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Increase Your Income
Increasing income is an important step to the wealth creation formula. It will be difficult to get rich without increasing your income. Once you create an income stream. Find ways to increase it. No, I didn’t say second job, third job, or start a business. I want you to increase your income from your current stream.
Don’t focus on your first source. This is where people lose. They try to get out too early. Their desire to quit their job leads them to look for other sources without fulfilling their first source. In addition to strengthening your first source, it takes skills to increase that flow. But the learning process will help you scale later.
Importance of your first flow
Your primary source of income is your lifeline. This makes us want to increase it. Too often people start new businesses and let their primary income dry up. Remember your primary source pays the bills, puts food on the table, and will fund future investment ventures.
The movement to be your own boss is fascinating. The road is paved with broken bosses and they will be entrepreneurs. Starting a side hustle is the right thing to do. But not before you secure and raise your first stream. Your first stream funds your entire lifestyle. Don’t forget it.
Increasing your income
How can you increase your income now with your first stream? How can you bring more money into what you’re already doing? Look at your sources of income. How can you make more money with it? What other duties can you perform to make more money?
You can increase your salary. Have you looked for ways to make more money in your current position? Here are some examples:
Food service workers, waiters and waitresses can improve their communication skills to earn higher tips.
Uber, Lyft, taxi and delivery drivers can improve their service for more tips. They can put up signs reminding people to tip. Also, rideshare drivers can drive more to earn bonuses. Also they can participate in referral program and earn more money by recruiting more riders and drivers.
Sales and commission people can make more money with financing. Or if the customer doesn’t buy from them, you can refer the customer to a competitor and earn a referral fee.
Blue collar/union workers can learn other jobs to hone their skills and use their seniority to get additional work. Are they available to you overtime to increase current flow?
No opportunities to raise?
Now there are instances where you cannot increase your income. Even if it’s rare or you’re too lazy to find current opportunities. This is where you invest in yourself. Instead of jumping on the next get rich trend. Invest in learning skills like sales and marketing. Learn how to turn your current skills into dollars.
What does increasing your income look like?
Here’s how your income stream grows:
Let’s say you’re an Uber driver. Driving is your main resource. Now one way to increase your income is to drive more hours. You can drive 12 hours a day with Uber. Further, you can increase your tips by having a clean car, communicating well, and having signs that remind people to tip. Then you can recruit other people and earn referral fees.
A rideshare driver can earn up to $400 extra per week just with bonuses and tips. This way you will increase your current income stream. The key is to find opportunities in your current job or business. It saves you time and learning curve. You are already an expert in what you are doing. Get paid more just to do it.
Don’t be satisfied with your first stream
Don’t get complacent once you’ve mastered your first stream. Don’t compare yourself to other people because you are doing well. The goal is wealth creation. One income stream will never make you rich. On the other hand, that is your key and now you can create other streams because your current stream is strong.
You never let your wealth depend on one income. Now that it’s strong and growing, it’s time to find another source. Another source is another stream. It does not change your first stream. It is adding to your income. Branching out takes courage and skills. If you’ve grown your income since your first stream, you’ve developed some skills.
I always suggest creating a second stream that is symbiotic with what you are doing. Like Uber/Lyft drivers who earn commissions on referrals. Since they are recruiting, they can earn commissions for referring people to other products and services. Now they are marketers.
Sales professionals can consult, write books, or get paid to speak. These are ways that they can create multiple streams with their existing skills. Once again, once your first stream is secured and everything is funded, it’s time to create a symbiotic second stream.
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