9 Things to Increase Your Income – Today

 by:Written by Peter Roosen and Tatsuya Nakagawa from Atomica Creative.

 All rights reserved. Copyright to the author.

When is the best time to put yourself in a position to increase your income? Simple, the answer is today! Had you started this a few months back, you'd be well on your way. You didn't though so here we are.

Many of us are making the same money we did in 2007 and there are no bluebirds on the horizon. So, it's up to us to do something. 

If you are happy with your income level and not phased by the way everything has become more expensive in the last year, save time, stop reading, go take a nap. If however, you want to get a leg up and you are willing to do the work, read on - these will help you on your journey. 

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So here are some things you can do to put yourself on a track headed for higher salaries, higher commissions, and higher rates. No one is going to do it for you, it's your ship to navigate.

1. Wake up early. Did you miss this one already? Don’t worry because we have 8 more things you can do to increase your income – today.


2. Practice and improve your speaking skills. Join a Toastmasters club if there is one in your area. If there isn't one, get a few like minded people together and start one.
   
   One of the most touted things people in business recommend to help others improve their income is to improve their communication and leadership skills. Being able to confidently stand up and speak in public is one of the most visible and recognized skills you can have at your disposal. Being able to present a compelling case to a customer prospect or to your boss as to why they should spend more on you or whatever you are selling likely won’t fly if you are a wallflower or turn to mush when called on to speak. You should instead stand and deliver your message in a clear and compelling manner.
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3. Sharpen your knife. Whatever your area of interest, become better equipped to perform analysis. Practice reviewing financial statements. Pay attention to the various aspects that experts in the field are looking at. Start with whatever your company or organization pays you. Whether you own it or not, learn to analyze it as an owner does. If you are in a technical area, practice analyzing the problems you are working on as though you were an expert or an owner with a vested interest in the outcome.


4. Ask. Ask for the order if you are selling something. Lift the telephone even if it seems to weigh 10, 000 pounds when it is time to ask a customer prospect for an appointment. When facing this person, ask for the order even if it is not highly likely you will get it and the odds are high that you will face rejection. Ask your boss for a raise if you are indeed as valuable as you think you are. Ask for candid feedback if you are not sure. Ask for a more generous severance package if you were wrong. People who tend to avoid asking difficult questions, generally do not fare as well as those who do ask such questions.


5. Focus. This is stressed so often in so many places by so many people that it has become cliché. But that doesn’t make it any less valuable. So, like so many others before us have said: focus, focus, focus.


6. Spend less. Spending money usually takes time and effort away from making money. It can substantially weaken your power base if you squander your financial resources and leave yourself dependent.


7. Increase your documentation habit. Writing or somehow tracking information in a permanent form dramatically decreases the need to remember stuff. It frees up tremendous mental capacity if we don’t need to rely on our memory for everything. In practice, those who document stuff well (from long term goals to short term stuff like contact information and item lists) tend to enjoy increased memory capacity.


8. Review meaningful stuff in a meaningful way. Find ways to immediately assess what you are doing so that you can determine what creates value. Then focus on it, and scrap the stuff that does not. Chances are that most of your value creation occurs in a relatively small amount of time. This works well with having good documentation habits.
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9. Take your best shot first. If you only had a day left to live and wanted to accomplish something meaningful, how would you approach the day? Don’t waste time fumbling around on unimportant or trivial tasks that won’t help you make an impact. Set the unimportant matters aside, focus on what matters and make the best move you can toward accomplishing what you need to accomplish to make your last day count.
   
   Use this same philosophy when it comes to increasing your income. If you have a good customer prospect or some opportunity to demonstrate a high value proposition to your boss or co-workers, don’t wait. Do it now. If it doesn’t work, you might still get another shot. And if it does, then you have just increased your income!

You might have noticed that some of these above things are slanted from a financial perspective. This is not by accident. There is a strong correlation between one’s income and his or her proximity to the financial aspects of the business or job. Owners, lawyers, accountants and top managers who tend to be involved with the financial aspects of life and business, tend to have much higher incomes than people who do not.

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Tips on how to save

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Modern technology helps us spend our money more easily, thanks to the instant gratification credit and EFTPOS systems facilitate. If you need to do the opposite: spend less or save, then some good old-fashioned money-saving tips might work for you.

I've trawled back to find some of the best tried and tested money management skills that should be revived. Granny managed money a hundred times better than any of her grandchildren by taking this approach:

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Spend only cash

Yes. Try a week or even a month without your credit or EFTPOS cards. Pay everything in cash and know that you've not gone into debt at the end of the month. Or if you've got direct debits set up for your rent and utilities bills and don't want to cancel them, you may want to spend cash only for non-essentials.

Put your change in a jar or even a piggy bank

At the end of each day empty the coins out of your pocket or purse and drop them in your see-through jar or piggy bank. Or give something up, such as cigarettes, wine, or even buying magazines, and put the money you would have spent in your jar and watch how quickly your jar fills with coins and the folding stuff.

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Use envelope budgeting

In the old days people received their pay in cash. Good money managers would then split it into envelopes for things like rent, mortgage, groceries, public transport or car expenses, saving and so on. There's nothing stopping us withdrawing our cash as suggested in tip number one, and splitting it into envelopes. Once each envelope is empty you know that you've spent all you can on that category and that any more expenses will have to wait until next pay. Make sure one of your envelopes has the following word on it: savings.

Go back to basics with your shopping

You don't need Mr Muscle or that fancy shower cleaner. There's no cleaning job that can't be done with baking soda, vinegar, methylated spirits, washing soda, or a combination of the above. Likewise, bypass any processed food in the supermarket. Our grandparents ate meat, vegetables, potatoes and bread back in the 1950s and were mostly healthier for it. Allow yourself just one luxury a week such as: ground coffee, muesli bars, Coca-Cola or juice, individually wrapped anything, boutique breads and so on. Not all of them.

Do your banking in person

If you've overspent it's all too easy to go online and move money from one account to another. If you have to go to the bank to do it, you might think twice.

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Budget

Oh yes. Find out how much you're over spending by and work out how much that works out per day. If you're over spending $2000(P100,000) a year that's $5.48(Approx P250) a day. There would be very few people that couldn't cut that out of their spending if they were honest with themselves. Then make a decision that will increase your income and you'll soon be saving not heading for financial Armageddon.

Be sustainable

Granny reduced, reused, and recycled without even thinking of her environmental impact. She made things last longer — even things that we consider to be disposable such as zip-lock bags. She even darned socks to give them another year's life out of them.

If you have no discipline you need radical changes to your approach to money management and granny's tried and tested ways might be the answer. There is no magic formula. You need to reach into yourself to make those changes.

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