If you are reading this, then you surely are thrilled with the idea of increasing your income without working more.
Come to think of it, the above statement sounds like having more money in the bank without working several hours or having more income flow without having multiple sources of income.
But that isn’t the case. Working hard most of the time has a little correlation to how much we are earning and what others perceived we are worth?
Even when you earn a low income, people believe that you are rich because you are working hard.
However, it is important to know that hard work isn’t equivalent to high income. Set up some minutes to measure the amount you are being paid at your current work of place and compare it with the skills and value you offer.
You would realise that your income is equivalent to the value you can offer. In a sane economy, it is usually like that. So to increase your income, you will need to improve your skills to improve your value and increase your paycheck.
Many people constantly work for money, and in so doing; they forget to learn how money can work for them. I believe that if you put in the right amount of energy and disposition towards work, you can achieve a level where you make money work for you.
A major step that can’t be overlooked towards achieving earning more without working more is to cultivate the habits of spending less and saving more.
People who spend without caution and think that saving more is not important, believe they can work for money and spend as they dim fit.
However, this mindset is quite ridiculous. Going by this altitude will even rob you of the goal of increasing your income.
Benefits of generating more income
1. It improves your lifestyle
2.You get to earn from multiple sources of income – 65% of millionaires have at least three sources of income, 45% have four sources of income, while 29% have five sources of income.
3.It allows you to save more.
4.It gives you access to timely investment opportunities.
5.It makes you flexible in case you lose your job.
Ways of increasing your income
To successfully increase the channels of making money, you need to create new avenues to earn more.
Learn to influence yourself positively by engaging more of your time on productive things that can bring positive results.
You can spread your money through different channels on focused investment streams. Real estate, for instance, has several investment opportunities. You can erect a building and rent it out for residential or commercial purposes. You can also purchase land and leave it to
appreciate for a while.
How to make more money at home
There are also online jobs like social media manager that pays 12 to 60 dollars per hour depending on your level of experience in basic digital marketing.
Some jobs require SEO experts or tutors in foreign languages. Pick them up, write to a potential client and begin to work for them upon approval.
If you have some skills in music, guitar, graphics designs or cooking, offer them to people. With an increase in digitalisation, you can take advantage of platforms like Zoom and Telegram to teach and get paid.
Some freelance websites also offer numerous side hustle jobs online that anyone with little to no skills can take advantage of. There is a job for everyone. So look around you and pick whichever you can work with.
Best ways to increase your monthly income
Sell your products on different platforms to increase your monthly income. People love to consume products in different ways. So, if you have a product, turn it into a video or audio course, eBook or podcast.
Take advantage of getting higher returns on cash deals by joining
lending platforms with a higher return on investment.
You can also increase your monthly income by increasing your financial intelligence and by obtaining and managing wealth with a primary understanding of how money works.
13 Proven ways to increase your income without working more
Increase your Asset: Get to know the differences between asset and liabilities. Assets put money in your pocket while liabilities remove money from your pocket.
The more assets you have, the more money you make. Having a steady flow of cash from your asset grants you a chance to access investment opportunities that presents itself.
Stop Spending in Anticipation of your Next Fund: Some can’t seem to entertain the thought of keeping a monthly budget, even with a pay raise. Well, you will need to raise that thought if you want to gain control of your finances.
A quick way to increase your income is to get used to living with a standard monthly budget that can help you save more.
Thrash Old Money Mindset and Embrace the New One: Challenge your instinct about your internal conversations to thrash old money mindset that keeps making you poor and embrace the new money mindset that sets out to do everything it takes to increase your income.
Start Giving Value with Your Current Skill: Provide free tips with your current skills for people that need your services. This can be by educating people on things they can do to earn more money in the form of articles, video tutorials and eBooks.
By sharing helpful contents for people to improve themselves also paves the way for you to earn more by introducing your product since they already see you as an authority figure in the value, you are giving.
You can reach millions of people with the power of the internet while offering your services.
Self-improvement: What do you consider as self-improvement? List the most important financial aspect of your life that needs improvement, break your goals of meeting them into smaller chunks and start working towards them.
Also, take a periodic review on things you are doing currently that you should improve on and strategise if need be.
Create Awareness about your Worth: Show people the major reason why they should pay you more. Make use of your branding opportunity by mastering a craft for success.
Be willing to pick some few jobs for free to create some awareness
about your capabilities. For example, if you are a writer, leverage on informative websites like Quora, medium and Reddit that gives value to people for free to also show the world the value you can offer.
Be determined to write on some of these platforms to build your portfolio. This process can also be applied to other jobs that can improve visibility and boost careers.
Explore Money Making Opportunities: Some money-making opportunities are always staring at you while going to work, or when working on your computers. But you have been lazy to see or figure them out.
Check around your neighbourhood for opportunities you can execute to increase your income. For instance, a lot of people feed on snacks. If you are good with pastries, you can open a pastry centre for
people to satisfy their cravings.
Learn to allocate your money to the right project by identifying people that are skilled or entrepreneurial driven to help with your proposed projects and ultimately increase your income over time.
Understand the Basic Rules of Money: Aim to start investing the money that you don’t intend to spend. People hardly earn their way to financial freedom, but they invest their way to financial freedom.
So take advantage of the power of compounding your savings to increase your wealth and grow financially.
Create a Need for what you do: Show people you are indispensable. Get better at what you choose to do. Introduce yourself as someone willing to see other people succeed and work towards being visible.
Present your future place of being better off with what you do by taking advantage of photo products, messaging, and advertisement via social media platforms.
Demonstrate to people how good their lives could be by creating a desire for things they thought they do not need.
Multiply your Time to Make more Money: Some people believe they can do everything by themselves without employing more hands. This mindset will push you further away from increasing your income in multiple folds.
You must understand how to leverage other peoples time, hands and brain to increase your income. Focus more on thinking about what you can get other people to do for you other than focusing on how harder you can work.
If you can get more hands and more brains to focus on your business, then you can increase your income without working more.
Learn to Create more Value: Invest your time on things that motivate you. Conduct thorough research on what is most valuable for you, acquire it and increase your earning potentials.
Be willing to give more value than what people expect from you.
Money doesn’t attract people that work hard, but money attracts people that give more value to people around them.
After creating this value, work on offering the value to as many people as you can
Delegate Parts of your Job for Scalability: Scalability factor is so powerful for turning anyone to a millionaire overnight. For instance, if I am good as a writer or legal adviser or musician, I should concentrate on tasks that I am passionate about and use the scalability factor to source other aspects of my business out.
Just as I do, you can also use the scalability factor to make a lot of money.
Maximise your Mental Capital: Expand your mental worth by acquiring idea, knowledge, insight, and strategies. Create a daily habit of learning even if it as short as thirty minutes.
As you keep at it, the habit will compound to a great amount of knowledge that can be used to increase your income.
In conclusion, increasing your income without working more largerly depends on how much you are willingly to expand your current skill to earn more money.
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