Do you feel like you are in financial straits? Has your income remained relatively stable over the past few years? Would you like to demonstrably and sustainably increase your income? Well this article is for you.
Try these 5 Income Generating Principles
So much of increasing your income has to do with being in the right place at the right time. And while it is about luck / chance, most successful people get where they are by doing the little things right.
Here are some proven principles that can help you grow your income in both the short and long term:
There will always be an element of time. Experience is probably the most important asset that you can have on your side. Not because of the time required, but because of the repeated immersion in your subject.
As you gain work experience, you see the good, the bad, and the ugly. You experience success and failure. You learn what works and what doesn't. You become a trustworthy voice.
Instead of constantly changing jobs until you find your "dream job," stick with a job that has potential and gain the experience necessary to earn a higher salary.
Most people assume that the best strategy is to cast a wide net. They assume that a general degree, general occupation, or general occupation will give them the best chance of success. But nothing could be further from the truth.
When you study the most successful people in the world, you will find that most of them are in very specific niches. In fact, there is a popular saying in the business world: There are riches in niches – or niches get riches.
The more you study a particular area, the more potential you have to become an expert. And people don't pay a top dollar for general products or services. They pay bonuses to experts. Prove that you are an expert in a niche and watch as your demand can skyrocket.
When you stand still, you fall behind. It doesn't matter where you are in your career, you have to keep learning. If you don't, there is an opportunity for others to outperform you. (You may not feel like you're passing in the moment, but suddenly in three years you'll look up and all of your coworkers will have turned to bigger and better things.)
You don't have to go back to college to continue studying. You can take online courses, Read books and listen to podcasts. Surround yourself with knowledge and you will find that you improve over time.
There is something very valuable about being with someone older and more experienced than you. This is called having a mentor – and you need one!
A mentor is someone who will help you grow, not be afraid to call you, and encourage you when you need to. A mentor can be someone in your industry or just someone you trust.
While it is true that you should niche yourself in order to gain more experience and increase your worth to others, there is also something to be said for stratification skills. And one of the best ways to add new skills to your repertoire is to start a sideline.
Being an entrepreneur or entrepreneur forces you to do things that you would not otherwise do as an employee. It is through these challenges, risks, and constant movement that you will discover growth.
What is your goal?
It is not enough to say that you want to grow your income over the next three years. They need to be specific and detailed with your goal. How much would you like to increase your income? And how will you track your progress?
It is helpful to show your goal step by step. An example would be:
I want to increase my income by:
- 10 percent in the next 12 months
- 15 percent next year
- 20 percent the following year
Do you notice how specific that is? (You can also enter specific target dollar amounts for your own goal)
Increasing your income is hard work, but through a combination of calculated goal setting and strategic action, you can see your annual income grow annually. Now go to work!