Who doesn’t want to increase their income?
It sometimes seems like an impossible task, but so many people have figured out ways to successfully add more cash to their bottom line.
Here are some ideas to get you brainstorming.
Overtime
Does your job offer overtime? Or if you could work weekends, some states require higher pay on Sundays for example. If you can, see what adjustments you can or are willing to make to maybe add some extra funds to your paycheck.
The upside is more money and can be convenient especially if you’re already there at work, which could help reduce commuting time. It’s also something you’re familiar with too! This could be a great solution for some!
The downside is it takes up more time, and if you don’t like your job it can feel like torture.
Side gig/Self-Employment
Baby sitting, dog-walking, feeding a neighbors cat while they’re away, tutoring, contract work, odds-and-ends jobs, etc.
The upside is that it may not be a huge commitment, where you could do it when you can or as needed.
The downside is that it still takes more of your time. My opinion is usually a goo idea to lock in higher income if you can. Especially when you consider the rising cost of living. Raises don’t always cut it for the bulk of people!
Start a business
This one is personally my favorite, because it can be something you own and have full control over.
I’ve personally done lot of overtime when I use to work for a corporation, as well as side gigs. But it took up more of my time and I didn’t want to work 7 days a week! Most can relate to this.
The upside is that if you wish you had more time to do other things like spending time with friends and family, hobbies and so on; then starting your own business might be something to strongly consider.
The downside to starting your own business, is that it takes not only time but it can be a real commitment. I know that may not be what you want to hear, but try to think in the long-term about this, for it to make sense.
Let’s say you do these side gigs or overtime at your job…
How long can you maintain that?
After all those months or years of hard work, will it that work you did continue to pay you like owning a business or even rental properties could?
One of your goals for starting a business should include a plan to set it up in a way where you don’t always have to be there in order to make money. In other words, passive income. That is, if that point is important to you.
There are many ways you can go about starting your own business. It is important to do your own research, having a coach or mentor is also very key because they can help you stay accountable and avoid some unnecessary mistakes that will saving you time and headaches!
The financial industry
I started my business and career in the financial industry because of a few things.
One, that it is the largest industry in the entire world.
Two, large portion of the financial professionals are baby boomers and they are retiring which creates a huge need and opportunity.
Third, I was coming from the real estate industry and could not see a future there because I was working 7 days a week basically which was not fun after 4 years.
The financial industry is known for creating passive income for those who own their book of business.
Also, financial literacy is something that is desperately needed in our world and unfortunately it is the big source of many social problems that are too many to name here (maybe an article for another time).
If you want to start a business and you are intrigued about the financial industry, Start by watching this 15 min video made by my great friend and mentor Michael Coleman who is an Executive Vice Chairman with Revolution Financial Management. He has almost 20 years of experience in this field.
You can also schedule a time to meet with me and I’d be happy to go over everything with you to see if we’re mutually a good fit.
Summary
The biggest takeaway I want you to have, is find and use what works best for you. Not everyone is meant to be a business owner and not everyone is meant to be an employee.
I hope this helps you find a way to increase your income so that you can achieve your goals from it!
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