How to Increase Your Income

When was the last time you said, “If only I made more money.”  If you are like most of us, it probably was not too long ago – maybe even this week.

Let’s face it.  We have all been through times where we just needed more money than we had.  A few extra dollars a day really would make the difference between being severely stressed out and feeling peace with having a better margin.

The challenge really boils down to how do you increase your income?  You may have tried changing jobs, starting a business, selling online, or even adding a part-time job but still you feel defeated and burnt out.

If that is you, don’t worry!  Let’s take a look this week and see if we can help you increase your income in a way that fits you!

Best selling author and speaker Brian Tracy gives advice on how to increase your income.  He says to increase your income one must set clear goals, be a continuous learner, be willing to take risks, and adopt the mindset of a wealthy person.  So let’s follow that same format and discuss each one of those steps.

#1: Increase your income by SETTING CLEAR GOALS.

In complete transparency, I will tell you that I strongly dislike setting goals.  For me, setting goals is akin to building a house.  Why?  Because I struggle with where to start!

It can seem overwhelming to set a clear goal, but one easy solution that helps me is to remember the acronym SMART.  Clear goals must have 5 things in common: Smart, Measurable, Achievable, Realistic, and Timely.

If you want to increase your income be smart about your goals.  Don’t set a goal to double your income in one year if that is not likely to happen.

Instead, dream big, but start with a smaller, achievable goal such as to increase your take-home pay by $50 per paycheck in 1 years time.  At a bi-weekly pay rate, that would give your family an extra $1300 a year!  That is completely doable!

For some ideas on side-jobs that would easily add an extra $50 per paycheck, check out this post from The Penny Hoarder.

#2: Increase your income by LEARNING CONTINUOUSLY.

Those who increase their income are on a continuous learning journey knowing that they never truly arrive.  The opportunities available for the average adult today are remarkably different than even 20 years ago.

20 years ago, websites like Etsy.com, where artists can sell their creations, did not even exist.  We truly live in such a unique time where people are able to step away from traditional jobs in an actual building and create income streams online through Amazon.com, Ebay.com, and multiple other sites.

Even with all the online opportunities, I think one of the best ways to learn consistently is to subscribe to a good magazine like Success.  It is available for free online, but there is something about having the physical copies that just feels different and better to me.

Learning sites such as Lynda.com and Udemy.com are great ways to take classes on any subject that you wish!  Want to learn how to speak Spanish?  There’s a class for that.  Is website coding your thing?  Great!  There’s a class for that, too!

#3: Increase your income by TAKING RISKS.

Anyone close to me knows that I am a very detailed and calculated person.  To me, taking a risk is deciding whether or not I should add another armful of clothes to the washing machine or not.

But honestly, taking risks does not have to be a scary, dangerous thing.  It can simply mean putting yourself out there when you’d rather not.  For me, I am taking a risk by blogging every week while I learn how to be a great blogger and coach.  I certainly do not have it all figured out!

So, if you want to increase your income, take a risk.  Go talk to your boss about a raise.  Go invest in that class you’ve been putting off that will teach you how to be a better salesperson.  Go purchase a web domain and start building your presence online.

Of course, you could do nothing, and that really is okay.  It’s your life, and you are the one who is going to live it.  Just don’t give into fear and sit back idly.

#4: Increase your income by ADOPTING A WEALTHY MINDSET.

One of my favorite leaders to listen to is best-selling author Dan Miller.  Lately, he has been discussing the concept of the “upper limit challenge.”

Dan says that when people start to succeed they often run into their own mental upper limit.  He points to the examples of people who win the lottery or become great professional athletes.  What can happen is that their minds were not ready for the financial success and amount of income that they had and so they tend to squander it all in a very short time.

We see lots of stories of lottery winners who somehow go through millions of dollars in a few short years because they did not have the mindset to handle that amount of money.  Their mind told them they were not good enough to have that much, so it’s almost like they sabotaged their success to bring them back down to where they were.

What’s your upper limit challenge?  Maybe you are subtly telling yourself you don’t deserve or cannot have more than you’ve got. The wealthy don’t look for ways to get things for free or for it to be easy.

So, how are you going to increase your income this next year?  It’s not too early to start setting some SMART, clear goals now for what you want 2018 to look like for your finances.

If you aim for nothing, that is exactly what you will get…every time!

Do your planning and prepare your fields before building your house. – Proverbs 24:27 NLT

 

2017-10-23T12:42:54+00:00

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