Don’t read this article if you think you make enough money now. Ignore this if you don’t like the idea of your income jumping by 30% or the thought of having multiple streams of income is unappealing.
If you read this far, I know increasing your income is important to you. Many Canadians believe it’s normal to fight every month to make ends meet. But you know it’s not. You want to have money left after paying your monthly bills – money that could build your family’s wealth and savings.
I also know your next level income is within you and you can unlock it immediately.
Here is the truth: What you think about does come true. The money you are making now is the exact value of your thoughts and beliefs. In order to execute the following strategies to grow your income and live a stress-free financial future, you must become certain that you are worth more than you currently make.
Write in your journal every day and reaffirm out loud what you think you are worthy of being paid each month. People just like you achieve their financial dreams. Here are a few steps to immediately take.
1. Create (and follow) a step-by-step plan
Think through all your tools and resources. Then, commit your plan to writing. Check your plan at regular intervals to keep yourself on track.
Things to consider include:
- Ask for a raise. It’s something most people never do, yet it’s a request that works.
- Go back to school and learn a new skill. More education leads to raises, promotions, and new jobs.
- Think about your hobbies. People who love what they do often make more money. Could one of your hobbies generate income?
- Is your money working for you? You need to have some cash for emergencies, but investing your money wisely puts it to work for you.
2. Unleash your inner potential
Love to sew? Offer to do minor alterations for friends. The average price for hemming a pair of pants is between $10 and $25 in Toronto. Charge $7 and you’ll save your friends money while earning extra income for yourself.
It’s not hard to imagine how other hobbies – woodworking, baking, gardening, and making home improvements – could turn into money-making businesses.
3. Prepare for a new job
One of the fastest ways to generate more income is to land a promotion. Talk to your boss about your ambitions. If there’s no opportunities at your current company, consider leaving. If you don’t love your job, then it’s time to explore other options.
On average, Canadian companies give workers annual salary increases of just under 3%. A promotion, though, typically brings a salary increase of up to 20%. That’s a strong incentive to climb the corporate ladder.
4. Ask for a raise
Only 30% of us ever ask for a raise. It’s an intimidating conversation to open. But the risk is worth the reward. Of those who ask for a raise, 70% receive it.
Before you walk into your boss’s office, learn the average pay for your job in your area. Offer to take on additional work. If your boss says no, don’t give up. Ask what you can do to earn a raise. Then, follow through with the suggestions and schedule another meeting.
5. Invest wisely
Call a financial adviser today to discuss options. Consider stocks, mutual funds, and investment bonds. All earn more interest than a traditional savings account.
In May, economic experts declared that Canada was in a recession because of historic job loss and reduced economic activity in March. Don’t let that scare you away from executing your plan for success. Instead, take this time to evaluate your money making mindset and you will emerge from this crisis in a stronger financial position than ever before.
Cleve DeSouza is a licensed engineer, project manager, mortgage agent, and real estate entrepreneur whose passion is helping people create customized plans to escape debt, build wealth, and achieve financial happiness.