49 - Increase your income this year!
Reason for this Goal and how to increase income: Depending upon the goals that you are
establishing for yourself, specifically in the areas of lifestyle and travel
goals, it is likely that you will need to find ways on how to increase income
beyond your current levels.
10 ways on how to increase income
In addition to the goals within this Financial Goals category, the following are ideas on how you can increase your income:
- Get into a good profession or career, with the potential to develop excellent income.
- Establish a side business as a secondary income source, possibly focused on one of your life passions.
- Start and develop your own successful business (i.e. the kinds of businesses you see pitched on television, on Dragons Den or Shark Tank).
- Develop an on-line internet marketing business.
- Join a network marketing business.
- Become an authority in your business area by writing a book.
- Drive for Uber or Lyft.
- Rent out a room in your house, on Air BNB.
- Sell stuff on Kijiji, Craigslist, or Amazon.
- Tutor people, in your area of passion or expertise.
- Be an excellent employee (see below)
How to increase income being an excellent employee
- Be the one your boss depends on to get something done - Your boss will recognize and reward employees who can be depended upon to get something done.
- Develop a sense of urgency for the things that your boss asks - When a boss asks for something, you can assume that they are looking for it right away unless otherwise specified. Treat their request with high priority.
- Become the go-to person for others - When other managers or people in authority start recognizing you as as "go-to" person, you know that you have earned their trust and have the reputation as someone who will get things done. This can be a good thing.
- Take advantage of opportunities to expand your knowledge - Don't wait to be asked. Those that are constantly on the look out to expand their knowledge will advance must faster than those that don't. Read and ask lots of questions.
- Become focused on continuous improvement - Once you are in a position long enough to understand job requirements, you'll also understand processes that are in need of improvement. Embrace the challenge of continuous improvement and you'll be recognized within your department as someone who is trying to move the business forward.
- Be the person that does more than you’re paid to do (within reason) - Boss's appreciate those that are willing to work more than the traditional 9am to 5pm hours. They take notice of people that put in extra time and effort when it is important to do so.
- Look for ways to generate more income or cut costs - Companies are in business to make profit for the owners and shareholders. If you look out for ways to help the business make more money, or cut operating costs, the business will generate higher profit. Most employees are in a position to help identify areas to help in this.
- Lead without title (be a leader regardless of your position) - You don't need to have a supervisor, manager or director tile to be a leader. We all are leaders in some respects and should view ourself as such. Take ownership of your position and treat it as if you are the "president" of your own job.
- Improve your communication skills (verbal, written, speaking, etc.) - Those with good communication skills will get noticed and will rise up through the ranks much quicker than those without.
A good company and a good boss will reward you for exhibiting the above characteristics and characterize you as a good employee. If not, it is time to move on. The number one reason people leave their positions at a company are because they don’t feel respected or appreciated by their boss.
Personal experiences with how to increase income
Early in my life, I played music in bands, which in addition to being one of my life passions, provided me with additional income. An extra $100 from a gig I played was a big deal when I was just starting out. I performed in several bands—Cartune, Dorian Wild, and Groove Doctors— performing in bars and clubs around the Greater Toronto Area as a bass player, from the 1970s to the 1990s.
Leading up to my career as an am employee, I went to DeVry Institute of Technology and I obtained my diploma as an Electronics Technologist, leading to a successful career as a proposal manager, working for one of our country’s top employers in the aerospace industry. I manage a team of 15 people.
As a real estate investor, I purchased 4 investment properties and 1 vacation property, over a period of 20 years, as a hobby in my spare time. This turned out to be the main key to our financial success and ability to finance our lifestyle. The excellent equity build-up and cash flow produced through buying investment real estate was enhanced by purchasing property in Ontario, one of the best growth areas in Canada throughout the 1990s and 2000s.
I was involved in a network marketing business for several years (Amway/ Quixtar) during my thirties. This taught me a lot about people skills and leadership, which led me to achieve significant income growth through my employer by being an excellent employee and leader (see Goals # 55 & 56).
I encourage you to look at your own life and circumstances, and start developing a plan on how to increase income. Each month, do something significant that will increase your income and your net worth.
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Last updated: December 8, 2019