Ways to increase your income
Cash flow is king.
If you really want to improve your lifestyle then you need to increase income.
This is something that I have struggled with, but I am getting better at it.
There is a lot of money out there to be made. America really is the land of opportunity when it comes to cash. Focus on trying to increase your current income and then add to the number of income streams that you have. Each one should continue to grow and continue to increase your cash snowball.
This will take time. Believe me, I want my own income to increase faster, but generating more income can take time and patience. But there are many ways to skip the line.
My goal is to make more money in order to invest that money into stocks or more 'passive' income sources.
This list lays out the different ways that you can increase your current income or start creating new income.
1. Increase your current salary or hourly wage
I don't care if you work for Microsoft or Mcdonald's. Find ways to increase your yearly or hourly salary. Bring in new business. Get a promotion. Become a manager. Tell your manager that you want more responsibility or you want to create a career plan to move into more valuable roles.
2. Work more hours
Work more hours at your current job or go get a second job on the weekends. Or work for multiple clients at the same time. If you have free time in your day fill it up in order to earn more money.
3. Start your own business
Become an owner. This the most best way that a person can indefinitely increase their income. Work for yourself and then scale your business.
There are tons of businesses you could start right now: YouTube, Blog, Newsletter, Course. There is 4 ideas in one sentence.
You need to become an owner of your life and your business.
4. Invest in dividend stocks, funds, REITs
I love the stock market.
It is the easiest way to create a second stream of income.
But it is a roller coaster of emotion.
And you do need to put in sweat equity to have funds to invest in the market.
5. Invest in Bonds
There are several different forms of bonds. There is even a bond market.
- US gov bonds
- municipal bonds
- Corporate bonds
- Bond funds
Buying a bond really means that you are loaning an organization money and expect interest payments for loaning out that cash. Most of the time when you purchase a bond Your money is locked up for a period of time. So It will pay you money, but you may not actually be able to access that money for a while.
You could also purchase a CD.
Many people create CD ladders to provide income each year.
6. Invest in cash flowing real estate
There are many different ways to invest in real estate. You could actually purchase a single family property or purchase into REITs.
There are lots of benefits to investing in real estate.
- Monthly income
- Tax write offs
- Leverage
- Home value appreciation
But there is also a high barrier to entry. You have to save a lot of money and then find the right deal. You also have to deal with tenants or property managers.
Real estate can easily provide you with more income, but it is not as easy as some people make it look.
7. Become a bank - loan people money
Instead of buying a bond you can loan people month.
They pay the loan back in installments along with interest.
Kiva
Lendingtree
8. Increase your skills/value
No matter which way you use to increase your income you should also be increasing your skills. Level up whatever game you are playing.
As you get more skills you charge more for your services.
9. Work for another company
The best way to increase your corporate salary is to jump ship to another business. Anchor yourself to a new salary. Do this every few years.
10. Work and get old
If you work for a public business you are most likely contributing to Social Security. When you hit 62 you cal start collecting.
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