Unfortunately, many individuals, including high-income earners are struggling financially and living paycheck to paycheck. Most people blame it on the economy, their bosses, the educational system or any other outside force that they maybe able to think of. Instead of focusing on the problem, like the vast majority, today we’re going to focus on the solution.
With that being said, here are 7 simple strategies that will help you increase your income and savings, starting today:
1. First and foremost, you have to take total responsibility for your current circumstances. Whatever position you are in today, it’s 100% your responsiblity. The Good News is that everyday is a new day to start fresh and head in another direction. As the Great Jim Rohn says,
“The Same Winds Blow On All Of Us. But It’s Not The Strength Of The Wind, But The Set Of Your Sail!”
2. Understand that we are in the Age of The Entrepreneur. Most people call it the “Information Age.” The reason that I prefer to call it the “Age of The Entrepreneur,” because while most people are paralyzed by this so-called, “Recession,” they fail to realize that more than half of today’s Fortune 500 companies was created during The Great Depression, so there are NO Excuses!
Where there are problems and crisis, there are opportunities. Now, is a better time than ever to create your own business, based around your passion.
3. Find A Coach or Mentor & Expand Your Network. One of the fastest ways to increase your income and shorten your learning curve is to change your your circle of influence. In other words, you need to change you you are spending most of your time with.
Actually, next month I will be in Orlando, Florida at the Walt Disney World Resort at the Live The Dream 2 Event with some of the Top Marketers and Income Earners in The Industry and I’m personally inviting you to come and hang out with us. You can click here now to access the details. It’s also my birthday so you definitely don’t want to miss this event.
“Eagles Soar With Eagles” and “Iron Sharpens Iron!”
Forming mentoring relationships and networking with people that have achieved a higher level of financial success will expand your knowledge base and expose you to new opportunities that you normally may have not been aware of. If you’re in need of quality mentoring and accountability, click here.
4. Get Paid What You’re Worth. If you do choose to be an employee, this means going after the high paying jobs in your industry. “You don’t get paid for the hour that you work, you get paid for the Value that you bring to the hour.” So this may mean that you need to increase your value by developing certain skill sets.
If you are a business owner, this means investing the majority of your time into highly leveraged and productive activities. Understand the Pareto Principle, also called the 80/20 Rule, which says, “80% of your Results are going to come from the Top 20% of your activities.” Don’t try to master everything! A True Leader knows how to delegate tasks and place people into positions based on their strengths.
In a nutshell, “Make Sure You’re Doing The Most Important Activities Everyday That Will Change The Condition Of Your Life or Business!”
5. Reduce Your Expenses. First you have to understand the difference between an Asset and a Expense(Liabilty). An asset is more of an investment that. Something that you put your money into that is going to increase in value like, antique cars, property, businesses, gold, silver and other commodities.
An expense or liabilty is something that’s going to take money out of your pocket. A few examples would be, bills, cars that lose value as soon as you pull of the lot, clothes even homes. Most people think buying a home is a good investment, but it’s really a liability. In order to make your home an asset, you need to be generating some form of cash flow from it. Whether it’s a home based business or you can have other properties that pay for it.
6. Buy Assets That Produce Positive Cash Flow. By keeping your expenses to a minimum and investing your money into income producing assets like rental real estate, tax liens, stocks, options and my personal favorite home based businesses, you can generate a steady stream of passive residual income that over time will replace your earned income from any job, which will allow you to return years, even decades earlier.
7. Start A Business To Increase Your Income & Tax Deductions. Did you know that as an employee, you are a 50/50 partner with the Government? A small or home based business can be extremely profitable and can also save you thousands of dollars through tax deductions every year.
I personally recommend home based businesses because you can start your business at very low cost with absolutely no prior experience. With the right home based business you get all of the training and support that you need, there are no limits on the amount of money that you can make and you have a very flexible schedule so now you can spend more time with friends, family and doing whatever else it is that you love to do. Click here if you’re ready to start building a massive residual income from the comfort of your home.
The future of the world’s economy is and has always been in the hand’s of the Entrepreneur. There are only 2 reasons that individuals fail in business, especially a home based business, and those 2 reasons are;
1. The lack of knowledge of how to effectively market and brand themselves by using the power of attraction marketing.
2. They don’t have any idea of how to generate a steady flow of high quality leads for there business on a daily basis.
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Author & Success Coach