Increase Your Income- The Key To Financial Independence

Have you ever configured a painstaking savings plan only to realize that you still couldn’t pay the bills and contribute a meaningful amount to your retirement accounts? If so, you’re not alone. I’ve personally planned out my entire budget before only to realize that I didn’t have enough money coming in to cover the rent, utilities, etc. and still add a decent amount to my IRA.

 

Some months in the early days of my pursuit of financial freedom, I saved significant amounts of money and still wasn’t able to get ahead of the eight ball. I started to lose some faith in my abilities as an aspiring wealth builder, but never did I let myself fall off the bandwagon.  I never blamed anyone else for my financial struggles either. I had to own up to my own shortcomings in order to figure out the real secret to building financial freedom.

 

Increasing My Income

 

At some point during the peak of my financial problems, I finally realized that if I wanted to tip the scales in my favor, I was gonna have to find a way to bring more money in instead of solely focusing on how much was going out. I knew then that increasing my income was going to play an important role in my ability to achieve financial independence and build the foundation for a prosperous retirement.

 

It didn’t take me long to figure out that raising my income was going to be harder than saying hocus pocus! If I wanted to start making more money along with what I was saving, I needed a solid plan to start earning more and I needed it sooner than later.

 

How Did I Start Trying To Earn More Money?

 

When I first started brainstorming a plan to make more cash, I quickly found myself stumped and bewildered. I knew finding extra ways to earn money was hard, but jeez I couldn’t think of a single way to raise my wages without quitting my job and finding a better paying one. In the situation I was in, finding a new profession wasn’t the best option, but it almost felt like the only choice I had.

 

It wasn’t until I started reading some business and finance articles that I was introduced to the plethora of ways to earn more money that existed. I had to realize a fairly simple, but oh so confusing principle.

 

 

It Wasn’t About How Much Money I Made At First, It Was About How Many Ways I Made It.

 

Of course it matters how much money you make. If it didnt, we wouldn’t even bother trying to find extra sources of income. In the early stages of our wealth building though, it’s more important to start working on multiple sources of income, no matter how big or small.

 

What I found was that if I could build many streams of income, they would eventually add up to a larger amount and I could use the extra to fund my retirement accounts and invest in other possible money making ventures. Investing my excess in new revenue ideas would prove to be a key in my ability to keep the cash flowing in.

 

How Did I Increase My Income?

 

That title should actually say “How Do I Increase My Income?” because the work is never actually done, but I want to highlight a few of my key strategies for bringing in more cheddar. Your ideas for extra earning power might differ from mine, but the premise will likely be the same.

 

1). The first step I took in raising my monthly wages was the easiest. I went straight to my boss at the time and asked for a raise.

 

Before you go in asking the head honcho for more money, be prepared to point our why it is you think you deserve a higher wage per hour. And no, the fact that you show up on time every day isn’t going to cut it.

 

2) The second step in my plan was to start looking for ways to earn passive income, meaning I’d earn money for jobs that I already completed or investments I already made.

 

This one was much harder than I originally thought, but you can read more about my passive income strategies here.

 

3). My third strategy for making more money to invest and pay down debt is literally staring you in the face right now.

 

This blog is a part of my plan to make residual income. By offering you guys useful info and only telling you about the most valuable products, I’m able to make a small, but meaningful amount of extra money each month.

 

If you’re interested in blogging as a means of income, I recommend DreamHost, which is fully integrated with WordPress and charges very minimal fees for hosting. Check it out here. You won’t be disappointed.

 

If you already have a blog, but haven’t started monetizing it yet, consider Share a Sale’s affiliate program. With Share a Sale, bloggers are able to promote various products and earn a commission or referral free from the company that owns the product.

 

As long as the products you promote are worthy and you don’t start promoting things like Belly Wraps, Share a Sale can be a good way to help your readers while earning a modest amount for the time you spend writing your blog. Remember, it’s all about finding ways to generate small (or large) amounts of passive income.
 

Treat Everything As An Investment.

 

Probably the most important financial lesson I learned in the beginning of my journey was to start treating everything as a potential investment into my future wealth.

 

Whether it is time, money or education, I always look at the big picture and see what financial rewards I can expect to gain in the future. Investing in yourself through education shouldn’t be understated either. Learning more tools to add to your repertoire will be a powerful way to make more money in the future.

 

I guess the point of this is just to drill it into your head that you need to increase your income. It doesn’t matter how much money you save if your income stays flat. True wealth building can only start to happen after you put in the time and effort to make yourself more valuable.