4 Ways to Increase Income & Build Wealth Today
We all have one thing in common: We must earn income and increase it. Those who do not firmly believe this are either misinformed or they have quit on money and typically on their dreams as well. We’ve been told that making smart financial decisions is the key to building wealth. Well the truth it, earning income is the most intelligent financial decision one can make. However, this is also a skill that most of us have been educated out of. The average person has been taught that they only need a college degree and a good job and those two things will take care of them forever. When we find out this isn’t the reality, it is often difficult to determine how to fix the issue of not making more money. Here are a few steps you can take.
1. Sell stuff. Go through your house, rate everything on a scale of 1-5. 1 = not needed at all, 2 = not needed right now, 3 = maybe needed, but could be sold, 4 = vital and cannot be sold, 5 = this thing produces an income and shouldn’t be sold. Anything that is a 3 or below, sell it now. Go to craigslist, ebay, or hire someone for online consignment.
2. Make sales at work. Go to work and tell your boss you would like to earn a commission for bringing in new clients. It doesn’t matter how low the commission is, it is more money than you were making before. Any real business relies on people buying their products and services. The most valuable thing you can do is to help that happen directly by bringing business in and closing sales. And most sane employers will happily pay their employees for doing this!
3. Ask for a raise. I want to first state that you should only do this if you are actually bringing value to your company. If you’re taking more than you give your boss then it would be unethical to ask for a raise and you’ll get shot down anyways. If you believe you deserve a raise, here is how to do it:
- Bring in a handful of new clients or referrals, regardless of whether you’ll be paid or not. Document that and put it in your case folder. This is the folder you’ll fill up with evidence to make your case for a raise.
- Collect reviews and success stories from current clients and customers you’ve interacted with about how positive their experiences have been with you.
- Collect reviews and success stories from co-workers you’ve interacted with that have good things to say about your presence in the workplace.
- Research the industry average pay in your position. Once you find that average, determine if you’re above or below that. Most people are below and this is an easy opportunity to document it and use it as evidence as to why your employer should increase your pay.
- Research what inflation has been since you last had a raise. If you weren’t increased, you are losing money every year and this is a compelling piece of data to use.
- Find a way to help the company make more money and ask for a commission or bonus for doing that activity and bringing the company more revenue.
Take all of this info in your case folder, schedule a 30 minute meeting with whoever is the decision maker for pay increases, and state your intention. Let them know you will be asking for a raise, ask if the company is in the financial position to even be able to do so, and then ask who else would be involved in the decision. At this point, you can then disclose how much you’d like and present your case folder as a demonstration as to why you should get a raise. Make sure to close. If you’re serious about a raise, make sure to professionally and politely let your employer know that you know your value and you will be forced to look for an employer who can compensate that value if it cannot be done by your current employer.
4. Find a side hustle. Find something that has a short sales cycle, a low barrier to entry, and can be done part time. MLM’s are great. In fact I have an affiliate program like this called WDX Ambassadors. Click here if you’d like to become an Ambassador for my company. A aside hustle is a flexible way to make money in addition to your current job. Not only that, these are often 1099 independent contractor relationships which open the door for a person to increase their tax deductions regardless of whether or not they make any money.
If you’re serious about wealth, income will always be the cornerstone. These are 4 practical ways to do that. Remember, you have to really want to make more money and decide that you will do whatever it takes within ethical means to do so. You will spend more time, you will be away from your family more often, and it won’t be the easy road. But if you’re serious, you’ll do it despite all of that. Click here if you’d like to take an online course on how to increase your income, save more money, and begin investing for passive income so that you can build wealth sooner.
Own Your Potential,
Jerry Fetta helps his clients make money, keep it, and multiply it.
He believes everyone should own their potential. He believes you were not created to spend 40+ hours per week serving the 40-year-to-life sentence trading your precious time for money just to live in mediocrity.
However, the truth is that time and money must be exchanged. It just doesn’t need to be you making the exchange.
Jerry helps his clients create wealth that exchanges time and money on their behalf.
His clients see a 30% increase in income, a guaranteed increase in savings rate, and 8-12% fixed annual returns on their assets in the 1st 90 days of working with him.
To get started, go to www.WealthDynamX.com/potential