If you were to ask someone making $10 an hour what their ideal wage would be do you know what they would say? They would probably say something close to $20 an hour. This is called the DOUBLED INCOME FALACY. It doesn’t matter how much you make but some how doubling it will magically make everything better. Someone that makes 10 million dollars a year will say $20 million would be ideal. So how do we make more money? For most people they have to work at it, they don’t have the luxury of a large inheritance or wealthy parents that give them everything they want. You and I will have to earn more money but how?
1. Ask for it
You would be surprised how simply asking for more money will usually get you more money. If you are working for someone else, ask your employer for a raise. If they say no, ask them what you would need to do to get promoted or get the raise. Most employers will appreciate your willingness to take on more responsibility and your initiative to improve the work you do.
When selling yourself (in a job interview) or selling stuff you make ask for more money. If you are a freelancer ask for more money from your clients. It’s a fact that the lowest paying bargain bin scrounge type customers are usually your worst.
2. Act like you’re self employed, even if you’re not.
Approach everything you do like your money is on the line. Work at your job as if you are having to pay your salary. Bring value to your job, look for ways to save money, and take personal ownership of your work.
3. Get more education
Certifications, degrees, and training will put you head and shoulders above everyone else. In your own endeavors, or while working for someone else, the time you spend getting more education will help you make more money.
4. Start another source of income. (AKA practice income diversity)
You don’t need to quit your job to start making more money. A second job is usually pretty easy but it’s not my first choice. Start a business, a new website, do contract work, or develop one of your hobbies into something profitable. You can start small but diversifying your income should always be a priority. If you were a business and you only had one big client that provided all your income you should work very hard at making that single client less than 50% of your total income. It is extremely risky to live with a single source of income so start new streams often.
5. Spend money on things that will make you more money
One thing that most wealthy people have in common is their fascination with buying things that turn around and make money. Instead of drooling over the newest tech gadget or shiny car they usually drool over new businesses they can invest in, real estate deals, or emerging ideas. Try to avoid the trap of buying the greatest and best computer, tool, or machine because you think that’s what you need to start making money with it. Spending $100K on furniture on your new office before you have any clients is absolutely backwards.
6. Work on things that already have some momentum.
If you are making a little money with an eBay account try expanding that business instead of abandoning it for the next big project. It’s boring to work on old projects but think of the fly wheel principle and get some serious momentum on some of your existing projects.
7. Quit making excuses.
Your biggest enemy to your goal of making more money is YOU. You are your biggest critic too. If you need to spend some time reprogramming your brain do it. There are a ton of great books you can read so get to your library and start reading. If you like audio visit some podcasts for some free personal finance tips.