Ways to Increase Your Income
- 2010 17 Aug
In challenging times I see people managing their money better. And I commend them on getting involved with Dave Ramsey's Financial Peace University as thousands of you have done. But here's an important principle — Not only is it important to manage your money better; it's also important to realize that now is a great time to figure out how to make more money.
Wealth isn't made by the hour - it's made with ideas and a plan of action.
If you make $15 an hour, you're making $31,000 a year. A cost of living increase of 3-4% is not going to significantly change your financial position. Yes, you can do a great job and ask for a 10% raise each year and in 8 years you'll double your income to $62,000. But that's 8 years from now. And doubling your pay in an hourly position is not going to happen - unless you bring new skills to the table.
A better question is how can you make an extra $2600 a month starting now - to make that doubling of your income be a reality this next year? What would that do to your debt snowball? Here are some ideas to get your own thinking started:
- Mow 10 yards weekly at $60 each
- Spend $1300 on old silver at garage and estate sales; clean it up, know the market and double your investment selling on eBay
- Create a sports themed sticker package for golf carts and sell 100 at $26 each
- Buy a fixer-upper in this wild real estate market - do the repairs and make the entire $31,000 in one carefully orchestrated transaction
- Be the graffiti removal expert in your town. Get 10 contracts for $260 monthly to keep a building graffiti free
- Set up to sell kettle corn at local fairs, festivals, fund raisers and church events. Book 3 events a month were you could reasonably expect to net $850 each
Nothing here requires another degree or a waiting time. But making an idea work for you does require a break from a paycheck mentality. If you can do that, the sky is the limit in where your income can go - this year.
August 17, 2010
Dan Miller is today's leading authority and personality on careers and 'Work You LoveTM'. As bestselling author of 48 Days To The Work You Love, and now No More Mondays, Dan reaches over a million people every month in his newsletter, podcast, and blog with the best trends and opportunities in the workplace and small business. For more information, visit http://www.48days.com.