One of the questions that I receive or received was how can I increase my income and also boost my savings at the same time? That’s a great question. Now, there are many variables when it comes to increasing your income but one of the key things that I have also discovered over time as I have been researching this subject of income and saving is that for you to boost your income, there are a couple of variables.
1. Boost Your Skills First
For you to boost your income, you have to ask yourself, ‘do I have a skill that is in very high demand yet scarce in the market place at the same time.’ I learnt that form one of the guys I have been following lately called Tai Lopez. He believes that money equals how scarce your skill is and how much demand it has. So the more in demand the skill is and the level of scarcity is, the more money you will make.
Recently I was speaking to a group of gynaecologists and obstetricians, and one of their leaders was saying “you know what, these guys make a lot of money.” Why do they make a lot of money? One is because obstetricians and gynaecologists have a certain specialized skill. Does their skill fit the two descriptions? Is it in demand? Absolutely yes. Is it a scarce skill? Yes. How many gynaecologists or obstetricians do you know if you are to identify some? I know very few myself. Think about neurosurgeons and the like. I am not saying that you have to become a gynaecologist or a neurosurgeon. I am simply giving you an example. In addition, high-end musicians. If someone is a high-end musician, he is at a world class level. Are they in demand? Yes. Is the skill of music scarce? Generally, no. But is a world class musician’s skill scarce? Yes. Is music in high demand? Absolutely. Hope you get what I am talking about. So, what I want you to do is to reflect and think about the skills that you have and think to yourself. The skills that you have, are they world class? Are they scarce? Are they in high demand? If they are not in high demand and they are not scarce, then you need to review. You only have to think and scrutinize, what sort of skill is in high demand and yet scarce? Can I enjoy developing it gradually and be world class at it? Once you develop that, then automatically you will be in demand and your income will be boosted.
2. Be Of Service To Others
For you to boost your income, you have to really serve as many people as possible. That’s the reason why I was talking about doctors and musicians earlier in the previous tip. Usually, a musician will make more in one hour than what a doctor makes in a month. How is that? Well its because a musician reaches out to so many people if they attend his concert. And, he is performing to one thousand people. How may hours will it take a doctor to treat one thousand people? You do the math. Well, that’s the irony between the two different skilled professionals in regard to their respective income. So you have to think about, how do I serve more people? For me it’s through video, written content in books besides articles. And its like, the more I have expanded my publishing empire, the more income I have earned. Why? Because I am now at least serving more people. That’s the law of universe and compensation. The more people you serve and the quality at which you serve them will be directly proportional to the income that you are earning. If you notice that your income is stagnating. you have to think otherwise. Has the number of people you are serving increased? If it hasn’t, then most probably your income level could be low too. Have you improved on your skills level to a much higher stature that you are in demand? If you haven’t then you are likely to remain at that very level of your skill whilst your competitors are improving on themselves to outstand you in market.
3. Increase Your Value
You have to increase your value. What is your value that you bring to your workplace and nevertheless clients too? How do you boost your value? One, by boosting your skill-set like I have talked about earlier. Two, serving as many people as possible. Three, be creatively innovative. If you are at the work place figure out ways to save your employer on some unnecessary expenses. Find out ways you can boost the income of your employer, the level of impact that your organization or business, company etc, has to the public. When you do such things, you will become very valuable in the eyes of your employer and then they will give you a salary increment. In addition, during your free time probably on weekends, ask yourself, what service can I offer? Whom can I serve so that in return I gain from payment?
In other words, you identify any possible ways and means, add that extra value. When you do that, then you will be paid in direct proportions.
4. Minimize Expenses, Expand Your Income
Finally, to boost your income, you have to ask yourself and reflect looking at the number of your expenses and the number of income streams that you have. If you find out that the expenses streams are bigger in number compared to the income streams, then you should change your game of actions applied regards your finances. You can change your game by boosting your income streams.
Recently I did that exercise and I noticed I had about twenty different ways in which I had spent money in a certain period which I had to clear. I looked at my income streams and they were about five. With that very imagination, I got frightened enough to work it out and boost my income streams because you can imagine where that would end and that’s the same life situation most people are unknowingly experiencing.
Their level of expenses is way bigger compared to their sources of income. If you find you have so many tributaries taking away much of your financial waters, yet you are depending on only one stream of income or averagely two in general, definitely you are likely to struggle.
So instead you need to expand your income streams or financial in-flows so that even if you are spending in many ways, there is still more income left. So you need to start asking yourself, what are some of the income streams can I create in my free time? One tip in regards to this, a friend of mine who is financially wealthy once shared with me his knowledge on how he utilizes his weekends and holidays. In fact he once said he does an income generating project to celebrate the new year every holiday, something that amazed me about his mindset. Other people are usually thinking of how to spend what they were earning within the course of the year. So who is going to be better off?. He keeps expanding his income streams and therefore his income is going be much better always.
Hopefully, you have learnt something applicable to help you boost your income and if so, please share this information with a friend you know that is struggling financially by clicking here. Don’t get me wrong, its no disrespect because utmost we all struggle or ever struggled financially not until we apply these strategies.
You can as well help the world too by sharing with us some of the strategies you know that we did not discuss in this article on our social media platforms; Facebook: @ethanmusolini, YouTube: www.youtube.com/user/ethanmusolini, Twitter: @ethanmusolini, Instagram: @ethanmusolini etc
Thank you and may your income increase abundantly.