The Blog Of TL Wall Accounting

Increasing Income

In our previous post we talked about the importance of decreasing debt. Now we’re going to talk about the importance of increasing income.

Most of the time when you hear about businesses trying to get control of their finances, you only read about them laying off workers, cutting back on benefits, or raising prices. In our post on debt, we talked about ways you could save money.

Nothing works if all you try to do is cut and slash expenses. Even the federal government realizes that at some point you have to raise revenue; that’s what taxes do. For individuals or small businesses, it’s not as simple as raising prices, or even going in and asking for a raise. If you think about a raise, how much does a 3% raise help you when food costs have gone up 5%, insurance has gone up 10%, etc?

This means that you have to think about ways to increase your income. There’s not a single person in the world that needs money who wouldn’t want this to happen, and yet very few people take a shot at it. I’m going to help you out by offering some ideas on how you might be able to not only increase your income, but maybe even find a new career at the same time:

* Set up a website and sell stuff. This can seem scary but most of the time you can find low cost ways to get started. There are also known systems where, if you follow them to the letter, you can find ways to generate an income. It’s not easy, and it does take work, but it can be done. Think about it this way; once you get it set up properly, you might be able to make anywhere from $100 to $500 a month in the right field, and you make money at all times of the day. Just don’t be scammed by anyone who tells you that you’ll be making thousands in a few months; that almost never, NEVER, happens.

* Figure out what your knowledge base is and then figure out how and whom to market it to. In The Millionaire Messenger by Brendan Burchard, he talks about how everyone has a skill and has something to share with others who are willing to pay for it if you can figure out how to reach them.

* If you have a hobby you’re good at, you can make money at it. Have you been to a craft show and seen creations made by other people? Have you gone to a seminar of any kind where the person is talking about something they did or figured out how to do better than others, such as grow the biggest roses, train dogs to get the mail, or fly robotic helicopters? There are always people interested in the same thing you are and if you’ve mastered even one small piece of it, someone will be willing to pay you for it.

* Get a part time job. When all else fails or you can’t think of anything, this is always a viable option. Even a minimum wage job at 20 hours a week would give you an extra $145 a week, or almost $600 a month in extra cash. That’s a car payment, more food, the movies, or just paying off debt quicker, either for a short or long period of time. If you make more, even better. Yeah, there will be taxes to deal with, but less with a part time job.

These are just some ideas to think about, but it’s important that you do think about these ideas if you want to pay off bills or have more money for other things.
 

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  1. Mike LaCava Said,

    So true. If you expect your employer to provide you with a raise each year to keep you in line with inflation, you’ll be sorely disappointed. In most cases, its far less – if you get it at all. What many people may not realize is that they can earn extra income doing thigns they love, like what you say – either online or otherwise. Another great way to earn extra income is through real estate investing, which cna be done part time or full time. Its very comforting to many people to know that they have a recurring income stream asisde from their employer.

  2. TL Wall Said,

    Real estate investing only seems to work in certain areas, and in the last few years would have been a bad deal almost everywhere. Still, for people who have a bit of disposable income and the stomach to wait out the bad times it could be something worth looking into. I know a lot of major companies bought up a lot of properties in California and Florida that they’re hoping turn into goldmines as time goes by.