inflation rising, perhaps you feel you need five percent to keep pace. That’s $3,750 a year. In an immediate sense, it may be practical to simply do an extra 100 hours of consulting each year at $37.50 an hour (which is a rock bottom rate in my part of the world). Sure, your raises will compound, but it may be hard to get a good raise in this economy. Consulting may be a practical way to get ahead.
Yes, consulting can be more rewarding — both financially and from a personal growth point of view.
I have to agree with consulting as an opportunity to create additional income if not an increase in current income.
I recently rejoined the consulting business with my first project after a 3 year hiatus. Not only did I miss the fun of being a consultant, I also realize I can make “more money” for myself than I could with a 2nd part-time job which is more satisfying because of the freedom to work for myself.