Step 3-Figure out ways to increase your income
Updated: Jun 27, 2022
Trust us- we know this is not as simple as it sounds. Increasing income can feel like one of the hardest things for anyone to do. It's a big ask! But before becoming an investor, please evaluate whether you are maximizing your current income potential.
Here are some ideas for how to make more money:
1. Pick up or beef up your side hustle (Uber, Airbnb, etc.)
2. Try online savings accounts with higher rates ( Marcus, Vio, etc.)
3. Invest in personal development that will boost income over the long term (certifications, degrees, trades)
4. Claim charitable deductions on taxes (don’t leave anything on the table)
5. Ask for a raise—Google ‘how to ask for a raise’ and prepare well for that conversation
6. Research better paying work and consider changing jobs
7. Sell things you no longer need
8. If your employer has matching for a 401(k) program, make sure you are enrolled, contributing and getting the full matching amount—free money! 9. Start a business (this is advanced!)
None of these are easy, or quick. But putting our mind toward how to increase our income is an activity that serves us in the long run.
An advisor of mine talks about how there are four elements to financial security:
Freedom and Safety in the Short Term and the Long Term.
Freedom in the future
Safety in the future
The idea here is that the first goal of money is to keep us feeling as secure as we can, now, and also to help us feel more free, now.
Then, in the long term, we can make choices that keep us feeling secure for...gulp..the rest of our lives, hopefully! and also to increase a feeling of freedom, for the long term.
The choices we make now have an impact on our future.
The MGB Investing Starter Kit is about long term financial security.
Increasing income is also a long term game, so taking the time to meditate on how to make more money is a good idea. Your future self will thank you.
—the blog post prepared with help from Paul Bryant, thanks, Paul!
Step 1 in increasing your financial fluency is HERE.
Step 2 is HERE.
What is Money? is HERE
What is Investing? is HERE
What is The Investing Starter Kit? is HERE