3 ways to increasing your income

I am around a lot of people who want to increase their income.  I think that is a worthwhile and valuable goal to have.  It is a goal that most of us have on some level, I know I do.  Now is the time when I can hear some of my readers saying: “It’s not all about money”, “What about being happy”, “Work-Life balance”.  This post isn’t for the ones saying that, so you might want to stop reading now.

No, this post is for the ones who do strive to Be Happy and Make Money.  For some reason our culture thinks that if you want to make a lot of money, you have to work 24/7 and be miserable.  That just isn’t the case.  The goal should be to do work that matters, and to do work that you love.  When you are doing both of these things your income will go up and you wont be miserable.

What does it take to increase your income. I can only speak for me when I give advice in this area.  My suggestion is this.

1.  Do work that matters and you love:  If you are miserable. Stop doing that.  If the money is too good to quit, then you need to work on an exit plan. An exit plan could be going back to school to increase your skills.  Taking a class on a certification of some kind. Your exit plan could also be a side job that you are passionate about.  I know some people take side jobs for the money.  Well, that is only motivational for a period of time.  Doing something for the money regardless of how lucrative it is eventually becomes hard to do on the side.  You eventually lose that motivation.  It has to be something you are passionate about, that you want to do.

2.  Work: This is obvious right?  I think it is as well.  Most people are putting in a lot of work.  But a lot of work towards what?  A lot of work in the job that pays them a good salary.  Sure, you should do that.  But you eventually hit a ceiling.  Yep, a ceiling on what you can earn.  In Seth Godin’s book, LinchPin, he discusses the org chart of value.  The more value you bring to the marketplace, the more money you can earn.  The top three tiers in that chart are in this order from bottom to the top (there are other ones as well):  Sales, Connecting, Creating.  If you have the ability to sell, you bring a lot of value to the marketplace and your company.  If you can sell and can connect the right people, and have the right connections, you bring a higher value to the marketplace.  And then lastly, if you can create something you create your own value in the marketplace and the earning potential is endless.

Sales, Connecting, and Creating all require work.  The key is finding the time to do it.  Maybe you already do this in your job.  If not, think about how you can get yourself on that path.

3.  Invest: Using your own money and putting it into something where you seek a return or a profit.  I believe the best investment you can make is in your own personal and self-development.  The second best investment is into something that will give you a return on your money invested.  I personally like real estate. Stocks and mutual funds are great as well. Investment into a business where you can get a return when the company is successful can be a very lucrative way to increasing your income as well.

I am a person on this journey of life, like everyone else, just trying to figure it out.  Sometimes I think I have it figured out and then I realize I don’t.  But I know that the three things I mentioned above will get you closer to the income you desire.

To your success and your future.

 

This entry was posted in Linchpin, personal development, self development and tagged , , . Bookmark the permalink.

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