We all want to increase our regular income, but we end up being caught off guard. Here let’s talk about how to increase our income and best practices to save/increase our income.
As expenses skyrocket every day, earning a little more money from any source is a good thing, isn’t it.
This is what I am going to share with you all today.
List of 5 brilliant steps to increase your income
1. Have multiple sources of income
You can talk about any millionaire/billionaire you know to Google them and find that every millionaire will be associated with more than one source of income, even if they are in the limelight and make a lot of money.
Take any artist, sportsman, businessman and just see that he has invested his earnings in other businesses, in real estate or in some kind of investment in his portfolio.
This is what generates much-needed long-term passive income and growth when you’re no longer working. Can you stay in the spotlight forever? No! it’s impossible.
People retire and it’s nature, it’s common to everyone. Today it’s you and tomorrow it’s someone else’s turn to rule the world.
The same rule mentioned above also applies to us: we cannot earn a six-figure income, but if we have a stable mind, the will to succeed, nothing can and should stop us from achieving our financial goals and increasing our income.
Let’s say you earn 50,000 a month, that’s about $3,000 a month, try to keep $1,000 aside if possible. Don’t say I can’t, we all can certainly cut out unwanted or unnecessary things as part of our daily lives. Otherwise, keep at least 500 or 300 aside.
This way, you can save money and then invest that money in a certain place and make it grow. Don’t let it die in your checking or savings account. For emergencies, you have the emergency fund.
Let’s say you invest $20,000 in stocks (good dividend stocks), then you can expect something like $80 per month as passive income, which is an increase in income. Isn’t that cool?? think about it. You are almost covered for 60% of your monthly pass expenses including tax, so you can now save that 🙂
2. Always Stay focused on your financesoals
So you saved 1k this month, great, next month your account becomes negative, poor guy!! This should never happen. Be consistent in your approach and what you do.
Make sure you stick to your financial commitment and act accordingly.
Going out, enjoying dinner, having a drink, watching a good movie, it’s all good.
But know what you’re doing, which brings us to the next point.
3. Always stay hungry to achieve more financial results
Always and always, like the iPhone wake-up sleep mode, in the corner of your mind, remember that you are already XX years old and you need to do something for yourself at XX years old.
You can get a salary increase, a new job blah blah and other sources of income added, which is nice like a passive dividend increasing income by 200 dollars per month, then you can increase your financial goals.
4. Make sure you always have good creditworthiness
Please make sure you pay all your bills on time and maintain your credit score in good or good standing. At least make sure you pay the minimum amount due before the due date.
This way, you can maintain good creditworthiness, avoid delays or excessive fees, and do more business with the financial institution.
The point of having a good credit score here is that many of the self-made millionaires are there because of the investments they made and took advantage of the opportunity at the right time or were consistent with their investments over time.
The point to note here is not how others make money, but to think about how to leverage your credit card/loan money from low interest credit cards for investments.
If your credit score is good, you can definitely use this approach to invest and get good returns in turn. Many people I know use this strategy and get a good increase in their income.
5. Take calculated risks from time to time
It’s always okay to take calculated risks from time to time, make sure you’re aware of what you’re getting yourself into. Do all the technical research, be strong with the fundamentals or understand the fundamentals, study, think and then go for it.
Remember, only those who take risks benefit the most. Remember the stocks of Amazon, Apple or Facebook at the start, we all still regret not having bought these stocks at that time. For what?? because it was still new and unheard of or it was sinking or whatever the reason.
If the stock/investment is fundamentally sound or any other type of investment interests you, don’t hesitate to go ahead and make that purchase when the bet is still good.
Please share this article if you found it useful, also let me know your comments below.
