Increase your income

Increasing income is a fundamental step in the wealth creation formula. It will be difficult to get rich without the increase in your income. Once you have created an income stream. Find ways to increase it. No, I didn’t say go find a second job, third job or start a business. I want you to increase the income of your current stream.

Don’t lose focus on your first source. This is where people lose. They try to branch out too fast. The sensuality of quitting their jobs drives them to seek other sources without perfecting their first source. In addition to strengthening your first source, increasing that flow requires skills. But the learning process will help you scale later.

The importance of your first broadcast

Your main source of income is your lifeline. That’s why we want to increase it. Too often, people start new business ventures and let their primary income stream dry up. Remember that your primary source pays the bills, keeps food on the table, and will fund future investments.

The move to become your own boss is tempting. The road is paved with broken potholes and they would be entrepreneurs. Starting a side hustle is the right thing to do. But not before securing and increasing your first stream. Your first flow finances your entire lifestyle. Don’t forget that.

Increase your income

How can you increase your income now with your first stream? How can you bring in more money with what you are already doing? Look at your source of income. How can you make more money with that? What other functions can you perform to earn more income?

You can increase your salary. Have you looked for ways to earn more money in your current position? Here are some examples:

Food service workers, waiters, and waitresses can improve their communication skills to earn higher tips.

Uber, Lyft, Taxi and Delivery drivers can upgrade their service to get more tips. They can put up signs reminding people to tip. Plus, rideshare drivers can drive more to earn bonuses. Also, they can participate in the referral program and earn more money by recruiting more riders and drivers.

Sales and Commissions people can make more money by also doing the financing. Or if the customer doesn’t buy from you, could you refer the customer to a competitor and earn a referral fee?

Blue Collar/Union Worker can increase your skill set to learn other jobs and use your seniority to get additional work. Is your extra time available for you to take to increase that current flow?

No raise opportunities?

Now, there are some cases where you cannot increase your income. Although this is weird or just sucks to discover current opportunities. This is where you invest in yourself. Instead of jumping on the next get rich trend. Invest in learning a skill like sales and marketing. Learn how to turn your current skill set into dollars.

What does the increase in your income look like?

This is what increasing your income stream looks like:

Let’s say you are an Uber driver. Driving is its main source. Now one way to increase your income is to drive more hours. You can drive for 12 hours per day with Uber. Then you can increase your tips if you have a clean car, communicate well, and have signs reminding people to tip. You can then recruit other people and get a referral fee.

With bonuses and tips alone, a rideshare driver could earn up to an additional $400 per week. This is how you increase your current income stream. The key is to find opportunities with your current job or business. It saves you time and a learning curve. You are already an expert in what you are doing. Just get paid more to do it.

Don’t settle for your first flow

Once you master your first flow, don’t settle. Don’t compare yourself to other people because you do better. The goal is wealth creation. One stream of income will never make you rich. On the other hand, it is your key and now you can create other streams because your current stream is strong.

Never let your wealth depend on a single income. Now that this is strong and growing, it’s time to find a second source. The second source is another stream. You are not replacing your first transmission. It is adding to your income. Branching requires courage and skills. If you’ve increased your income since your first stream, you’ve developed some skills.

I always suggest creating a second stream that is symbiotic with what you are doing. Like Uber/Lyft drivers who earn referral commissions. Since they are recruiting, they can earn commissions for referring people to other products and services. Now they are marketers.

Sales professionals can consult, write books, or get paid to talk. These are ways you can create multiple streams with your current skill sets. Again, once your first stream is secure and you’re funding everything, it’s time to build a second symbiotic stream.