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Increase Your Income
Increasing income is an important step in the Wealth Creation Formula. It will be difficult to become rich without an increase in your income. Once you’ve made a profit. Look for ways to expand. No, I didn’t say go get a second, third job, or start a business. I want you to increase the income on your current journey.
Don’t lose focus on your original source. This is where people get lost. They try to get out quickly. The desire to quit their jobs drives them to look for other sources without fulfilling their original source. In addition to strengthening your original source, increasing flow takes skills. But the learning process will help you grow later.
The Importance of Your First Channel
Your main source of income is your job. That’s why we want to expand it. Often people start new businesses and let their first income go. Remember that your primary source of income pays the bills, keeps food on the table, and will fund future investment ventures.
The act of being your own boss is enticing. The road is paved with broke managers and would-be entrepreneurs. Starting a side hustle is the right thing to do. But not before you secure and maximize your first move. Your first trip supports the rest of your life. Don’t forget that.
Maximize Your Income
How can you increase your income now with your first exit? How can you make more money with what you’re already doing? Look at your source of income. How can you make more money with that? What other jobs can you do to earn more money?
You can increase your income. Have you looked for ways to make more money in your current position? Here are some examples:
Food service workers, waiters, and waitresses can improve their communication skills to get top tips.
Uber, Lyft, Taxi, and Delivery Drivers can improve their service for more tips. They can put up signs reminding people to tip. Also, rideshare drivers can drive more to earn bonuses. Moreover they can participate in the referral program and earn more money for hiring more passengers and drivers.
Salespeople and Commissions can earn a lot of money by doing sponsorships with them. Or if the customer doesn’t buy from them you can refer the customer to a competitor and get a referral fee.
A Blue Collar / Union Worker can increase their ability to learn other jobs and use their size to get additional work. Is their extra time available to take to increase that current flow?
No Promotion Opportunities?
Now there are situations where you can increase your income. Although this is rare or you just suck to find the opportunities that are available. This is where you invest in yourself. Instead of jumping to the next race get rich. Invest in learning a skill like sales and marketing. Learn how to turn your current skill into dollars.
What Does Increasing Your Income Look Like?
Here’s what increasing your income looks like:
Let’s say you’re an Uber driver. Driving is your main resource. Now another way to increase your income is to drive long hours. You can drive 12 hours a day with Uber. Next, you can increase tips by having a clean car, good communication, and having signs that remind people to tip. Then you can refer other people and earn a referral fee.
With bonuses and tips alone a rideshare driver can earn up to $400 extra per week. This is how you increase your current income. The key is to find opportunities with your current job or business. Saves time and learning curve. You are already an expert at what you do. Get more money to do it.
Don’t settle for your first Flow
Once you’ve passed your first go don’t be complacent. Don’t compare yourself to other people because you are doing better. The goal is to create wealth. One income will never make you rich. On the other hand, it is your key and now you can create more channels because your current channel is strong.
Never let your wealth depend on one income. Now that this is solidified and growing it’s time to find a second source. The second source is another stream. It does not change your original channel. Add to your income. Pursuing a branch requires courage and skill. If you increased your income on your first trip you developed certain skills.
I always recommend creating a second channel that is symbiotic with what you are doing. Like Uber/Lyft drivers who get a referral commission. Since they are recruiters they can earn commissions for referring people to other products and services. Now they are sellers.
Marketing professionals may consult, write books, or be paid to speak. These are ways they can build more channels with their current skills. Also, once your first move is secured and funded it’s time to build a symbiotic second move.
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