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Which Money-Making Strategy Is Right for You in 2022?

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John Rampton

John Rampton is an entrepreneur and connector. When he was 23 years old, while attending the University of Utah, he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months, he had several surgeries, stem cell injections and learned how to walk again. During this time, he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine and Finance Expert by Time. He is the Founder and CEO of Due.... Read More

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Money-Making Strategy

As we head deeper into 2022 at a breakneck pace, you might be thinking of ways to earn some extra cash this year. With inflation showing no signs of stopping and the COVID-19 pandemic still in full swing due to the omicron variant, now is the time to save, invest, and find alternative forms of income.

Identify Your Risk Level Tolerance First

Financial specialists usually begin by analyzing what level of risk their clients can tolerate. I’ve taken a similar approach here and categorized my favorite strategies accordingly. I will walk you through a few different free, low, medium, and high-risk money-making strategies in this guide.

Low-Risk Money Strategies

When you first start thinking about ways to grow your net worth, these low-risk strategies are a great place to start.

Today, only 24% of millennials demonstrate basic financial literacy. Thinking about your own financial knowledge and skills and using some of these strategies can pay off huge dividends in the long run. Low-risk strategies are perfect if you have a tight budget, are nearing retirement or retired already, and are strained financially.

Slash Your Spending and Save More Money

The first low-risk strategy you should look at is saving money anywhere you can. A simple way to do this is to spend less on coffee. According to Yahoo, women spend about $2,327 per year on coffee beverages, whereas men spend about $1,934 per year. Cutting out your daily $5.00 Starbucks trip could potentially save you thousands of dollars.

If you’re not a coffee drinker, you can still save money in other ways. One alternative is to buy store brands versus name brands. In many cases, store brands are identical to those featuring known brands. For example, Costco, one of America’s best-known retailers, frequently sells products under its Kirkland label, but they are identical to other well-known reputable brands.

By cutting out unnecessary spending and seeking cheaper alternatives, you can save yourself money and keep more of it for retirement or a rainy-day fund.

Find a Side Gig

The second low-risk strategy you can use is finding a side gig. A side gig can be anything from picking up hours at your local grocery store to using a website like Fiverr or Upwork. If you have a skill worth selling, Fiverr and Upwork are probably the best choice for you. Both of these websites allow you to charge a fee for different types of services and can be an excellent way to earn more money. Many graphic designers, coders, writers, or artists use these platforms to increase their income.

Medium Risk Money Strategies

These strategies will require you to invest more resources and have a greater potential for loss. Medium risk strategies are best for people who are in the middle or beginning of their career, young to middle-aged and have a fair degree of financial stability.

Seek a Promotion

Seeking a promotion can be a great way to earn more money. It may sound like a low-risk strategy at first, but it may be more difficult than you think. Often, a promotion may require you to take on greater responsibilities at work. This means you may be working more frequently, thereby limiting your options to find a side gig. Greater responsibilities may also mean that you will be required to do more at work. Increasing demands in the workplace are no joke and may leave you feeling drained.

Finally, there is no guarantee you will get the promotion you apply for. Many times, higher-level positions require professional certifications or degrees. Either way, promotions assuredly come with a pay raise, and then you can start putting that money to good use, like in a 401(k).

Invest More Money

No money-making strategy would be complete without investing. Despite COVID-19 and the pandemic, the stock market has continued to climb. And there is a wealth of information available on how to grow your money and which investment types are available. However, choosing to invest ultimately means saving more of your money and putting it in some type of investment account.

High-Risk Money Strategies

Finally, we come to the high-risk strategies. These strategies can pay huge gains in the long run, but they obviously come with the biggest risks. With high-risk strategies, there is no one-size-fits-all recommendation. Anyone can use these strategies, but you should keep in mind whether or not you can afford to take any potential losses that can result from them.

Find a New Job and Change Industries

Changing your career can be a great way to earn more money. If you find that you’re trapped at a job that doesn’t pay you enough, you could consider looking for a new industry. This strategy can pay off big time.

For example, the mean average annual wage for computer programmers was over $95,000 in 2020. Switching to a new career can be a great but risky way of earning more money.

Consider Investing in Cryptocurrency

Public awareness of cryptocurrency grows more and more every year. However, these types of investments (if they can be called that) come with an incredible number of risks. For example, the price of crypto is very volatile, often experiencing huge swings within a day or even minutes. Crypto is also frequently used by scammers and other wrongdoers online. Furthermore, many of these digital tokens have questionable value. Keep in mind you’ll need a secure way to store your cryptocurrency too.

That said, the rise of Bitcoin and Ethereum definitely demonstrates that cryptocurrencies are here to stay. If you are willing to take the risk, there’s no reason why trading crypto couldn’t be a part of your money-growing strategy.


Start this year off by learning more about ways to make yourself financially literate and how to make more money in 2022. When thinking about how to increase your income, be sure to consider your current financial position and how much risk you can take on. No matter what you choose to do, the path to greater financial independence is sure to be beneficial.

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We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

Financial Research Analyst
Kiara Taylor is a financial writer and Research Analyst. She is an expert at risk-based modeling having worked in the finance vertical for the past twenty years. She has a Master’s Degree in Finance from Ohio State and has worked at Fifth Third Bank, J.P. Morgan and Citi in emerging markets and equity research.

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