The Difference Between Middle and Upper Middle Class Is Just $20K — How To Bridge That Gap

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Still, it can be done.

One way toboost your incomeis to start building passive income streams.

Purchase property if possible.

If you cant purchase income property yourself, invest in partial ownership of income property.

stash your profit and invest again.

Eventually, youll be earning $20,000 or more in rental income, Musson said.

Here are moreways to help you bridge that income gap.

Know your worth and look for a job that gives you what youre worth and has room for advancement.

Kevin Huffman, financial expert and owner ofKriminil Tradingadvised the same.

Think about what you might earn at your present job, he explained.

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For instance, professionals can identify transferable skills that are in demand in higher-paying sectors.

This might involve takingadditional courses or certificationsto bridge the gap.

Freelancing or consulting is another viable avenue, said Shirshikov.

Many professionals overlook the potential of freelancing in their field of expertise.

By dedicating a few hours a week to consulting or freelancing projects, individuals can significantly boost their income.

Huffman also recommended using the skills you already have.

You could also upgrade your skills by enrolling in a course or getting a new certification, Huffman added.

Technology keeps evolving, and youll find that new skills are always in high demand.

There are government grants that you might be eligible for andemployer tuition reimbursement programscan help fund your upskilling.

Investing in real estate can also be a fruitful path, said Shirshikov.

He said this can create an additional stream of passive income.

Leveraging your expertise to create downloadable guides, templates or video courses can lead topassive income streams.

Platforms like Teachable or Gumroad make it easier to sell these products to a global audience.

One innovative way to incrementally increase income is through micro-investment platforms.

These platforms democratize investing, making it accessible without requiringlarge upfront investments.

you’re free to capitalize on your specific skill set by offering consulting services in niche areas.