We all want to boost our regular income, but end up off guard. Let’s talk about how to increase income and the best practices to save/increase our earnings here.
As expenses are sky rocketing every day, making a little more money from any source is a good thing isn’t it.
That’s what I am going to share with you all today.
List of 5 Awesome Steps To Increase Your Income
1. Have Multiple Income Source
You may talk about any millionaire/billionaire you know out there tor google it and see that every single millionaire will be associated with more than one income stream even when they are in limelight and making lots of money.
Take any artist, sportsman, business man just see that they have either invested their earnings in other companies, real estate or some sort of investment will be there in their portfolio.
That’s what generates the much-needed passive income and growth in the long run when you don’t work anymore. Can you be in the limelight for ever. No! it’s impossible.
People do retire and it’s nature, It’s common for everyone. Today it’s you and tomorrow it’s someone else’s turn to rule the world.
Same rule mentioned above applies to us too, we may not earn a six figure income, still if we have a stable mind, willpower to succeed nothing can and should stop us from reaching our financial goals and increase income.
Say you earn 50k as an example, that’s roughly around 3k a month, try to keep aside 1k a month if possible. Don’t say I can’t, we all can definitely cut short on the unwanted or not needed things as a part of our daily lives. If not 1k keep at least 500 or 300 aside.
This way you can save some money, then invest the money in certain place and make it grow. Don’t let it die in your checking or savings account. For emergencies you have the emergency fund.
Say you invest 20k in stocks (good dividend stocks), then you can expect anything like 80 dollars a month as a passive income which is increase in income. Isn’t that cool ?? give it a thought. You are almost covered 60 % of your monthly TTC pass expenses, so you can now save that 🙂
2. Always Stay Focused On your Financial Goals
So you saved 1k this month great, next month your account goes negative, poor guy!! This should never happen. Be consistent in your approach and what you do.
Make sure you stick to you financial commitment and act accordingly.
Go out enjoy have dinner booze party watch a good movie, that’s all fine.
But know what you’re doing which takes us to the next point.
3. Always Stay Hungry To Achieve More Financially
Always and always, like the iPhone sleep to wake-up mode, at one corner of your mind remember that you are already XX age and you need to do something on you own by XX age.
You may get a pay rise, new job blah blah and other income sources added which is good like passive dividend increase income of 200 dollars a month, you can increase your financial goals then.
4. Making Sure You have a Good Credit Standing Always
Please ensure you pay all your bills on time and keep your credit rating in good standing if not the best. At-least make sure you pay off the minimum amount due by the due date.
This way you can maintain a good credit standing, avoid late or over charges and do more business with the financial institution.
The point about having a good credit score here is, many of the self-made millionaires out there are because of the investments they have made and cashed in on the opportunity at the right time or been consistent with their investments over time.
The point to note here is not about how others make money but to give it a thought about leveraging your credit card/loan money from low-interest rate credit cards for investments.
If your credit rating is good, you can definitely make use of this approach to invest and make good returns in turn. Many people I know out there are using this strategy and making good increase income.
5. Take Calculated Risks once in a While
It’s always okay to take calculated risks once in a while, make sure you are aware of what you are getting into. Do all the technical research, be strong with fundamentals or understand the fundamentals, study, think and then get into it.
Remember only the risk takers are benefited the most. Remember amazon, apple or facebook stocks initially, we all still repent of not buying those stocks then. Why?? because it was still new and unheard of or what if it sinks or whatever the reason might be.
If the stock/investment is fundamentally sound or any other investment type appeals to you do not hesitate to go forward and make that buy when it’s still a good bet.
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Hey, I’m Sagar from Toronto, Canada.
I am a self-taught, motivated Canadian Personal Finance Blogger who loves writing articles about Savings, Investing, Stocks & ETF reviews, Side Hustles, Frugal Living, Credit Cards and Retirement Planning. Husband. Father. Software Developer. Web Designer. Hiking Enthusiast.