Increase income is a critical step to the Wealth Creation Formula. It will be difficult to become rich without the increase in your income. Once you have created an income flow. Find ways to increase it. No, I didn’t say go get a second job, the third job, or start a business. I want you to increase the income from your current flow.
Don’t lose focus on your first source. This is where people lose. They try to branch out too quickly. The sexiness of quitting their jobs drives them to look for other sources without perfecting their first source. In addition to fortifying your first source, increasing that flow takes skills. But the learning process will help you scale later.
The Importance of Your First Stream
Your primary income source is your lifeline. This is why we want to increase it. All too often people start new business ventures and let their primary income flow dry out. Remember your primary source pays the bills, keeps food on the table, and it will fund future investments ventures.
The movement to become your own boss is enticing. The road is paved with broke bosses and would be entrepreneurs. Starting a side hustle is the correct thing to do. But not before you secure and increase your first flow. Your first flow funds your entire lifestyle. Don’t forget that.
Increasing Your Income
How can you increase your income now with your first flow? How can you bring more money in with what you are already doing? Look at your income source. How can you earn more money with that? What other duties can you perform to get more money coming in?
You can increase your pay. Have you looked at 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 get higher tips.
Uber, Lyft, Taxi, and Delivery Drivers can improve their service for more tips. They can put up signs that remind people to tip. Also, rideshare drivers can drive more to earn bonuses. Plus they can participate in the referral program and earn more money recruiting more riders and drivers.
Sales and Commission people can earn more money by doing the financing also. Or if the customer doesn’t buy from them could you refer the customer to a competitor and earn a referral fee.
Blue Collar/Union Worker can increase their skill set to learn other jobs and use their seniority to get extra work. Is their overtime available for you to take to increase that current flow?
No Opportunities to Increase?
Now there are some instances where you can not increase your income. Although this is rare or you just suck at finding out the current opportunities. This is where you invest in yourself. Instead of hopping 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 Increasing Your Income Look Like?
Here is what increasing your income flow looks like:
Let’s say you are an Uber driver. Driving is your main source. Now one way to increase your income is to drive longer hours. You can drive for 12 hours per day with Uber. Next, you can increase your tips by having a clean car, communicating well, and having signage that reminds people to tip. Then you can recruit other people and get a referral fee.
With Bonuses and tips alone a rideshare driver could earn up to $400 extra per week. This is how you increase your current income flow. 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 Become Satisfied with Your First Flow
Once you master your first flow don’t become satisfied. Don’t compare yourself with other people because you are doing better. The goal is wealth creation. One income stream will never make you wealthy. On the other hand, it is your key and now you can create other streams because your current stream is strong.
You never let your wealth depend on one income. Now that this is fortified and growing it is time to find a second source. The second source is another flow. It is not replacing your first stream. It is adding to your income. Branching out takes courage and skills. If you have increased your income from your first flow you have developed some skills.
I always suggest creating a second stream that is symbiotic with what you are doing. Like the Uber/Lyft drivers who are earning commission on referrals. Since they are recruiting they can get commissions for referring people to other products and services. Now they are marketers.
Sales professionals can consult, write books, or get paid to speak. These are ways that they can build multiple streams with their current skillsets. Again, once your first flow is secure and funding everything it’s time build a symbiotic second flow.