This is the second article in my 'Accumulating Wealth' Series. If you missed the first article, I highlighted The Only Two Ways to Increase Your Wealth. In this article I will focus on the second part of this formula:
Increase Your Income.
Increasing your income is more difficult than decreasing your expenses...At least for myself and the majority of Americans. Many of us are in 'fixed income' jobs; we are either tied to a salary or paid hourly. As a result, we cannot simply alter our lifestyles, make a few changes in our daily habits, and easily make more money. Or can we?...
At least at first glance, most will admit, however, that decreasing your expenses is a lot easier than increasing your income. Why is that? Without going into it too much, perhaps it is because we feel we have more control with where and how we 'spend' our money versus where and how we 'get' our money.
With that in mind, listed below are a few ideas for increasing your income:
*Use the internet - The internet is full of ideas, information, and methods for increasing your income. I am just beginning to learn how many 'options' the internet provides for bringing in some extra $ (without having even scratched the surface to be honest). Some of these ideas include: participating in research studies, completing surveys, blogging, getting paid to read emails, and auctioning/selling items..everything from old household junk, to products that aren't even yours but that you get directly from wholesale companies. Bottom line, the internet is a great place to start looking for ways to increase your income.
*Think creatively - more accurately, be willing to be creative. Extra money is not just going to come to you. A great place to start thinking creatively is to use the internet and search for ideas. Some of these creative ideas include: using your car for advertising (pays up to $400 a month in many cases), use your hobbies (good article here), tutor, babysit, get a part-time job, or whatever. Do something. And start to do that something by thinking creatively.
*Invest - Many have heard the saying, it takes money to make money. While that is true, one of the best ways to make money, is to invest money. However little you may have, investing will help you increase your income if you do it wisely. This blog is dedicated to bringing wise financial advice that you can use to conduct your own research and make decisions. I currently own 11 dividend paying stocks. Eventually I hope to own around 35 companies. That is money that will continue to flow (outside my regular paid salary) unless the dividend is cut.
Those are three broad ideas, with many smaller ideas in each category, for how one can increase their income. I personally aim to increase my income primarily through dividend stock investing. My wife just got a part time job though, and that has helped increase our income as well.
Finally, don't ever get discouraged. Rather, apply yourself, and get excited. EHow.com has a decent starting article (here) to help remind you of some key points when looking for ways to increase your income. As always, I welcome any discussion. Thanks for reading,
DivPartisan
I find increasing income to be more difficult than reducing expenses. Then again, I am unmarried with no children. Getting a second job or perhaps changing your main job is another idea. I have found that often a pay raise is more likely from a new company than your current company.
ReplyDeleteDivMantra,
ReplyDeleteMarried life definitely comes with expenses... :)