5 Ways To Increase Your Income
Looking for ways to increase your income?
I got you!
In this post, l will share with you some 5 great ways that you can use to increase your income by a significant margin.
After reading this article, you'll be able to go out there – and start implementing some of the strategies shared in this post.
Thus, it's important to stick till the end if you're serious about increasing your income.
Ways Of Increasing Your Income
Without wasting much time, let me jump straight into more detail.
1. Start A Side Hustle
The most obvious one is starting a side hustle.
Rather than just relying on your pay check, it's important to start something on the side which gives you some few extra bucks per month.
For example, you can start a garage flipping business (arbitrage) – whereby you buy cheap second hand items – then you resale them on platforms like eBay for a profit.
This helps to generate some few hundreds (if not thousands) of bucks on the side – thus, helping to boost your overall monthly income.
The beauty part about this side hustle is that, you can do it during your off days – or even after your normal working hours.
Thus, instead of just sitting at home – watching Netflix, you can literally start your own side hustle that generates some extra income for you & your family.
2. Invest Part Of Your Earnings
Another great strategy is to invest part of your earnings in some sort of passive investment vehicle.
For example, you can invest in dividend paying stocks – which pays some dividends on a monthly basis.
Alternatively, you can invest in real estate if you have more money to invest – thus, allowing you to earn some rental income every single month.
Now, lm aware that most people always give excuses like;
‘I will invest when l get a pay raise’
Although this sounds ok, it's important to note that, your desires will increase once you get a pay raise i.e. you'll start to buy nicer things – which will consume most of the extra income.
For this reason, you should develop a habit of saving & investing – even when you're getting a lower salary.
You should decide a % figure that you want to invest – and you should be disciplined enough to stick to it.
However, it's important to note that, investing can be quite risky at times – since there's a lot of unforeseen events which always happen in the economic world.
Also, most investment vehicles are long term in nature – meaning, you might fail to get significant returns in the short run.
Thus, you should keep that in mind before you get started with investing.
3. Develop A High Income Skill
Another great strategy is to develop a high income skill.
As we all know, societies values various skills differently – meaning, some skills are more valuable than others.
That's why some professions are highly paid than others.
Thus, you should try by all means to develop a high income skill – which other people are willing to pay for.
You don't necessarily need to go to a 4 year college program in order to acquire a high income skill.
Rather, you can ‘educate yourself’ through online resources like YouTube videos, podcasts, articles, or even mentorship programs.
Once you acquire the skills, you can go and sell them to other people who're willing to pay for them.
For example, you can learn how to run Facebook ads – and you can literally start selling that skill to companies who're willing to pay for it.
And you can easily charge $2000 per client – which translates to $10k per month i.e. if you get 5 clients.
Thus, instead of going to a job that only pays $3k per month, you can literally earn more than 3× of that amount i.e. if you acquire a high value skill.
4. Leverage Technology
Another great strategy to increase your income is to leverage technology.
For example, you can create a website that generates leads & sales on autopilot (24 hour sales machine) – rather than just relying on traditional ways of doing business i.e. serving clients from 9 to 5.
Also, a website helps to get more clients beyond your geographical boundaries – unlike traditional stores which limits you to only your local area.
Thus, it's important to take that into account if you want to scale up your income.
Another thing to note is that, as humans, we have limited capacity in terms of how much we can produce.
But if you leverage advanced equipment, you can boost your output by a significant amount – hence, increasing your income in the process.
5. Leverage Human Resources
Last but not least, you can leverage human resources in order to boost your income.
This allows you to yield more output in less time – as opposed to scenarios where you're doing everything on your own.
Let me give you an example;
Let's say that you're a freelance writer – and you're only capable of writing 3 articles per day, your output is caped at that threshold (so as your income).
However, if you outsource some of the work, you can come-up with more articles within a single day – because other people will be simultaneously writing some articles for you.
Thus, this is a great technique to boost your output & income – but of course, you should ensure that it's economic.
Wrapping Up
So these are the 5 ways that you can use to boost your income.
I hope that you’ll adopt some of these strategies – and you'll implement them in your own life.
Let me know in the comments if you have any additional points to add.
Disclaimer: I’m not a financial expert. All points shared in this blog post are based on my personal thoughts & experience. Thus, you might need to consult a financial expert for professional advice.
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